Financial Stability and Inequality: A Challenge for Macroprudential Regulation
Pierre Monnin | 5 June 2018
Monetary,
Blog | Tags:
Central Banks,
Financial Regulation,
Financial Stability,
Inequality,
Macroprudential Policy
The global financial crisis shed new light on the role that central banks play for financial stability. In response to the financial turmoil, central banks took radical action to stabilize the financial system, by providing liquidity to banks and buying up financial assets. Following these
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Energy Tax Expenditures in a Globalized Economy
Agustin Redonda and
Johannes Schwarzer | 9 May 2018
Fiscal,
Trade,
Discussion Notes | Tags:
Energy,
Tax Competition,
Tax Expenditures
Countries around the world have introduced energy taxes to expand revenues, reduce energy consumption and curb greenhouse gas emissions. In that context, they have frequently also implemented tax provisions to lower the energy tax bill for certain industries, households and regions. Tax exemptions and deductions
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Central Banks and the Transition to a Low-Carbon Economy
Pierre Monnin | 22 March 2018
Monetary,
Discussion Notes | Tags:
Central Banks,
Environment,
Macroprudential Regulation,
Quantitative Easing
Climate change is a fundamental challenge for our societies. Containing it will require a profound and radical transformation of our economic system, including a substantial reorientation of investments toward low-carbon technologies. The question to what extent central banks can and should contribute to this effort
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How’s Life?
Alexander Barkawi | 22 January 2018
Fiscal,
Monetary,
Trade,
Publications | Tags:
Environment,
Inequality
In November, the OECD published its most recent report on a short but fundamental question: How’s Life? Income is an important, but not the only factor in determining the answer. The OECD reflects this by going beyond the focus on GDP, that has for long
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Climate Change Adds to Risk for Banks, but EU Lending Proposals Will Do More Harm Than Good
Arnoud Boot and
Dirk Schoenmaker | 17 January 2018
Monetary,
Blog | Tags:
Climate Change,
Financial Stability,
Macroprudential Regulation
Climate change is a relevant risk factor for the banking sector, but the European Commission's plan to lower capital requirements for greener investments is irresponsible in encouraging banks to forego proper risk management.
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Shedding Light on Hidden Government Spending: Tax Expenditures
Agustin Redonda and
Tom Neubig | 20 December 2017
Fiscal,
Blog | Tags:
Tax Expenditures
Tax expenditures (TEs) are used by governments around the world to promote public policy objectives. Examples include tax deductions on mortgage interest to encourage home ownership and preferential tax treatment of pension savings.
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Fighting Poverty with Taxes
Patricia K. Tong | 21 November 2017
Fiscal,
Blog | Tags:
Inequality,
Poverty,
Tax Expenditures
One way the U.S. federal income tax system provides low-income families with financial support is through refundable tax credits. Families can claim refundable tax credits even if they do not owe any tax liability, which allows families with the lowest incomes to receive benefits.
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In France, Evaluating Tax Expenditure Effectiveness Remains a Challenge
Valérie Segond | 16 November 2017
Fiscal,
Blog | Tags:
Tax Expenditures
The inability of the French government to ensure that a particular tax benefit reaches its primary goal – i.e. the assessment of public expenditure effectiveness – lies at the heart of the expansion of public subsidies.
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Tax Expenditures and the Environment: Strengthening the Spotlight
Agustin Redonda | 8 November 2017
Fiscal,
Blog | Tags:
Energy,
Environment,
Fossil Fuel Subsidies,
Tax Expenditures
Tax expenditures – government spending through deductions, exemptions, and other benefits granted through the tax code – are significant and have wide ranging environmental implications. A stronger green fiscal policy spotlight on them is critical.
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Services Policy Reform and Manufacturing Employment: Evidence from Transition Economies
Matteo Fiorini,
Bernard Hoekman and
Clement Malgouyres | 13 September 2017
Trade,
Research Papers | Tags:
Employment,
Services Trade
Policy reforms targeting the services sectors are a neglected dimension of the process of structural transformation and economic development. The effects of such reforms on employment across industries as a function of their use of services as intermediate inputs are theoretically ambiguous and remain largely
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