Shedding Light on the Use of Tax Expenditures for Social Spending
Flurim Aliu and
Agustin Redonda | 5 May 2025
Fiscal,
Blog | Tags:
Inequality,
Social Protecion,
Tax Expenditures
When we think of government spending on social programmes, we generally picture direct cash transfers, public healthcare, education and subsidized housing. Yet a significant portion of social spending happens outside the traditional budget.
... continue reading
Hitting the Mark: Design Choices in Targeted Refinancing
Muhammad Qaisar | 17 April 2025
Monetary,
Blog | Tags:
Central Banks,
Targeted Refinancing Lines
To target their objectives, central banks have a broad toolbox. Each of their instruments has impacts on a range of their goals and must be calibrated accordingly. The critical role of design choices in targeted refinancing operations is a case in point.
... continue reading
A Renewed Urgency to Rationalize Tax Expenditures in Low- and Low-Middle Income Countries
Sanjeev Gupta and
Agustin Redonda | 16 April 2025
Fiscal,
Blog | Tags:
Domestic Revenue Mobilization,
Tax Expenditures,
Tax Reform
In this blog, we argue that the case for streamlining and reforming TEs has become even more urgent. This urgency arises from recent developments including the decisions by the United States and the United Kingdom to significantly reduce their international aid budgets...
... continue reading
Economic Policies for Affordable, Secure and Clean Energy: Insights from India
Priya Sahu and
Nirosha Elsem Varghese | 3 April 2025
Fiscal,
Discussion Notes | Tags:
Energy,
Fossil Fuel Subsidies,
India,
Renewables
India is making significant strides toward affordable, secure and clean energy with the help of ambitious economic policy packages. Yet, like in other countries, many challenges remain.
... continue reading
Wang’s Café Goes Green: Innovative Finance Solutions for Small Companies
Peter Knaack | 27 March 2025
Monetary,
Blog | Tags:
China,
Entrepreneurship,
Financial Inclusion,
Green Finance
Financial markets have mobilized a large and growing amount of money for climate action – but most of it goes to large firms. Small companies (micro, small, and medium-sized enterprises or MSMEs in the jargon) struggle to access the finance needed to green their activities.
... continue reading
Clearing the Air: Lessons from the EU ETS for Low Carbon Aviation
Patrick Lenain and
Leila Sahib | 6 March 2025
Fiscal,
Blog | Tags:
Carbon Pricing,
Energy,
Fossil Fuels,
Tax Expenditures,
Transport
Aviation has long enjoyed a special tax status. Airline fuel for international flights is generally exempt from excise duties. International air travel also benefits widely from VAT exemption or zero-rated VAT.
... continue reading
Tax Expenditures Country Report: Brazil
Paolo de Renzio,
Manoel Pires,
Natalia Rodrigues and
Giosvaldo Teixeira Junior | 25 February 2025
Fiscal,
Discussion Notes | Tags:
Brazil,
GTED,
GTETI,
Tax Expenditures
Tax expenditures in Brazil corresponded to 4.78% of Gross Domestic Product (GDP) in 2023, taking only the federal level into account. If state-level tax expenditures are included, the share reaches 7.2% of GDP in 2023.
... continue reading
Inclusive Green Finance for Small Companies: A Case Study of Pilot Cities in China’s Zhejiang Province
Jingyi Zhang,
Peter Knaack and
Danqing Shao | 21 February 2025
Monetary,
Discussion Notes | Tags:
China,
Entrepreneurship,
Financial Inclusion,
Green Finance
Micro, small, and medium-sized enterprises (MSMEs) are crucial for the transition to a sustainable economy. However, they face major challenges in accessing financing for sustainable investments.
... continue reading
China’s Monetary Stimulus. Aggregate and Structural Implications
Isabelle Jiani Zheng | 13 February 2025
Monetary,
Blog | Tags:
Central Banks,
China,
Economic Growth,
Financial Stability
The People’s Bank of China (PBOC) convened its 2025 work conference in Beijing from 3 to 4 January, signaling a commitment to maintaining a supportive policy stance in the new year following key steps in this direction in 2024.
... continue reading