Legitimacy Challenges to Central Banks: Sketching a Way Forward
Peter Dietsch | 19 January 2020
Monetary,
Discussion Notes | Tags:
Central Banks,
Governing Finance
Delegation to independent agencies (IAs) can reap real benefits for policy making. In the case of monetary policy, it shores up the credibility of the central bank. However, it is generally accepted that the discretion of IAs needs to be constrained to ensure their legitimacy.
This
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Against Amnesia: Re-Imagining Central Banking
Benjamin Braun and
Leah Downey | 10 January 2020
Monetary,
Discussion Notes | Tags:
Central Banks,
Governing Finance
The purpose of the present paper is to identify and challenge contemporary adherence to the core of the prevailing monetary policy consensus. This consensus consists of what we call the holy trinity of the inflation targeting paradigm: price stability as the primary goal of the
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Tax Expenditures and Complexity in a VAT System: The Case of Brazil
Ivan Ozai | 7 January 2020
Fiscal,
Blog | Tags:
Tax Expenditures,
VAT
Despite its known regressivity, the value-added tax (VAT) has been considered a robust tool for development, especially if integrated into a well-implemented tax-and-benefit system. VAT is often considered a neutral tax that minimizes distortions and is particularly relevant to low- and middle-income countries due to
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Climate Risk and Financial Systems of Latin America: Regulatory, Supervisory and Industry Practices in the Region and Beyond
Gianleo Frisari,
Matías Gallardo,
Chiemi Nakano,
Víctor Cárdenas and
Pierre Monnin | 18 December 2019
Monetary,
Discussion Notes | Tags:
Central Banks,
Climate Risk,
Financial Regulation,
Green Finance,
Latin America
In Latin America and the Caribbean (LAC), regional supervisors and regulators have not yet explicitly included nor addressed climate-related risks in binding regulations and/or supervisory measures for the financial sector. This implies significant work ahead for the LAC financial sector to develop effective and complete
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Housing Taxation in Europe
Salvador Barrios,
Viginta Ivaškaitė-Tamošiūnė,
Estefanía Vázquez Torres,
Cécile Denis and
Andriana Reut | 18 December 2019
Fiscal,
Blog | Tags:
Housing,
Tax Expenditures
Tax incentives favouring homeownership are widely used in developed economies. Homeownership is often thought to bring a number of positive contributions, from the promotion of households´ saving to enhanced community engagement. However, housing tax incentives are also considered as a major source of distortions for
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