Pub Date : 2022-02-01DOI: 10.5089/9781513593463.087
J. Araujo, José Garrido, E. Kopp, Richard Varghese, Weijia Yao
{"title":"Policy Options for Supporting and Restructuring Firms Hit by the COVID-19 Crisis","authors":"J. Araujo, José Garrido, E. Kopp, Richard Varghese, Weijia Yao","doi":"10.5089/9781513593463.087","DOIUrl":"https://doi.org/10.5089/9781513593463.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127950036","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-01DOI: 10.5089/9781513593401.087
Marc C Dobler
{"title":"E-Money: Prudential Supervision, Oversight, and User Protection","authors":"Marc C Dobler","doi":"10.5089/9781513593401.087","DOIUrl":"https://doi.org/10.5089/9781513593401.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"209 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128207413","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-01DOI: 10.5089/9781557753274.087
M. Pranovich, Tibor Hlédik, Carina Selander, Nils Maehle
{"title":"Taking Stock of IMF Capacity Development on Monetary Policy Forecasting and Policy Analysis Systems","authors":"M. Pranovich, Tibor Hlédik, Carina Selander, Nils Maehle","doi":"10.5089/9781557753274.087","DOIUrl":"https://doi.org/10.5089/9781557753274.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115245593","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-11-01DOI: 10.5089/9781513592930.087
William J. Crandall, A. Masters, Elizabeth Gavin
{"title":"ISORA 2018: Understanding Revenue Administration","authors":"William J. Crandall, A. Masters, Elizabeth Gavin","doi":"10.5089/9781513592930.087","DOIUrl":"https://doi.org/10.5089/9781513592930.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121174902","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-01DOI: 10.5089/9781513594101.087.A001
T. Adrian, C. Erceg, Simon T Gray, R. Sahay
Many central banks in emerging market and developing economies have used asset purchases to reduce financial stresses during the COVID crisis, and some are doing so to provide macroeconomic stimulus.
{"title":"Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies during COVID-19 and Beyond","authors":"T. Adrian, C. Erceg, Simon T Gray, R. Sahay","doi":"10.5089/9781513594101.087.A001","DOIUrl":"https://doi.org/10.5089/9781513594101.087.A001","url":null,"abstract":"Many central banks in emerging market and developing economies have used asset purchases to reduce financial stresses during the COVID crisis, and some are doing so to provide macroeconomic stimulus.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117310795","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-01DOI: 10.5089/9781589063952.087.A001
El Bachir Boukherouaa, Ghiath Shabsigh, Khaled Alajmi, Jose Deodoro, Aquiles Farias, E. Iskender, Alin T Mirestean, Rangachary Ravikumar
This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
{"title":"Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance","authors":"El Bachir Boukherouaa, Ghiath Shabsigh, Khaled Alajmi, Jose Deodoro, Aquiles Farias, E. Iskender, Alin T Mirestean, Rangachary Ravikumar","doi":"10.5089/9781589063952.087.A001","DOIUrl":"https://doi.org/10.5089/9781589063952.087.A001","url":null,"abstract":"This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"123 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122633460","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-01DOI: 10.5089/9781513577425.087.A001
Era Dabla‐Norris, R. Mooij, Andrew Hodge, Jan Loeprick, D. Prihardini, Alpa Shah, S. Beer, Sonja Davidovic, Arbind M Modi, Fan Qi
Digitalization in Asia is pervasive, unique, and growing. It stands out by its sheer scale, with internet users far exceeding numbers in other regions. This facilitates e-commerce in markets that are large by international standards, supported by innovative payment systems and featuring major corporate players, including a number of large, home-grown, highly digitalized businesses (tech giants) that rival US multinational enterprises (MNEs) in size. Opportunity for future growth exists, as a significant population share remains unconnected.
{"title":"Digitalization and Taxation in Asia","authors":"Era Dabla‐Norris, R. Mooij, Andrew Hodge, Jan Loeprick, D. Prihardini, Alpa Shah, S. Beer, Sonja Davidovic, Arbind M Modi, Fan Qi","doi":"10.5089/9781513577425.087.A001","DOIUrl":"https://doi.org/10.5089/9781513577425.087.A001","url":null,"abstract":"Digitalization in Asia is pervasive, unique, and growing. It stands out by its sheer scale, with internet users far exceeding numbers in other regions. This facilitates e-commerce in markets that are large by international standards, supported by innovative payment systems and featuring major corporate players, including a number of large, home-grown, highly digitalized businesses (tech giants) that rival US multinational enterprises (MNEs) in size. Opportunity for future growth exists, as a significant population share remains unconnected.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122874080","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-01DOI: 10.5089/9781513594361.087.A001
G. Albertin, Boriana Yontcheva, Daniel F. Devlin, H. Devine, Marc Gérard, S. Beer, Irena Jankulov Suljagic, Vimal V Thakoor
This paper aims to contribute to the international policy debate around profit shifting, tax avoidance and SSA’s revenue mobilization efforts in three ways. First, it examines the importance of mining, the role of multinational enterprises (MNEs), and mining revenue outcomes in SSA. Second, it assesses the magnitude of profit shifting in mining drawing on new macro level research, supplemented by case studies to illustrate the lived experience of tax avoidance in SSA mining. Third, the paper identifies tax policy reforms that could boost revenue mobilization in SSA.
{"title":"Tax Avoidance in Sub-Saharan Africa’s Mining Sector","authors":"G. Albertin, Boriana Yontcheva, Daniel F. Devlin, H. Devine, Marc Gérard, S. Beer, Irena Jankulov Suljagic, Vimal V Thakoor","doi":"10.5089/9781513594361.087.A001","DOIUrl":"https://doi.org/10.5089/9781513594361.087.A001","url":null,"abstract":"This paper aims to contribute to the international policy debate around profit shifting, tax avoidance and SSA’s revenue mobilization efforts in three ways. First, it examines the importance of mining, the role of multinational enterprises (MNEs), and mining revenue outcomes in SSA. Second, it assesses the magnitude of profit shifting in mining drawing on new macro level research, supplemented by case studies to illustrate the lived experience of tax avoidance in SSA mining. Third, the paper identifies tax policy reforms that could boost revenue mobilization in SSA.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"34 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114125263","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Several emerging market central banks in Europe deployed asset purchase programs (APPs) amid the 2020 pandemic. The common main goals were to address market dysfunction and impaired monetary transmission, distinct from the quantitative easing conducted by major advanced economy central banks. Likely reflecting the global nature of the crisis, these APPs defied the traditional emerging market concern of destabilizing the exchange rate or inflation expectations and instead alleviated markets successfully. We uncover some evidence that APPs in European emerging markets stabilized government bond markets and boosted equity prices, with no indication of exchange rate pressure. Examining global and domestic factors that could limit the usability of APPs, in the event of renewed market dysfunction we see a potential scope for scaling up APPs in most European emerging markets that used APPs during the pandemic, provided that they remain consistent with the primary objective of monetary policy and keep a safe distance from the risk of fiscal dominance. As central banks in the region move towards monetary policy tightening, the tapering, ending, and unwinding of APPs must also be carefully considered. Clear and transparent communication is critical at each step of the process, from the inception to the closure of APPs, particularly when a large shock hits and triggers a major policy shift.
{"title":"Asset Purchase Programs in European Emerging Markets","authors":"Marco Arena, Rudolfs Bems, Nadeem Ilahi, Jaewoo Lee, Willis Lindquist, Tonny Lybek","doi":"10.5089/9781513593753.087.A001","DOIUrl":"https://doi.org/10.5089/9781513593753.087.A001","url":null,"abstract":"Several emerging market central banks in Europe deployed asset purchase programs (APPs) amid the 2020 pandemic. The common main goals were to address market dysfunction and impaired monetary transmission, distinct from the quantitative easing conducted by major advanced economy central banks. Likely reflecting the global nature of the crisis, these APPs defied the traditional emerging market concern of destabilizing the exchange rate or inflation expectations and instead alleviated markets successfully. We uncover some evidence that APPs in European emerging markets stabilized government bond markets and boosted equity prices, with no indication of exchange rate pressure. Examining global and domestic factors that could limit the usability of APPs, in the event of renewed market dysfunction we see a potential scope for scaling up APPs in most European emerging markets that used APPs during the pandemic, provided that they remain consistent with the primary objective of monetary policy and keep a safe distance from the risk of fiscal dominance. As central banks in the region move towards monetary policy tightening, the tapering, ending, and unwinding of APPs must also be carefully considered. Clear and transparent communication is critical at each step of the process, from the inception to the closure of APPs, particularly when a large shock hits and triggers a major policy shift.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131709568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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