Pub Date : 2021-09-01DOI: 10.5089/9781513594224.087.A001
M. Fouad, Natalija Novta, Gemma Preston, T. Schneider, Sureni Weerathunga
This departmental paper provides an in-depth overview of access to climate finance for Pacific Island Countries, evaluating successes and challenges faced by countries and proposes a way forward to unlock access to climate funds.
{"title":"Unlocking Access to Climate Finance for Pacific Island Countries","authors":"M. Fouad, Natalija Novta, Gemma Preston, T. Schneider, Sureni Weerathunga","doi":"10.5089/9781513594224.087.A001","DOIUrl":"https://doi.org/10.5089/9781513594224.087.A001","url":null,"abstract":"This departmental paper provides an in-depth overview of access to climate finance for Pacific Island Countries, evaluating successes and challenges faced by countries and proposes a way forward to unlock access to climate funds.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"11 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":"126667907","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: 10.5089/9781513593920.087.A001
Armand Fouejieu, A. Kangur, Samuel Romero Martinez, Mauricio Soto
In the past few decades, a myriad of reforms in Europe have had a significant impact on the way and extent to which public pensions provide retirement income. This departmental paper takes stock of where European pension systems stand and assesses their key characteristics. We present a novel measure of the balance between lifetime benefits and contributions—the Proportionality Measure—to examine pension systems’ long-term sustainability, fairness, and intergenerational equity
{"title":"Pension Reforms in Europe: How Far Have We Come and Gone?","authors":"Armand Fouejieu, A. Kangur, Samuel Romero Martinez, Mauricio Soto","doi":"10.5089/9781513593920.087.A001","DOIUrl":"https://doi.org/10.5089/9781513593920.087.A001","url":null,"abstract":"In the past few decades, a myriad of reforms in Europe have had a significant impact on the way and extent to which public pensions provide retirement income. This departmental paper takes stock of where European pension systems stand and assesses their key characteristics. We present a novel measure of the balance between lifetime benefits and contributions—the Proportionality Measure—to examine pension systems’ long-term sustainability, fairness, and intergenerational equity","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"103 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":"116019955","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: 10.5089/9781513594088.087.A001
Ernesto Ramirez Rigo, Christine J. Richmond, Oluremi Akin Olugbade, G. Anderson, Maria Atamanchuk, H. Bukhari, I. Ioannou, Deeksha Kale, Tannous Kass-Hanna, Maximilien Queyranne, Wei Shi, J. Wong
Prior to the COVID-19 shock, the key challenge facing policymakers in the Middle East, North Africa, and Central Asia region was how to generate strong, sustainable, job-rich, inclusive growth. Post-COVID-19, this challenge has only grown given the additional reduction in fiscal space due to the crisis and the increased need to support the recovery. The sizable state-owned enterprise (SOE) footprint in the region, together with its cost to the government, call for revisiting the SOE sector to help open fiscal space and look for growth opportunities.
{"title":"State-Owned Enterprises in Middle East, North Africa, and Central Asia: Size, Costs, and Challenges","authors":"Ernesto Ramirez Rigo, Christine J. Richmond, Oluremi Akin Olugbade, G. Anderson, Maria Atamanchuk, H. Bukhari, I. Ioannou, Deeksha Kale, Tannous Kass-Hanna, Maximilien Queyranne, Wei Shi, J. Wong","doi":"10.5089/9781513594088.087.A001","DOIUrl":"https://doi.org/10.5089/9781513594088.087.A001","url":null,"abstract":"Prior to the COVID-19 shock, the key challenge facing policymakers in the Middle East, North Africa, and Central Asia region was how to generate strong, sustainable, job-rich, inclusive growth. Post-COVID-19, this challenge has only grown given the additional reduction in fiscal space due to the crisis and the increased need to support the recovery. The sizable state-owned enterprise (SOE) footprint in the region, together with its cost to the government, call for revisiting the SOE sector to help open fiscal space and look for growth opportunities.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"15 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":"125564002","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 : 2021-07-01DOI: 10.5089/9781513577494.087.A001
Marco Arena, Ruo Chen, A. Cuevas, Karim Foda, B. Gracia, Miss Estelle X Liu, A. Pienkowski, Christiane Roehler, Shituo Sun, S. Weber, X. Xu, Y. Shi
In Europe, the severe human toll of the COVID-19 pandemic was compounded by the deepest fall in economic activity in modern history. Yet this huge decline in output did surprisingly little damage to the aggregate financial balance sheets of firms and households. This paper discusses how unprecedented policy support transferred private sector income losses to the public sector’s balance sheet and contrasts this experience to that of the global financial crisis.
{"title":"Who Bore the Brunt of the Pandemic in Europe? Shifting Private Stress to the Public Sector","authors":"Marco Arena, Ruo Chen, A. Cuevas, Karim Foda, B. Gracia, Miss Estelle X Liu, A. Pienkowski, Christiane Roehler, Shituo Sun, S. Weber, X. Xu, Y. Shi","doi":"10.5089/9781513577494.087.A001","DOIUrl":"https://doi.org/10.5089/9781513577494.087.A001","url":null,"abstract":"In Europe, the severe human toll of the COVID-19 pandemic was compounded by the deepest fall in economic activity in modern history. Yet this huge decline in output did surprisingly little damage to the aggregate financial balance sheets of firms and households. This paper discusses how unprecedented policy support transferred private sector income losses to the public sector’s balance sheet and contrasts this experience to that of the global financial crisis.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115212402","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 : 2021-06-01DOI: 10.5089/9781513576510.087
L. Eyraud, Torsten Wezel, I. Bunda, Rasmane Ouedraogo, Tarak Jardak, Jehann Jack, Zhangrui Wang
{"title":"Resolving Nonperforming Loans in Sub-Saharan Africa in the Aftermath of the COVID-19 Crisis","authors":"L. Eyraud, Torsten Wezel, I. Bunda, Rasmane Ouedraogo, Tarak Jardak, Jehann Jack, Zhangrui Wang","doi":"10.5089/9781513576510.087","DOIUrl":"https://doi.org/10.5089/9781513576510.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124579427","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 : 2021-05-01DOI: 10.5089/9781513570761.087
Ernesto Crivelli, R. Mooij, J. E. J. D. Vrijer, Shafik Hebous, Alexander Klemm
This paper aims to contribute to the European policy debate on corporate income tax reform in three ways. First, it takes a step back to review the performance of the CIT in Europe over the past several decades and the important role played by MNEs in European economies. Second, it analyses corporate tax spillovers in Europe with a focus on the channels and magnitudes of both profit shifting and CIT competition. Third, the paper examines the progress made in European CIT coordination and discusses reforms to strengthen the harmonization of corporate tax policies, in order to effectively reduce both tax competition and profit shifting.
{"title":"Taxing Multinationals in Europe","authors":"Ernesto Crivelli, R. Mooij, J. E. J. D. Vrijer, Shafik Hebous, Alexander Klemm","doi":"10.5089/9781513570761.087","DOIUrl":"https://doi.org/10.5089/9781513570761.087","url":null,"abstract":"This paper aims to contribute to the European policy debate on corporate income tax reform in three ways. First, it takes a step back to review the performance of the CIT in Europe over the past several decades and the important role played by MNEs in European economies. Second, it analyses corporate tax spillovers in Europe with a focus on the channels and magnitudes of both profit shifting and CIT competition. Third, the paper examines the progress made in European CIT coordination and discusses reforms to strengthen the harmonization of corporate tax policies, in order to effectively reduce both tax competition and profit shifting.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121512019","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 : 2021-05-01DOI: 10.5089/9781513570204.087.A001
Khalid ElFayoumi, Izabela Karpowicz, Jenny S. Y. Lee, M. Marinkov, Aiko Mineshima, J. Salas, Andreas Tudyka, Andrea Schaechter
Many European economies have faced pressure from rental housing affordability that has widened social and economic divergence. While significant country and regional differences exist, this departmental paper finds that in many advanced European economies a large and rising share of low-income renters, the young, and those living in cities is overburdened. In several locations, middle-income groups also increasingly face rental affordability issues.
{"title":"Affordable Rental Housing: Making It Part of Europe’s Recovery","authors":"Khalid ElFayoumi, Izabela Karpowicz, Jenny S. Y. Lee, M. Marinkov, Aiko Mineshima, J. Salas, Andreas Tudyka, Andrea Schaechter","doi":"10.5089/9781513570204.087.A001","DOIUrl":"https://doi.org/10.5089/9781513570204.087.A001","url":null,"abstract":"Many European economies have faced pressure from rental housing affordability that has widened social and economic divergence. While significant country and regional differences exist, this departmental paper finds that in many advanced European economies a large and rising share of low-income renters, the young, and those living in cities is overburdened. In several locations, middle-income groups also increasingly face rental affordability issues.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133464972","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 : 2021-05-01DOI: 10.5089/9781513576565.087.A001
M. Fouad, Chishiro Matsumoto, R. Monteiro, Isabel Rial, Ozlem Aydin Sakrak
Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management.
{"title":"Mastering the Risky Business of Public-Private Partnerships in Infrastructure","authors":"M. Fouad, Chishiro Matsumoto, R. Monteiro, Isabel Rial, Ozlem Aydin Sakrak","doi":"10.5089/9781513576565.087.A001","DOIUrl":"https://doi.org/10.5089/9781513576565.087.A001","url":null,"abstract":"Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"62 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123232321","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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