Miranda, Kenneth M.; Parry, Ian W.H.; Gupta, Sanjeev - International Monetary Fund (IMF) - 1993
Commonly cited environmental instruments in the legal, regulatory, and fiscal domains are intended primarily to address … market failures to ensure that environmental degradation and resource use is contained to appropriate levels. However, in … many instances, environmental degradation is rooted not in market failure, but rather in policy failure. This paper …