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This paper studies the interaction between different actors in the policy-making process of fiscal transfer reform in Colombia. To analyse this reform, we use the “life cycle of reform” framework. In that context, we follow critical phases in the reform process: planning, dialogue and...
Persistent link: https://www.econbiz.de/10011276696
This paper contributes to literature on the process of reform in Latin America. We study political economy aspects and the policy making process of reforms in what we identify as the five critical steps through the "life cycle" of a policy reform: the Planning, Dialogue, Adoption,...
Persistent link: https://www.econbiz.de/10009319142
• Despite post-Monterrey donor initiatives, the Millennium Development Goals (MDGs) are underfinanced. • The revenue potential, the additionality and the speed of availability of new finance sources, and their political feasibility, are of particular importance. • On these criteria, it is...
Persistent link: https://www.econbiz.de/10004962347
Sovereign wealth funds have become important players in global financial markets. But their investments have repeatedly raised concerns, such as fear of industrial espionage or geopolitical threats. This paper argues that the principal motivation for setting up SWFs should put such concerns into...
Persistent link: https://www.econbiz.de/10004962349
Suppose a DAC donor earmarks $1 billion of taxpayers’ money for official development assistance (ODA). The donor may use two instruments as an outright grant or in combination with a market loan to produce a concessional loan of $2 billion with a percentage grant element of 50 per cent. Many...
Persistent link: https://www.econbiz.de/10004962358
• Advanced developing countries are increasingly encouraged to remove existing capital controls, but mixed experiences with capital account opening caution that reform must be carefully designed to increase efficiency and growth without compromising stability • A gradual dismantling of...
Persistent link: https://www.econbiz.de/10004962365
• The unprecedented withdrawal of foreign private capital from Asia, more than 10 per cent of GDP in the crisis countries, confronts them with a transfer problem. Creditor governments should induce their home banks into financial rescue operations to reduce moral hazard in private-sector...
Persistent link: https://www.econbiz.de/10004962405
• The rapid ageing of populations in the rich economies can be expected to stimulate strong growth in private funded pensions, providing a massive potential of foreign finance for developing countries. • Pension managers can reap big diversification benefits by investing on the emerging...
Persistent link: https://www.econbiz.de/10004962411
In principle, the sovereign credit rating industry could help mitigate the congestion externalities common to world capital markets that arise from the failure of market participants to internalise the social cost of external borrowings. This would require that modifications in ratings on...
Persistent link: https://www.econbiz.de/10004962424
The variety of channels through which devaluation of the exchange rate impacts on real tax receipts, calls for empirical clarification. This paper should be seen as a first attempt towards empirical evidence. It establishes the causal relationships between the real exchange rate and real tax...
Persistent link: https://www.econbiz.de/10004962436