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Cover IMF Staff Papers
The Complier Pays Principle: The Limits of Fiscal Approaches Toward Sustainable Forest Management
Mr. Luc E. Leruth, R. Paris, and Mr. I. Ruzicka

This paper examines the role and impact of taxation on sustainable forest management. It is shown that fiscal instruments neither reinforce nor substitute for traditional regulatory approaches and can actually undermine sustainability. The paper uses the reasoning at the root of the Faustmann solution to draw conclusions on the incentives for sustainable tropical forest exploitation. It proposes a bond mechanism as an alternative market-based instrument to encourage sustainable forest logging while reducing monitoring costs.

Keywords:
SP; price; market value; environmental damage; security of tenure; opportunity cost; timber taxation; Stocks; Bonds; Forestry tax; Central Africa; West Africa; Global; logging regime; transfer value
Cover IMF Working Papers
The Complier Pays Principle: The Limits of Fiscal Approaches toward Sustainable Forest Management
Mr. Luc E. Leruth, R. Paris, and Mr. I. Ruzicka
This paper examines the role and impact of taxation on sustainable forest management. It is shown that fiscal instruments neither reinforce nor substitute for traditional regulatory approaches. Far from encouraging more sustainable forest management, fiscal instruments such as an inappropriate tax policy can actually undermine it. The paper uses the arguments at the root of the Faustmann solution to draw conclusions on the incentives for sustainable tropical forest exploitation. The paper also proposes a bond mechanism as an alternative market-based instrument to encourage sustainable forest logging while reducing monitoring costs.
Keywords:
WP; forest management; environmental damage; pollution tax