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MOHAN MUNASINGHE, WILFRIDO CRUZ, and JEREMY WARFORD

T HE DYNAMICS between economywide policies and the environment are complex—policy reforms hold the potential to either help or hurt the environment. Typically, liberalizing moves help both the economy and the environment, so there are “win-win” gains to be had. But when the opposite occurs, the negatives can be held in check by more specific mitigating measures . Until recently, when governments made decisions on foreign exchange rates, international trade, agricultural subsidies, and other broad economic measures, little attention was paid to the

International Monetary Fund. External Relations Dept.

dollars, 1993 estimates) Source: Environmentally and Socially Sustainable Development Forest Team, World Bank. Economywide policies matter, too Policy reforms and activities in sectors other than forestry can often have inadvertent and unrecognized effects on forests. Broad reforms, such as trade liberalization, can result in forest destruction if not accompanied by offsetting measures. The adverse effects of agricultural subsidies (estimated at $300–350 billion globally) in encouraging unwarranted land conversion are well known, and inappropriate

International Monetary Fund. External Relations Dept.

Structural Reforms in Arab Countries Mohamed El-Erian & Shamsuddin Tareq Structural Adjustment in Sub-Saharan Africa Saleh Nsouli Ghana: 2000 and Beyond Ajay Chhibber & Chad Leechor Public Spending and Adjustment Sanjay Pradhan & Vinaya Swaroop Auctions: A Sampling of Techniques Robert Feldman & Rajnish Mehra The Internationalization of Emerging Equity Markets Michael Papaioannou & Lawrence Duke Are Economywide Policies Good for the Environment? Mohan Munasinghe, Wilfrido Cruz, & Jeremy

International Monetary Fund. External Relations Dept.

the Environment , December Abbas Mirakhor & Delano Villanueva , Interest Rate Policies in Developing Countries , December Peter Montiel & Jonathan Ostry , Targeting the Real Exchange Rate in Developing Countries , March Mohan Munasinghe , The Economist’s Approach to Sustainable Development , December Mohan Munasinghe, Wilfrido Cruz, & Jeremy Warford , Are Economywide Policies Good for the Environment? September Saleh Nsouli , Structural Adjustment in Sub-Saharan Africa , September Michael Papaioannou & Lawrence Duke , The Internationalization of

Mr. David C Nellor and Mr. Ronald T. McMorran

where an environment tax is employed to address market failure . In the first circumstance, tax-induced environmental damage could be eliminated by reforming broad-based taxes. Resolution of market failure requires use of special environment taxes such as Pigouvian taxes. References Bates , Robin , Shreekant Gupta , and Boguslaw Fiedor , “ Economywide Policies and the Environment: A Case Study of Poland, ” Workshop on Economywide Policies and the Environment ( Washington : World Bank , 1993 ). Baumol , William J. , and Wallace E

Anandarup Ray

agriculture. Developing countries pursue a wide range of agricultural policies, but in many, economywide policies have limited the growth of agricultural production and hampered efforts to reduce rural poverty. Sector-specific pricing and tax policies have also often resulted in substantial discrimination against agriculture. Discriminatory policies have been particularly serious in sub-Saharan Africa, the only region in the developing world that has failed to expand food production sufficiently to match population growth. A reversal of that trend, as well as expansion of

MOHAN MUNASINGHE

resource rights). The solution is not necessarily to modify the original broader policies (which have conventional socioeconomic goals), but rather to design complementary measures that will help mitigate the negative effects or enhance the positive impacts of the original policies on the environment (see “Are Economywide Policies Good for the Environment?” by Mohan Munasinghe, Wilfrido Cruz, and Jeremy Warford,” Finance & Development , September 1993). Many aspects of macroeconomic policy are based on the standard system of national accounts (SNA). To incorporate

Dean T. Jamison and Steven Radelet

group of countries considered to have shown a stronger commitment to sound development policies. Several European donors and multilateral development banks now offer financing for education or health through Sector-Wide Approaches (SWAps), which provide pooled funding to support sector-specific strategies. Similarly, the World Bank has introduced its Poverty Reduction Support Credits to provide support for economywide policy and institutional reform and poverty reduction programs. These “horizontal” approaches provide greater flexibility for recipients to allocate

Mr. Arvind Subramanian and Mr. Peter P Uimonen

Honor of Gottfried Hahcrler , ed. by Robert E. Baldwin , and others ( Chicago : Rand McNally , 1965 ), pp. 3 – 34 . Leonard , J. , Pollution and the Struggle for the World Product ( New York : Cambridge University Press , 1988 ). 10.1017/CBO9780511895487 Lopez , R. , “Economywide Policies, Agricultural Productivity, and Environmental Factors: The Case of Ghana” ( unpublished, Washington : The World Bank , 1993 ). Low , P. ( 1992a ), ed. , International Trade and the Environment , World Bank Discussion Papers 159 ( Washington

Mr. David C Nellor and Mr. Ronald T. McMorran
This paper provides a framework for examining environment taxes. It reviews the theoretical efficiency of three types of environment taxes: taxes on emissions or Pigouvian taxes; taxes on productive inputs or consumer goods whose use is related to environmental damage; and environment-related provisions in other taxes. A survey of environment taxes in 42 countries--drawn from developing countries, economies in transition, and industrial countries--illustrates that the use of environment taxes differs dramatically from the recommendations of environment tax theory. This divergence between the theory and practice of environment taxes can be attributed to several factors; environment taxes are difficult to implement, there are many factors that impede their effectiveness, and their introduction may be discouraged by their implications for other policy objectives.