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Europe > Norway

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Cover FinTech Notes
Cross-Border Payments with Retail Central Bank Digital Currencies: Design and Policy Considerations
Andre Reslow
,
Gabriel Soderberg
, and
Natsuki Tsuda
Many central banks are currently exploring the possibility of issuing retail central bank digital currency (CBDC). While the primary objective varies between jurisdictions, many central banks consider improved cross-border payments as a potential benefit and previous work has shown that CBDC can help overcome some of the frictions in cross-border payments. CBDC is a safe and liquid asset reducing the number of financial intermediaries and the settlement risk. Designing CBDC systems for cross-border payments is not fundamentally different from tailoring other payment systems. However, the roles and responsibilities might be slightly different in a CBDC system, and the central bank may play a more pivotal role given CBDC’s nature as public money as opposed to commercial bank money. This note draws lessons from ongoing experimentation and research to identify design and policy considerations when developing retail CBDC systems so it may be compatible for cross-border payments. The note focuses on retail CBDC—a CBDC primarily targeting households and non-financial firms—and leaves wholesale CBDC considerations for future work, although many of the discussions are applicable to wholesale CBDC and other forms of money as well.
Keywords:
central bank digital currencies; cross-border payments; fintech; foreign exchange; capital flow management; eNaira; cross-border payment; IMF Library; capital flow management measure; provider restriction; CBDC design consideration; Currencies; Anti-money laundering and combating the financing of terrorism (AML/CFT); Nonbank financial institutions; Global
Cover Staff Climate Notes
How to Cut Methane Emissions
Ian W.H. Parry
,
Mr. Simon Black
,
Danielle N Minnett
,
Mr. Victor Mylonas
, and
Nate Vernon
Limiting global warming to 1.5 to 2°C above preindustrial levels requires rapid cuts in greenhouse gas emissions. This includes methane, which has an outsized impact on temperatures. To date, 125 countries have pledged to cut global methane emissions by 30 percent by 2030. This Note provides background on methane emission sources, presents practical fiscal policy options to cut emissions, and assesses impacts. Putting a price on methane, ideally through a fee, would reduce emissions efficiently, and can be administratively straightforward for extractives industries and, in some cases, agriculture. Policies could also include revenue-neutral ‘feebates’ that use fees on dirtier polluters to subsidize cleaner producers. A $70 methane fee among large economies would align 2030 emissions with 2oC. Most cuts would be in extractives and abatement costs would be equivalent to just 0.1 percent of GDP. Costs are larger in certain developing countries, implying climate finance could be a key element of a global agreement on a minimum methane price.
Keywords:
Climate change mitigation; methane emissions; Global Methane Pledge; carbon pricing; methane tax; extractives; agriculture; design issues; border methane adjustment; international price floor; IMF staff Climate note; methane emission; IMF staff Climate Note 2022/008; IMF analysis; Greenhouse gas emissions; Natural gas sector; Agricultural sector; Agricultural commodities; Global
Cover Staff Discussion Notes
Second-Generation Fiscal Rules: Balancing Simplicity, Flexibility, and Enforceability
Luc Eyraud
,
Mr. Xavier Debrun
,
Andrew Hodge
,
Victor Duarte Lledo
, and
Ms. Catherine A Pattillo
Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Keywords:
SDN; fiscal rule; business cycle; deficit bias; Fiscal policy; debt; fiscal rules; fiscal governance; balance rule; expenditure rule; rule effectiveness; rule adoption; Fiscal stance; Budget planning and preparation; Global; Europe
Cover Technical Notes and Manuals
The Revenue Administration–Gap Analysis Program: An Analytical Framework for Excise Duty Gap Estimation
Mr. Mick Thackray
The IMF Fiscal Affairs Department’s Revenue Administration Gap Analysis Program (RA-GAP) assists revenue administrations from IMF member countries in monitoring taxpayer compliance through tax gap analysis. The RA-GAP analytical framework for estimating excise gaps presented in this Technical Note sets out the steps and data required for comprehensive top-down gap estimates based on a comparison of actual collections to potential collections, which is estimated from consumption (or use) and expenditure of excise commodities. The note outlines the motivation for, and different approaches to, excise gap estimation; and identifies the design criteria for robust gap estimates. The note was jointly produced by RA-GAP team and the Slovak Republic’s Institute for Financial Policy, piloting the framework for the mineral oils excise gap in Slovakia.
Keywords:
TNM; gap estimate; excise rate; excise gap; compliance risk; gap analysis; Tax Administration; Tax Compliance; Excise; Tax Gap; Tax Avoidance; Tax Evasion; Excise Smuggling; Cross-Border Shopping; Shadow Economy; Non-Observed Economy; excise collection; excise goods; rate change; gap study; understanding excise transaction; Excises; Consumption; Tax administration core functions
Cover Staff Discussion Notes
Making the Most of Public Investment in MENA and CCA Oil-Exporting Countries
Ms. Maria A Albino
,
Ms. Svetlana Cerovic
,
Mr. Francesco Grigoli
,
Mr. Juan C Flores
,
Mr. Javier Kapsoli
,
Mr. Haonan Qu
,
Mr. Yahia Said
,
Mr. Bahrom Shukurov
,
Mr. Martin Sommer
, and
Mr. SeokHyun Yoon
Over the past decade, rising oil prices have translated into high levels of public investment in most MENA and CCA oil exporters. This has prompted questions about the efficiency of public investment in generating growth and closing infrastructure gaps, as well as concerns about fiscal vulnerabilities. When public investment is inefficient, higher levels of spending may simply lead to larger budget deficits, without sufficiency increasing the quantity or quality of public infrastructure in support of economic growth. This paper examines the efficiency of public investment in the MENA and CCA oil exporters using several techniques, including a novel application of the efficiency frontier analysis, estimates of unit investment costs, and assessments of public investment processes. The analysis confirms that these oil exporters have substantial room to improve public investment efficiency. Reforms in the public financial and investment management systems are needed to achieve this objective.
Keywords:
SDN; investment; MCDOEs; investment efficiency; efficiency; public investment
Cover Staff Discussion Notes
Making the Most of Public Investment in MENA and CCA Oil-Exporting Countries
Ms. Maria A Albino
,
Ms. Svetlana Cerovic
,
Mr. Francesco Grigoli
,
Mr. Juan C Flores
,
Mr. Javier Kapsoli
,
Mr. Haonan Qu
,
Mr. Yahia Said
,
Mr. Bahrom Shukurov
,
Mr. Martin Sommer
, and
Mr. SeokHyun Yoon
Over the past decade, rising oil prices have translated into high levels of public investment in most MENA and CCA oil exporters. This has prompted questions about the efficiency of public investment in generating growth and closing infrastructure gaps, as well as concerns about fiscal vulnerabilities. When public investment is inefficient, higher levels of spending may simply lead to larger budget deficits, without sufficiency increasing the quantity or quality of public infrastructure in support of economic growth. This paper examines the efficiency of public investment in the MENA and CCA oil exporters using several techniques, including a novel application of the efficiency frontier analysis, estimates of unit investment costs, and assessments of public investment processes. The analysis confirms that these oil exporters have substantial room to improve public investment efficiency. Reforms in the public financial and investment management systems are needed to achieve this objective.
Keywords:
SDN; investment; MCDOEs; investment efficiency; efficiency; public investment; Public investment efficiency; natural resources; oil exporters; resource wealth management; management Index; investment project; unit investment cost; investment decision; diminishing returns on investment; Public investment spending; Public investment and public-private partnerships (PPP); Infrastructure; Capital spending; Global
Cover Staff Discussion Notes
Direct Distribution of Resource Revenues: Worth Considering?
Mr. Sanjeev Gupta
,
Mr. Alex Segura-Ubiergo
, and
Enrique Flores
Some scholars have argued that direct distribution of natural resource revenues to the population would help resource-rich countries escape the “resource curse.” This discussion note analyzes whether this proposal is a viable policy alternative for resource-rich countries. The first priority for policymakers is to establish fiscal policy objectives to support macroeconomic stability and development objectives. In this regard, the establishment of an adequate fiscal framework that informs decisions on how much to save and invest, or how to smooth out revenue volatility, and deal with exhaustibility issues should precede any discussion of direct distribution of resource wealth to the population.
Keywords:
SDN; resource revenue; natural resource; governments Bloated; country authorities; resource curse; resource wealth; natural resources; resource wealth management; direct redistribution; fiscal policy; cash transfers; resource exhaustibility; revenues DDMs; Income; Currencies; Middle East; North Africa; East Africa
Cover Staff Discussion Notes
Distribución directa de los ingresos provenientes de recursos naturales: ¿Vale la pena considerarla?
Mr. Sanjeev Gupta
,
Mr. Alex Segura-Ubiergo
, and
Enrique Flores
Algunos académicos han sostenido que la distribución directa a la población de ingresos públicos provenientes de recursos naturales ayudaría a los países ricos en recursos naturales a escapar de la “maldición de los recursos naturales”. Este documento analiza si esta propuesta constituye una alternativa política viable para países ricos en recursos naturales. La primera prioridad para los responsables de la formulación de políticas en los países ricos en materias primas consiste en establecer los objetivos de política fiscal para promover la estabilidad macroeconómica y el desarrollo de las economías. En este sentido, el establecimiento de un marco fiscal adecuado que aporte información para tomar decisiones sobre cuánto ahorrar y cuánto invertir, cómo atenuar la volatilidad de los ingresos públicos, y cómo abordar los problemas relacionados con el agotamiento de los recursos naturales debe preceder cualquier análisis sobre distribución directa de recursos a la población.
Keywords:
SDN; resource revenue; natural resource; governments Bloated; country authorities; resource curse; resource wealth
Cover Staff Discussion Notes
Marcos fiscales para los países ricos en recursos naturales
Mr. Marcos Poplawski Ribeiro
,
Mr. Mauricio Villafuerte
,
Mr. Thomas Baunsgaard
, and
Christine J. Richmond
En la serie de Documentos de Análisis del Personal Técnico del FMI se presentan los últimos análisis e investigaciones sobre políticas elaborados por miembros del personal técnico del FMI, que se publican para recibir comentarios y fomentar el debate. Estos documentos generalmente son breves y están escritos en un lenguaje no técnico, ya que se dirigen a un público amplio interesado en temas de política económica. Esta serie solo se publica en la página web y reemplazó en enero de 2011 a la serie de Notas de Opinión del Personal Técnico del FMI.
Keywords:
SDN; resource; resource revenue; revenue; balance
Cover Staff Discussion Notes
Fiscal Frameworks for Resource Rich Developing Countries
Mr. Marcos Poplawski Ribeiro
,
Mr. Mauricio Villafuerte
,
Mr. Thomas Baunsgaard
, and
Christine J. Richmond
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Keywords:
SDN; resource; resource revenue; revenue; balance; Natural resources; permanent income hypothesis; public financial management; fiscal framework; fiscal rules; macro-fiscal management; revenue dependency; reserves estimate; resource wealth; fiscal policy framework; natural-resources asset; growth cap; revenue volatility; growth-enhancing expenditure; Fiscal governance; Fiscal stance; Fiscal sustainability; Global