Small developing states are disproportionately vulnerable to natural disasters. On average, the annual cost of disasters for small states is nearly 2 percent of GDP-more than four times that for larger countries. This reflects a higher frequency of disasters, adjusted for land area, as well as...

The Fund has a role to play in helping its members address those challenges of climate change for which fiscal and macroeconomic policies are an important component of the appropriate policy response. The greenhouse gas mitigation pledges submitted by over 160 countries ahead of the pivotal...

This paper reviews the fiscal implications of climate change, and the potential role of the Fund in addressing them. It stresses that: -- The potential fiscal implications are immediate as well as lasting, and liable to affect-in differing forms and degree-all Fund members. -- Climate change is...

This study focused on environmental tax measures, and on allocation, pricing, and taxation of Iceland’s major hydropower and geothermal resources. Measures to secure the tax base for the corporate income tax (CIT) are proposed. Taxation of the financial sector can be improved by a number...

This paper reviews the fiscal reform of the Czech Republic, its key reform measures, and structural implications. The study also focuses on key challenges and demographic pressures facing the Czech economy, and describes the analytical framework of Global Fiscal Model (GFM) with technical...

Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also outlines efficient operational procedures and reviews the experiences of Canada, the Czech Republic, and India. The analysis...