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International Monetary Fund. Fiscal Affairs Dept.

Abstract

This report emphasizes the environmental, fiscal, economic, and administrative case for using carbon taxes, or similar pricing schemes such as emission trading systems, to implement climate mitigation strategies. It provides a quantitative framework for understanding their effects and trade-offs with other instruments and applies it to the largest advanced and emerging economies. Alternative approaches, like “feebates” to impose fees on high polluters and give rebates to cleaner energy users, can play an important role when higher energy prices are difficult politically. At the international level, the report calls for a carbon price floor arrangement among large emitters, designed flexibly to accommodate equity considerations and constraints on national policies. The report estimates the consequences of carbon pricing and redistribution of its revenues for inequality across households. Strategies for enhancing the political acceptability of carbon pricing are discussed, along with supporting measures to promote clean technology investments.

International Monetary Fund

’s responsibility lay in ensuring that work continued in developing such standards for banking supervision, accounting and disclosure, auditing and valuation of bank assets, and guidelines for effective corporate governance. Increased international cooperation would also be required in areas beyond the establishment of standards, including in the sharing of information among regulators, especially among those with supervisory authority over institutions operating in major financial centers. Regulators also should seek and examine carefully information on flows from offshore

International Monetary Fund. Statistics Dept.

of Seven (G-7) heads of state at their summit in Halifax, Canada, made a similar request to the IMF. The Interim Committee in October 1995 endorsed the establishment of standards to guide member countries in disseminating their economic and financial data to the public and the creation of an electronic bulletin board on the IMF website. 1.3 Following consultations by the IMF with national statistical agencies on best practices in disseminating economic and financial data to the public and on the needs of various data users in the financial community, the IMF

International Monetary Fund

. In June 1995, the Group of Seven (G-7) Heads of State at their summit in Halifax, Canada, made a similar request to the IMF. The Interim Committee in October 1995 endorsed the establishment of standards to guide member countries in disseminating their economic and financial data to the public, and the creation of an electronic bulletin board on the IMF website. 1.3 Following consultations by the IMF with national statistical agencies on best practices in disseminating economic and financial data to the public and on the needs of various data users in the

Ms. Anne Y. Kester
Since the IMF launched the data standards initiatives a decade ago, 145 of its 184 member countries have participated. This 80 percent participation rate reaffirms the importance countries place on data transparency in the globalized economy, which the initiatives promote. The wide participation can be attributed to the consultative process that has allowed for the development of a coherent program that takes account of countries' capabilities, delineates clear responsibilities between the IMF and participating countries, and establishes effective monitoring procedures to ensure the credibility of the standards for policymakers, capital markets, and the general public. The approach has also provided checks and balances and fostered accountability. The initiatives may provide insights for the promotion of similar international standards.