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UNifeed
The Future of Macroeconomic Policy
June 9, 2023
IMF Staff Concludes Visit to Equatorial Guinea
June 9, 2023
Restructuring Reforms for Green Growth
June 9, 2023
Policymakers across the world are striving to tackle the century-defining challenge of climate change without undermining potential growth. This paper examines the impact of structural reforms in the energy sector (electricity and gas) on enviromental outcomes and green growth indicators in a panel of 25 advanced economies during the period 1970-2020. We obtain striking results. First, while structural reforms so far failed in reducing greenhouse gas emissions per capita, there is some evidence for greater effectiveness in lowering emissions per unit of GDP. Second, although energy reforms are not associated with higher supply of renewable energy as a share of total energy supply, they appear to stimulate a sustained increase in environmental inventions and patents per capita over the medium term. We also find strong evidence of nonlinear effects, with market-friendly energy reforms leading to better environmental outcomes and green growth in countries with stronger environmental regulations. Looking forward, therefore, structural reforms should be designed not just for market efficiency but also for green growth.
Bank Competition and Household Privacy in a Digital Payment Monopoly
June 9, 2023
Lenders can exploit households' payment data to infer their creditworthiness. When households value privacy, they then face a tradeoff between protecting such privacy and credit conditions. We study how the introduction of an informationally more intrusive digital payment vehicle affects households' cash use, credit access, and welfare. A tech monopolist controls the intrusiveness of the new payment method and manipulates information asymmetries among households and oligopolistic banks to extract data contracts that are more lucrative than lending on its own. The laissez-faire equilibrium entails a digital payment vehicle that is more intrusive than socially optimal, providing a rationale for regulation.
Digitalization and Gender Equality in Political Leadership in Sub-Saharan Africa
June 9, 2023
We examine the impact of digitalization on people’s perceptions of women as political leaders in 34 Sub-Saharan African countries. We find that being a social media or internet user is linked to a higher likelihood of people supporting gender equality in political leadership. However, the intensive margin of usage does not appear to be significant. Furthermore, women’s perceptions of gender equality in political leadership are more sensitive to internet and social media use than men’s. The paper recommends policies for improving ICT infrastructure and investing in technological education.
Some Lessons from Asian E-Money Schemes for the Adoption of Central Bank Digital Currency
June 9, 2023
This paper synthesizes four lessons from the experiences of six Asian e-money schemes for central banks as they consider adopting central bank digital currency (CBDC): (i) CBDC should embody four attributes: trust, convenience, efficiency, and security; (ii) CBDC service providers can facilitate CBDC adoption through four channels: leveraging digital technology, targeting use cases, developing business models, and complying with legal and regulatory requirements; (iii) central banks could incentivize CBDC service providers to develop these four channels when considering CBDC adoption; and (iv) central banks may be able to establish data-sharing arrangements that preserve privacy while leaving room for CBDC service providers to explore the economic value of data.
IMF Executive Board Concludes First Review Under the Policy Coordination Instrument for Paraguay
June 8, 2023