Reflections on the Role of the Panel

Over the past thirty years, the World Bank and the Inspection Panel have had a supportive relationship regarding the principle of accountability, particularly as applied to the field of development finance operations and the role and responsibility of the Bank as a multilateral public sector financial institution. This relationship has been apparent in at least three key aspects: i) following the Bank’s lead, many development institutions around the globe have taken steps to improve their own accountability and developed independent accountability mechanisms (IAMs) modeled on the Inspection Panel; ii) the Bank and other development institutions have been supporting the development of stronger and more comprehensive environmental and social policies for which they hold themselves to account; and iii) there has been steady growth in the availability and breadth of grievance services and mechanisms, at the management and project level, to help implement policy requirements and resolve issues for affected peopl

Green Finance: Leveraging Investment for Environmental Protection

Some political narratives describe the relationship between environmental protection and economic growth as two inherently incompatible goals. As the global community turns its attention to implementing international climate agreements, this story is ceding ground to the realization that the economy must facilitate a transition to sustainability. With limited government funding available, private investments offer an opportunity to dramatically increase and leverage funding to address daunting environmental problems. Green financing will play a critical role in the shift to a green economy. Governments, intergovernmental organizations, financial institutions, corporations, and nongovernmental organizations (NGOs) are examining green financing mechanisms in earnest. Financial institutions are enabling investment in green infrastructure, and many have signed on to the Equator Principles, a risk management framework for determining, assessing, and managing environmental and social risk in projects. NGOs and governments are promoting public policies that encourage investments in sustainability, and developing public and private mechanisms to facilitate investments in environmentally beneficial projects, such as the Paris Climate Agreement\u27s Green Climate Fund. With targets including pollution control, biodiversity protection, and materials management, as well as investments directly related to decreasing reliance on fossil fuels, the impacts of green financing could reshape the landscape for environmental professions. On June 6, 2017, ELI held a public seminar to present recent developments in this field. Below we present a transcript of the discussion, which has been edited for style, clarity, and space considerations

Barnes Hospital Bulletin

https://digitalcommons.wustl.edu/bjc_barnes_bulletin/1021/thumbnail.jp

Commencement Exercises Program, July 27, 1963

The 1963 Bryant College Commencement Program. This year marked Bryant\u27s Centennial Commencement

Exchange Control in Italy and Bulgaria in the Interwar Period: History and Perspectives

This paper analyses exchange rate control measures adopted in Italy and Bulgaria during the interwar period. The first two sections provide a detailed account of the institutional and economic framework in which these measures were enforced and interpret them utilizing statistical data. In the third section it suggests a theoretical interpretation of exchange control and clearing agreements stressing that these policies were a serious interference in market mechanisms. A further point is that exchange control introduced and practiced in Italy and Bulgaria was an eloquent example of how serious the balance of payments constraint was at that time and how difficult it was to circumvent it. In the last section it derives some lessons for today’s Italian and Bulgarian economies.Exchange control, Clearing agreements, International monetary relations

Distribution of income and the income tax burden in Bulgaria

Using the 1992 Bulgarian household budget survey, the authors analyze the distribution of income and of the income tax burden by income and expenditure class and by rural-urban sector. They find: 1) Low income inequality (although that is changing rapidly). 2) A progressive income tax system. The poor (the lowest two-income decile) pay only 1.4 percent of their per capita income in income tax; the rich (the top decile) pay nearly 6 percent. In-kind income and expenditures are excluded from taxation. 3) The urban sector pays proportionately more in taxes than the rural sector. For example, urban households pay 5.3 percent of their per capita income in income tax, whereas the rural sector pays 2.4 percent. 3) Income tax contributes significantly to reducing income inequality at both the national and sectoral (rural-urban) level, as the poor pay a smaller share of taxes than their share of national income. These results hold whether income or expenditure is used as an indicator of economic well-being. The authors caution that as in-kind income becomes monetized and the economy becomes more market-oriented, the system will become less progressive and urban-rural differences will diminish. They contend that the bias toward higher urban taxes is justified to some extent by the fact that urban households benefit more from government services than rural households do.Payment Systems&Infrastructure,Environmental Economics&Policies,Public Sector Economics&Finance,Economic Theory&Research,Income,Environmental Economics&Policies,Economic Theory&Research,Income,Inequality,Governance Indicators

Barnes Hospital Record

https://digitalcommons.wustl.edu/bjc_barnes_record/1179/thumbnail.jp

The effects of a revised 7^7Be e−^--capture rate on solar neutrino fluxes

The electron-capture rate on $^7$Be is the main production channel for $^7$Li in several astrophysical environments. Theoretical evaluations have to account for not only the nuclear interaction, but also the processes in the plasma where $^7$Be ions and electrons interact. In the past decades several estimates were presented, pointing out that the theoretical uncertainty in the rate is in general of few percents. In the framework of fundamental solar physics, we consider here a recent evaluation for the $^7$Be+e$^-$ rate, not used up to now in the estimate of neutrino fluxes. We analysed the effects of the new assumptions on Standard Solar Models (SSMs) and compared the results obtained by adopting the revised $^7$Be+e$^-$ rate to those obtained by the one reported in a widely used compilation of reaction rates (ADE11). We found that new SSMs yield a maximum difference in the efficiency of the $^7$Be channel of about -4\% with respect to what is obtained with the previously adopted rate. This fact affects the production of neutrinos from $^8$B, increasing the relative flux up to a maximum of 2.7\%. Negligible variations are found for the physical and chemical properties of the computed solar models. The agreement with the SNO measurements of the neutral current component of the $^8$B neutrino flux is improved.Comment: 7 pages, 3 figures, 4 tables. Accepted for the publication on A&