Low‐carbon transition risks for finance

The transition to a low‐carbon economy will entail a large‐scale structural change. Some industries will have to expand their relative economic weight, while other industries, especially those directly linked to fossil fuel production and consumption, will have to decline. Such a systemic shift may have major repercussions on the stability of financial systems, via abrupt asset revaluations, defaults on debt, and the creation of bubbles in rising industries. Studies on previous industrial transitions have shed light on the financial transition risks originating from rapidly rising “sunrise” industries. In contrast, a similar conceptual understanding of risks from declining “sunset” industries is currently lacking. We substantiate this claim with a critical review of the conceptual and historical literature, which also shows that most literature either examines structural change in the real economy, or risks to financial stability, but rarely both together. We contribute to filling this research gap by developing a consistent theoretical framework of the drivers, transmission channels, and impacts of the phase‐out of carbon‐intensive industries on the financial system and on the feedback from the financial system into the rest of the economy. We also review the state of play of policy aiming to protect the financial system from transition risks and spell out research implications

Varieties of neo-colonialism: government accounting reforms in Anglophone and Francophone Africa - Benin and Ghana compared

This study compares government accounting reforms in an Anglophone and a Francophone African country, namely Ghana and Benin, with respect to neo-colonialism. The data draws from interviews with local officials concerned with government accounting, documents and documentaries. The focus lay on the perceived effectiveness of reforms, and their formulation and implementation. In both countries their former colonial powers, Britain and France, still influence accounting through economic means (through monetary systems), international financial institutions, political advisors, Northern accounting associations and neo-patrimonialism. However, their use of these differs. While France structures her control mostly around the monetary system established during colonialism, Britain relies on its post-colonial infrastructure and accounting profession, and concedes much influence to the USA, essentially through international financial institutions. France exerts more direct control through advisors than Britain (with the USA). The French approach is conceptualized as coercive-neo-colonialism and the British as soft-neo-colonialism. Despite international financial institutions’ pervasive presence, they are not monolithic agents with a uniform role and influence in Ghana and Benin, and good governance aims to increase civil service capacity, financial transparency and accountability remain problematic

Mouvements de capitaux à long terme entre la France et l'extérieur : année... / Ministère de l'économie et des finances, Direction du trésor ; Banque de France, Direction générale des services étrangers

19761976

L’adoption et le suivi de la performance d’une mesure interministérielle : Le cas du Supplément à la prime au travail

La gestion horizontale pose des enjeux significatifs, en particulier en ce qui a trait au suivi et à l’évaluation de la performance des programmes publics. Cette étude de cas porte sur le Supplément à la prime au travail (SPT), une mesure sociofiscale de type interministériel, qui n’a fait l’objet d’aucune évaluation de sa performance depuis son introduction en 2008. À partir d’entretiens qualitatifs avec des acteurs publics, nous tentons d’expliquer pourquoi le SPT a pris la forme d’une mesure sociofiscale gérée par trois organisations publiques (ministère des Finances du Québec, Revenu Québec et le ministère du Travail, de l’Emploi et de la Solidarité sociale). Nous analysons ensuite les implications de cette horizontalité pour le suivi et l’évaluation de la performance de la mesure. Nous concluons à un décalage entre les responsabilités officielles et officieuses pour l’évaluation du SPT, l’intérêt d’une telle évaluation pour les organisations impliquées, et leur capacité à la réaliser.Horizontal management raises significant challenges, particularly when assessing the performance of public programs. This case study focuses on Quebec’s Supplement to the Work Premium (SWP), a social and fiscal cross‐ministerial measure, which was never subjected to any performance assessment since its introduction in 2008. We report on findings from interviews with public servants and attempt to explain how the SWP became a social and fiscal measure managed by three public organizations (ministère des Finances du Québec, Revenu Québec and the ministère du Travail, de l’Emploi et de la Solidarité sociale). Then, we analyze the implementation and performance evaluation of the measure. We argue there is a disjuncture between official and informal responsibilities when assessing the SWP and between the interests of the organizations involved in the assessment