Ways of Paying for Global Public-Goods
simple schedule of governmental contributions, of paying for global public-goods and common purposes: use of IMF Special Drawing Rights (SDRs); the United Kingdomâ€™s International Finance Facility (IFF); and globally-coordinated taxes (on arms exports, deepocean mineral rents, international air transport, greenhouse-gas emissions, or currency transactions). There is discussion of whether the various possible taxes might have political advantages over a schedule of governmental contributions; of their revenue possibilities; and of equity considerations. Promising, the paper argues, provided what are essentially prejudices can eventually be overcome, are a global tax on currency transactions, SDRs (for certain specific purposes), and (with qualifications and probably modifications) the IFF.
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- J. J. Polak & Peter B. Clark, 2002. "International Liquidity and the Role of the SDR in the International Monetary System," IMF Working Papers 02/217, International Monetary Fund.
- Rodney Schmidt, 2001. "Efficient capital controls," Journal of Economic Studies, Emerald Group Publishing, vol. 28(3), pages 199-212, September.
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