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Citizen Participation in Government Audits through Digital Tools: Overview of Initiatives from Supreme Audit Institution
No full textCitizen participation in government auditing processes by supreme audit institutions (SAIs) has increased in the last 20 years due to digital innovation. This growth has been driven by the Latin American and Caribbean Organization of Supreme Audit Entities (OLACEFS) and the International Organization of SAI Entities (INTOSAI) through the creation of citizen participation commissions that promote collaborative work with civil society. This study surveys 60 cases of citizen participation in fiscal control through digital channels around the world. We classify these cases according to the fiscal control cycle, whose phases include: (i) planning, (ii) execution, (iii) dissemination, and (iv) monitoring. These experiences could pave the way for Latin American and Caribbean countries to analyze and adapt to their specific contexts and needs to empower citizens and strengthen accountability in the different phases of the fiscal control cycle. This work not only provides new ideas for the SAIs of the region, but also serves as a valuable educational resource for those citizens with an interest in the participatory development of open government policies
Practical Guide to Sustainable Financial Instruments for Public Credit Bureaus and Treasury
No full textThe global need to steer the economy toward a sustainable and decarbonized path requires an effort from both the public and private sectors to direct capital flows in the direction of sustainable investments. This practical guide is a learning tool to disseminate experiences and best practices in the issuance of sustainable financial instruments (thematic bonds, sustainability-linked bonds, among others). The purpose of this document is to facilitate and encourage the participation of new issuers in the growing sustainable finance market and contribute to the transition toward a more resilient and sustainable economy in Latin America and the Caribbean. To this end, pioneering cases on sovereign thematic issues in the region are analyzed, highlighting the different instruments that address the countries\u27 environmental and social challenges, as well as the regulatory framework, processes and lessons learned for each case. In addition, relevant experiences of innovative financial instruments developed in the region are examined, such as catastrophe bonds, gender bonds, and debt-for-nature swaps. The guide concludes with a summary of best market practices, perspectives, benefits and challenges to address sustainable financing and investment needs
Skills for Life Series: Resilience
No full textResilience, the ability to recover positively from stress or trauma, is essential for personal development and well-being. It is linked to socioemotional skills and social relationships, such as family and friends. Resilience development can begin in early childhood through adulthood through age-specific activities and routines. In this brief, we introduce more about its relevance, as well as successful initiatives to foster these skills and the existing tools to measure them
América en el Centro
Get PDFAmérica en el Centro is an umbrella regional program to address common and cross-border challenges faced by Central America, Panama, and the Dominican Republic (CAPDR). It aims to promote sustainable development and resilience in CAPDR, fostering the conditions for a more integrated and productive region, increasing its resilience and adaptation to climate challenges, and enhancing the opportunities for the youth
Surges in the Shadows: Stock-Flow Adjustments and Public Debt Spikes
Get PDFIn this paper, we study the drivers of public debt surges across 172 countries from 1980-2021. We focus on the role of discrepancies between the annual change in public debt and the budget deficit, referred to as stock-flow adjustments (SFA). The analysis employs survival methods to model the effect of SFA and other macroeconomic factors on the hazard rate for debt spike events. We differentiate between debt accumulation trends and spikes to examine how SFA influences the likelihood of a spike once a country is already on an increasing debt trajectory. Our results indicate that an increase of one percentage point in the SFA to GDP ratio increases the hazard rate of a surge by 15%. This effect is greater for advanced economies (25%) relative to emerging markets (14%). Moreover, contingent on a debt trend, a higher SFA significantly increases the chance that a spike will materialize, especially in advanced countries. We address the self-selection problem associated with SFA by using an IV approach based on the notion that fiscal transparency. We conclude that accurate SFA estimates are critical for debt sustainability analyses. Overall, our analysis provides novel evidence on the mechanisms underlying public debt surges and their consequences. Our findings can guide policymakers in identifying risks from hidden debt trajectories and improving transparency. The results are robust to various sensitivity checks and alternative specifications and methodologies
Infrastructure\u27s Imprint: Metro Proximity and Property Development Dynamics in São Paulo, Brazil
Get PDFHow does the proximity to a metro station affect urban development in Latin America? While the literature assessing the causal impacts of transportation infrastructure has grown in recent years, only a few papers have focused on the effects of metro systems in the Latin America and the Caribbean region, and identifying the precise impacts of such investments is far from straightforward. We apply a Synthetic Difference-in-Differences (SDiD) approach to estimate the effects of the expansion of Line 5 of the São Paulo metro system in Brazil on land use and property features. Our results show positive impacts on constructed area, with a treatment effect that is half the magnitude of the average constructed area in untreated units in the pre-treatment period. Additionally, our findings indicate an increase in the number of properties around the stations, with a shift in property composition towards more commercial units. We also find a strong anticipation effect associated with the new metro infrastructure and dynamic impacts after the opening of the first metro station, with effects that increase over time
Office of Institutional Integrity and Sanctions System: Annual Report 2023
Get PDFThis Annual Report reflects the work of the Office of Institutional Integrity (OII), the Sanctions Officer (SO) and the Sanctions Committee (SNC), which together are responsible for overseeing the management of integrity risk at the Inter-American Development Bank (IDB) Group
Public Asset Management Maturity Assessment
Get PDFThis document presents a framework for the Assessment of Public Asset Management Maturity, which allows for an accurate diagnose of the degree of development of public asset management in countries. The fundamentals of efficient public asset management include coherent policies and regulatory frameworks, clearly defined leadership, formalized and continually improved standard operating procedures, adequate organizational structures, sufficient and stable financing, and appropriate technological resources to support the activities. In turn, systems must have complete and updated information to provide a complete characterization of available assets, detail and control the risk of decisions made about them and develop indicators to measure results and assign responsibilities. Finally, strategic plans are needed to take a long-term view of the asset portfolio and individual assets. This diagnosis and the ideal of where the organization wants to be in the future are the basis for developing an improvement plan, monitoring progress, and achieving the objective of modernizing the management of public assets to maximize the socioeconomic value they generate
Guidelines for Structuring Projects that Generate High Integrity Biodiversity Units
Get PDFThis technical note summarizes Terrasos\u27 Protocol for the Issuance of Voluntary Biodiversity Units, a mechanism that promotes the conservation and restoration of ecosystems through the issuance of Biodiversity Units. Each unit represents 10 square meters of threatened ecosystems preserved or restored for at least 20 years. The protocol establishes key principles such as traceability, permanence and scientific rigor, and details a methodology for calculating the units issued, based on factors such as ecosystem threat, connectivity, size, conservation actions, and community engagement. The document includes a hypothetical scenario illustrating the calculation of units in a project, and a checklist for the registration document, which ensures compliance of the minimum requirement for projects issuing Biodiversity Units. This summary emphasizes the integrity of the process and ensures that investments generate real and sustainable impacts on biodiversity conservation
The Effect of Extreme Heat on Economic Growth: Evidence from Latin America
Get PDFClimate change is projected to increase the frequency and intensity of extremely hot days. We use a panel regression framework at the sub-national (i.e., region) level to identify the effect of extreme heat on economic growth in Latin America accounting for acclimation to the season and to the local climate. Extreme heat has a negative and significant impact on economic growth, and the magnitude of the impact is increasing in the intensity and duration of heat. Our results suggest that the impact of each additional consecutive day of extreme heat is greater than the impact of the prior day. Extreme heat affects economic growth directly in addition to its indirect effect through higher seasonal mean temperatures and extreme heat could account for 34-68% of the total projected reduction in the annual economic growth rate at midcentury due to temperature change. Our results suggest that extreme heat is one potential channel for the documented non-linearity in the impacts of rising mean temperature