Defence spending – no free lunch
The relationship between defence spending and growth has recently returned to the centre of policy discourse. This column argues that increased military expenditure should add
Fiscal institutions matter big time for foreign direct investment in developing economies
Foreign direct investment is a key driver of development, particularly for low-income countries. Nevertheless, low-income countries receive less than 1% of global FDI, and the
Cross-border payment technologies, innovations, and challenges: Lessons from domestic and cross-border payments
Cross-border payments are essential for global trade, remittances, and financial transactions, but remain inefficient compared to domestic payments. This column reviews developments in the wholesale,
An Olympic opportunity for social housing policy: Lessons from the Athens 2004 Olympic Village
Soaring rents, long waiting lists, and mounting political anger are forcing governments across Europe to address gaps in social housing provision. This column examines whether
How new technologies travel: Evidence from global firm networks
Frontier innovation may start at home, but new technologies tend to spread across borders through firm-to-firm networks. Using more than 500 million online job postings
Bank failures: The roles of solvency and liquidity
Do banks fail because of runs or because they become insolvent? Answering this question is central to understanding financial crises and designing effective financial stability
Rapid technology creation widened inequality across time and space
The US college wage premium nearly doubled between 1980 and 2010, rising fastest in dense cities and among young workers. This column argues that the
The European Union’s external imbalances: past, future and policy
Europe’s rising external surplus now rivals China’s, reflecting weak investment and growing surpluses, pointing to a need for pro-investment reforms. External imbalances have returned to
EU aid for domestic revenue mobilisation after the Sevilla Commitment
The 2025 Sevilla Commitment renews the push for domestic revenue mobilisation, with the EU needing stable, targeted support for low-income partners. Mobilising domestic revenue in
The new global imbalances: why care, why now and what should be done?
This essay analyses the causes of, and remedies for, external imbalances, and what countries should do if they do not decline. Global imbalances are back:
