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:
Debt sustainability in Japan and the case for a fiscal council
Rising rates are testing Japan’s fiscal framework, with debt dynamics hinging on growth and pointing to the need for adjustment and a fiscal council. Japan
Could a Hormuz toll solve the oil crisis and who pays?
With a return to the pre-Iran conflict energy status quo unlikely, a Hormuz toll may be the next best option – but Gulf states would
Risks for Europe of US dominance of global asset management
US firms’ rise in EU asset management may weaken sustainable finance, making tougher stewardship, ESMA supervision and autonomy urgent. Asset managers work on behalf of
Global shocks are back: Emerging markets holding up
When global uncertainty increases, emerging markets are typically the most exposed. Historically, tighter US monetary policy has led to capital outflows, currency depreciation, and tightening
