Peering beyond the veil of aggregate bank lending rate dynamics: Insights into credit-level pricing and composition effects
During the recent tightening and easing cycle, the aggregate bank lending rate to firms in the euro area increased by less than the rise in
Beyond carbon pricing: How different climate policies affect carbon leakage through trade
A central concern in the climate policy debate is whether ambitious mitigation efforts simply shift emissions abroad. This column addresses estimates carbon leakage rates and
Stablecoins and the exorbitant privilege of money creation
Payment stablecoins are set to become an important financial instrument. Their impact on the financial system will depend on whether the issuers can purchase assets
The market value of non-degree credentials: New evidence from 37 million US workers
Non-degree credentials are rapidly multiplying as alternatives to traditional higher education, but in a largely unregulated market. This column draws on nearly 40 million US
US tariffs may deepen integration, elsewhere
While recent analysis has focused on direct impacts of US tariffs and potential retaliation, major US trading partners have intensified trade negotiations with each other,
FDI and growth in the age of global value chains
Existing evidence indicates that foreign direct investment promotes growth only when host economies have the human capital and deep financial markets to absorb spillovers. This
Beyond tariffs: A better approach to green industrial policy
Governments impose tariffs to protect domestic clean-energy industries and accelerate decarbonisation, but tariffs can increase the costs of deploying clean technologies. This column analyses the
An analysis of the EU telecom sector’s ability to remunerate its cost of capital
The EU’s digital economy relies on investments by the telecoms industry to keep the bloc at the forefront of digital innovation and connectivity. However, the
The US dollar: Not a traditional safe haven
Safe-haven currencies are generally understood to appreciate when risk sentiment deteriorates, providing investors with insurance. This column demonstrates that the US dollar differs from that
Better regulation in the European Union needs a fresh start
A solid EU better regulation framework is undermined by gaps in coverage and quality, making consistent application and stronger oversight essential. Despite having developed a
