Plugging Europe’s investment gap: understanding the potential of leveraging institutional investors
Expanding funded pensions via auto-enrolment could boost long-term investment and saver security, allowing the EU to address its investment gap. The European Union faces a
Trumpian tariffs are import substitution industrialization 2.0
The new Trumpian tariffs are not the familiar protectionism G7 nations have applied for decades. Instead of shielding particular sectors, they wall off the entire
How institutions interact with exchange rates after the 2024 US presidential election
Within minutes of the result of the 2024 US presidential election becoming clear, it triggered a global tremor in currency markets. This column investigates how
The financial sector and global dollar system
The current US administration’s approach to financial markets and institutions mixes familiar deregulatory policies with a range of other policies that are largely without precedent.
The new currency war: The US-China digital rivalry as a test of monetary discipline
Digital currencies pegged to fiat money face a built-in tension between credibility and competition, creating a ‘stablecoin paradox’. This column analyses the competing frameworks of
The (non) effect of tariffs on manufacturing employment
The two most prominent arguments President Trump has advanced for his trade war – both during the early months of his second term, and for
Investor memory and biased beliefs: Evidence from the field
Financial markets are volatile, and research attributes this to highly variable and often irrational investor beliefs. This column uses a large-scale survey of Chinese retail
Interest rate and deposit run risk: New evidence from euro area banks in the 2022-2023 tightening cycle
Rising interest rates expose the interaction between hidden losses on long-duration assets and flighty uninsured deposits. This column uses confidential data for 139 euro area
Industrial policy and retaliatory protection under the WTO: Lessons from China
Industrial policy is increasingly implemented worldwide, with many policymakers and researchers highlighting its benefits. However, the cost of industrial policy remains less understood. Using Chinese
Crypto, tokenisation, and the future of payments
The introduction of crypto technology and tokenisation is spurring changes in the financial system. Meanwhile, the Trump administration is taking steps to integrate crypto into
