capital markets - Global Business and Finance Magazine

Rethinking exchange rate flexibility in the post-Bretton Woods era: Evidence from a new index

GLOBAL BUSINESS AND FINANCE MAGAZINE
June 30, 2025
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The collapse of the Bretton Woods system has traditionally been cited as heralding a major shift towards floating exchange rates. The extent of this transition has recently been challenged. This column introduces a new index of global exchange rate fixity which is invariant to country boundaries and accounts for indirect relationships. It finds that global […]

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The local effects of artificial intelligence labour investments: Evidence from the municipal bond market

GLOBAL BUSINESS AND FINANCE MAGAZINE
April 22, 2025
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The long-term effects of artificial intelligence are still unknown, as productivity benefits may be compromised by unintended costs. This column assesses the local effects of shocks to AI job postings on municipal capital markets. It finds that increases in postings are linked to declines in municipal bond yields, particularly for riskier and longer-term bonds. Furthermore, […]