Opening the black box: What we now know about credit and poverty
For decades, one question has dominated debates about finance and poverty reduction: does access to credit reduce poverty? The idea that loans can help households
How climate policies can speed up manufacturing decarbonisation in the Western Balkans
Western Balkan firms are adopting measures to reduce environmental impacts, but smaller local firms need support to comply with EU regulations. The European Union’s carbon
Growth through innovation bursts: Why industrial policy should not bet on size
Industrial policy is back on the agenda across advanced economies, with a growing channelling support towards large incumbent firms on the premise that they are
The implications of climate change for monetary policy
Climate change and the transition to net zero are reshaping the macroeconomy, with important implications for monetary policymakers’ core price-stability objectives. As physical hazards become
Europe’s productivity is more dynamic than aggregate statistics suggest
Aggregate productivity growth in Europe has disappointed over the last two decades, fuelling concerns about competitiveness. This column argues that firm-level evidence points to a
Nine centuries of cultural change and the productivity of ideas
Economic historians have long placed culture at the centre of the rise of the West, but have lacked a measure of culture spanning the emergence
Japan’s productivity transformation: From within-firm stagnation to market-driven reallocation
Discussions on Japan’s ‘lost decades’ have long focused on sluggish demand and the survival of ‘zombie’ firms. However, new evidence from microdata suggests a fundamental
The scramble for critical minerals: An old curse in a new world
Lithium, cobalt, nickel, copper, and rare earth elements are reshaping global trade and great-power politics in ways reminiscent of the earlier scramble for natural resources.
Japan’s productivity transformation: From within-firm stagnation to market-driven reallocation
Discussions on Japan’s ‘lost decades’ have long focused on sluggish demand and the survival of ‘zombie’ firms. However, new evidence from microdata suggests a fundamental
Carbon risk in loan pricing: Commitment channels and real effects
Transition risks related to climate change are increasingly recognised in equity and bond markets. This column uses syndicated loan tranches issued to US firms to
