Not your average firm: Heterogeneous cross-border financial allocations
International financial integration is often measured through national totals. Yet these totals can conceal very different experiences across firms. Using comprehensive French microdata, this column
US goods trade deficit unexpectedly widens in September
The US trade deficit in goods unexpectedly widened in September as imports increased, suggesting that trade again subtracted from economic growth in the third quarter.
Oil shocks no longer hit the US economy as they used to
Recent disruptions to global oil markets, from Russia’s invasion of Ukraine to the war in Iran, have revived fears of stagflation. This column shows that
Lower capital requirements are no shortcut to European competitiveness
The European banking sector is known for high regulatory complexity, market fragmentation, and uneven implementation of international standards. However, this column argues that across-the-board reductions
Investment screening reshapes rather than shrinks foreign investment
Driven by national security concerns, a growing number of countries screen foreign investment in an expanding range of sectors, yet evidence on the economic effects
Fiscal consolidation: Temporary costs versus lasting scars
Public debt is at or near record highs across the OECD, increasing the pressure on governments to restore fiscal sustainability over time. This column draws
Accounting for cross-country income differences: Two decades of progress
Development accounting is a simple tool with potentially powerful insights. It asks whether the measured differences in inputs between developing and developed countries can account
Financing the AI boom: Winners and losers in corporate bond markets
The expansion of artificial intelligence has triggered a surge of investment and rising equity values at technology firms. The largest firms, known as ‘hyperscalers’, issued
Financing the AI buildout before the risks go off balance sheet
The AI boom is usually discussed as a contest over models, chips, and productivity. This column argues that it is also a large physical infrastructure
A Mediterranean Community of Human Capital
Europe’s shrinking workforce is weighing on its productivity and welfare systems. Meanwhile, its southern Mediterranean neighbours currently produce growing numbers of graduates whom domestic labour
