The growing impact of political risk on financial markets
Risk associated with broad political changes can be quantified with a globally priced factor common across stocks, bonds and currencies. Political risk is increasingly driving
When public money multiplies, and when it does not: A guide to the catalytic effect of blended finance
Achieving sustainable development goals needs blended finance, where public money is used to crowd in larger private capital flows. The catalytic multiplier is a central
The non-fungible token bubble: What investors actually earned
The non-fungible token market exploded in 2021, but by late 2022 prices had collapsed. This column uses blockchain records for two major non-fungible token platforms
Banking on nonbanks
Nonbank financial institutions play a central role in global credit markets, raising concerns about regulatory arbitrage, financial stability, and the effectiveness of macroprudential policy. While
The EU’s path to service growth and clean tech
The US is taking actions to reshore manufacturing while largely abandoning decarbonisation. This column argues that, in response, the EU should capitalise on the potential
A tale of two financial centres: Brexit uncertainty and the fragility of cross-border capital flows
The UK vote to leave the EU in 2016 led to an immediate rise in economic policy uncertainty. This column examines how Brexit-related policy uncertainty
EHC Investment, Supermicro to develop sovereign AI modular data centres
This collaboration reflects a shared commitment to accelerating the availability of high-performance, energy-efficient, and sovereign AI-ready digital infrastructure. EHC Investment, a subsidiary of International Holding
Geopolitical risk and supply chain diversification
Geopolitical risks are reshaping global production, yet little is known about how firms reallocate their supply chains in response. Using parent-affiliate matched data on Japanese
The venture capital challenge for Europe
In recent decades, European firms’ share of global venture investment activity has remained flat or even declined. This gap is linked to a lower rate
How traffic demand management can improve access, equity, and jobs in transit-oriented cities
Cities around the world are grappling with how to expand access to jobs and services while reducing congestion, lowering emissions, and building transport systems that
