The impact of emissions trading systems on manufacturing installation productivity: Evidence from Japan
Emissions trading systems have been widely studied globally, but less attention has been paid to their impacts on the productivity of the regulated facilities. This
Understanding the global clean tech manufacturing slowdown
Investment in clean technology manufacturing facilities is falling worldwide. After peaking at $70 billion in 2023, quarterly manufacturing investment more than halved to $35 billion
China’s real estate reckoning: Lessons from Japan’s lost decade
A growing debate has emerged over whether China risks repeating elements of Japan’s post-real estate bubble stagnation of the 1990s. This column compares China’s current
How to get the Green and the Deal: Recalibrating EU industrial policy
Europe is recalibrating its industrial policy in response to external challenges including China’s state-driven overcapacities and protectionist US tariffs, but also as an opportunity to
The effects of geopolitical supply chain shocks on policy preferences of firms
Do geopolitical shocks to supply chains make firms retreat from globalisation? Using new survey data from 1,855 manufacturing firms in Japan, this column shows that
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
