The unbearable lightness of the sovereign greenium
Since 2016, many governments have issued ‘green’ debt instruments to support the transition to a low-carbon economy. This column shows that a yield discount on
Credit and product innovation in emerging markets: Evidence from India
Access to finance is an important driver of innovation in developed countries. This studies a 2006 reform in India that expanded credit access for many
Rewiring trade for a warming world: How COP30 can turn climate goals into trade rules
The challenge for policymakers at COP30 is not to reach universal agreement on the exact ‘price’ of carbon, but to build rules that function amid
No, the EU does not impose a 45% tariff on itself
A recent paper which has gathered significant attention estimates a 45% tariff equivalent of intra-EU border costs. This column argues that this estimate is likely
Navigating the complex world of non-tariff measures
For decades, global trade debates have centered on tariffs – the duties countries impose on imported goods. Today, a new, more complicated set of trade
Frontiers of digital finance, part 1: A global perspective
The digitisation of payment, trading, and settlement systems is reshaping the financial architecture. This column, the first in a two-part series, offers an overview of
Navigating the 2022 inflation surge: Lessons for monetary policy frameworks
The 2022 global inflation surge tested inflation-targeting frameworks under severe supply shocks. This column shows that, despite earlier and sharper tightening, inflation targeting central banks
Lessons from Denmark’s eight-hour workday reform
In recent years, calls for shorter working weeks have re-emerged in Europe and elsewhere. This column examines how Denmark’s 1919 shift to the eight-hour workday
How AI can help detect warning signs of financial market stress
Predicting financial market stress is a significant challenge, as traditional models often fail to capture complex and nonlinear dynamics. This column highlights two recent advances
Dutch households spend less of their income on fixed and necessary expenditures
Households with high fixed and necessary expenditures relative to income are more vulnerable to income shocks. This column examines fixed and necessary expenditures for middle-income
