Multinational firms and global innovation
Multinational companies are at the heart of two key globalisation trends: the fragmentation of production and the internationalisation of innovation. This column studies the global
House prices in big cities cannot be expected to come down any time soon
House prices have increased sharply in many advanced economies, often leading to populist revolt and social crises. This column argues that agglomeration externalities foster urbanisation
Aligning drug prices and innovation: How global spillovers shape the future of medicines
As the US and EU push forward with drug-pricing reforms, the topic has moved to the centre of political debate. This column shows how national
Spending smarter: A powerful growth strategy
With high public debt and weak medium-term growth, finance ministries seek to do more with less. This column argues that efficiency gaps in public spending
Public R&D and Brazil’s agricultural revolution
It is often argued that returns to R&D are low in developing countries, making imported technologies a better path to growth. Yet technologies designed for
Is AI adoption impacting job markets in South Asia?
The rapid development of artificial intelligence (AI) is transforming the global economy and reshaping labor markets. What does this mean for the South Asia region?
Local problems, local solutions: The need for advanced skills and R&D in the developing world
Education is part of the enabling infrastructure required for jobs, social development, and future economic growth. Unfortunately, low- and middle-income countries face an urgent skills
The economic impact of European capital market integration
Economic growth in Europe continues to lag behind that of the US, largely due to smaller productivity gains. This column uses a general equilibrium model
The market implications of industrial subsidies
Governments are increasingly employing industrial subsidies, raising questions about their market implications. This column undertakes a thorough econometric testing of the causal impacts of subsidies
Tax incentives for R&D can spur innovation and growth—when done right
As the debate around industrial policy intensifies, there is broad consensus on the rationale for government support to encourage private sector innovation. Economy-wide returns from
