Bitcoin isn’t much of a macro hedge
Bitcoin is often sold as protection against adverse macroeconomic outcomes. This column argues that this depiction as a macro hedge does not stand up...
Bitcoin is often sold as protection against adverse macroeconomic outcomes. This column argues that this depiction as a macro hedge does not stand up...
Russia has imposed a naval blockade on Ukraine, suffocating the country’s agricultural exports. The last time that Ukraine experienced an export...
Mishandled public health and other disasters erode young people’s trust in politicians for years
The economic damage in Ukraine in the wake of Russia’s invasion is on a scale not seen in Europe since WWII. This column compares Ukraine’s economic...
This policy note summarizes the main empirical findings on the role of debt in financial crisis. Credit booms – on mortgage debt, debt to the non...
School disruptions due to war, pandemics, or natural disasters can have persistent negative effects on learning outcomes. This column estimates the...
The European Union and the International Monetary Fund have been deploying resources to help Moldova cope with an influx of refugees that represents...
The COVID-19 pandemic has coincided with a further rapid increase in corporate indebtedness. This column argues that high levels of corporate debt may...
The cryptocurrency exchanges have only done what is legally required of them when sanctioning Russia for its invasion of Ukraine, unlike the...
The Western countries have sanctioned Russia in a way not applied to any globally integrated major power in over a century, ever since 1914. This...
Land’s share in economies’ nonfinancial assets equals between 40% and 60%, and in the US currently equals over 50%. This constitutes a very large base...
The relationship between financial risk and economic growth is complex. This column finds that perceptions of high risk unambiguously harm growth...
Leaving human capital out of policy discussions might lead to incorrect inferences about which measures were most successful during the pandemic...
The People’s Bank of China (PBOC) has launched an ambitious project to develop a digital currency for use in domestic, retail transactions, and is, by...
Nearly 140 countries have agreed to a new global tax deal, which was years in the making. Estonia, Hungary and Ireland, the last holdouts, joined the...
More than 130 countries have lined up in favour of a global redesign of corporate taxes. The redesign calls for multinational giants to pay their...