Publications

In its two decades of existence, the annual Doing Business report became a flagship publication of the World Bank and one of the primary data...

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...

In this paper we discuss whether or not the introduction of CBDCs may impact the profitability of banks and their ability to accumulate capital...

When it comes to central bank digital currencies (CBDCs), the focus of market participants and regulators – especially in the banking industry – is...

We find some evidence of regulatory convergence in four distinct areas of business activity over the 2005-2019 period. This convergence is most...

We ask why we observe multiple layers of decision-making in fund management with investors, sponsors, fund managers, and consultants, even if...

We show that supply-side effects arising from the bond holdings of open-end mutual funds affect corporate credit risk. In our model, funds exposed to...

Borrowers obtain liquidity by issuing securities backed by current period payoff and resale price of a long-lived collateral asset. They are privately...