学术论文

This study provides a comprehensive analysis of poverty trends among older people in the Philippines, using various data sources. It analyzes both monetary and multidimensional measures of poverty, as well as income sources, expenditure patterns, ...

Climate change causes widespread health harms, threatens health care delivery and infrastructure, and undermines the achievement of universal health coverage (UHC) (Cissé et al., 2022; Moradi et al., 2021; Romanello et al., 2023; Salas & Jha, ...

This project uses unique Chilean administrative data to shed light on how production networks might play a key role in shaping the macroeconomic impacts of green transition policies. First, using customs and firm-to-firm transaction data that cove...

Experiments with tokenisation are gaining momentum.1 By enabling the contingent execution of actions, tokenisation can help to enhance the efficiency of markets, reduce settlement risk, broaden investment access and spur the creation of new financ...

This paper studies how El Ni˜no Costero, a large climatic event, generates physical risks disrupting business cycles and hindering the effectiveness of monetary policy. Using Peruvian data, we find consistent empirical evidence that El Ni˜no shock...

Private credit has become an important source of funding for mid-sized firms, increasingly replacing bank credit. The industry manages more than $2.2 trillion in assets globally, up from just $100 billion in 2010. In many jurisdictions, private cr...

Stablecoins are cryptoasset tokens that circulate mainly on public permissionless blockchains and strive to maintain a stable value relative to a reference asset. Most stablecoins are pegged to the US dollar, promising redeeming investors one doll...

Climate change poses a significant risk to financial stability by impacting sovereign credit risk. Quantifying the exact impact is difficult as climate risk encompasses different components – transition risk and physical risk – with some of these,...

Quantum computers may in the future break today’s widely used encryption. This paper provides a framework to support the financial system in the transition to quantum-safe cryptographic infrastructures. It emphasises the need to start the transiti...

We characterize optimal monetary policy under state-dependent pricing. The framework gives rise to nonlinear inflation dynamics: The flexibility of the price level increases after large shocks due to an endogenous rise in the frequency of price ch...

In this event study, we analyze the effect of market segmentation on stock returns in Europe amid extreme weather events. We show that local institutional ownership (LIO) mitigates the negative effect of the uncertainty from the occurrence of extr...

Large global companies commonly engage in tax planning strategies to move their profits from high-tax countries to low-tax (or no-tax) countries to reduce the amount of taxes they pay. Such “shifting” of profits across borders within multinational...

As the global economic and financial systems become increasingly fractured, this may undermine the US dollar’s central role in international trade and finance. Dollar dominance stems from the US economy’s weight in world trade, the depth and liqui...

In order to solve the problem of urban short-term traffic congestion and temporal and spatial heterogeneity, it is important to scientifically delineate urban traffic congestion response areas to alleviate regional traffic congestion and improve r...

Africa is vulnerable to the impacts of climate change despite its minimal contribution to global greenhouse gas emissions. The continent’s burden manifests in shifting weather patterns which threatens food security and economic stability, compound...

This paper sheds new light on an overlooked channel of monetary transmission: the relationship between central bank interest rate policy and the economy’s trade position. It examines the impact of monetary policy on import dynamics through its eff...

A Bavesian factor-augmented interacted vector autoregression framework purified ofexpectations is employed to analyze how government spending shocks have impacted CO2 emissions in theUnited States from the 1980s to the pre-pandemic period. Consump...

This paper describes a macroeconomic framework integrating disasters in the analysis of growth and long-term economic resilience. The framework is a dynamic growth model incorporating endogenous human and physical capital accumulation, fiscal poli...