学术论文

With the rapid development of Large Language Models (LLMs), LLM-based agents have been widely adopted in various fields, becoming essential for autonomous decision-making and interactive tasks. However, current work typically relies on prompt desi...

The European gas system has entered a structurally volatile phase defined by post energy crisis overbuild, dislocated demand trajectories, and a decoupling mandate under REPowerEU. This paper interrogates the contradictions between fossil lock-in ...

This paper provides novel microlevel evidence that cross-border bank flows are an important means for households to access credit, not only in emerging markets but also in advanced economies. Using supervisory bank-level data alongside household c...

Climate change poses significant challenges to healthcare systems. This research estimatestemperature impacts on hospital workload, using inpatient records from more than 1,000emergency departments (EDs) in the People's Republic of China betwe...

At the onset of the coronavirus disease (COVID-19) lockdown in the Philippines in April 2020, the Asian Development Bank, in partnership with the Philippine government and the private sector, implemented the Bayan Bayanihan (BB) food relief progra...

This study investigates to what extent the significant liquidity injections by the ECB over the past 15 years may have created a dependency by banks on central bank liquidity itself. Following Acharya et al. (2024), I examine whether the ECB’s liq...

Central banks increasingly act as market-makers-of-last-resort, yet the impact and exit of such interventions remain poorly understood. Using euro-area data, we analyze the cycle of market freeze, intervention, and exit in short-term debt markets....

The convergence of artificial intelligence (AI) and Web3 promises unprecedented innovation but presents significant challenges concerning ethical deployment, intellectual property (IP) protection, privacy, and fair compensation within a decentrali...

This paper reviews Angola’s recent reform efforts to strengthen good governance and fight corruption. Angola has achieved some progress on the governance and anti-corruption fronts since 2018, but the strong momentum observed through 2022 has abat...

We introduce a nowcasting model of global maritime trade, leveraging satellite-based big data on vessel movements. This provides a timely indicator of global trade as shipping accounts for about 80 percent of worldwide merchandise trade by volume....

Solomon Islands faces challenges in fiscal data governance despite reforms. While the Public Financial Management Act (PFMA) of 2013 aimed to enhance transparency, inconsistent implementation and resource constraints persist. This paper highlights...

Although Angola has made advances in its diversification efforts, the economy continues to be heavily dependent on crude oil with 94 percent of exports and 60 percent of fiscal revenues being attributable to oil activity. This paper discusses fo...

Why did US inflation rise over 2021-22 and why has it retreated since then? Ball, Leigh, and Mishra (2022), writing near the inflation peak, explained the rise with a framework in which inflation depends on three factors: long-term expectations;...

The rapid scaling of large language models (LLMs) has unveiled critical limitations in current hardware architectures, including constraints in memory capacity, computational efficiency, and interconnection bandwidth. DeepSeek-V3, trained on 2,048...

Under dominant currency pricing, exchange rate swings affect firms’ profits in domestic currency rather than price competitiveness. We quantify these valuation effects by constructing firm-specific exchange rates that reflect invoicing currencies ...

Total value locked (TVL) is the main metric used to assess the economic significance of decentralised finance (DeFi) projects. It represents the total value of on-chain cryptoassets deposited in DeFi protocols. Despite its importance, TVL calculat...

Private credit, often associated with uncollateralised lending, has become an important source of corporate financing. With total assets under management now exceeding $1.5 trillion, the private credit market rivals the markets for leveraged loans...

This is the second in a series of three papers exploring the evolving role of digital capabilities in the North Atlantic Treaty Organization (NATO). This paper seeks to explore how NATO currently resources digital capability development, explore b...