As global debt continues to climb, evaluating debt risks is critical. This column introduces a novel ‘debt-at-risk’ framework that uses information on current macro-financial and
The growing footprint of nonbank financial institutions in corporate credit markets raises important – but often overlooked – questions about how monetary and macroprudential policies
In 2025, the US government announced a series of tariff increases targeting major trading partners, including Canada, China, and Mexico. This column estimates the economic
Recent evolutions in US attitudes and policies have raised questions about the future of the dollar’s role in the global economy. This column explores a
Public spending programmes, once established, become entrenched, making it hard for the next administration to cut them. For many, this inertia leads to bloated spending
History is full of evidence that tariffs harm economic performance. This column assesses the two waves of globalisation in modern history and how they were
Many sovereign bonds trade at a premium for being safe assets that retain their value even in deep recessions. This premium, or ‘convenience yield’, allows
The sanctions which followed the 2022 Russian invasion of Ukraine generated a large trade shock for firms trading with Russia. This column examines the short-run
Artificial intelligence is rapidly reshaping the financial sector. This column introduces the seventh report in The Future of Banking series, which examines the fundamental transformations