Trade policy has become a major source of macroeconomic risk. The sharp rise in trade restrictions and the growing unpredictability of trade rules are reshaping
Private capital markets have expanded rapidly, but access remains concentrated among wealthy investors. This column presents new evidence from the US which shows that high-net-worth
Bilateral trade shocks may reallocate demand and competition across countries, creating spillovers for firms in bystander countries. To study how firms respond to trade shocks
As global trade policy becomes increasingly protectionist, the threat of tariff retaliation looms large. This column analyses how the EU’s 2018 response to US steel
Governments with well-designed fiscal rules generally enjoy lower yields but less is known about whether investors price compliance with these rules. Using a panel of
How much has trade policy changed globally? This column introduces the Trade Policy Activity Index, a monthly measure of policy changes across 197 economies since
Emerging market economies hold foreign exchange reserves to insure against currency crises and to cushion exchange rate movements. Reserves are generally associated with lower sovereign
Supplemental private health insurance is becoming more common in universal healthcare systems as a way to secure faster access to specialists, diagnostics, and elective care.