Many governments have to mitigate concerns about fiscal sustainability, without triggering near-term output losses or reversing progress on containing poverty or inequality. This column assesses
Scientific research has long been recognised as a central driver of technological progress and economic growth (Romer 1990). It also plays a critical role in
Industrial policies are rarely connected to global imbalances. Yet, they are a key feature of many countries running persistent trade surpluses. Take the case of
As governments expand industrial subsidies in the name of economic security, debate intensifies over whether such policies distort trade or enhance competitiveness. This column presents
As geopolitical tensions from Ukraine to the Middle East disrupt global supply chains, understanding how diverse commodity shocks affect the broader economy has become increasingly
Sweden chose to stay outside the monetary union at its launch in 1999, following the recommendation of the government’s EMU Inquiry (1997). In a 2003
As advanced economies age, firms increasingly rely on younger immigrants for physically demanding, entry-level jobs. This column presents evidence from Korea’s pandemic-era border closure showing
China is undergoing a sharp demographic transition: rapid population ageing, a shrinking labour force, persistently low fertility, and continued urbanisation. Using an overlapping-generations framework, this
The 2024 reform of the EU’s Stability and Growth Pact introduced medium-term expenditure paths as the centrepiece of a new, country-specific surveillance framework. This column
There are concerns that the widespread adoption of central bank digital currencies could drain bank deposits and weaken banks’ ability to lend, but it has
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