Inefficient management of public funds leads to missed opportunities for governments to invest in development priorities like education, healthcare, and infrastructure. Too often, governments borrow money while holding surplus funds that earn little or no returns. To address this, many countries have adopted the Treasury Single Account (TSA), an essential tool that brings all government […]
Recent frequent economic headwinds facing countries, from the global financial crisis to the pandemic, supply chain problems, and geopolitical tensions, have increased economic policy uncertainty. In the absence of macroeconomic stability, misallocation of resources leads to lower aggregate productivity and investments, which are leading explanations for economic disparities across countries (Hsieh and Klenow 2009). The […]
For over four decades, owners of a diversified pension fund have been used to an annual real return of 5-6%. But it hasn’t always been like that. If you invested one dollar in the post-war years in a diversified portfolio of all publicly traded firms, in 1980 you would still only have had one dollar, […]
