We argue that the rapid asset growth of nonbank financial intermediaries (NBFIs) relative to banks is the outcome of transformations of risks between banks and NBFIs that increase the interconnectedness of the two sectors. These transformations are consistent with avoiding tighter, post-GFC bank...

Global tax governance has long struggled with ineffectiveness, as reflected in rising corporate tax avoidance that costs governments hundreds of billions of dollars annually. In response, the Organisation for Economic Cooperation and Development (OECD)/G20 advanced the most ambitious initiative...

We demonstrate that foreign institutional ownership (FIO) is associated with stronger stock return sensitivity to the Global Financial Cycle (GFC), indicating greater global co-movement among stocks selected by FIOs compared to those not selected. We conjecture that this may be because (i) FIOs...

This work presents a modified version of the integrated economic-climate model RICECH₄. The aim of the work was to expand the basic RICE model by explicitly accounting for methane (CH₄) emissions along with traditional carbon dioxide (CO₂) emissions, as well as the subsequent analysis of...

This paper reviews almost twenty years of the United Nations Human Rights Council’s (UNHRC) work on access to medicines. The UNHRC has repeatedly framed access to medicines as part of the right to health and has urged States to rely on flexibilities in the Agreement on Trade Related Aspects of...

Climate change is reshaping sovereign risk and macroeconomic stability by amplifying fiscal and external fragilities. This paper develops a unified framework to assess how climate vulnerability and resilience jointly influence fiscal–external solvency. We construct a market-based...

The Paris Agreement is designed to increase climate ambition gradually through a process of ratcheting up. What is the plausible endpoint of this process? We develop a tractable integrated assessment model in which countries interact through a decentralized general equilibrium and negotiate...

This paper develops a functional and historical appraisal of finance. We start by proposing a taxonomy of three core, theory-driven functions of the financial system - intermediation, entrepreneurial, and accumulative - that coevolve throughout the history of capitalism. We build an empirical...

The international co-movement of interest rates reflects correlated business-cycle fluctuations, largely driven by demand shocks. Monetary policy in advanced economies follows domestic mandates - inflation and the output gap - and does not respond to foreign policy shocks. We derive this result...

More than three billion people are at work across the globe, and it takes up a huge chunk of the time humans spend on this planet. Policymakers say they want to see 'more and better jobs' or 'decent work for all' but are good jobs expanding, and if so for whom? Or are bad jobs taking over?...

Die Bedeutung des globalen Dienstleistungshandels hat in den letzten Jahren stark zugenommen. So erreichte der Dienstleistungsexport gemessen an den weltweiten Gesamtexporten im Jahr 2023 einen Anteil von über 27 Prozent, in der EU gar von rund 33 Prozent. Gegenüber 2010 ist das global gesehen...

• Occupations that are highly cognitive, non-physical, and low in social interaction - typically higher-skill white-collar roles such as data analysts, software developers, and translators - turn out to be highly AI-exposed • Occupations requiring manual dexterity or intensive interpersonal...

Traditional theories of firm boundaries predict trade between vertically related units of the same firm. Using novel data that combine a comprehensive mapping of U.S. multinationals’ production networks with their customs filings, we uncover a strong positive relationship between input-output...

We study the sustainability of international trading rules in a multipolar world. A rules-based equilibrium is shaped by three forces. A static temptation to exploit market power undermines cooperation, while two dynamic forces support it: the efficiency gains from rules and the cost of...

Since 2016 the Journal of Economics and Statistics publishes the Data Observer section with descriptions of data that can be used in empirical research in economics (and in the social sciences in general), This note gives a short overview of the contributions published in the first ten years.

This paper develops a novel text-based approach to identify CRM-saving innovation using patent data and studies how mineral price signals shape the direction of technological change. Using patent data from 1978–2020, we distinguish technologies that rely on CRMs from those that explicitly aim...

We examine whether the public revelation of sensitive tax information prompts firms to adopt reputation repair policies targeting shareholders. Between 2013 and 2021, the International Consortium of Investigative Journalists (ICIJ) released leaked information on over 800,000 offshore entities...

This paper examines the relevance of banks' exposure to climate transition risk in the interbank lending market. Using transaction-level data on repo agreements, we first establish that banks with higher exposure to transition risk face significantly higher borrowing costs. This premium is a...

By constructing a unique international database on generalized trust covering 142 countries worldwide for 41 years from 1980 to 2020, this paper finds a pronounced intertemporal variation of generalized trust over time in a majority of countries across the globe. When analyzing the time series...

With growing consumer concerns about the environmental and social impacts of their purchases, some multinational corporations (MNCs) have begun publishing lists of their first-tier and other upstream suppliers with varying levels of detail and analysis in Corporate Social Responsibility (CSR)...

Purpose - This study examines Salvadorans' perceptions of the Bitcoin Law, which made Bitcoin legal tender on September 7, 2021. Design/methodology/approach - We administer a survey in El Salvador and analyze the data using, among other methods, OLS regressions, ordered logit and ordered probit...