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CGD NOTES
May 15, 2023
The ability of the World Bank to strike an appropriate balance between country demands and global goods depends on the institution’s shareholders. Yet, the deterioration in the bilateral relationship between the United States and China now threatens to undermine effective governance at the instituti...
Blog Post
April 17, 2023
To what extent are the high returns on capital of "star firms" due to unmeasured differences in intangible invested capital? Once these differences are corrected, how do star firms differ in their output and investment strategies from other firms? Our evidence points not to exploitation of market po...
WORKING PAPERS
April 11, 2023
This paper examines the impact of international differences in capital regulation on multinational banks’ loan origination location decisions. We find that greater borrower transparency to a local bank establishment makes loan location at this establishment more likely, and that regulatory arbitrage...
Blog Post
April 11, 2023
Regulatory arbitrage—the practice whereby banks try to escape jurisdictions with more stringent regulations in favor of less stringent ones—has been a topic of active research interest. Previous research has shown that banks do indeed direct financial flows to countries with less strict regulations,...
CGD NOTES
March 16, 2023
The the wake of the Silicon Valley Bank collapse, bank regulators and supervisors in emerging markets should be looking closely at their own banking systems with lessons from Silicon Valley in mind. For most emerging markets, where previous banking crises were devastating and turned back the clock o...
Blog Post
March 10, 2023
The most recent G20 meeting ended without making any headway on critical global governance crises. Despite Indian Prime Minister Modi’s plea for members “not to allow current tensions to destroy agreements that might be reached on food and energy security, climate change and debt,” differences on th...
Blog Post
January 31, 2023
A central objective of climate policy is the reduction of carbon emissions, either by promoting renewable energies and increasing energy efficiency across sectors, or by imposing restrictions on activities contributing to greenhouse gas (GHG) emissions. The financial sector is expected to play a maj...
Blog Post
January 19, 2023
Kenya has become a poster child for digitally driven development. Known as “Silicon Savannah,” the country has a multi-billion-dollar tech industry that routinely produces startups. Among its most prominent successes is M-Pesa. Launched in 2007, the mobile wallet service revolutionized how Kenyans t...
WORKING PAPERS
November 17, 2022
The large divergence in the returns of top-performing star firms and the rest of the economy is substantially reduced when we account for the mismeasurement of intangible capital. Star firms produce and invest more per dollar of invested capital, have more valuable innovations as measured by the mar...