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# Bank and Finance

Solutions to finance ministries, central banks and development banks to design and implement strategies

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## Posts

- [The Nation Made Visible](https://bankandfinance.net/the-nation-made-visible/) - Crowd, Belonging, and National Experience in the 2026 FIFA World Cup Bank and Finance publishes this new essay in both English and Spanish as part of its work on Mexico in the global context. The 2026 FIFA World Cup offers a singular opportunity to observe social phenomena that normally remain dispersed or only partially visible.
- [The Architecture of Modern Economics — A Constitutional Map of the Nobel Era](https://bankandfinance.net/the-architecture-of-modern-economics/) - Why Modern Economics Needs This Book Modern economics shapes policy, markets, institutions, finance, development, and public debate. Yet it is often encountered in fragments: models, subfields, methods, schools of thought, and individual contributions. This book begins from a different premise: modern economics is not merely a collection of theories. It is an intellectual architecture. The
- [What Is a Financial Promise?](https://bankandfinance.net/what-is-a-financial-promise/) - Truth, Belief, and the Limits of Commitment Why This Book Exists Financial systems depend on promises that most people cannot fully verify. Deposits are assumed to remain accessible. Insurance is assumed to provide protection. Investments are assumed to generate future returns. Yet modern finance operates at a level of complexity where direct verification is often
- [Living With Risk You Cannot Eliminate](https://bankandfinance.net/living-with-risk-you-cannot-eliminate/) - Resilience, Fragility, and Financial Judgment Why This Book Exists Modern finance is often presented as a system capable of managing, transferring, or reducing risk through better models, broader diversification, deeper markets, and more sophisticated institutions. Yet many forms of uncertainty cannot be fully predicted, measured, or eliminated. Financial systems can redistribute exposure, but they cannot
- [Promises, Institutions, and Trust](https://bankandfinance.net/promises-institutions-and-trust/) - Why Financial Systems Depend on Credible Commitments Why This Book Exists Modern financial systems depend on promises. Deposits are expected to remain accessible. Loans are expected to be repaid. Insurance is expected to provide protection when losses occur. Money itself functions because people believe others will continue to accept it in the future. Yet the
- [Principles of Finance](https://bankandfinance.net/principles-of-finance/) - Principles of Finance explains how financial systems allocate resources over time under uncertainty, shaping income stability, welfare, and long-term outcomes.
- [Finance Over the Life Cycle](https://bankandfinance.net/finance-over-the-life-cycle/) - Decisions That Bind You Over Time Why This Book Exists Financial decisions are rarely confined to the present. Education, debt, housing, savings, family formation, retirement, and insurance all involve commitments whose consequences unfold across long periods of time. Yet financial life is often presented either as a sequence of isolated choices or as a problem
- [Incentives Under Uncertainty](https://bankandfinance.net/incentives-under-uncertainty/) - Why Reasonable Decisions Produce Fragile Outcomes Why This Book Exists Financial systems are often evaluated in moral terms. Failures are attributed to greed, recklessness, or dishonesty, while stability is associated with discipline and prudence. Yet many episodes of financial fragility emerge even when individuals are acting reasonably within the incentives they face. People respond to
- [The Structural Architecture of Modern Economics — Analytical Ruptures and the Organization of Economic Knowledge](https://bankandfinance.net/the-structural-architecture-of-modern-economics-analytical-ruptures-and-the-organization-of-economic-knowledge/) - Why This Paper Exists Economics has traditionally been organized by topics, methods, or schools of thought. While useful, these classifications obscure a deeper structure: how the discipline evolves through transformations in the constraints that define economic problems. This paper introduces a new organizing principle: structural arcs. Rather than asking what economics studies or how it
- [Financial Ecosystem Stewardship: Volume VII in Application](https://bankandfinance.net/stewardship-in-action-validation-through-application/) - Volume VII applies Financial Ecosystem Stewardship to crises and near-miss events, showing how disciplined interpretation preserves decision space.
- [Practicing Stewardship: Decision and Action Under Uncertainty](https://bankandfinance.net/practicing-stewardship-decision-and-action-under-uncertainty/) - Financial ecosystem stewardship does not culminate in diagnosis or stress testing. It culminates in decision. Once fragility has been mapped and propagation explored, institutions must act—under uncertainty, incomplete information, and contested authority. In such environments, neither models nor frameworks decide. Institutions do. The central challenge is therefore not analytical refinement, but disciplined action. Practicing Stewardship:
- [Institutionalizing Financial Ecosystem Stewardship: Preserving Judgment, Legitimacy, and Capacity Over Time](https://bankandfinance.net/institutionalizing-financial-ecosystem-stewardship-preserving-judgment-legitimacy-and-capacity-over-time/) - Why financial stability erodes over time—and how institutional discipline preserves legitimacy, judgment, and stewardship capacity.
- [Stress Testing Without Illusion: Exploring Systemic Fragility After Design, Governance, and Diagnosis](https://bankandfinance.net/stress-testing-without-illusion-exploring-systemic-fragility-after-design-governance-and-diagnosis/) - An analytical report reframing stress testing as a governance tool to explore systemic fragility, uncertainty, and institutional capacity in financial systems.
- [Diagnosing Financial Ecosystems: Making Systemic Vulnerabilities Legible to Governance](https://bankandfinance.net/diagnosing-financial-ecosystems-making-systemic-vulnerabilities-legible-to-governance/) - Explore how systemic vulnerabilities emerge across financial ecosystems and how governance frameworks make fragility visible before stress testing and crisis.
- [Principios de Finanzas](https://bankandfinance.net/principios-de-finanzas/) - Comprender el tiempo, las promesas y la incertidumbre Por qué existe este libro Las finanzas influyen en la vida de las personas mucho antes de aparecer como un tema técnico. Determinan la estabilidad del ingreso, el acceso a oportunidades, la exposición a choques y la capacidad de recuperarse cuando las circunstancias cambian. Sin embargo, con
- [Governing Financial Ecosystems: An Institutional Architecture for Coordination, Resilience, and Systemic Stability](https://bankandfinance.net/governing-financial-ecosystems-an-institutional-architecture-for-coordination-resilience-and-systemic-stability/) - Financial systems have outgrown the institutional arrangements traditionally used to govern them. Finance is no longer a neutral background mechanism, but a structural force embedded in macroeconomic outcomes, technological change, and social distribution. At the same time, authority over the financial system remains deliberately fragmented across mandates, sectors, and jurisdictions. Under these conditions, coherence cannot
- [Designing Financial Ecosystems: A Five-Layer Architecture for Resilience, Performance, and Public Value](https://bankandfinance.net/designing-financial-ecosystems-a-five-layer-architecture-for-resilience-performance-and-public-value/) - A system-level framework for designing resilient financial ecosystems. Introduces a five-layer architecture to evaluate performance, fragility, and public value
- [Financial Ecosystem Stewardship: A Conceptual Synthesis](https://bankandfinance.net/financial-ecosystem-stewardship-a-conceptual-synthesis/) - Discover the framework for financial ecosystem stewardship: governance, diagnostics, stress testing, and institutional endurance strategies in modern banking.
- [Mexico 2026–2036: Productivity, Productive Structure, and Sustainable Economic Growth](https://bankandfinance.net/mexico-2026-2036-productivity-productive-structure-and-sustainable-economic-growth/) - A data-driven analysis of Mexico’s productivity, structural constraints, and growth strategy for 2026–2036 in a fragmented global economy.
- [Global Coordination and Standards](https://bankandfinance.net/global-coordination-and-standards/) - A report examining global coordination and standards, regulatory fragmentation, and a proposed architecture for interoperability and financial resilience.
- [Macro-Financial Vulnerabilities: Reframing financial stability as a dynamic architecture of resilience](https://bankandfinance.net/macro-financial-vulnerabilities/) - Explore how macro-financial vulnerabilities shape global stability. A deep-dive into leverage cycles, asset risks, and systemic resilience for policymakers.
- [Quantum Technology and the Future of Financial Security](https://bankandfinance.net/quantum-technology-and-the-future-of-financial-security/) - Discover how Quantum Technology is redefining financial security. From cryptographic migration to resilience frameworks—explore the future of post-quantum finance.
- [Navigating the Financial Ecosystem: A Guide for Non-Financial Firms](https://bankandfinance.net/navigating-the-financial-ecosystem-a-guide-for-non-financial-firms/) - Navigating the Financial Ecosystem helps non-financial firms understand risks, strengthen resilience, and turn financial complexity into strategic advantage.
- [Capital Markets and Financial Risks of Non-Bank Financial Intermediaries (NBFIs)](https://bankandfinance.net/capital-markets-and-risks-of-non-bank-financial-institutions/) - Explore how non-bank financial intermediaries (NBFIs) shape capital markets, systemic risk, and the next phase of global financial-stability policy.
- [Navigating Risks and Opportunities in the Global Financial Ecosystem](https://bankandfinance.net/navigating-risks-and-opportunities-in-the-global-financial-ecosystem/) - Insights from Bank & Finance — Presentation at the Colegio de Contadores Públicos de MéxicoSemana del Sistema Financiero · September 10, 2025 Yesterday we shared our latest synthesis of the global financial landscape: a layered view of Information → System Architecture → Innovation → Future Integration. The keynote outlines how interconnections across truth and information
- [Biodiversity, Natural Resources, and Financial Risks](https://bankandfinance.net/biodiversity-natural-resources-and-financial-risks/) - Explore how biodiversity loss drives financial risks—and how nature-positive finance can strengthen resilience and investment strategy.
- [Sovereign Debt and Global Financial Stability (2025–2027)](https://bankandfinance.net/sovereign-debt-and-global-financial-stability-2025-2027/) - Explore sovereign debt stability in 2025-2027—insights for policymakers on risk, resilience, and strategy from Bank & Finance Consulting Group.
- [Navigating the Financial Stability Risks of Inequality, Polarization, and Eroding Trust](https://bankandfinance.net/navigating-the-financial-stability-risks-of-inequality-polarization-and-eroding-trust/) - Why social fragmentation is now a core macro-financial risk—and how policymakers and markets can respond. Inequality, political polarization, and declining trust aren’t just social issues—they’re financial-stability risks that shape fiscal space, market resilience, and institutional credibility. Our new deep-dive report maps the channels from social fragmentation to fiscal stress, banking and capital-market fragility, and regulatory
- [Navigating the Global Financial Ecosystem](https://bankandfinance.net/global-financial-ecosystem/) - Discover the global financial ecosystem — its five-layer architecture, key risks, and opportunities to build resilience and sustainable growth.
- [Financial Geopolitics and Global Fragmentation](https://bankandfinance.net/financial-geopolitics-and-global-fragmentation/) - Discover how U.S.–China rivalry, sanctions, and financial fragmentation reshape markets. Download the 2025 Bank & Finance deep-dive report.
- [The Value of Truth: Information Integrity in Global Finance](https://bankandfinance.net/the-value-of-truth-information-integrity-in-global-finance/) - In today’s interconnected financial ecosystem, information spreads faster than capital. Yet not all information is true. Rumors, deepfakes, and viral misinformation can destabilize markets within minutes, eroding trust in institutions and amplifying systemic risks. Our latest deep-dive report, The Value of Truth: Information Integrity in Global Finance, examines how information integrity has become a first-order
- [Ponzi Games: Anatomy, Evolution, and Containment Strategies (1879–2024)](https://bankandfinance.net/ponzi-games-anatomy-evolution-and-containment-strategies-1879-2024/) - Ponzi games are not anomalies—they’re recurring financial pathologies. This report puts the anatomy of a Ponzi game front and center and equips two audiences with concrete tools: a red-flag checklist for the public and a government playbook to shorten lifecycles and reduce harm. Drawing on a historical review of 15 cases across eras and geographies,
- [Cyber Resilience in Finance: From Risk Mitigation to Competitive Advantage](https://bankandfinance.net/cyber-resilience-in-finance-from-risk-mitigation-to-competitive-advantage/) - Cyber threats are no longer just an IT problem—they are now one of the defining systemic risks in global finance. Supervisors are embedding cyber resilience into prudential frameworks, and institutions are discovering that resilience is not only a compliance requirement but also a strategic differentiator. Why this report matters: Cyber incidents—from the Bangladesh Bank SWIFT
- [The Future of Payments and Cross-Border Finance: Navigating Transformation Amid Risk and Opportunity](https://bankandfinance.net/the-future-of-payments-and-cross-border-finance-navigating-transformation-amid-risk-and-opportunity/) - Payments are at the heart of global finance. Today, they are undergoing one of the most profound transformations in decades, driven by digital currencies, instant settlement systems, regulatory innovation, and the rise of new players such as Big Tech. At the same time, risks—from cyberattacks to the collapse of major crypto platforms—are reshaping the way
- [Open Finance: Unleashing the Next Wave of Financial Innovation](https://bankandfinance.net/open-finance-unleashing-the-next-wave-of-financial-innovation/) - Two years ago, Ana, who runs a small appliance distributor in São Paulo, was turning away orders she couldn’t finance. Traditional underwriting looked at thin collateral and a patchy bureau file. Then her bank asked for consented API access to her receivables, payouts, and tax invoices. Within hours, not weeks, Ana had a revolving line
- [Global Financial Stability in Transition: Structural Risks, Regulatory Challenges, and Strategic Pathways](https://bankandfinance.net/global-financial-stability-in-transition-structural-risks-regulatory-challenges-and-strategic-pathways/) - The global financial system is undergoing profound transformation. From the lingering effects of the 2008 crisis to the accelerating forces of technological innovation, climate risk, and geopolitical fragmentation, the stability of markets is being tested in new and complex ways. Our latest deep-dive report, Global Financial Stability in Transition: Structural Risks, Regulatory Challenges, and Strategic
- [Climate Risk Is Financial Risk—Are You Prepared?](https://bankandfinance.net/climate-risk-is-financial-risk-are-you-prepared/) - Extreme weather events, rising sea levels, and an accelerating policy shift toward decarbonization are not just environmental signals—they are financial alarms. From stranded assets to sovereign defaults, from insurance losses to pension system stress, climate change is rewriting the rules of financial stability. In our new deep-dive report, “Climate Change and Financial Risk: Transmission Channels,
- [Demographic Change: Challenges and Opportunities in the Age of Low Fertility and Aging Populations](https://bankandfinance.net/demographic-change-challenges-and-opportunities-in-the-age-of-low-fertility-and-aging-populations/) - This report analyzes demographic change, low fertility, and aging populations—and their impact on labor markets, pensions, and public policy.
- [Unveiling the Future of Digital Currency Infrastructure Navigating the Transformation of Finance in a Tokenized World](https://bankandfinance.net/unveiling-the-future-of-digital-currency-infrastructurenavigating-the-transformation-of-finance-in-a-tokenized-world/) - Explore the strategic future of digital currencies: tokenization, stablecoins, CBDCs, ESG, and infrastructure insights for institutional investors.
- [Artificial Intelligence Industry Deep-Dive Report: Investment Implications and Strategic Outlook 2025 – 2030](https://bankandfinance.net/artificial-intelligence-industry-deep-dive-report-investment-implications-and-strategic-outlook-2025-2030/) - The global artificial intelligence (AI) sector is at an inflection point, poised to reshape the banking and finance industry over the next decade. Our analysis indicates that the AI market will expand from $279 billion in 2024 to between $1.5 and $1.8 trillion by 2030, representing a compound annual growth rate (CAGR) of 28–35%. This
- [Votación Elección Judicial: Suprema Corte de Justicia de la Nación](https://bankandfinance.net/votacion-eleccion-judicial-suprema-corte-de-justicia-de-la-nacion/) - La elección del 1 de junio de 2025 no solo definió quiénes ocuparán un asiento en la Suprema Corte de Justicia de la Nación, sino que también arrojó patrones estadísticos que permiten entender cómo votaron las distintas regiones del país. El análisis de la votación a nivel estatal y distrital revela comportamientos colectivos, correlaciones positivas
- [Financing Infrastructure with Private Participation](https://bankandfinance.net/financing-infrastructure-with-private-participation/) - Financing infrastructure with private participation is essential to bridging the global investment gap, estimated at US$18 trillion between 2016 and 2040 according to the G20’s Global Infrastructure Outlook. Infrastructure investment is foundational to economic development, improving productivity, stimulating growth, and enhancing quality of life. Yet mobilizing resources for such long-term, capital-intensive ventures demands a nuanced
- [Análisis del “One Big Beautiful Bill” del Partido Republicano](https://bankandfinance.net/analisis-del-one-big-beautiful-bill-del-partido-republicano/) - La reforma fiscal denominada “One Big Beautiful Bill”, impulsada por el Partido Republicano y aprobada el 3 de julio de 2025 representa un cambio fundamental en la política fiscal estadounidense al reducir significativamente los ingresos del gobierno a través de extensiones de recortes fiscales y nuevas exenciones, mientras recorta drásticamente el gasto en programas sociales para compensar parcialmente la pérdida
- [¿Qué guía el pensamiento de Trump en los temas de aranceles, divisas y seguridad?](https://bankandfinance.net/que-guia-el-pensamiento-de-trump-en-los-temas-de-aranceles-divisas-y-seguridad/) - Alberto Ortiz Bolaños Desde la campaña electoral de Estados Unidos, Donald Trump se ha pronunciado de forma recurrente sobre temas vinculados con su agenda “Make America Great Again” y ahora ya, como presidente, está comenzando a tomar acciones. Además de la política migratoria contra personas indocumentadas, los elementos esenciales de su agenda incluyen una política
- [Consecuencias económicas de la agenda migratoria y comercial internacional de Donald Trump - Entrevista con Claudia Villegas, Economía Social, Astillero.](https://bankandfinance.net/consecuencias-economicas-de-la-agenda-migratoria-y-comercial-internacional-de-donald-trump-entrevista-con-claudia-villegas-economia-social-astillero/) - En una entrevista exclusiva con el programa Economía Social, el Dr. Alberto Ortiz Bolaños, fundador de Bank and Finance, doctor en economía por Boston University y experto en políticas económicas internacionales, ofrece un análisis profundo sobre los desafíos que enfrentará México ante las medidas proteccionistas y migratorias anunciadas por Donald Trump en 2025. Durante la
- [Análisis de las consecuencias económicas de la agenda migratoria y comercial internacional de Donald Trump](https://bankandfinance.net/analisis-de-las-consecuencias-economicas-de-la-agenda-migratoria-y-comercial-internacional-de-donald-trump/) - A lo largo de la campaña electoral de Estados Unidos, el candidato republicano Donald Trump declaró sus intenciones de implementar medidas migratorias y de protección comercial para defender a las personas trabajadoras y empresas estadounidenses bajo el lema de “Make America Great, Again”. Sus propuestas incluían la expulsión de hasta 8.3 millones de trabajadores indocumentados
- [Subnational Government Debt in Mexico](https://bankandfinance.net/subnational-government-debt-in-mexico/) - In recent years, the subnational debt landscape in Mexico has undergone significant transformation. With the constant evolution of fiscal policy and a closer focus on debt sustainability, it has become crucial for policymakers, financial institutions, and citizens to keep track of these developments. The Growing Importance of Subnational Debt Transparency In 2024, Mexico’s subnational governments
- [Deposit Protection](https://bankandfinance.net/deposit-protection/) - In this presentation we analyze deposit insurance, a system implemented to protect bank depositors from losses in the event of a bank failure. Deposit insurance aims to prevent bank runs and maintain financial stability by giving depositors confidence that their insured deposits are safe. Deposit insurance is required because of fractional reserve banking and maturity
- [Supporting Cambodia's Economic Growth Workshop](https://bankandfinance.net/supporting-cambodias-economic-growth-workshop/) - Workshop on New Sources of Growth for the Ministry of Economy and Finance of Cambodia
- [Management Strategy and Organization](https://bankandfinance.net/management-strategy-and-organization/) - Workshop on New Sources of Growth for the Ministry of Economy and Finance of Cambodia
- [Strategy and Strategic Foresight](https://bankandfinance.net/strategy-and-strategic-foresight/) - Workshop on New Sources of Growth for the Ministry of Economy and Finance of Cambodia
- [Economic Complexity](https://bankandfinance.net/economic-complexity/) - Workshop on New Sources of Growth for the Ministry of Economy and Finance of Cambodia:
- [Innovation Policy](https://bankandfinance.net/innovation-policy/) - Explore innovation policy's impact on R&D, spillovers & growth. Discover effective government interventions & their implications
- [Cambodia – Thematic Bond Issuance Feasibility Study and Roadmap](https://bankandfinance.net/cambodia-thematic-bond-issuance-feasibility-study-and-roadmap/) - Bankers without Boundaries and Bank & Finance developed a feasibility study and roadmap for thematic bond issuance in Cambodia. This document contributes to the United Nations Development Programme’s (UNDP) support to the Royal Government of Cambodia’s (RGC) progress towards the Sustainable Development Goals (SDGs). The rapid rise of thematic bond issuances in the fixed income
- [A Benchmark Macroeconomic Model on Excess Deaths, Economic Production’s Losses and Economic Policies During the COVID-19 Pandemic](https://bankandfinance.net/a-benchmark-macroeconomic-model-on-excess-deaths-economic-productions-losses-and-economic-policies-during-the-covid-19-pandemic/) - The COVID-19 Pandemic had an enormous toll on lives, with excess mortality surpassing 27 million people. It also caused a large loss in economic production, with an expected global GDP loss accumulated from 2020 to 2023 of $26,732 billion (equivalent to 20.47% of the $130,580 billion world GDP in 2019). At the country level, average
- [GDP Losses Around the World, 2020 - 2023](https://bankandfinance.net/gdp-losses-around-the-world-2020-2023/) - This week’s Bank and Finance presentation reviews the Gross Domestic Product (GDP) losses around the world in the aftermath of the COVID pandemic and escalating geopolitical tensions in the 2020 to 2023 period. The expected world’s GDP loss accumulated from 2020 to 2023 is $26,732 billion (equivalent to 20.35% of the $130,580 billion world GDP
- [Real Interest Rates Around the World, 1946 - 2023](https://bankandfinance.net/real-interest-rates-around-the-world-1946-2023/) - In this presentation we compute real interest rates for 38 countries and the Euro area to identify the prevalence of negative real interest rates from January 1946 to August 2023. The real interest rate is defined as the difference between the Central Bank Policy Rate and the inflation rate, both expressed in annual terms. Data
- [México en el contexto global](https://bankandfinance.net/mexico-en-el-contexto-global/) - Bank and Finance, inicia una serie de análisis sobre la situación económica y social de México. Los estudios de esta serie ofrecen una visión panorámica y detallada de diversos aspectos cruciales para el desarrollo del país, con énfasis en el bienestar de la población. Esta serie inicia con la presentación de varios estudios sobre el
- [Financial conditions and monetary policy: the importance of non-linear effects](https://bankandfinance.net/financial-conditions-and-monetary-policy/) - In this research paper, we show the importance of considering non-linear effects when analyzing macroeconomic and financial linkages. The main reason is that the relative importance of financial conditions over economic allocations is not constant over time. When financial markets are functioning correctly, economic criteria is the main determinant of resources allocations, but when there
- [Financial conditions and monetary policy: the importance of non-linear effects](https://bankandfinance.net/financial-conditions-and-monetary-policy-the-importance-of-non-linear-effects/) - The research project explore the emphasizing the significance of non-linearities in analyzing financial conditions and macroeconomic-financial connections.
- [How did net creditor and net debtor countries perform between 2019 and 2021?](https://bankandfinance.net/how-did-net-creditor-and-net-debtor-countries-performed-between-2019-and-2021/) - The net international investment position (NIIP) provides an aggregate view of the net financial position of a country vis-à-vis the rest of the world.
- [High inflation and relatively low interest rates around the world](https://bankandfinance.net/high-inflation-and-relatively-low-interest-rates-around-the-world/) - Most recent annual inflation rate around the world
- [Insights Using the Public Finances in Modern History Database: Evolution of Government Gross Debt, Interest Expense, Primary Expenditure, Total Expenditure, and Revenue Around the World](https://bankandfinance.net/insights-using-the-public-finances-in-modern-history-database-evolution-of-government-gross-debt-interest-expense-primary-expenditure-total-expenditure-and-revenue-around-the-world/) - We use the Public Finances in Modern History Database assembled by Paolo Mauro, Rafael Romeu, Ariel J Binder and Asad Zaman to analyze the evolution of key public finance variables over time. Fiscal variables include government gross debt, interest expense, primary expenditure, total expenditure, and revenue, all as percentage of GDP. Using the whole database, Panel data regressions show that government
- [Excess Deaths and Economic Production’s Losses During the COVID-19 Pandemic: the Preventing Role of Vaccines and Fiscal and Financial Policies](https://bankandfinance.net/excess-deaths-and-economic-productions-losses-during-the-covid-19-pandemic-the-preventing-role-of-vaccines-and-fiscal-and-financial-policies/) - In this week’s presentation we show that 3 years after the COVID-19 Pandemic hit the world, it has had an enormous toll in lives and economic activity: There have been more than 676 million recorded infectious COVID-19 cases and 6.9 million deaths have been officially recorded due to COVID-19. According to The Economist there have
- [Teoría, arquitectura, indicadores financieros y evidencia del papel de los bancos públicos de desarrollo alrededor del mundo](https://bankandfinance.net/teoria-arquitectura-indicadores-financieros-y-evidencia-del-papel-de-los-bancos-publicos-de-desarrollo-alrededor-del-mundo/) - En esta presentación proporcionamos una visión general de la teoría, la arquitectura, indicadores financieros y evidencia sobre el papel de los bancos públicos de desarrollo alrededor del mundo. La Sección I muestra que las actuales condiciones económicas adversas y la necesidad de avanzar en la Agenda 2030 de los ODS requieren ampliar el financiamiento asequible
- [Theory, architecture, financial indicators and evidence on the role of public development banks around the world](https://bankandfinance.net/theory-architecture-financial-indicators-and-evidence-on-the-role-of-public-development-banks-around-the-world/)
- [How do ownership and corruption affect key performance indicators of private and public banks?](https://bankandfinance.net/how-do-ownership-and-corruption-affect-key-performance-indicators-of-private-and-public-banks/) - corruption, performance indicators, private and public banks
- [Evolution of central government debt instruments around the world 1995 - 2021](https://bankandfinance.net/evolution-of-central-government-debt-instruments-around-the-world-1995-2021/) - Government borrowing could respond to intertemporal allocation of public resources to smooth expenditure, investment, and taxation. It allows expediting the investment process to foster economic growth and helps in economic stabilization. According to Eichengreen et al. (2019), sovereign debt has a long history with evolving nature and dynamics. Debt before the 19th century was mainly
- [Yield curves](https://bankandfinance.net/yield-curves/) - A yield curve provides information about prevailing interest rates for debt securities of different tenors (say one month, three months, one year, ten years, etc.) at a particular point in time (say today or six months ago). Usually, a yield curve reports information from a single issuer, say a country’s Treasury, where factors affecting the
- [Fundamentals of Bonds Markets](https://bankandfinance.net/fundamentals-of-bonds-markets/) - Government securities could allow for a better allocation of financial resources and strengthen the government capacity to support the development process, while providing an investment opportunity to savers. In addition, government securities creates reference prices for the development of the private sector domestic debt market. The following presentation, that is based on Frederic Mishkin and
- [Optimal versus observed physical capital across the world](https://bankandfinance.net/optimal-versus-observed-physical-capital-across-the-world/) - Despite the fact that the capital to output ratio has grown in most countries across the world, the marginal productivity of capital is still high relative to its replacement cost. Therefore, the observed capital to output ratio is still below its optimal level, given a rationale for further capital deepening. The attached presentation shows the
- [Determinants of the public’s sector participation in an investment project and financing options](https://bankandfinance.net/determinants-of-the-publics-sector-participation-in-an-investment-project-and-financing-options/) - In the previous post, we showed that at an aggregate level most countries have an observed capital to output ratio below its optimal level, and a marginal productivity of capital above its replacement cost, therefore giving a rationale for further capital accumulation. The attached presentation shows that at a project-level, a country should evaluate if
- [How do ownership and corruption affect key performance indicators of national oil companies?](https://bankandfinance.net/how-do-ownership-and-corruption-affect-key-performance-indicators-of-national-oil-companies/) - National oil companies could be an important source of income in their home-country, giving governments resources to provide public goods and services. Are there differences in these companies’ performance conditionally on ownership related to having publicly traded shares and therefore mixed property and some degree of external control over management? Does the home-country corruption level
- [The Financial Accelerator Mechanism Redux](https://bankandfinance.net/the-financial-accelerator-mechanism-redux/) - Ben Bernanke, together with Mark Gertler, has advocated to study the importance of financial factors in economic allocations. In particular, the misallocations created by asymmetric information. In their American Economic Review (1989) paper (https://lnkd.in/gF3r6zq7) titled Agency Costs, Net Worth and Business Fluctuations, they introduced the financial accelerator mechanism through which small shocks get amplified due
- [Public consumer credit](https://bankandfinance.net/public-consumer-credit/) - Credit markets are prone to information asymmetries, which could cause inefficiencies such as credit rationing and exclusion. In general, private institutions could have advantages to find solutions to overcome these information problems. In some cases, due to the nature of the information problem or of the legal and regulatory framework, a carefully designed and operated
- [Fiscal and Monetary Policies Interactions in Mexico](https://bankandfinance.net/fiscal-and-monetary-policies-interactions-in-mexico/) - In this research project, we analyze the role of fiscal and monetary policies in the determination of inflation and government debt in Mexico during the 1981-2016 period. We identify five different periods of fiscal and monetary policy interactions, which are congruent with a historical account of the Mexican monetary and fiscal policy mix. Counterfactual exercises
- [What was the role played by the inflation formation processes, monetary policy, and shocks volatilities in the inflation dynamics of Brazil, Chile, Colombia, Mexico, and Peru?](https://bankandfinance.net/what-was-the-role-played-by-the-inflation-formation-processes-monetary-policy-and-shocks-volatilities-in-the-inflation-dynamics-of-brazil-chile-colombia-mexico-and-peru/) - In this research project (https://lnkd.in/gupfXu85) we analyze the role played by monetary policies, inflation determinants, and shocks. We allow for endogenous structural breaks and classify regimes according to (1) the relative weight of inflation in an interest rate reaction function, which measures the Central Bank's commitment to fight inflation, (2) the relative slope of the
- [Why bonds’ prices drop when interest rates increases? and why longer tenor’s bonds have larger drops in prices?](https://bankandfinance.net/fundamentals-of-bond-pricing/) - The price of a bond, which gives the owner rights over future cash flows, should be equal to the present discounted value of those cash flows. The interest rates that guarantees the equality of cash flows and price of bonds is defined as the yield rate. Bonds' prices and yield rates are inversely related. When
- [Measuring corruption](https://bankandfinance.net/measuring-corruption/) - Measuring corruption is challenging because participants have incentives to hide it. According to the United Nations, annual costs from corruption are estimated at 5% of Gross Domestic Product (GDP). The IMF (2016) estimates that the annual cost of bribery is 2% of GDP and according to IMF (2019) corruption reduces tax income in at least

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