BDFPaper
Rate cuts raise medium-term wealth inequality via mortgage debt
A Banque de France working paper finds that interest rate cuts reduce US wealth inequality in the short term but widen it after six years.
AI Paper Curation
ECBPaper
Initial conditions shape stagflation risk from geopolitical shocks
Identical geopolitical shocks produce substantially smaller stagflation risks when starting from a stable baseline, according to research by Maximilian Schröder.
BISPaper
Hardware enclaves protect central bank data in use
Hardware-anchored trusted execution environments can secure cross-border collaboration and supervisory analytics for central banks without widening third-party trust, according to a research paper published by the Bank for International Settlements.
BOJPaper
Transaction banking curbs foreign deposit flight at Japanese G-SIBs
Expanding transaction banking operations reduces depositor attrition and lowers foreign currency funding costs for Japanese megabanks, a Bank of Japan study finds.
BOJPaper
Private credit funds ease covenants as competition intensifies
Intensifying competition and record dry powder in private credit funds are eroding lending covenants and altering risk profiles, according to a Bank of Japan review.
BDFPaper
BCBPaper
Selic cut to 13.75 percent as 2026 GDP forecast drops to 1.8 percent
Banco Central do Brasil has lowered the benchmark Selic rate by 25 basis points to 13.75 percent while cutting its 2026 GDP growth projection to 1.8 percent.
CBRPaper
Microfinance NPLs hit 35 percent as 39 percent of lenders post losses
Russian microfinance institutions saw overdue debt past 90 days reach 35.0 percent in the second quarter of 2026, while 39 percent of lenders operated at a loss.
BDEPaper
Productivity growth proves additive rather than exponential
A study by Callum Jones, David López-Salido and Thomas Philippon finds that total factor productivity growth is additive rather than exponential.
ECBPaper
Euro area working-age population to drop to 175 million by 2100
The euro area population is projected to peak at 361.4 million in 2037 before declining to 358 million by 2050, according to the latest EUROPOP 2025 demographic projections published in the ECB Economic Bulletin.
ECBPaper
Defence spending lifts euro area GDP by 0.4 percentage points
Additional defence spending will lift cumulative euro area real GDP growth by 0.4 percentage points over 2025-28, according to the European Central Bank.
ECBPaper
Deposit rate raised to 2.50 percent as energy shock lifts inflation
The European Central Bank raised all three key interest rates by 25 basis points on September 10, setting the deposit rate at 2.50 percent.