Yan Krukov/PexelsThe federal Coalition has proposed an alternative to the universal child care system involving vouchers that could be used for long daycare, family daycare, nannies or a combination of these.
VCG via Getty ImagesDiversity programs are a favourite target of right-wing populists who claim they represent a radical left agenda that is politicising workplaces.
The post-pandemic inflation surge is often attributed to pent-up demand andopportunistic price hikes. In fact, it is better explained by the effects of theeconomy’s production network and “state-dependent” pricing, where firmschange prices optimally when the reward justifies the effort. Firms are tightlylinked through supply chains so a surge in prices upstream can triggersimultaneous repricing by many layers of firms downstream, fuelling broad-based inflation.
/* Hide the sidebar */
aside.columns.medium-6.large-5 {
display: none !important;
}
/* Layout & typography */
#macropolis-dashboard {
font-family: Arial, sans-serif;
max-width: 1400px;
margin: 0 auto;
padding: 16px 24px 40px;
box-sizing: border-box;
}
.macropolis-header {
display: flex;
justify-content: space-between;
align-items: center;
gap: 16px;
margin-bottom: 12px;
}
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 combination of a risk premium, compensating lenders for increased credit risk, and an inconvenience premium, reflecting the sustainability preferences of key dealer banks.
We use a novel data set containing all corporate loans throughout the Eurozone to document a series of novel stylized facts on the relationship between collateral and the probability of default. First, we show that the pervasive empirical finding that riskier borrowers pledge collateral is driven by economists’ informational disadvantage relative to banks. Accounting for time-varying bank- and firm-specific risk factors produces negative correlations consistent with theory. Second, the relationship between pledging collateral and the probability of default is non-linear.
Venezuela is caught between economic collapse, foreign intervention, and the invisible machinery of the global economy.
Kenechukwu Anadu, Patrick McCabe, JP Perez-Sangimino, and Nathan SwemNew money-like products, such as tokenized money market funds (MMFs), money market exchange-traded funds (MMETFs), and stablecoins, could be transformative for finance. These products may offer significant benefits, but like other money-like assets, they also have certain vulnerabilities.
Explosions are seen at Fort Tiuna, Venezuela's largest military complex, Jan. 3, 2026. Luis Jaimes/AFP via Getty ImagesThe U.S. military operation in Venezuela and capture of President Nicolás Maduro on Jan.
We propose a robust semi-parametric framework for persistent time-varying extreme tail behavior, including extreme Value-at-Risk (VaR) and Expected Shortfall (ES). The framework builds on Extreme Value Theory and uses a conditional version of the Generalized Pareto Distribution (GPD) for peaks-over-threshold (POT) dynamics.
