The creation of new preferential trade agreements remains a key driver in trade liberalisation, at least bilaterally. This column examines the creation of new agreements, highlighting the effects of pre-agreement bilateral imbalance and within-country income inequality on the likelihood of a preferential trade agreement being formed. The authors suggest that while the creation
The trade-off between stability and growth has long been a subject of policy debate and informs views on the extent to which the supervision of banks should be centralised. This column presents analysis of the ECB’s Single Supervisory Mechanism, using the announcement of the mechanism and its implementation as a quasi-natural experiment. It finds that centralised bank
Matthieu Crozet, Julian Hinz, Amrei Stammann, Joschka Wanner
Politics affects the banking sector in many ways (e.g. Calomiris and Huber 2014). For example, governments in many countries direct commercial bank lending to specific sectors and/or stimulate lending to small and medium-sized enterprises (e.g. Brown and Dinc 2005). And during the recent COVID-19 pandemic, many governments created emergency loan guarantee schemes that were covering and spurring their banks lending. In this column, we turn to another recent and striking episode of political impact, namely, the global financial sanctions on Russian banks with close ties to their domestic government that commenced in 2014 and were sequentially imposed on various banks during a five-year period. In general, economic sanctions become increasingly popular from 2010s, being mostly driven by the US to restrain politically unfavourable regimes (Felbermayr et al. 2021). While their effects at the firm level are well studied (Croz
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English Analysis on Honduras and 4 other countries about Health, Protection and Human Rights, Epidemic, Flood and more; published on 10 Jun 2021 by MPI