Chile Elections : 101 Guide

On Sunday, Chileans will vote for a new president, as well as for all the seats in the lower house and half of the Senate . According to polls, Jeannette Jara , from the Communist Part y representing the center left coalition , and José Antonio Kast , a right-leaning candidate from the Republican Party, are favored to advance to the second round on December 14. It is unlikely that any candidate will receive 50% of the valid votes needed to win the presidency in the first round . Since the...

No Country for Old Savers

America’s older population isn’t just growing—it’s spending. With half of US household wealth now held by those 65 and older, this generation of retirees enters their later years wealthier, more asset-rich, and more willing to spend than their predecessors. Rising interest income, home equity gains, and mandatory withdrawals from retirement accounts are bolstering their balance sheets and fueling discretionary consumption in services like healthcare, travel, and dining out . As a result, older ...

TARGET 2 : ECB の見落とされた遺産

Growth without Profits: Where will China’s Involution End?

China’s economy continues to record robust growth, but beneath the surface lies a persistent deflationary pressure and intensifying corporate competition - often described as economic involution. Using firm-level data from listed companies between 2012 and 2024, this paper jointly estimates markups and total factor productivity (TFP) growth to uncover how firms’ pricing power and efficiency interact.The results reveal a clear divergence: while productivity has improved steadily since the pandemi...

TARGET2 : The ECB's Overlooked Legacy

TARGET 2 is the large-value payments system run at the ECB that (inter alia) facilitates transactions between banks across intra-Euro area national borders. TARGET 2 thus ensures that arbitrage is possible across the constituent national money markets within the Euro area. TARGET 2 balances are thus the consequence of the institutional structure of the Euro area, where NCBs were retained to conduct monetary policy operations at the national level. During the first phases of the financial crisi...