This paper examines the drivers, and reestimates the size of shadow economies in Europe, with a focus on the emerging economies, and recommends policies to increase formality. The size of shadow economies declined across Europe in recent years but rema...
Does the South African rand’s relatively large volatility affect inflation? To shed some light on this question, a standard estimation technique of exchange rate pass-through to inflation is extended to incorporate exchange rate volatility. Estimated r...
Vessel traffic data based on the Automatic Identification System (AIS) is a big data source for nowcasting trade activity in real time. Using Malta as a benchmark, we develop indicators of trade and maritime activity based on AIS-based port calls. We t...
This paper studies the macroeconomic effect and underlying firm-level transmission channels of a reduction in business entry costs. We provide novel evidence on the response of firms' entry, exit, and employment decisions. To do so, we use as a natural...
Focus Since 1945, the US dollar has dominated the international monetary and financial system. The dollar plays a particularly outsized role in official foreign exchange (FX) reserves. Scholars find it puzzling that its share has persisted at about tw...
Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us. However, some firms act without our authorisation and some knowingly run investment scams.  This firm is not auth...
In a push to further expand its life-sciences activities in Germany, the EIB is providing financing of up to €100 million to Ottobock SE & Co. KGaA, a world-leading manufacturer and supplier of prosthetic limbs, orthotic supports and wheelchairs. Ottob...
The EIB is supporting the development plan of Acsm Agam, a utility which provides several services. Acsm Agam is listed on the Milan stock exchange, and operates in the north of Lombardy (provinces of Monza, Como, Lecco, Sondrio and Varese).