A Few White Papers
you are currently viewing::New SIX White Paper: Swiss Versus US ListingsFebruary 4, 2026-Switzerland is uniquely positioned as a listing destination, yet tech companies sometimes gravitate in their listing considerations toward the US in pursuit of higher valuations and broader perceived advantages such as investor access, liquidity, and research coverage. To separate fact from fiction around these factors, SIX has published a new edition of the white paper ‘Evaluating the Aspects of a Swiss versus a US Listing’. The findings reveal that Switzerland's IPO credentials stack up strongly against the US. Access to US investors does not require a US listing. A listing on SIX Swiss Exchange enables issuers to target US institutional buyers via a Rule 144A offering, which allows securities to be sold to qualified institutional buyers without needing to register with the US Securities and Exchange Commission. At the same time, Switzerland has one of Europe's largest pools of investor capital -valued at USD 207 billion- which is second only in size to the UK. Source: six-group.com |
IMF Working Paper: Understanding China's 2024-25 Frontloading from the Lens of Product-Level Export Baskets
January 23, 2026-Summary
A striking feature of US-China trade tensions in mid-2025 is China's acceleration of exports to the US ahead of new tariff increases, a phenomenon we term export frontloading. To understand how this was achieved, we develop a factor model analytical framework to characterize China's product-level exports, across time and destinations, according to a set of latent export baskets.
IMF Working Paper: Structural Reforms in Saudi Arabia Since 2016
January 23, 2026-Summary
Since 2016, Saudi Arabia's Vision 2030 reforms have improved governance, business regulations, capital markets, the labor market, and the external sector, narrowing structural gaps with frontier economies and improving economic performance.
IMF Working Paper: Structural Reforms in Saudi Arabia Since 2016
January 23, 2026-Summary
Canada is adjusting to the largest shift in North American trade policy since
NAFTA. The economy has been more resilient than initially feared, supported by
USMCA exemptions, resilient consumption, and policy cushioning.
IMF Working Paper: From Par to Pressure: Liquidity, Redemptions, and Fire Sales with a Systemic Stablecoin
January 16, 2026-Summary
Fiat-backed stablecoins are expanding, and their issuers may attain systemic relevance as reserve portfolios grow and as they become increasingly intertwined with financial markets. This paper analyzes the resulting risks and the design choices that can mitigate them. A detailed financial-economics discussion forms the core of the paper.
IMF Working Paper: Market Access and High Spread Issuances
January 16, 2026-Summary
We investigate the factors determining emerging markets' likelihood to access international capital markets. First, we develop a simple model to outline the theoretical foundations of market access, highlighting the role of risk, spreads, net worth, and the cost of repaying debt. The model also shows a trade-off between risk insurance and moral hazard and underscores the relevance of unconventional instruments such as guarantees and macro-contingent debt.
IMF Working Paper The Economic Implications of the Energy Transition in Asia-Pacific
January 9, 2026--Summary
This paper examines the economic effects of the global energy transition and the large uncertainty surrounding future fossil fuel demand on countries in the Asia-Pacific region. Under the paper's baseline, coal demand is expected to shrink by 15 percent by 2035, although depending on global policy ambition and technological uptake, the decline could be as large as 45 percent.
Four Futures for the New Economy: Geoeconomics and Technology in 2030
January 12, 2025-Four Futures for the New Economy: Geoeconomics and Technology in 2030 explores how the powerful interplay between geopolitical shifts and rapid technological change is reshaping the global economic landscape.
IMF Working Paper Demographics and Consumption in Asia Toward 2050
November 21, 2025-Summary
What are the implications of demographics on total consumption and its sectoral composition in Asia toward 2050? Although the literature has studied total consumption and individual consumption categories separately, the research that studies both is scarce.
IMF Working Paper Elections Matter: Capital Flows and Political Cycles
November 19, 2025-Summary
How should central banks explore tokenized reserves? Central banks are increasingly exploring how to make their reserves available to selected banks using distributed ledger technology, referred to as tokenized reserves.
IMF Working Paper Elections Matter: Capital Flows and Political Cycles
November 14, 2025-Summary
This paper contributes to the relatively limited literature on the impact of political uncertainty on international capital flows to emerging market economies. We incorporate elections as a proxy for political uncertainty into a standard push-pull framework for analyzing capital flows.
