A Few White Papers
you are currently viewing::IMF Working Paper-Making Stablecoins StableApril 10, 2026-Summary This paper offers a theoretical framework to navigate the tradeoff between maintaining stability and incentivizing issuance. Based on the Diamond and Dybvig (1983) model of bank runs- the paper shows that an unregulated private equilibrium is suboptimal. Stablecoin issuers hold risky assets to maximize profits- increasing run risk. A social planner can improve the equilibrium by requiring the backing of stablecoins with a safe asset (such as central bank reserves in a narrow bank setting)- and creating conditions for other sources of revenue for issuers (such as central bank reserves remuneration or policies for payment data utilization). The model offers a baseline for the ongoing policy discussion while identifying considerations for further study. Source: imf.org |
IMF Working Paper-Trade Policy Shocks and Corporate Valuations-Disentangling Trade and Uncertainty Channels
April 10, 2026-Summary
This paper investigates how the 2025 U.S. trade-policy shocks propagated to global equity valuations. Country-level studies have documented the aggregate costs of tariffs and uncertainty- but firm-level evidence on their joint role after the 2025 shocks remains limited. Filling this gap- we use a firm-level event-study design to disentangle a trade-exposure channel from a sensitivity-to-uncertainty channel.
IMF-Understanding Global Imbalances
April 6, 2026-Summary
Against the backdrop of persistent and recently widening global imbalances, the paper presents a structured framework for understanding how domestic policies can influence current account positions by altering domestic saving and investment decisions. Staff analysis finds that traditional macroeconomic policies remain the dominant drivers of imbalances, but certain types of industrial policies could also play a role.
50 Investible Opportunities for a New Nature Economy
March 17, 2026-While businesses are feeling the adverse impacts of nature loss, they are also beginning to recognise the opportunities a nature-positive economy can offer. From precision agriculture to battery recycling to bio-based materials, new ways of doing business are delivering both long-term resilience and short-term gains.
IMF Working Paper-Stablecoin Shocks
March 6, 2026-Summary
We develop novel measures of stablecoin shocks and use them to identify the causal effects of stablecoin adoption on U.S. financial markets. Combining a daily narrative dataset of stablecoin-specific news with changes in the combined market capitalization of USDC and USDT, we measure high-frequency movements in stablecoin market capitalization and implement heteroskedasticity-based identification within an event-study and SVAR-IV framework.
OECD-Financial Protection Against Catastrophic Risks
March 5, 2026-Floods, Fires and Other Major Risks
Introduction
Natural hazards, cyber attacks and infectious disease outbreaks can lead to devastating financial consequences that many individuals, households or businesses would struggle to absorb. Insurance can provide a critical source of funding to absorb losses and support recovery.
IMF Working Paper-Population Aging and Pension Reforms in China
February 20, 2026--China is experiencing rapid population aging and a declining workforce, posing significant economic and fiscal challenges, especially to the pension system. This paper examines the evolution of China's pension system, assesses its gaps relative to international peers, and evaluates the macro-fiscal implications of population aging and various pension reforms.
IMF Working Paper-Optimal Exchange Rate Policy with Oil Shocks
February 20, 2026--Summary We study optimal monetary and exchange rate policy in a small open economy facing oil price shocks. In a model with segmented financial markets that generate endogenous UIP deviations, the first-best allocation is achieved through a combination of interest rate policy and foreign exchange intervention (FXI). Monetary policy stabilizes domestic inflation and the output gap, while FXI targets the UIP wedge to offset financial frictions.
IMF Staff Country Report-Australia: Selected Issues
February 15, 2026--The re-elected government has laid out a bold reform agenda since taking office in May. Following a period of high inflation, the convergence of the economy toward balance is creating the opportunity to focus on ambitious structural reforms to address medium-term challenges.
From Ports to Prices: The Inflationary Effects of Global Supply Chain Disruptions
February 13, 2026--Summary
This paper examines the inflationary effects of shipping delays. We construct a novel measure of port-to-port shipping time using real-time AIS maritime data and link it with granular port-level trade and item-level price data. We document substantial heterogeneity in goods imports across ports and regions, variation in exposure to delays, and aggregate price responses to congestion shocks.
New SIX White Paper: Swiss Versus US Listings
February 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.
