A Few White Papers
you are currently viewing::Aggregate Gains from AI and Their Distribution: Global Evidence from Usage DataJuly 10, 2026-Summary The AI concentration index (ACI) shows that in developing economies, virtually all AI gains accrue to a small professional enclave (ACI near 1.0); high-income economies average 0.4 to 0.5, with concentration declining in many countries. The labor cost equivalent (LCE) estimates AI’s aggregate value at $2.7 trillion annually (3.4% of GDP), an indicative measure of the labor cost of time saved by AI. Income and regulatory readiness predict concentration; lacking an official English language slows broadening, a barrier for developing countries. Source: imf.org |
IMF Staff Country Report Singapore: Selected Issues
July 20, 2026-Private consumption ratios differ markedly across advanced economies, with Singapore recording one of the lowest of its peer group. Using a sample of 31 advanced economies and a rich set of potential drivers, the analysis finds that slow-moving structural factors like demographics, economic structure, and development levels are important correlates of these differences, while cyclical factors appear to play a more limited role.
Graying Asia: How Aging Is Reshaping Banking
July 17, 2026--Summary
This paper explores how demographic shifts, particularly population aging, are reshaping banking in Asia-Pacific’s bank-dominated financial systems. Using household surveys as well as bank-level and country-level panel data, we show that aging populations are associated, with shifts in bank portfolios away from traditional loans (with lower loan-to-deposit and loan-to-asset ratios), driven by changes in households' financial behavior.
The Changing Landscape of Financial Integration in Asia-Pacific
July 17, 2026--Summary
Asia-Pacific has undergone a profound transformation over the past few decades, increasing its share in global trade and GDP. This paper assesses to what extent Asia-Pacific's role in global finance has expanded commensurately and whether it has become more integrated by systematically analyzing crossborder financial data.
What Drives Crypto Mining? Evidence from Hardware Imports
July 10, 2026-Summary
Understanding financial activity beyond traditional regulatory frameworks is essential for policymakers. Yet cryptocurrency mining-which offers a direct entry point into the crypto ecosystem without relying on traditional financial intermediaries-remains highly opaque.
Gold in Central Bank Reserves: Strategic Considerations, Market Risks, and Practical Guidance
July 9, 2026-Gold has re-emerged as a prominent component of central bank reserves, largely reflecting valuation gains from higher gold prices rather than large-scale accumulation. This Note assesses gold's role from a reserve management perspective, emphasizing that while gold carries no credit risk and may support long-term balance-sheet resilience, it is highly volatile, offers only conditional hedging and diversification benefits, and is ill-suited to the liquidity tranche of reserves.
Financial Market Infrastructures Evolution in a Tokenized Economy
July 2, 2026-Summary
This paper examines how tokenization and distributed ledger technology may transform Financial Market Infrastructures (FMIs) by enabling smart contracts to perform a growing share of functions traditionally undertaken by central securities depositories, central counterparties, and trade repositories.
