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A fresh strand of research studies the consequences, both in China and the rich world | Finance & economics

<ul> <li>New research on syndicated lending by non-banks and the growing role of global banks' foreign branches highlights channels that may transmit stress across borders</li> <li>Special feature suggests that, on pre-pandemic labour productivity trends, global economic growth could be slower in the years ahead than in the 2010s</li> <li>The Quarterly also reviews financial market developments in the three-month period<a href="https://www.bis.org/press/p220228.htm#_ftn1" name="_ftnref1"><span>1</...

This feature analyses decentralised finance (DeFi), a new form of crypto intermediation that uses automated protocols on blockchains and stablecoins to facilitate fund transfers. Even though links with traditional finance are currently contained, DeFi warrants closer monitoring because of high leverage, limited shock-absorbing capacity and built-in interconnectedness.

Mind the gap — Is fintech closing the gender gap in access to finance? Equitable access to financial services: A policy prerogative Fair and equitable access to financial services is a prerequisite for economic security and prosperity. It can improve individuals’ employment outcomes, wealth accumulation, and propensity to start a business. Yet, women all over the world remain unbanked or underbanked (Demirgüc-Kunt et al. 2017). Hopes are high that new financial technology – or “fintech” – can enhance financial inclusion and finally close the gender gap in access to financial serv...

W HEN DO ECONOMIC crises have destabilising political effects? Economic anxiety in the aftermath of the global financial crisis of 2007-09 sparked a political backlash—fuelling, for instance, the Brexit campaign in Britain. President Donald Trump drew support from America’s neglected rust belt. The Depression of the 1930s wrought much more devastating political consequences in Europe. The question seems pertinent again, given the economic and social trauma caused by the covid-19 pandemic. Listen to this story Enjoy more audio and podcasts oniOSorAndroid. Over the past decade many economis...