Toby Nangle, Matt Tickle, 20 April 2017

While defined benefit pension schemes are typically viewed as users rather than sources of sponsor-firm funds, the considerations taken into account when firms choose to scale contributions are such that they become indistinguishable from other firm financing decisions. This column analyses how pension scheme funding deficits arise and argues that whilst deficits do not exist by design, firms’ decision to fund or underfund a defined benefit scheme might usefully be examined as one of many competing sources of long-term finance.

Jeffrey Frankel, 18 March 2008

One of the world’s leading international economists explains how the euro could surpass the dollar as the premier international currency and examines the geopolitical implications of such a shift.

Philip Lane, Gian Maria Milesi-Ferretti, 28 May 2007

Europe is not a major contributor to global macro imbalances but it could be deeply affected by sudden shifts. Today’s imbalances are quite unlike those during the previous episode in the 1980s.

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