This paper examines whether the SEC's mandate for central clearing of U.S. Treasury repo transactions could enable all-to-all trading and support the development of a standardized term repo market. By mitigating counterparty risk through central clearing, cash lenders may become more willing to...

This paper constructs a high-frequency, news-based measure of rare earth supply shocks to examine how disruptions in these critical inputs affect global firm valuations. Using news articles between 2021 and 2025, I identify exogenous rare earth supply events, distinguishing between Chinese...

In emerging markets, stock markets play a crucial role in supporting long-term growth. This study explores the causal relationship between stock market development and economic growth in the Fragile Five countries-Brazil, India, Indonesia, South Africa, and Turkey-covering the period from 2001...

This SAFE White Paper presents a structured economic framework for assessing asset-backed stablecoins in their capacity as privately issued, fiscally anchored monetary instruments. Specifically, we evaluate the implications of stablecoins for financial intermediation, sovereign debt markets, and...

The COVID-19 pandemic constitutes one of the most significant exogenous shocks to global financial markets in recent history, raising questions about the robustness of market efficiency under extreme uncertainty. This study examines whether the pandemic affected the weak-form efficiency of the...

Financial market infrastructures (FMIs) must remain secure, resilient and adaptable over long horizons, even as payment volumes grow and technologies, standards and threat environments evolve. The continued expansion of digital payments, alongside emerging models such as Internet of Things...

In a worldwide context marked by increasing attention to financial literacy as a factor of financial inclusion, Morocco take part of this dynamic, seeking to improve the financial skills of its population. This article does not measure financial literacy directly but aims to explore the...

In this paper, we analyze the impacts of financial innovation and financial deepening on the economic growth of 14 sub-Saharan African (SSA) countries from 1995 to 2023. The autoregressive distributed lag (ARDL) approach and error correction model (ECM) were used to assess short- and long-run...