Policymakers often have a linear view of the world, where pulling the right levers will get the economy and society back on track after shocks and crises. This paper argues that such an approach ignores how systems interact and how their systemic properties shape this interaction, leading to an...

New economic thinking and acting through a systemic approach could outline policy alternatives to tackle the global-scale systemic challenges of financial, economic, social and environmental emergencies, and help steer our recovery out of the current crisis. A systemic recovery requires an...

This report examines institutional investor participation in markets for digital assets, including crypto-assets and decentralised finance (DeFi). It considers and tests potential drivers of growing supply and demand for such assets by institutional investors, analyses the potential for...

Discussions on Central Bank Digital Currencies (CBDCs) have so far mostly focused on the potential risks that these currencies could represent for financial intermediation and financial stability. It is important, however, to also consider how they could contribute to the welfare of citizens,...

This paper analyses the mechanisms involved in the recent failings in crypto-asset markets, focusing on events in 2022 through September. The paper assesses the role of centralised finance (CeFi) and decentralised finance (DeFi), and the disproportionate impact the crypto market turmoil has had...

Crypto-asset markets are rapidly developing and reached USD 3tn in late 2021, yet the infrastructure supporting mainstream crypto-assets, such as the Bitcoin, use an enormous amount of energy. This paper explores the growing environmental impact of crypto-assets due to increasing institutional...

Decentralised finance, including crypto-asset markets and DeFi protocol activity, has been promoted as a tool to support the democratisation of finance. This report presents quantitative evidence from ASEAN economies that participation in decentralised finance markets has been largely driven by...

This report analyses the emergence and potential of ICOs as a financing mechanism for start-ups and SMEs, examines the benefits and challenges of this mechanism for small businesses and investors, and discusses the policy implications of ICO activity for the inclusive financing of SMEs and the...