Examining the cases of Canada, Germany, and Spain, the role played by fiscal equalization schemes in determining subnational borrowing was analyzed, and the link between regional governments’ primary fiscal balances and gross domestic product per capita was tested econometrically. The study...

Germany's bank-based financial system provides a high level of financial inclusion, measured by bank outreach and use of financial services. However, the most vulnerable individuals and small enterprises in Germany tend to be excluded or credit constrained. The quality of financial inclusion is...

Ever since the occurrence of the first oil shock, which struck the Japanese economy in 1973, Japan has made efforts to increase its energy efficiency, reduce its energy intensity, decrease its dependence on fossil fuels, and diversify its energy basket by introducing alternative energy sources,...

Population aging will be a major determinant of long-run economic development in industrial and developing countries. The extent of the demographic changes is dramatic in some countries and will deeply affect future labor, financial and goods markets. The expected strain on public budgets and...

While progress in reducing greenhouse gas emissions is notable in the power sector, other sectors such as transportation and often heating are lagging behind. A strategy to propagate greenhouse gas emission reductions from the power sector to other sectors is so-called "sector coupling." Against...

The electrification of international shipping has gained attention from the global maritime industry in an effort to reduce pollution and greenhouse gas emissions. Despite rapidly falling battery prices and improvements in battery technologies, electric vehicles (both marine- and land-based...

The International Energy Agency estimates that $24.5 trillion of energy efficiency (EE) investments will be needed through 2040. Debt- and self-financed projects are expected to contribute only a third of this capital due to multiple barriers. On the one hand, self-financed projects require...