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An analysis of financial institutions in Black-majority communities: Black borrowers and depositors face considerable challenges in accessing banking services

Introduction Achieving the American dream—the opportunity to succeed, to provide food and shelter for family members, education for children, hope for a better life, and freedom of opportunity— requires capital. But, in the United States, access to capital for individuals and business owners is uneven based on race. The racial wealth gap remains significant. In 2019, the median net worth...
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Focus on bank supervision, not just bank regulation

Introduction Last month, the Biden administration made headlines nominating Cornell Law School Professor Saule Omarova to serve as Comptroller of the Currency, a position from which she would oversee the National Banking System. Omarova’s nomination has drawn sharp criticism from the financial services industry, placing her alongside other Biden appointments within financial regulation such as chair of the Securities and...
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Status check: Managing debt sustainability and development priorities through a ‘Big Push’

Executive Summary Emerging market and developing economies (EMDEs) have seen development prospects fade in the two years since the onset of COVID-19. Growth turned negative in 2020, is forecast to snap back in 2021, but then revert to a declining trend.1 Investment levels in Latin America and Africa are forecast to remain in the range of 20-25 percent of GDP...
report

Status check: Managing debt sustainability and development priorities through a ‘Big Push’

Executive Summary Emerging market and developing economies (EMDEs) have seen development prospects fade in the two years since the onset of COVID-19. Growth turned negative in 2020, is forecast to snap back in 2021, but then revert to a declining trend.1 Investment levels in Latin America and Africa are forecast to remain in the range of 20-25 percent of GDP...

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Washington Consensus reforms and lessons for economic performance in sub-Saharan Africa

Abstract Over three decades after market-oriented structural reforms termed “Washington Consensus” policies were first implemented, we revisit the evidence on policy adoption and the effects