April 2025

Tariffs, Tokens, and Turmoil: The Market Fallout from Trump’s Policy Uncertainty

By David Krause This paper investigates the financial consequences of economic policy shifts following President Trump's second inauguration in January 2025. Using empirical data from April 2024 through April 7, 2025, this study assesses asset performance across U.S. equities, cryptocurrencies, gold, and bonds. The administration's aggressive trade protectionism, ambiguous digital asset directives, and deregulatory approach to artificial intelligence have triggered heightened market volatility, diminished investor confidence, and a rotation toward defensive assets. Indexed returns reveal that traditional safe havens like...

Informe Sobre el Estado de la Protección Social 2025. El Desafío de 2 Mil Millones de Personas

Por Banco Mundial  En la última década, los países de ingreso bajo y medio han logrado ampliar sus sistemas de protección social para abarcar a una cifra récord de 4700 millones de personas. En estos países, tres de cada cuatro personas pertenecen a hogares que reciben actualmente algún tipo de transferencia de protección social o tienen acceso a ella a través de sus contribuciones previas. Alcanzar este logro no fue una tarea fácil. Sin embargo, a pesar de los aumentos...

ESG KPI report 2025. Managing what you measure

By Invest Europe Tackling climate change and standing strong on responsible investment themes, such as diversity and zero tolerance to corruption, are among the greatest challenges – and responsibilities – facing the European private equity industry today. These considerations are not only at the forefront of policymakers’ and investors’ minds, but also ever more central to consumers when they decide how to spend their money. We are firm believers in the saying that you cannot manage what you don’t measure. With...

ESG investing: a global investor survey

By AXA Investment Managers We are committed to responsible investing and supporting the transition to sustainable economies. As long-term custodians of wealth, we strive to identify and back environmental, social and governance (ESG) leaders that can protect and grow client portfolios. In doing so, we believe that understanding customer perspectives is paramount, which is why we carried out this extensive study on individual views toward ESG investing across various markets, regions, and demographics.   Get the report here

Sostenibilidad financiera y suficiencia económica de los sistemas de Seguridad Social: una visión global

Por Nuria Benítez Llamazares Este capítulo ofrece una visión global y comparativa de los distintos sistemas de pensiones, categorizados en universales, mixtos, selectivos o residuales, y emergentes. Se analizan las diferencias entre los países desarrollados y en desarrollo, destacando los retos que afrontan en términos de sostenibilidad financiera y suficiencia económica. Las reformas paramétricas, como el aumento de la edad de jubilación y la vinculación de las pensiones a la inflación, se presentan como soluciones para enfrentar el envejecimiento de...

March 2025

Parental Leave Policies, Fertility, and Labor Supply

By Daisoon Kim & Minchul Yum South Korea has been facing persistently low fertility rates and large gender gaps in labor supply. In response, the government has expanded parental leave benefits to address these challenges. To evaluate the effectiveness of these policies, we develop a quantitative, heterogeneous-household life-cycle model in which couples make joint decisions on careers, labor supply, savings, and child-related choices, including fertility, childcare, and parental leave take-up. The model is calibrated to recent Korean cohorts to replicate...

Considerations on ESG Investment Implementation

By Laura T. Starks Although interest in investing according to environmental, social, and corporate governance (ESG) standards is widespread, investment managers face a number of basic considerations with their portfolio choices. In this article, I give a high-level overview of these considerations within the context of the investor motivation: ESG values, ESG value, or both. These considerations include whether investors should exclude certain firms or use a positive tilt; how they could integrate ESG into an investment approach; the role...

Can ChatGPT Plan Your Retirement?: Generative AI and Financial Advice

By Andrew W. Lo, Jillian Ross We identify some of the most pressing issues facing the adoption of large language models (LLMs) in practical settings, and propose a research agenda to reach the next technological inflection point in generative AI. We focus on four challenges facing most LLM applications: domain-specific expertise, an ability to tailor that expertise to a user’s unique situation, trustworthiness and adherence to the user’s moral and ethical standards, and conformity to regulatory guidelines and oversight. These...

Future-Proofing the Longevity Economy: Innovations and Key Trends

By World Economic Forum The world is at a pivotal moment in its demographic transition, with more than one in four people now living in countries where the population has peaked. This shift, coupled with increasing life expectancy and declining birth rates, presents both urgent challenges and unprecedented opportunities. Building on the Longevity Economy Principles, this white paper synthesizes five key trends shaping the future of the longevity economy: building resilient public retirement systems; transitioning from savings accumulation to decumulation; enhancing the...

Manual sobre migración laboral, movilidad humana e integración socioeconómica de personas migrantes y refugiadas para referentes sindicales

Por Organización Internacional del Trabajo En el presente manual, el término migrante internacional hace referencia a toda persona que cambia de país de residencia habitual, mientras que cuando hablamos de trabajadores y trabajadoras migrantes internacionales nos referimos a todos los y las migrantes internacionales que tienen empleo o que están desempleados y buscan trabajo en el país en que residen. A nivel mundial, se estima que hay 281 millones de personas migrantes internacionales, de las cuales 245 millones se encuentran en...