Otaviano Canuto on Secular Stagnation and the Big Balance Sheet Economy

This essay argues that the current debate about the future of the international monetary system is not really about Gulf currencies, oil pricing, or de-dollarization in the narrow technical sense. It is about something deeper and more important: whether institutional trust can survive when geopolitical certainty is eroding.The Gulf monarchies—Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain, and Oman—increasingly exist in a world where the United States no longer looks ...

In 2017, eight scientists from the Google research team published in the journal Advances in Neural Info Processing Systems the remarkable article “Attention is all you need,” which introduced a Transformer neural network architecture. The paper has been cited over 173,000 times and ranks among the top 100 most cited papers of the 21st century. It builds on the attention principle introduced in 2014 by Bahdanau, Cho and Turing Award winner Bengio, who proposed neural machine transla ...

Le monde du travail est engagé dans un processus de mutation sans précédent. La quatrième révolution industrielle, portée par l’intelligence artificielle (IA) et la robotisation, a été le point de commencement d’une ère nouvelle où les repères économiques et sociaux se redéfinissent à une vitesse inédite. Ces technologies suscitent un engouement légitime et offrent des perspectives prometteuses, mais requièrent une vigilance accrue face aux incertitudes qui les entourent.Bien que, à ...

L’Organisation pour la coopération et le développement économiques (OCDE), forte de 38 membres, a longtemps fait figure d’Organisation regroupant les « démocraties industrielles développées ». Cette image n’est plus vraie, du fait de l’adhésion en son sein de pays, qualifiés jadis en développement, et que l’on considère souvent comme faisant partie du « Sud global ». C’est ainsi que l’ont intégrée : le Mexique (1994), qui lui a donné un Secrétaire général, Angel Gurria, la Corée du ...

The passage of the US Genius Act in July 2025 has spurred the growth of stablecoins, mostly dollar-based, helping to modernize and improve payment transactions. The market capitalization of stablecoins increased rapidly to $317 billion in April 2026 and is expected to grow to $3-4 trillion by 2030. While still modest in scale, stablecoins—if fully developed, especially in the face of potentially strong competition from tokenized bank deposits—could have multiface ...

This Paper was originally published on mitvim.org.il This paper argues that the reconstruction of Gaza will depend not only on the amount of funding mobilized, but on how financing is structured, governed, and anchored within a broader politi`cal context. In a setting shaped by movement restrictions and weak institutions, financial design is not neutral but shapes priorities, distributes power, and determines what can be implemented on the ground. The paper examines the key cha ...