The tokenization of money

This paper, the fourth in a research series on services-led growth in the Global South, examines Egypt’s potential for growth and economic transformation through the integration of services into Global Value Chains (GVCs). It employs a new taxonomy that classifies services into Knowledge Services (KS), Enabling Services (ES), and Local Services (LS) and applies OECD 2025 Trade in Value-Added (TiVA), Trade in Employment (TiM), and input-output databases to benchmark Egypt against Mor ...

This paper is the third in a series of country and comparative studies that together comprise a research program on services as drivers of economic growth and structural transformation in the Global South. The paper analyzes the pattern of Tunisia's services-led economic growth from 2012- 2022 using a specialized three-category framework: knowledge services (KS), enabling services (ES), and local services (LS). Using data from the OECD Trade in Value Added (TiVA), Trade in Employmen ...

Decarbonization is reconfiguring global relative prices. As clean energy, natural capital, and location-specific assets become dominant industrial inputs, the relative cost of producing low-carbon goods is increasingly determined by geography. Two systematic distortions explain why the expected reallocation of investment toward renewable-rich economies remains incomplete. First, industrial policy interventions, including subsidies, trade barriers, and certification systems, disconne ...

Why only globally connected, knowledge-intensive services — not local services — can drive long-term development and productivity growth. This Commentary was originally published on stimson.org For decades, manufacturing was considered the indispensable engine of economic development, creating jobs, boosting productivity, and integrating countries into global markets. But automation, robotics, and intensifying global competition have made industrialization far harder for d ...

This paper is the second in a series examining services-led development and global value chain (GVC) integration in the Global South. It applies a three-category analytical framework covering knowledge services (ICT and professional business services), enabling services (transport, logistics, and finance), and local services (retail, hospitality, health, and personal services), to OECD Trade in Value Added indicators. The paper thus  ...