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International

What central banks can do when shocks come from outside

Central bank responses to shocks from abroad

External shocks—ranging from commodity-price spikes, wars, and pandemics to foreign monetary tightening and sudden stops of capital—pose immediate and diverse challenges for central banks. The appropr...

Economy

Why are return policies so generous in many U.S. retail stores?

The challenge of retail scalability in Istanbul’s unique neighborhoods

Istanbul is a megacity of contrasts: dense historic cores, high-tourist corridors, modern business districts, sprawling suburban neighborhoods, and two continents linked by ferries...

Investments and Business

How are factor investing and smart beta evolving in volatile markets?

Factor premiums: behavior in stable versus volatile markets

Factor investing and smart beta strategies sit between traditional active management and simple index replication, offering an intermediate approach. Factor investing targets specific return drivers such as value, momentum, quality, size, low volatility, and carry. Smart beta ble...