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- PerspectivesMacroeconomics & Markets
Fiscal space is created by the denominator, spent at the roll, and bounded by nothing the statistics publish
Federal debt rose 8.4 trillion dollars between 2021 and 2025 and ended 0.2 points lower as a share of GDP, because the denominator grew faster than the stock. A large part of that denominator was price, and the market yield on ten-year Treasury debt went from 0.89 to 4.29 percent.
- PerspectivesInfrastructure
An infrastructure delivery model allocates risk, capital and blame, and it reduces none of the three
A delivery model is a contract about where the risk, the capital and the accountability sit, and only two of those can be priced and sold. The ten-year yield moved 3.4 points in five years while the record of what was built stayed one undifferentiated line, so the comparison between models is one the public record cannot check.
- PerspectivesDevelopment Finance
The development finance architecture measures itself in the lender's currency and the lender's year
Concessional lending is judged against a market rate, and market rates moved: the ten-year Treasury averaged 0.89 percent in 2020 and 4.29 in 2025, and the broad dollar index sits 9.6 points above its lowest reading, in 2021. The complication is that an institution unable to report a figure on signing day cannot be funded, which makes the mismatch a constraint rather than a failure of will.
- PerspectivesGovernance & Institutions
Reform of a multilateral institution changes behaviour only when it changes what the institution must count
Reform is argued as a question of votes and chairs, while behaviour is set by the balance sheet, the appropriation and the measure that decides eligibility. The statistics that would test any of it are national, and this site holds no comparable published series for the institutions themselves.
- PerspectivesDevelopment Finance
Financial depth changes what capital costs and not what a country is able to build
The policy rate moved 4.94 points between 2021 and 2023 and the thirty-year mortgage rate moved 3.85 over the same two years, which is what a deep system does. Across the same window manufacturing output stayed below its 2017 base in every reading.