For a capital-starved economy, India shows little urgency to extricate good money stuck in failed businesses. That was going to change after the adoption of a modern bankruptcy regime in May 2016. Alas, legal improvements notwithstanding, the culture of extending the life of bad loans to big businesses and pretending nothing is wrong with them is proving too hard to ...

Marking the 20th anniversary of zero interest rates in Japan ought to be an exercise in humility. Like the eldest child of a large family, the Bank of Japan (BOJ) was on its own for a while. Those that followed — the Federal Reserve and European Central Bank (ECB), to name but two — had it a bit easier. Some ...

In some theologies, purgatory is where the souls of the dead undergo purification of their sins before rising to heaven or descending into hell. As the deadline for Britain’s exit from the European Union (EU) approaches, UK assets face a similarly binary outcome — making investors justifiably unwilling to take big bets on the endgame. As things stand, it remains ...