Decarbonising energy systems reduces emissions and fossil fuel dependency, but expanding renewables increases demands for critical raw materials. Most energy system models, however, neglect material demands, putting the material feasibility of energy scenarios at question. We combine a systematic review of 59 highly decarbonised European energy system modelling studies with a quantitative ex-post assessment of material demands for 5 key technologies and 19 materials. We find that material demands exceed Europe's population-based shares of current global reserves for seven materials (Ga, In, Ir, Te; less pronounced for Ag, Se, V), in particular if multiple sectors of the energy system are considered. Competing non-energy demand further amplifies the scarcity, while technological innovation can either alleviate or intensify it. We conclude that energy efficiency, recycling, expanding reserves and technological innovation may only partly address the identified shortages and call for energy sufficiency measures to achieve sustainability in the energy-material nexus.

Why do similar funding shocks generate sharply different credit outcomes across countries? We develop and estimate a dynamic structural model in which intermediary credit capacity governs the transmission of funding disruptions to lending. Using supervisory data on U.S. banks and credit unions and Brazilian banks and cooperatives from 2002--2025, we recover institution-level credit capacity and its dynamics across major crisis episodes. Credit capacity is three to six times larger in the United States than in Brazil, while persistence is similar across countries. As a result, funding shocks generate substantially larger and more persistent lending contractions in Brazil. Counterfactual analysis shows that differences in baseline credit capacity, rather than persistence, account for most cross-country variation in crisis propagation and policy effectiveness.

Introduction. The high prevalence of students not achieving basic learning competencies in Latin America (LAC) is concerning, even more so considering the region's deep structural inequalities and the larger post-pandemic learning losses. Within this scenario, the paper aims to contribute to the identification of the determinants of bottom and low performers (below level 2). Methodology. Based on 2022 data from the Programme for International Student Assessment (PISA) for 10 LAC countries, and using a stacking model integrating binary classification models as well as by applying Shapley Additive Explanations (SHAP) analysis for interpretability, we identify critical factors impacting on the student performance across low performers groups. Results. We find that a student with the highest probability of being a not achiever speaks a minority language and had repeated, has no digital devices at home, comes from a poor family and works for payment half of the week, and the school the student attends has wide disadvantages such as bad school climate, weak Information and Communication Technology (ICT) infrastructure and poor teaching quality (only a third of teachers being certified). For countries' estimates, we find quite homogeneous patterns regarding the contribution of top ranked factors, with repetition at primary, household wealth, and educational ICT inputs being top ten ranked covariates in at least 8 out of the 10 total countries. Discussions. The paper findings contribute to the broad literature on strategies to identify and to target those most left behind in Latin American education systems.

Latin America's education systems are fragmented and segregated, with substantial differences by school type. The concept of school efficiency (the ability of school to produce the maximum level of outputs given available resources) is policy relevant due to scarcity of resources in the region. Knowing whether private and public schools are making an efficient use of resources --and which are the leading drivers of efficiency-- is critical, even more so after the learning crisis brought by the COVID-19 pandemic. In this paper, relying on data of 2,034 schools and nine Latin American countries from PISA 2022, I offer new evidence on school efficiency (both on cognitive and non-cognitive dimensions) using Data Envelopment Analysis (DEA) by school type and, then, I estimate efficiency leading determinants through interpretable machine learning methods (IML). This hybrid DEA-IML approach allows to accommodate the issue of big data (jointly assessing several determinants of school efficiency). I find a cognitive efficiency gap of nearly 0.10 favouring private schools and of 0.045 for non-cognitive outcomes, and with a lower heterogeneity in private than public schools. For cognitive efficiency, leading determinants for the chance of a private school of being highly efficient are higher stock of books and PCs at home, lack of engagement in paid work and school's high autonomy; whereas low-efficient public schools are shaped by poor school climate, large rates of repetition, truancy and intensity of paid work, few books at home and increasing barriers for homework during the pandemic.

Several key states in various regions of the U.S. have experienced recent sawtimber as well as pulp and paper mill closures, which raises an important policy question: how have and will key macroeconomic and industry specific indicators within the U.S. forest sector likely to change over time? This study provides empirical evidence to support forest-sector policy design by using a vector error correction (VEC) model to forecast economic trends in three major industries - forestry and logging, wood manufacturing, and paper manufacturing - across six of the most forest-dependent states found by the location quotient (LQ) measure: Alabama, Arkansas, Maine, Mississippi, Oregon, and Wisconsin. Overall, the results suggest a general decline in employment and the number of firms in the forestry and logging industry as well as the paper manufacturing industry, while wood manufacturing is projected to see modest employment gains. These results also offer key insights for regional policymakers, industry leaders, and local economic development officials: communities dependent on timber-based manufacturing may be more resilient than other forestry-based industries in the face of economic disruptions. Our findings can help prioritize targeted policy interventions and inform regional economic resilience strategies. We show distinct differences across forest-dependent industries and/or state sectors and geographies, highlighting that policies may have to be specific to each sector and/or geographical area. Finally, our VEC modeling framework is adaptable to other resource-dependent industries that serve as regional economic pillars such as mining, agriculture, and energy production offering a transferable tool for policy analysis in regions with similar economic structures.