Timely Justice as a Determinant of Economic Growth
We investigate how timeliness in enforcing legal contracts affects economic growth across countries. We focus on judicial timeliness as a proxy for...
Patterns in sanctions on Russian individuals
Russia’s invasion of Ukraine in early 2022 opened a new chapter in unilateral and multilateral sanctions: the imposition of financial and travel...
Supply and Demand and the Term Structure of Interest Rates
Annual Review of Financial Economics, 16, 115 - 151
Trading Ahead of Barbarians’ Arrival at the Gate: Insider Trading on Non-Inside Information
Privately informed about firm fundamentals, corporate insiders detect activism-motivated trades better than other traders. This paper solves the model...
Public Policies for Private Finance
We review the literature on the effectiveness of public policies to facilitate firms’ access to finance. The rationale for such policies is to address...
Phase transitions in debt recycling
Debt recycling is an aggressive equity extraction strategy that potentially permits faster repayment of a mortgage. While equity progressively builds...
The Effects of Economic Sanctions
A burgeoning economics and political science literature studies the effects of economic sanctions on various aspects of economic and social life of...
Credibility, trust, and perception of authorities’ performance
The credibility of an institution is, almost, synonymous with how well it is trusted. This column uses survey data to examine how trust in various...
Research highlight
The Gender Gap in Household Bargaining Power: A Revealed-Preference Approach
The Review of Financial Studies, hhae039
Latent fragility: Conditioning banks' joint probability of default on the financial cycle
Journal of International Money and Finance, 146, 103107
How the financial authorities can respond to AI threats to financial stability
Artificial intelligence can act to either stabilise the financial system or to increase the frequency and severity of financial crises. This second...
AI financial crises
The rapid adoption of artificial intelligence is transforming the financial industry. This first of a two-column series argues that AI may either...
Investor Memory and Biased Beliefs: Evidence from the Field
We survey a large representative sample of retail investors in China to elicit their memories of stock market investment and return expectations. We...
