Delegated Blocks
Will asset managers with large amounts of capital and high risk-bearing capacity hold large blocks and monitor aggressively? Both block size and...
The case against aggressive government action on crypto
The financial regulators have recently taken an active interest in cryptocurrencies, more than a decade after their law enforcement counterparts did...
What Silicon Valley Bank and Credit Suisse tell us about financial regulations
The downfall of Silicon Valley Bank and Credit Suisse has exposed failures in how we regulate the financial system. This column argues that the...
Green Capital Requirements
We study bank capital requirements as a tool to address climate-related financial risks and evaluate whether a prudential mandate for bank regulators...
Informality as an Anti-Measure of Prosperity
In developing economies, the informal sector can account for upwards of 60% of GDP and over 90% of employment. The data show wide disparity in...
Long-Horizon Investing in a Non-CAPM World
We study dynamic portfolio choice in a calibrated equilibrium model where value and momentum anomalies arise because capital slowly moves from under-...
Gender Reform in Rwanda: Change Spurred by Tragedy
Rwanda is among Africa’s leaders in providing equal opportunity between women and men in the economy. Progress in achieving this substantial progress...
Lessons from the collapse of Silicon Valley Bank
The collapse of Silicon Valley Bank shows that banks still pose risks. Are they systemic? Jon Danielsson, Robert Macrae, and Nikola Tchouparov write...
Research highlight
Dynamic Asset-Backed Security Design
The Review of Economic Studies, 90(6), 3282–3314
Economic backwardness in Russia
Western sanctions after Russia’s invasion of Ukraine have markedly changed the constitution of President Putin’s inner circle. This column argues that...
The all-out aggression requires an all-out response
As the war in Ukraine enters its second year, the need for increased global support becomes more apparent. This column illustrates this need with two...
How the war is increasing inequality in Russia
The economic sanctions on Russia have had wide-ranging debilitating effects, from asset freezes to individuals’ travel bans and the dissolution of...
The illusion of control: why the financial sector is more vulnerable than ever to a financial crisis
Reforms following the global financial crisis of 2008 were supposed to create a less risky financial world. But has a one-size-fits all approach to...
Cultural Stereotypes of Multinational Banks
Financial markets, even more than other markets, run on trust. This column uses hand-collected data on banks’ investments in European sovereign debt...
