All The President’s Money: Market Concentration, Oligarchs and Sanctions in Hybrid Regimes
Hybrid regimes feature combinations of democratic and autocratic attributes. Their common element is a leader who cultivates a clientele of favored...
The calming of short-term market fear and its long-term consequences: The central banks’ dilemma
An Unconventional FX Tail Risk Story
We examine how the tail risk of currency returns over the past 20 years were impacted by central bank (monetary and liquidity) measures across the...
The Uneven Path Towards Women’s Rights in Argentina
Argentina’s progress towards legal equality for women has been slower than in most other Latin American countries. In 1971 Argentina’s score of 31 on...
On the use of artificial intelligence in financial regulations and the impact on financial stability
As the financial authorities increase their use of artificial intelligence (AI), micro regulations, such as consumer protection and routine banking...
Market Power and Insurance Coverage
This paper examines how market power affects coverage in a general class of insurance models. We show that market power decreases coverage for...
The Sudden Surge in Gender Legal Reform in the UAE
Since 2017, the United Arab Emirates have introduced several gender legal reforms after decades of poor performance on economic and social equality...
Multinationals and Structural Transformation
We study the role of multinationals (MNCs) in facilitating firm-level and aggregate structural transformation. Using a stylized model of multinational...
Reaching for Yield: Evidence from Households
The existing literature has documented “reaching for yield” - the phenomenon of investing more in risky assets when interest rates drop - among...
Let the Market Speak: Using Interest Rates to Identify the Fed Information Effect
I propose a novel method to identify the exogenous monetary shock from the signaling effect of a Fed announcements in real time. The method relies on...
Asset Allocation and Returns in the Portfolios of the Wealthy
There is little direct empirical evidence on the investment behavior of wealthy households. Based on a proprietary database of investment portfolios...
Low Rates and Bank Loan Supply: Theory and Evidence from Japan
In this paper, we explore the consequences of low nominal interest rates for credit supply, macroeconomic outcomes and policy. Using the protracted...
On the Fragility of DeFi Lending
We develop a dynamic model of DeFi lending that incorporates the following key features: 1) borrowing and lending are decentralized, anonymous...
The Gap between Law and Practice in Pakistan’s Gender Reform
In the three-quarters of a century since Pakistan’s independence, parliament has adopted various laws in a bid to improve women’s legal rights. Many...
The Supply and Demand for Data Privacy: Evidence from Mobile Apps
This paper investigates how consumers and investors react to the standardized disclosure of data privacy practices. Since December 2020, Apple has...
Granular Corporate Hedging Under Dominant Currency
This paper shows that, in a world dominated by vehicle currencies, firms engaging in international operations retain currency risk and hedge it real...
