Research
Publications
“From Carry Trades to Trade Credit: Financial Intermediation by Non-Financial Corporations” with Felipe Saffie, NBER Working Paper 31183, BIS Working Paper 773, Accepted, Journal of International Economics
"Sovereign Risk and Bank Lending: Evidence from 1999 Turkish Earthquake", with Soner Baskaya, Sebnem Kalemli-Ozcan, and Vivian Yue, NBER Working Paper 22335, BIS Working Paper 1093, Journal of International Economics (2024).
“Foreign Currency Borrowing, Balance Sheet Shocks, and Real Outcomes” Journal of International Money and Finance (2023). Also published as BIS working paper No 758.
“Gross Capital Flows by Banks, Corporates and Sovereigns” with Stefan Avdjiev, Sebnem Kalemli-Özcan, and Luis Servén, Journal of the European Economic Association (2022). Also published as NBER Working Paper 23116, CEPR Discussion Paper 11806, BIS Working Paper 760 (with link to data)
"The Janus Face of Bank Geographic Complexity", with Iñaki Aldasoro and Maximilian Jager, Journal of Banking and Finance (2022). Also published as BIS Working Paper 858
"Financial Crisis and Innovation", with Can Sever, European Economic Review (2021). Also published as BIS Working Paper 846
"Home Sweet Host: A Cross-country Perspective on Prudential and Monetary Policy Spillovers through Global Banks", with Stefan Avdjiev, Patrick McGuire, and Goetz von Peter, Review of International Economics (2020). Also published as BIS Working Paper 853
Working Papers
"Who Holds Sovereign Debt and Why It Matters", with Xiang Fang and Karen Lewis, NBER Working Paper 30087, CEPR Discussion Paper 17338, BIS Working Paper, Revision Requested (2nd Round)
"Economic Stabilizers in Emerging Markets: The Case for Trade Credit", with Felipe Saffie and Ina Simonovska [PDF]
"Trade Credit and Exchange Rate Risk Pass Through", with Felipe Saffie and Ina Simonovska, NBER Working Paper 31078
"Innovation Convergence", with Can Sever, BIS Working Paper 1108
Works in Progress
"Spare Tires: Local Currency Credit as a Global Shock Absorber", with Stefan Avdjiev and John Burger
"Corporate Dollar Debt", with Laura Alfaro and Julian Caballero
"Capital and Convergence", with Can Sever
Other Publications
"Emerging market resilience: what makes it, what could shake it?", with Denix Igan and Enisse Kharroubi, BIS Bulletin No 88
"Global liquidity: a new phase?", with Goetz von Peter, BIS Quarterly Review, December 2023
"Unpacking international banks' deposit funding", with Sonya Zhu, BIS Quarterly Review, September 2023
"Covid, central banks and the bank-sovereign nexus", with Sonya Zhu, BIS Quarterly Review, March 2023
"Bank funding: evolution, stability and the role of foreign offices", with John Caparusso, BIS Quarterly Review, September 2022
"Russia's pre-war position in the international banking system", with John Caparusso, BIS Quarterly Review, June 2022
"Covid-19 policy measures to support bank lending", with Catherine Casanova and Mert Onen, BIS Quarterly Review, September 2021
"Corporate debt: Post-GFC through the Pandemic", with Iñaki Aldasoro and Nikola Tarashev, BIS Quarterly Review, June 2020
"Covid-19 bank dividend payout restrictions: effects and trade-offs", BIS Bulletin No 38
"International banking amidst Covid-19: Resilience and drivers", with Elöd Tákáts, BIS Quarterly Review, December 2020
"Banks through Covid-19", BIS Quarterly Review, September 2020
"Effects of Covid-19 on the banking sector: the market's assessment", with Iñaki Aldasoro, Ingo Fender, and Nikola Tarashev, BIS Bulletin No 12
"Assessing global liquidity: beyond borders", IFC Bulletin No 51
"The evolution of OTC interest rate derivatives markets", with Torsten Ehlers, BIS Quarterly Review, December 2019
"Non-bank counterparties in international banking", with Pablo Garcia-Luna, BIS Quarterly Review, September 2019
“Emerging Markets' reliance on foreign bank credit”, BIS Quarterly Review, March 2019