research

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Publications in external journals:

• "Cultural Affinity, Regulation and Market Structure: Evidence from the Canadian Retail Banking Industry" joint with Hongyu Xiao (Bank of Canada)

         American Economic Journal: Microeconomics. Volume 14, Issue 1, February 2022

         Winner of the 2016 HEC Montreal IRCCF Best Paper Award

• "Measuring Systemic Risk Across Financial Market Infrastructures" joint with Fuchun Li (Payments Canada)

Journal of Financial Stability. Volume 34, February 2018. Also published as Bank of Canada Staff Working Paper 2016-10

• "Building New Plants or Entering by Acquisition? Firm Heterogeneity and Entry Barriers in the U.S. Cement Industry"

         The Rand Journal of Economics. Volume 46, Issue 3, pages 625–649, Fall 2015

• "To Link or not to Link? Netting and Exposures between Central Counterparties" joint with Stacey Anderson and Jean-Philippe Dion

         Journal of Financial Market Infrastructures, summer 2013 

 Working papers:

• "Renminbi Usage in Cross-Border Payments: Regional Patterns and the Role of Swaps Lines and Offshore Clearing Banks" joint with Longmei Zhang (IMF). 

  IMF Working Paper No. 23/077

• "Currency Usage for Cross Border Payments" joint with Longmei Zhang (IMF), and Roshan Iyer (IMF) 

  IMF Working Paper No. 23/072

• "Geographical and Cultural Proximity in Retail Banking" joint with Santiago Carbo (University of Valencia) and Hongyu Xiao (Bank of Canada)

Bank of Canada Staff Working Paper 2023-2

• "The African Continental Free Trade Area: Potential Economic Impact and Challenges " joint with Lisandro Abrego (IMF), Mario de Zamaroczy, Tunc Gursoy, Garth P. Nicholls (IMF), and Jose-Nicolas Rosas

  IMF Staff Discussion Note No. 20/04 

• "Stress Testing in Sub-Saharan Africa : Practices, Communications, and Capacity Development" joint with Mindaugas Leika, Olga Stankova, and Torsten Wezel (all IMF)

  IMF Departmental Paper No. 20/07

• "The Impact of Remittances on Economic Activity: The Importance of Sectoral Linkages" joint with Jemma Dridi (IMF), Tunc Gursoy, and Mounir Bari

  IMF Working Paper No. 19/175

• "The African Continental Free Trade Agreement: Welfare Gains Estimates from a General Equilibrium Model" joint with Lisandro Abrego (IMF), Maria Alejandra Amado, Tunc Gursoy, and Garth P. Nicholls (IMF) 

  IMF Working Paper No. 19/124

• "FinTech in Sub-Saharan African Countries : A Game Changer?" joint with Amadou Sy, Rodolfo Maino, Alexander Massara, and Preya Sharma (all IMF)

  IMF Departmental Paper No. 19/045

• "Financial Inclusion and Bank Competition in Sub-Saharan Africa" joint with Azanaw Mengistu

  IMF Working Paper No. 18/256

• "A Calibrated Model of Intraday Settlement" joint with Siddharth Untawala, and Gabriel Xerri (Bank of Canada)

         Bank of Canada Staff Discussion Paper 2018-3

• "Tail Risk in a Retail Payment System: An Extreme-Value Approach" joint with Blair Williams, and Gabriel Xerri (Bank of Canada)

         Bank of Canada Staff Discussion Paper 2018-2

• "Credit Risk and Collateral Demand in a Retail Payment System" joint with Gabriel Xerri (Bank of Canada)

         Bank of Canada Staff Discussion Paper 2016-16

• "Public Policy Objectives and the Next Generation of CPA Systems: An Analytical Framework" joint with James Chapman, Jonathan Chiu, and Sajjad Jafri (all Bank of Canada)

         Bank of Canada Staff Discussion Paper 2015-6

• "Emergency Liquidity Facilities, Signalling and Funding Costs" joint with Celine Gauthier (University of Quebec), Alfred Lehar (Calgary University) and Moez Souissi (IMF)

         Bank of Canada Staff Working Paper 2015-44

         Semi-finalist at the 2014 Financial Management Association Annual Meeting Award

• "How Should Central Counterparty Clearing Reduce Risk? Collateral Requirements and Entry Restrictions" joint with Jean Sebastien Fontaine and Joshua Slive (all Bank of Canada)

         Bank of Canada Staff Working Paper 2012-35

• "Access, Competition and Risk in Centrally Cleared Markets" joint with Jean Sebastien Fontaine and Joshua Slive (all Bank of Canada)

         Bank of Canada Review, Autumn 2012

In progress:

• The Effect of Campaign Contributions on State Banking Regulation and Bank Expansion in the U.S." joint with Rodney Ramcharan (University of Southern California) and Aggey Semenov (University of Ottawa)

• "Geographic Expansion, Mergers and FCC Spectrum Cap Policy: Estimating a Matching Game with Externalities" joint with Jeremy Fox (Rice University)