Recent Working Papers

International capital flows at the security level – evidence from the ECB’s Asset Purchase Programme (2018), with Katharina Bergant and Michael Fidora. Winner of Best Paper Award at the ECMI Annual Conference 2018.

Cross-border banking in the EU after the crisis: what is driving the great retrenchment? (2018), ECB Working Paper No. 2130, revise and resubmit, with Lorenz Emter and Marcel Tirpák.

Real exchange rate misalignments in the euro area (2017), ECB Working Paper No. 2108, with Michael Fidora and Claire Giordano. Other version: Banca d'Italia Working Paper No. 1162. Coverage on, Il Sole 24 Ore.

Gravity and international services trade: the impact of virtual proximity (2016), revise and resubmit, with Christiane Hellmanzik.

Recent Policy Papers

International financial flows and the Eurosystem's asset purchase programme: evidence from b.o.p and security by security data (forthcoming), BIS IFC Bulletin, with Katharina Bergant.

Factors driving the recent improvement in the euro area’s international investment position, ECB Economic Bulletin Issue 3 / 2018, with Michael Fidora.

Cross-border banking in the euro area after the crisis: what is driving the great retrenchment?, ECB Financial Stability Review (November 2017), with Marcel Tirpák.

The Eurosystem’s asset purchase programme and TARGET balances (2017), ECB Occasional Paper No. 196, with Jens Eisenschmidt, Danielle Kedan, Ramón Adalid and Patrick Papsdorf.

The impact of global value chains on the macroeconomic analysis of the euro area, ECB Economic Bulletin Issue 8 / 2017, with Vanessa Gunnella and Michael Fidora.

Journal Publications

Reducing large net foreign liabilities (forthcoming), Review of International Economics, with Michael Fidora and Céline Tcheng.

Taking gravity online: the role of virtual proximity in international finance (2017), Journal of International Money and Finance, vol. 77, pp. 164-179, with Christiane Hellmanzik. Coverage on

The great moderation in international capital flows: a global phenomenon? (2017), Journal of International Money and Finance, vol. 73, pp. 188-212, with Peter McQuade. Coverage on Wall Street Journal, Economonitor,

The impact of cultural exceptions: audiovisual services trade and trade policy (2016), Applied Economics Letters, Vol. 23, pp. 695-700, with Christiane Hellmanzik.

Virtual proximity and audiovisual services trade (2015), European Economic Review, Vol. 77, pp. 82-101, with Christiane Hellmanzik.

Financial Remoteness and the Net External Position (2014), Review of World Economics, Vol. 150, pp. 191-219.

Financial Markets and International Risk Sharing in Emerging Market Economies (2013), International Journal of Finance & Economics, Vol. 18, pp. 266-277. Coverage on

Revisiting the effective exchange rates of the euro (2013), Journal of Economic and Social Measurement, Vol. 38, pp. 127-158, with Maarten De Clercq, Michael Fidora, Bernadette Lauro and Cristina Pinheiro.

Financial Reforms and Capital Flows to Emerging Europe (2011), Empirica, Vol. 38, pp. 579-605.

Channels of international risk-sharing: capital gains versus income flows (2011), International Economics and Economic Policy, Vol. 8, pp. 45-78, with Thierry Bracke.

Financial Markets and International Risk Sharing (2010), Open Economies Review, Vol. 21, pp. 413-431.