Recent Working Papers 

The Geography of Capital Allocation in the Euro Area (2023), with Roland Beck, Antonio Coppola, Angus Lewis, Matteo Maggiori and Jesse Schreger

Cross-Border Investment in Emerging Market Bonds: Stylized Facts and Security-Level Evidence from Europe (2023), CEPR Discussion Paper No. 17946, with Katharina Bergant and Gian Maria Milesi-Ferretti.

Euro area monetary policy and TARGET balances: a trilogy (2022), ECB Working Paper No. 2750,  with Jens Eisenschmidt and Danielle Kedan. 

Brexit, what Brexit? Euro area portfolio exposures to the United Kingdom since the Brexit referendum (2022), ECB Working Paper No. 2734, with Daniel Carvalho. 

Automatic for the (tax) people: information sharing and cross-border investment in tax havens (2021), Trinity Economics Papers No. 1321, with Agustín Bénétrix and Lorenz Emter.

The Shock Absorbing Role of Cross-border Investments: Net Positions Versus Currency Composition (2021), Trinity Economics Papers No. 0421, with Agustín Bénétrix and Beren Demirölmez.

Shifts in the portfolio holdings of euro area investors in the midst of COVID-19: Looking through investment funds (2021), ECB Working Paper No. 2526, CEPR Covid Economics Issue 65, with Daniel Carvalho.  Shorter version: SUERF Policy Note No. 229.

Working Papers

Cross-border currency exposures: new evidence based on an enhanced and updated dataset (2020), ECB Working Paper No. 2417, IMF Working Paper No. 19/299, Trinity Economics Papers No. 120, with Agustín Bénétrix, Deepali Gautam and Luciana Juvenal.  Dataset

International capital flows at the security level – evidence from the ECB’s Asset Purchase Programme (2020), ECB Working Paper No. 2388,  IMF Working Paper No. 20/46, with Katharina Bergant and Michael Fidora. Winner of Best Paper Award at the ECMI Annual Conference 2018. Coverage on

Distance(s) and the volatility of international trade(s) (2019), ECB Working Paper No. 2252, CEPR Discussion Paper No. 13630, with Arnaud Mehl and Cédric Tille. Coverage on

America First? A US-centric view of global capital flows (2019), ECB Working Paper No. 2238, Central Bank of Ireland RTP 2019/2, with Peter McQuade.

Valuation Effects and International Capital Flows - Security-Level Evidence from Euro Area Investors (2019),  with Katharina Bergant

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

Journal Publications

Real exchange rate misalignments in the euro area (2021), Open Economies Reviewvol. 32, pp. 71-107, with Michael Fidora and Claire Giordano. Coverage on, Il Sole 24 Ore. ECB WP versionBanca d'Italia WP version. 

Central banks and external statistics: Evolution or revolution? (2020), Journal of Economic and Social Measurement, Vol. 45, pp. 83-102, with P. Menezes, F. Pastoris, C. Picon-Aguilar, N. Silva and B. Tissot. BIS IFC version.

Reducing large net foreign liabilities (2019), Review of International Economics, vol. 27, pp. 549-577, with Michael Fidora and Céline Tcheng. ECB WP version.

Cross-border banking in the EU after the crisis: what is driving the great retrenchment? (2019), Review of World Economicsvol. 155, pp. 287-326, with Lorenz Emter and Marcel Tirpák. ECB WP version.

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 ECB WP version.

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, ECB WP version.

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. ECB WP version.

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

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

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. ECB OP version.

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. ECB WP version

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