Research

Recent Working Papers

Cross-border banking in the EU after the crisis: what is driving the great retrenchment?, ECB Working Paper (forthcoming), 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.

Reducing large net foreign liabilities (2017), ECB Working Paper No. 2074, with Michael Fidora and Celine Tcheng.

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

Recent Policy Papers

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.

Journal Publications

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 voxeu.org.

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 centralbanking.com, 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 centralbanking.com.

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.