Bruno Cavani

GCAP Public Security-Level Data on U.S. Fund Holdings
with Matteo Maggiori and Jesse Schreger
NBER Working Paper #34494  ·  [PDF] [NBER] [Data]

We construct representative security-fund-level longitudinal data for the United States using regulatory filings of portfolio holdings from Form N-PORT. Our results confirm that N-PORT data offer a comprehensive, reliable, and public source for research in macroeconomics and finance. We make all the security-level data on holdings available in a public repository of the GCAP Lab and provide code for updating the data.

The Dollar and Emerging Market Economies: Channels and Impacts
with Samer Shousha
Journal of Money, Credit and Banking, 2026  ·  [PDF] [JMCB]

We show that dollar appreciations lead to declines in GDP, investment, and credit to the private sector in emerging market economies. We document the relative contribution and dynamic evolution of four key transmission channels of dollar shocks, finding that financial channels dominate trade channels.

American Investment in Chinese Renminbi
with Christopher Clayton, Amanda Dos Santos, Matteo Maggiori and Jesse Schreger
AEA Papers and Proceedings, 2026  ·  [PDF] [P&P]

We document the rise and subsequent retreat of U.S. investment in Chinese renminbi-denominated bonds, showing that recent declines are driven primarily by U.S. funds exiting RMB positions altogether amid heightened geopolitical tension.