Publications

• Exchange rate regimes and business cycle synchronization. Open Economies Review, 33, pp. 523–564 (2022) . (with Jakub Knaze)

• The effects of reference pricing on housing market: Evidence from Shenzhen China. Panoeconomicus (forthcoming). (with Philip Arestis and Mianshan Lai)

• The nonlinear effect of financial literacy on wealth: Evidence from Germany. Empirica (forthcoming). (with Sebastian Schuler)

• Financial literacy, institutions and education: Lessons from the German reunification. German Economic Review, 22, pp. 447-488, (2021). (with Maddalena Davoli)

• Revisiting the trade effects of the euro: data sources and various samples. Empirical Economics, 59, pp. 2731–2777 (2020).

Working Papers

• Let's Misinvoice More? The Effect of de jure Capital Controls on Trade Misinvoicing (The World Economy, R&R, with MianShan Lai)

This paper quantifies how trade misinvoicing responds to de jure capital controls by using a cross-country panel dataset covering 1995-2017. On one hand, capital controls incentivize international trading firms to misinvoice to circumvent the controls. On the other hand, the controls discourage these firms from misinvoicing by imposing punishments. Under the assumption of no interplay of a given country's capital controls and the misinvoicing behaviours of firms from other countries, de jure capital controls imposed by importing countries are shown to increase the likelihood of trade misinvoicing. However, capital controls imposed by exporting countries are shown to significantly decrease trade misinvoicing by exporting firms. Evidence on the stringency of capital controls and governance quality, as proxies for the cost of misinvoicing, barely supports the hypothesis that the overall discouraging effect of capital controls imposed by exporting countries is dominated by the cost of misinvoicing.

• Trade Effects of Regional Trade Agreements: Measurement Error in Trade Statistics and its Empirical Consequence (Under review)

• Capping Commissions in the Presence of Price Competition (Under review, with MianShan, Lai and Sebastian Schuler)

• Financial Education for the Disadvantaged? A Review (With Horst Entorf)

You can find the paper here: SAFE Working Paper No. 205 . It is now a permanent working paper.

Work in Progress

• Getting around Capital Controls: Re-estimating the Effects of Capital Controls