It is with great pleasure that I can announce the publication of the paper “Leaning against the Global Financial Cycle” in the American Economic Journal: Macroeconomics
coauthored with Andrea Ferrero, Livio Stracca and Fabrizio Venditti
In this paper, we investigate the impact of institutional quality on shielding emerging economies from the global financial cycle. Our findings indicate that countries with a higher rule of law, characterized by superior contract enforcement and more robust protection of property rights, experience a less severe tightening of domestic financial and macroeconomic conditions when faced with adverse global financial shocks.
The paper on the drivers of bitcoin transactions “Global and local drivers of Bitcoin trading vis-à-vis fiat currencies” has been published in the Journal of International Money and Finance
coauthored with Paola Di Casola and David Tercero-Lucas
In this paper, we analyse global and local drivers of Bitcoin transactions against 45 fiat currencies in the largest peer-to-peer crypto exchanges. We find evidence of a global crypto cycle driven by speculative motives. Crypto shocks and global risk shocks are behind this cyclical comovement. Bitcoin seems to also offer utility benefits in emerging and developing economies, as trading increases after idiosyncratic, currency-specific shocks that depreciate the currency.