Policy & Media
Selected policy work
The tokenisation continuum (2023), with I. Aldasoro, R. Garratt, L. Gambacorta and P. Koo Wilkens, BIS Bulletin No 72
Crypto shocks and retail losses (2023), with G. Cornelli, J. Frost and L. Gambacorta, BIS Bulletin No 69
Recessions and mortality: a global perspective (2022), with B. Hofmann, Economics Letters 220(110860), (PDF, SSRN)
DeFi lending: intermediation without information?, with S. Aramonte, W. Huang and A. Schrimpf, BIS Bulletin No 57
Blockchain scalability and the fragmentation of crypto, with F. Boissay, G. Cornelli and J. Frost, BIS Bulletin No 56
Non-bank lenders in the syndicated loan market (2022), with I. Aldasoro and H. Zhou, BIS Quarterly Review, March
Central bank digital currencies and data in the digital age: A triple imperative (2021), with R. Auer, J. Frost, L. Gambacorta and H.S. Shin, in CEPR e-book "Central Bank Digital Currency: Considerations, Projects, Outlook".
Technological capacity and firms' recovery from Covid-19 (2021), with M. Erdem, G. Franco, L. Gambacorta and A. Illes, Economics Letters 209(110102), (PDF, SSRN)
Funding for fintechs: patterns and drivers (2021), with G. Cornelli, L. Franco, and J. Frost, BIS Quarterly Review, September
Whom do consumers trust with their data? US survey evidence (2021), with O. Amantier, J. Frost, A. Fuster and K. Shue, BIS Bulletin No 42
Big data and machine learning in central banking (2021), with L. Gambacorta and J.-M. Serena, BIS Working Paper No 930
Covid-19 and regional employment in Europe (2020), with L. Gambacorta, BIS Bulletin No 16 (Data for maps in Graph 2)
Identifying regions at risk with Google Trends: the impact of Covid-19 on US labour markets (2020), with L. Gambacorta, BIS Bulletin No 8
Selected media coverage
The Economist: What is the link between economic crises and political ruptures?
The Economist: How high property prices can damage the economy
Wall Street Journal: How property booms eat our economic future
Financial Times: The time to embrace digital currency is now
Financial Times: Cryptocurrencies are not the new monetary system we need
Bloomberg: Odd Lots Newsletter: What Can Halt The Decline of Crypto?
Bloomberg: Vast Majority of Retail Investors in Bitcoin Lost Money, BIS Says
The Washington Post: The Centuries-Old Financial System Better Than DeFi
The Guardian: A banking crisis isn’t just bad for business, it can also poison politics
The Syndney Morning Herald: COVID-19: A health and economic disaster but also a natural experiment
Politico: 'The IMF is evil': Rich countries take aim at nations adopting crypto
Fortune.com: BIS economists say cryptio cant fulfill the social role of money
CoinDesk: BIS Economists Contend Crypto Can't Fulfill the Role of Money
IMF Finance and Development: Let's build a better data economy
Project Syndicate: How Chinese Competition Helps Western Conglomerates
Moody's Analytics: BIS on Impact of Stress Tests on Entrepreneurship and Innovation in US
Gabriel Makhlhouf: COVID-19: What can we learn from history?
Blogs, columns, etc
Inequality and the Decline of Small Business, with T. Drechsel and D. Lee, EFIP Research Brief
Mind the gap - is fintech closing the gender gap in access to financial services? (2021), with S. Chen, J. Forst, L. Gambacorta and H.S. Shin, World Bank Blog All About Finance
Digging for gold: how regulatory sandboxes help fintechs raise funding (2021), with G. Cornelli, L. Gambacorta and O. Merrouche, VoxEU.org
How international trade disciplines the internal capital market and reduces the conglomerate discount (2020), with D. Marin, D. Suverato and T. Verdier, VoxEU.org
How failing banks paved Hitler's path to power: Financial crisis and right-wing extremism in Germany, 1931-33 (2019), with J.-L. Peydro and H.-J. Voth, VoxEU.org
Die deutsche Bankenkrise und Hitlers Weg an die Macht: Lehren aus der Geschichte (2019), with J.-L. Peydro and H.-J. Voth, Ökonomenstimme.org
Could housing booms undermine productivity growth? (2020), SUERF Policy Brief No 40