Publications

1. Credit-Supply Shocks and Firm Productivity in Italy (PDF, SSRN)

2. Geographic diversification and bank lending during crises (PDF, SSRN)

3. Stress tests, entrepreneurship and innovation (PDF, SSRN)

4. Financial crises and political radicalization: How failing banks paved Hitler's path to power

Working Papers

• Income Inequality, Financial Intermediation, and Small Firms (2021), with T. Drechsel and D. Lee

  • Rising top incomes reduce job creation by small firms, because they reduce bank deposits and hence available funding for small firms.

• Regulatory Sandboxes and Fintech Funding: Evidence from the UK (2021), with G. Cornelli, L. Gambacorta and O. Merrouche

  • Regulatory sandboxes help fintechs raise funding by reducing regulatory costs and providing information about start-ups’ quality.

• Housing Booms, Reallocation, and Productivity (2020)

  • Young Economist Award @ EEA-ESEM Annual Congress 2018; Young Innovators Award @ Vordenker Forum 2019

  • Rising real estate prices reduce industry productivity, because they reallocate capital and labor towards inefficient firms (previous title: 'Collateral, Reallocation, and Industry Productivity: Evidence from the U.S. Housing Boom').

• Population Aging and Bank Risk-Taking (2022), with G. Kabas and S. Ongena

  • Population aging leads to an increase in banks' deposits, as well as their loan supply and risk-taking

  • Replicated for Germany (see here)

• Non-bank lending during financial crises (2022), with I. Aldasoro and H. Zhou

  • Non-banks contract their syndicated lending by more than banks during crises in borrower countries. Differences in borrower characteristics and funding models drive this pattern.

• Does IT help? IT in Banking and Entrepreneurship (2021), with T. Ahnert, N. Pierri and Y. Timmer

  • Local IT adoption by banks could spur entrepreneurship by making the collection and transmission of hard information cheaper.

• The fintech gender gap (2021), with S. Chen, J. Frost, L. Gambacorta and H.S. Shin

  • Survey data from 28 countries shows a large fintech gender gap: men are more likely to use fintech products and services than women in almost every country

• Mis-allocation within Firms: Internal Finance and International Trade (2020), with D. Marin, D. Suverato and T. Verdier

  • We show theoretically and empirically that tougher competition reduces capital mis-allocation within firms and thereby the conglomerate discount.

• Nothing to hide? Evidence on attitudes towards data sharing, with O. Amantier, J. Frost, A. Fuster and K. Shue (draft coming soon)