Publications

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

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

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

4. Financial crises and political radicalization: How failing banks paved Hitler's path to power (PDF, SSRN)

Working Papers

• Income Inequality and Job Creation (2022), with T. Drechsel and D. Lee

  • High-income households save relatively more in stocks and bonds, and relatively less in bank deposits. Rising top income shares therefore channel funds to large firms, but tighten financing conditions for small, bank-dependent firms. In turn, job creation among small firms declines relative to large firms.

• Regulatory Sandboxes and Fintech Funding: Evidence from the UK (2022), 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.

  • R&R at Review of Finance

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

  • Using novel surey data for 28 countries, we find a large fintech gender gap: while 29% of male respondents use fintech products and services, only 21% of female respondents do.

  • R&R at Journal of Financial Intermediation

• 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 (2022), 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.

• Mis-allocation within Firms: Internal Finance and International Trade (2022), 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.