Published Papers
"Risk Sharing and Asset Prices: Evidence from a Natural Experiment." Journal of Finance, Vol. 59, No. 3, pp. 1295-1324 (with Peter Blair Henry). Nominated for the Smith-Breeden Prize for the best paper published in the Journal of Finance, 2004.
"Heterogeneous Market-Making in Foreign Exchange Markets: Evidence from Individual Bank Responses to Central Bank Interventions." Journal of Money, Credit and Banking, Vol. 39, No.5, pp. 1131-1161, 2007. Appendix 1, Appendix 2
"Firm-Specific Information and the Efficiency of Investment." Journal of Financial Economics, Vol. 87, No. 3, pp. 636-655, 2008 (with Peter Blair Henry).
"Incumbents and Protectionism: The Political Economy of Foreign Entry Liberalization." Journal of Financial Economics, Vol. 88, No. 3, pp. 633-656, 2008 (with Nandini Gupta).
"The Value of Control in Emerging Markets" Review of Financial Studies, vol. 23, No. 4, pp. 1741-1770, 2010 (with Paige Ouimet and Linda Tesar).
"Foreign Direct Investment in India's Retail Bazaar: Opportunities and Challenges" World Economy, Vol. 35, No. 1, pp. 79-90, 2012. (with Madhav Raghavan)
"Foreign Ownership and Firm Performance: Emerging Market Acquisitions in the United States" IMF Economic Review 2012, Vol. 60, pp. 1-42. Lead Article. doi:10.1057/imfer.2012.1. An earlier version circulated as NBER Working Paper No. 14786. Read about this paper in the NBER Digest, June 2009.
"Capital Market Integration and Wages" American Economic Journal-Macroeconomics 2012, Vol. 42, No. 2, pp. 101-132. http://dx.doi.org/10.1257/mac.4.2.102 (with Peter Blair Henry and Diego Sasson)
"Learning from the Doers: Developing Country Lessons for Advanced Economy Growth" (with Peter Blair Henry) American Economic Review Papers & Proceedings, 104(5), pp. 260-265, 2014. http://dx.doi.org/10.1257/aer.104.5.260.
"Deregulation, Misallocation, and Size: Evidence from India" (with Laura Alfaro) The Journal of Law and Economics 2014. Vol. 57(4), pp. 897-936.
"Two Tales of Adjustment: East Asian Lessons for European Growth" (with Peter Blair Henry) IMF Economic Review Vol. 63(1) pp. 164-196; doi:10.1057/imfer.2015.3. (Special Volume in Honor of Stanley Fischer)
"The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment" (with Laura Alfaro and Fabio Kanczuk) Journal of International Economics 2017, Vol. 108, Issue C, 191-210. A previous version of this paper circulated under "The Real Effects of Capital Controls: Credit Constraints, Exporters and Firm Investment." See coverage in The Hutchins Roundup from Brookings. Read about this paper in the NBER Digest, March 2015.
"Corporate Debt and Financial Fragility in Emerging Markets" (with Laura Alfaro, Gonzalo Asis and Ugo Panizza) Journal of International Economics Volume 118, May 2019, Pages 1-19. https://doi.org/10.1016/j.jinteco.2019.01.002
This paper previously circulated under the title, "Lessons Unlearned? Corporate Debt in Emerging Markets," NBER Working Paper No. 23407.
“Emerging Markets at Risk.” (with Gonzalo Asis and Adam Haas) AEA Papers and Proceedings, Volume 110, Pages 493-498. May 2020.
"Taper Tantrums: QE, its Aftermath and Emerging Market Capital Flows" (with Karlye Dilts-Stedman and Christian Lundblad). Forthcoming Review of Financial Studies. This paper was previously issued as NBER Working Paper No. 23474.
"In Search of Distress Risk in Emerging Markets" (with Gonzalo Asis and Adam Haas) Working Paper, April 2018. Revised May 2020.
,Journal of International Economics. Volume 131, 2021, 103463.
"The Baker Hypothesis" with Peter Blair Henry and Hector Reyes. August 2020. Forthcoming Journal of Economic Perspectives.
“Spillovers at the Extremes: Macroprudential Tools and Vulnerability to the Global Financial Cycle.” (with Karlye Dilts-Stedman and Kristin Forbes). NBER’s International Seminar on Macroeconomics, Ispra, Italy, June 2021, Journal of International Economics Volume 136, May 2022, 103582.
"Do Finite Horizons Matter? The Welfare Consequences of Capital Account Liberalization" (with Peter Blair Henry and Racha Moussa) Economic Modelling. A previous version of the paper circulated as "Does Capital Scarcity Matter?" NBER Working Paper No. 23921.
"Global Risk, Non-Bank Financial Intermediation and Emerging Market Vulnerabilities." Accepted by the
Annual Review of Economics. March 2023.
Sovereign Credit Spreads, Banking Fragility, and Global Factors. (with Felipe Garcés, Juan Francisco Martínez, Patricio Valenzuela (2024).Journal of Financial Stability, Volume 72, 101235.
"The Transmission of Quasi-Sovereign Default Risk: Evidence from Puerto Rico" (with Ryan Leary and Toan Phan). IMF Economic Review 73, 2025. 556–595 (2025). https://doi.org/10.1057/s41308-023-00233-8.This paper was previously circulated as NBER Working Paper No. 24108.
"Risk-On Risk-Off: Measuring Shifts in Investor Risk Bearing Capacity. " (with Karlye Dilts-Stedman and Christian Lundblad). Journal of International Money and Finance. Vol. 159, December 2025, 103438. NBER Working Paper No. 31907.
“Organizing Production Across Borders in a Time of Uncertainty.” (with Alfaro, Laura and Haruka Takayama (2026). 2026 AEA Papers & Proceedings.
Other Publications
Financial Flows to Developing Countries. Chapter 17 in ‘Paris Report 4: The New Global Imbalances‘, Rey, H, B Weder di Mauro and J Zettelmeyer (eds) (2026), CEPR Press, Paris & London.
Why ‘billions to trillions’ has failed to attract investment in infrastructure. (with Peter Blair Henry, Yanru Lee and Pablo Picardo) VoxDev Article. April 2026.
‘Geneva 28: Geopolitical Tensions and International Fragmentation: Evidence and Implications' (with Nathan Converse, Arnaud Mehl, Gian Maria Milesi-Ferretti, and Isabel Vansteenkiste). 2025. CEPR Press, Paris & London.
“Geopolitical tensions and International Financial Fragmentation: The 28th Geneva Report on the World Economy.” (with Nathan Converse, Arnaud Mehl, Gian Maria Milesi-Ferretti, and Isabel Vansteenkiste) (2025). VoxEU, Center of Economic and Policy Research, October 2025.
Financial Returns to Equity Investments in Infrastructure in Emerging-Market and Developing Economies. (with Peter Blair Henry and Paolo Mauro). IFC Research Note, November 2025. NBER Working Paper 34537.
“Disinflation and the Stock Market: Third-World Lessons for First-World Monetary Policy.” (with Peter Blair Henry) 2024. In Getting Monetary Policy Back on Track, eds. Michael D. Bordo, John H. Cochrane, John B. Taylor. The Hoover Institution Press.
"Report of the Committee on the Status of Women in the Economics Profession." AEA Papers and Proceedings 114: 853–77.
"Report of the Committee on the Status of Women in the Economics Profession." AEA Papers and Proceedings, 113: 815-39.
“The Long War on Inflation.” (with Peter Blair Henry) Foreign Affairs, January 2023.
The International Market for Corporate Control in Global Goliaths: Multinational Firms in the 21st Century Economy. 2021.
"Contract Provisions, Default Risk and Bond Prices: Evidence from Puerto Rico" (with Ryan Leary). Forthcoming in Sovereign Debt Diplomacies, Juan Flores Zendejas and Piere Penet, eds. Oxford University Press, 2021.
“Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time” (with Alfaro, Laura, Andrew Greenland, and Peter K. Schott (2020). Preprint published in CEPR’s Covid Economics, Issue 4, 14 April 2020.
Corporate balance sheets in emerging markets: A comparison of the Global Crisis and the Asian Financial Crisis" with Laura Alfaro, Gonzalo Asis and Ugo Panizza. VoxEU, Center of Economic and Policy Research, June 2017.
"Understanding Inflation in India" with Laurence Ball and Prachi Mishra. VoxEU, Center of Economic and Policy Research, April 2017.
"Austerity and Recovery: East Asian Lessons for Europe," with Peter Blair Henry. VoxEU, Center of Economic and Policy Research, March 2015.
"Are capital controls effective? Firm-level evidence from Brazil," with Laura Alfaro and Fabio Kanczuk. VoxEU, Center of Economic and Policy Research, January 2015.
"Understanding Inflation in India" (with Larry Ball and Prachi Mishra) Prepared for Brookings India Policy Forum 2015.
"India Transformed? Insights from the Firm Level 1988-2007" Brookings India Policy Forum Journal 2010, Vol. 6, pp. 155-228. (with Laura Alfaro) Read about this paper in The Economist, Business Standard, and Business World.
"Reforms and the Competitive Environment." (with Laura Alfaro) Book Chapter in Bhagwati, Jagdish & Panagariya, Arvind (eds.), 2014. "Reforms and Economic Transformation in India," Bhagwati, Jagdish & Panagariya, Arvind, 2014. "Reforms and Economic Transformation in India," Oxford University Press.
"US still holds key to equities markets," Op-ed in the Financial Express, January 2010.
"The Transformation of India: Incumbent Control, Reforms and Newcomers," with Laura Alfaro. VoxEU, Center of Economic and Policy Research, December 2009.
Book Review of "Who Needs to Open the Capital Account?" by Jeanne, Subrahmanian and Williamson in Journal of International Economics, Vol. 90, pp. 232–235, 2013.
Book Review of "Boom Bust Cycles and Financial Liberalization," Journal of Economic Literature, Vol. 45, No. 4, pp. 1024-1093, 2007.
Comments on "Capital Flows and Exchange Rate Volatility: Singapore's Experience," in NBER Volume "International Borrowing,
Capital Flows and Capital Controls in Emerging Economies: Policies, Practices and Consequences," Sebastian Edwards ed., University of Chicago Press, 2007.
"Technical Note on the Sustainability of India’s Current Account for the Prime Minister’s Economic Advisory Council," 2011.
Working Papers
The United States and its Creditors: Assessing the Foreign Demand for U.S. Assets. (with Gian Maria Milesi-Ferretti) 2026.
NBER Working Paper No. 35555. Annex Tables
"Capital Flows in Risky Times: Risk-on/ Risk-off and Emerging Market Tail Risk" with (Karlye Dilts Stedman and Christian Lundblad). NBER Working Paper 27927. Slides here.
"Global Fund Flows and Emerging Market Tail Risk." (with Karlye Dilts-Stedman and Christian Lundblad). October 2022.
"The Return to Capital in Capital Scarce Countries" (with Jennifer Rhee). NBER Working Paper 27675, August 2020. Updated June 2021.
The Unholy Trinity: Regulatory Forbearance, Stressed Banks and Zombie Firms (with Lakshita Jain and Nirupama Kulkarni), May 2022. December 2022 version
“Aggregate and Firm-Level Returns During Pandemics, in Real Time.” (with Alfaro, Laura, Andrew Greenland, and Peter Schott) 2020. NBER Working Paper No. 26950. Under revision.
The Social Rate of Return on Road Infrastructure Investments. (with Peter Blair Henry, Yanru Lee, and Pablo Picardo). 2025. NBER Working Paper 34501.
. Private Finance for Public Capital: False Hope or Hidden Reality? (with Peter Blair Henry, Yanru Lee, and Paolo Mauro). 2025 Work in Progress.
Selected Discussions
November 2025: Financial Flows to Low-Income Countries: Trends, Pathways, and Macroeconomic Impacts by Lastauskas, Mallick, and Shang.
May 2025: The Impact of the 2022 Oil Embargo and Price Cap on Russian Oil Prices by Kilian, Rapson, and Schipper.
November 2024: Elephants in Equity Markets by Rey, Planat, Stavrakeva, and Tang
November 2024: Hunting for Dollars by Kloks, Mattille, and Ranaldo.
May 2024: The High Frequency Effects of Dollar Swap Lines by Kekre and Lenel.
December 2023: The Moneylender as Middleman: Formal Credit Supply and Informal Loans in Rural India by Surendra.
July 2023: Monetary Policy Cyclicality in Emerging Economies by Leo, Gopinath, and Kalemli-Ozcan
November 2022: Trade Protection, Stock-Market Returns, and Welfare by Amiti, Kong, and Weinstein
June 2022: International Capital Flow Pressures and Global Factors by Goldberg and Krogstrup
October 2021: Why does capital flow from equal to unequal countries? by de Ferra, Romei & Mitman.
July 2021: FX Transaction and Translation Risk by Adams & Verdelhen.
January 2021: Does Private Equity Investment in Healthcare Benefit Patients? Gupta, Howell, Yannelis & Gupta.
January 2021: Female Representation in the Academic Finance Profession by Sherman & Tookes.
June 2020: Winners and Losers from Sovereign Debt Inflows by Broner, Martin, Pandolfi & Williams.
November 2019: The Effect of the China Connect by Ma, Rogers, & Zhou.
November 2018: The Global Capital Flows Cycle: Structural Drivers and Transmission Channels by Habib & Venditti.
November 2018: The Real Exchange Rate, Innovation and Productivity: Regional Heterogeneity, Asymmetries
and Hysteresis by Alfaro, Cuñat, Fadinger & Liu.
December 2017: "Are Early Stage Investors Biased Against Women?" by Ewens and Townsend.
July 2017: "International Spillovers and Local Credit Cycles" by Baskaya, di Giovanni, Kalemli-Ozcan and Ulu.
November 2016: "Sovereign Yields and the Risk-Taking Channel of Currency Appreciation" by Hofmann, Shim and Shin.
July 2015: "Do Access to Credit Programs Disincentivise Growth: Evidence from a Policy Experiment" by Bhue, Prabhala and Tantri.
April 2015: "Economic Outlook and Macroeconomic Policies" .
January 2015: "Are Capital Controls Countercyclical?" by Fernandez-Rebucci-Uribe.
November 2014: "The International CAPM Redux" by Brusa-Ramadorai-Verdelhan .
"Risk Sharing and Asset Prices: Evidence from a Natural Experiment." Journal of Finance, Vol. 59, No. 3, pp. 1295-1324 (with Peter Blair Henry). Nominated for the Smith-Breeden Prize for the best paper published in the Journal of Finance, 2004.
"Heterogeneous Market-Making in Foreign Exchange Markets: Evidence from Individual Bank Responses to Central Bank Interventions." Journal of Money, Credit and Banking, Vol. 39, No.5, pp. 1131-1161, 2007. Appendix 1, Appendix 2
"Firm-Specific Information and the Efficiency of Investment." Journal of Financial Economics, Vol. 87, No. 3, pp. 636-655, 2008 (with Peter Blair Henry).
"Incumbents and Protectionism: The Political Economy of Foreign Entry Liberalization." Journal of Financial Economics, Vol. 88, No. 3, pp. 633-656, 2008 (with Nandini Gupta).
"The Value of Control in Emerging Markets" Review of Financial Studies, vol. 23, No. 4, pp. 1741-1770, 2010 (with Paige Ouimet and Linda Tesar).
"Foreign Direct Investment in India's Retail Bazaar: Opportunities and Challenges" World Economy, Vol. 35, No. 1, pp. 79-90, 2012. (with Madhav Raghavan)
"Foreign Ownership and Firm Performance: Emerging Market Acquisitions in the United States" IMF Economic Review 2012, Vol. 60, pp. 1-42. Lead Article. doi:10.1057/imfer.2012.1. An earlier version circulated as NBER Working Paper No. 14786. Read about this paper in the NBER Digest, June 2009.
"Capital Market Integration and Wages" American Economic Journal-Macroeconomics 2012, Vol. 42, No. 2, pp. 101-132. http://dx.doi.org/10.1257/mac.4.2.102 (with Peter Blair Henry and Diego Sasson)
"Learning from the Doers: Developing Country Lessons for Advanced Economy Growth" (with Peter Blair Henry) American Economic Review Papers & Proceedings, 104(5), pp. 260-265, 2014. http://dx.doi.org/10.1257/aer.104.5.260.
"Deregulation, Misallocation, and Size: Evidence from India" (with Laura Alfaro) The Journal of Law and Economics 2014. Vol. 57(4), pp. 897-936.
"Two Tales of Adjustment: East Asian Lessons for European Growth" (with Peter Blair Henry) IMF Economic Review Vol. 63(1) pp. 164-196; doi:10.1057/imfer.2015.3. (Special Volume in Honor of Stanley Fischer)
"The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment" (with Laura Alfaro and Fabio Kanczuk) Journal of International Economics 2017, Vol. 108, Issue C, 191-210. A previous version of this paper circulated under "The Real Effects of Capital Controls: Credit Constraints, Exporters and Firm Investment." See coverage in The Hutchins Roundup from Brookings. Read about this paper in the NBER Digest, March 2015.
"Corporate Debt and Financial Fragility in Emerging Markets" (with Laura Alfaro, Gonzalo Asis and Ugo Panizza) Journal of International Economics Volume 118, May 2019, Pages 1-19. https://doi.org/10.1016/j.jinteco.2019.01.002
This paper previously circulated under the title, "Lessons Unlearned? Corporate Debt in Emerging Markets," NBER Working Paper No. 23407.
“Emerging Markets at Risk.” (with Gonzalo Asis and Adam Haas) AEA Papers and Proceedings, Volume 110, Pages 493-498. May 2020.
"Taper Tantrums: QE, its Aftermath and Emerging Market Capital Flows" (with Karlye Dilts-Stedman and Christian Lundblad). Forthcoming Review of Financial Studies. This paper was previously issued as NBER Working Paper No. 23474.
"In Search of Distress Risk in Emerging Markets" (with Gonzalo Asis and Adam Haas) Working Paper, April 2018. Revised May 2020.
,Journal of International Economics. Volume 131, 2021, 103463.
"The Baker Hypothesis" with Peter Blair Henry and Hector Reyes. August 2020. Forthcoming Journal of Economic Perspectives.
“Spillovers at the Extremes: Macroprudential Tools and Vulnerability to the Global Financial Cycle.” (with Karlye Dilts-Stedman and Kristin Forbes). NBER’s International Seminar on Macroeconomics, Ispra, Italy, June 2021, Journal of International Economics Volume 136, May 2022, 103582.
"Do Finite Horizons Matter? The Welfare Consequences of Capital Account Liberalization" (with Peter Blair Henry and Racha Moussa) Economic Modelling. A previous version of the paper circulated as "Does Capital Scarcity Matter?" NBER Working Paper No. 23921.
"Global Risk, Non-Bank Financial Intermediation and Emerging Market Vulnerabilities." Accepted by the
Annual Review of Economics. March 2023.
Sovereign Credit Spreads, Banking Fragility, and Global Factors. (with Felipe Garcés, Juan Francisco Martínez, Patricio Valenzuela (2024).Journal of Financial Stability, Volume 72, 101235.
"The Transmission of Quasi-Sovereign Default Risk: Evidence from Puerto Rico" (with Ryan Leary and Toan Phan). IMF Economic Review 73, 2025. 556–595 (2025). https://doi.org/10.1057/s41308-023-00233-8.This paper was previously circulated as NBER Working Paper No. 24108.
"Risk-On Risk-Off: Measuring Shifts in Investor Risk Bearing Capacity. " (with Karlye Dilts-Stedman and Christian Lundblad). Journal of International Money and Finance. Vol. 159, December 2025, 103438. NBER Working Paper No. 31907.
“Organizing Production Across Borders in a Time of Uncertainty.” (with Alfaro, Laura and Haruka Takayama (2026). 2026 AEA Papers & Proceedings.
Other Publications
Financial Flows to Developing Countries. Chapter 17 in ‘Paris Report 4: The New Global Imbalances‘, Rey, H, B Weder di Mauro and J Zettelmeyer (eds) (2026), CEPR Press, Paris & London.
Why ‘billions to trillions’ has failed to attract investment in infrastructure. (with Peter Blair Henry, Yanru Lee and Pablo Picardo) VoxDev Article. April 2026.
‘Geneva 28: Geopolitical Tensions and International Fragmentation: Evidence and Implications' (with Nathan Converse, Arnaud Mehl, Gian Maria Milesi-Ferretti, and Isabel Vansteenkiste). 2025. CEPR Press, Paris & London.
“Geopolitical tensions and International Financial Fragmentation: The 28th Geneva Report on the World Economy.” (with Nathan Converse, Arnaud Mehl, Gian Maria Milesi-Ferretti, and Isabel Vansteenkiste) (2025). VoxEU, Center of Economic and Policy Research, October 2025.
Financial Returns to Equity Investments in Infrastructure in Emerging-Market and Developing Economies. (with Peter Blair Henry and Paolo Mauro). IFC Research Note, November 2025. NBER Working Paper 34537.
“Disinflation and the Stock Market: Third-World Lessons for First-World Monetary Policy.” (with Peter Blair Henry) 2024. In Getting Monetary Policy Back on Track, eds. Michael D. Bordo, John H. Cochrane, John B. Taylor. The Hoover Institution Press.
"Report of the Committee on the Status of Women in the Economics Profession." AEA Papers and Proceedings 114: 853–77.
"Report of the Committee on the Status of Women in the Economics Profession." AEA Papers and Proceedings, 113: 815-39.
“The Long War on Inflation.” (with Peter Blair Henry) Foreign Affairs, January 2023.
The International Market for Corporate Control in Global Goliaths: Multinational Firms in the 21st Century Economy. 2021.
"Contract Provisions, Default Risk and Bond Prices: Evidence from Puerto Rico" (with Ryan Leary). Forthcoming in Sovereign Debt Diplomacies, Juan Flores Zendejas and Piere Penet, eds. Oxford University Press, 2021.
“Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time” (with Alfaro, Laura, Andrew Greenland, and Peter K. Schott (2020). Preprint published in CEPR’s Covid Economics, Issue 4, 14 April 2020.
Corporate balance sheets in emerging markets: A comparison of the Global Crisis and the Asian Financial Crisis" with Laura Alfaro, Gonzalo Asis and Ugo Panizza. VoxEU, Center of Economic and Policy Research, June 2017.
"Understanding Inflation in India" with Laurence Ball and Prachi Mishra. VoxEU, Center of Economic and Policy Research, April 2017.
"Austerity and Recovery: East Asian Lessons for Europe," with Peter Blair Henry. VoxEU, Center of Economic and Policy Research, March 2015.
"Are capital controls effective? Firm-level evidence from Brazil," with Laura Alfaro and Fabio Kanczuk. VoxEU, Center of Economic and Policy Research, January 2015.
"Understanding Inflation in India" (with Larry Ball and Prachi Mishra) Prepared for Brookings India Policy Forum 2015.
"India Transformed? Insights from the Firm Level 1988-2007" Brookings India Policy Forum Journal 2010, Vol. 6, pp. 155-228. (with Laura Alfaro) Read about this paper in The Economist, Business Standard, and Business World.
"Reforms and the Competitive Environment." (with Laura Alfaro) Book Chapter in Bhagwati, Jagdish & Panagariya, Arvind (eds.), 2014. "Reforms and Economic Transformation in India," Bhagwati, Jagdish & Panagariya, Arvind, 2014. "Reforms and Economic Transformation in India," Oxford University Press.
"US still holds key to equities markets," Op-ed in the Financial Express, January 2010.
"The Transformation of India: Incumbent Control, Reforms and Newcomers," with Laura Alfaro. VoxEU, Center of Economic and Policy Research, December 2009.
Book Review of "Who Needs to Open the Capital Account?" by Jeanne, Subrahmanian and Williamson in Journal of International Economics, Vol. 90, pp. 232–235, 2013.
Book Review of "Boom Bust Cycles and Financial Liberalization," Journal of Economic Literature, Vol. 45, No. 4, pp. 1024-1093, 2007.
Comments on "Capital Flows and Exchange Rate Volatility: Singapore's Experience," in NBER Volume "International Borrowing,
Capital Flows and Capital Controls in Emerging Economies: Policies, Practices and Consequences," Sebastian Edwards ed., University of Chicago Press, 2007.
"Technical Note on the Sustainability of India’s Current Account for the Prime Minister’s Economic Advisory Council," 2011.
Working Papers
The United States and its Creditors: Assessing the Foreign Demand for U.S. Assets. (with Gian Maria Milesi-Ferretti) 2026.
NBER Working Paper No. 35555. Annex Tables
"Capital Flows in Risky Times: Risk-on/ Risk-off and Emerging Market Tail Risk" with (Karlye Dilts Stedman and Christian Lundblad). NBER Working Paper 27927. Slides here.
"Global Fund Flows and Emerging Market Tail Risk." (with Karlye Dilts-Stedman and Christian Lundblad). October 2022.
"The Return to Capital in Capital Scarce Countries" (with Jennifer Rhee). NBER Working Paper 27675, August 2020. Updated June 2021.
The Unholy Trinity: Regulatory Forbearance, Stressed Banks and Zombie Firms (with Lakshita Jain and Nirupama Kulkarni), May 2022. December 2022 version
“Aggregate and Firm-Level Returns During Pandemics, in Real Time.” (with Alfaro, Laura, Andrew Greenland, and Peter Schott) 2020. NBER Working Paper No. 26950. Under revision.
The Social Rate of Return on Road Infrastructure Investments. (with Peter Blair Henry, Yanru Lee, and Pablo Picardo). 2025. NBER Working Paper 34501.
. Private Finance for Public Capital: False Hope or Hidden Reality? (with Peter Blair Henry, Yanru Lee, and Paolo Mauro). 2025 Work in Progress.
Selected Discussions
November 2025: Financial Flows to Low-Income Countries: Trends, Pathways, and Macroeconomic Impacts by Lastauskas, Mallick, and Shang.
May 2025: The Impact of the 2022 Oil Embargo and Price Cap on Russian Oil Prices by Kilian, Rapson, and Schipper.
November 2024: Elephants in Equity Markets by Rey, Planat, Stavrakeva, and Tang
November 2024: Hunting for Dollars by Kloks, Mattille, and Ranaldo.
May 2024: The High Frequency Effects of Dollar Swap Lines by Kekre and Lenel.
December 2023: The Moneylender as Middleman: Formal Credit Supply and Informal Loans in Rural India by Surendra.
July 2023: Monetary Policy Cyclicality in Emerging Economies by Leo, Gopinath, and Kalemli-Ozcan
November 2022: Trade Protection, Stock-Market Returns, and Welfare by Amiti, Kong, and Weinstein
June 2022: International Capital Flow Pressures and Global Factors by Goldberg and Krogstrup
October 2021: Why does capital flow from equal to unequal countries? by de Ferra, Romei & Mitman.
July 2021: FX Transaction and Translation Risk by Adams & Verdelhen.
January 2021: Does Private Equity Investment in Healthcare Benefit Patients? Gupta, Howell, Yannelis & Gupta.
January 2021: Female Representation in the Academic Finance Profession by Sherman & Tookes.
June 2020: Winners and Losers from Sovereign Debt Inflows by Broner, Martin, Pandolfi & Williams.
November 2019: The Effect of the China Connect by Ma, Rogers, & Zhou.
November 2018: The Global Capital Flows Cycle: Structural Drivers and Transmission Channels by Habib & Venditti.
November 2018: The Real Exchange Rate, Innovation and Productivity: Regional Heterogeneity, Asymmetries
and Hysteresis by Alfaro, Cuñat, Fadinger & Liu.
December 2017: "Are Early Stage Investors Biased Against Women?" by Ewens and Townsend.
July 2017: "International Spillovers and Local Credit Cycles" by Baskaya, di Giovanni, Kalemli-Ozcan and Ulu.
November 2016: "Sovereign Yields and the Risk-Taking Channel of Currency Appreciation" by Hofmann, Shim and Shin.
July 2015: "Do Access to Credit Programs Disincentivise Growth: Evidence from a Policy Experiment" by Bhue, Prabhala and Tantri.
April 2015: "Economic Outlook and Macroeconomic Policies" .
January 2015: "Are Capital Controls Countercyclical?" by Fernandez-Rebucci-Uribe.
November 2014: "The International CAPM Redux" by Brusa-Ramadorai-Verdelhan .
