Papers by Topic
International Financial Integration and Capital Flows
"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 Smith Breeden Prize for the best paper published in the Journal of Finance, 2004.
"Firm-Specific Information and the Efficiency of Investment." Journal of Financial Economics, Vol. 87, No. 3, pp. 636-655, 2008 (with Peter Blair Henry).
"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)
"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.
"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.
"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
“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 Liberalaliztion" (with Peter Blair Henry and Racha Moussa) Invited submission, Emerging Economic and Financial Challenges & Opportunities special issue, Forthcoming. Economic Modelling. A previous version of the paper circulated as "Does Capital Scarcity Matter?" NBER Working Paper No. 23921.
"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.
New paper: "Global Risk, Non-Bank Financial Intermediation and Emerging Market Vulnerabilities." Accepted by the
Annual Review of Economics. March 2023.
New paper: "Risk-On Risk-Off: A Multifaceted Approach to Measuring Global Investor Risk Aversion." (with Karlye Dilts-Stedman and Christian Lundblad). November 2023.
"The Return to Capital in Capital Scarce Countries" (with Jennifer Rhee). NBER Working Paper 27675, August 2020. Updated June 2021.
Foreign Direct Investment
"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.
The International Market for Corporate Control in Global Goliaths: Multinational Firms in the 21st Century Economy. 2021.
Sovereign and Corporate Debt
"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.
"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.
“Emerging Markets at Risk.” (with Gonzalo Asis and Adam Haas) AEA Papers and Proceedings, Volume 110, Pages 493-498. May 2020.
"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.
"The Transmission of Quasi-Sovereign Default Risk: Evidence from Puerto Rico" (with Ryan Leary and Toan Phan). Revised February 2021. This paper was previously circulated as NBER Working Paper No. 24108.
New paper The Unholy Trinity: Regulatory Forbearance, Stressed Banks and Zombie Firms, with Lakshita Jain and Nirupama Kulkarni, May 2022. December 2022 version: conference.nber.org/conf_papers/f173804.pdf
Reforms and Growth
"The Baker Hypothesis" with Peter Blair Henry and Hector Reyes. August 2020. Forthcoming Journal of Economic Perspectives.
"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)
"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.
The Indian Economy
"Understanding Inflation in India" (with Larry Ball and Prachi Mishra) Prepared for Brookings India Policy Forum 2015.
"Deregulation, Misallocation, and Size: Evidence from India" (with Laura Alfaro) The Journal of Law and Economics 2014. Vol. 57(4), pp. 897-936.
"Foreign Direct Investment in India's Retail Bazaar: Opportunities and Challenges" World Economy, Vol. 35, No. 1, pp. 79-90, 2012. (with Madhav Raghavan)
"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.
"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).
Gender and Economics
"Gender Representation in Economics Across Topics and Time: Evidence from the NBER Summer Institute" (with Paul Goldsmith-Pinkham) NBER Working Paper No. 23953. Reject & Resubmit Review of Economics and Statistics.
Gender, Rank and Access to Elite Networks: Evidence from the NBER. (with Paul Goldsmith-Pinkham) 2018. Working Paper.
International Financial Integration and Capital Flows
"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 Smith Breeden Prize for the best paper published in the Journal of Finance, 2004.
"Firm-Specific Information and the Efficiency of Investment." Journal of Financial Economics, Vol. 87, No. 3, pp. 636-655, 2008 (with Peter Blair Henry).
"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)
"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.
"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.
"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
“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 Liberalaliztion" (with Peter Blair Henry and Racha Moussa) Invited submission, Emerging Economic and Financial Challenges & Opportunities special issue, Forthcoming. Economic Modelling. A previous version of the paper circulated as "Does Capital Scarcity Matter?" NBER Working Paper No. 23921.
"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.
New paper: "Global Risk, Non-Bank Financial Intermediation and Emerging Market Vulnerabilities." Accepted by the
Annual Review of Economics. March 2023.
New paper: "Risk-On Risk-Off: A Multifaceted Approach to Measuring Global Investor Risk Aversion." (with Karlye Dilts-Stedman and Christian Lundblad). November 2023.
"The Return to Capital in Capital Scarce Countries" (with Jennifer Rhee). NBER Working Paper 27675, August 2020. Updated June 2021.
Foreign Direct Investment
"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.
The International Market for Corporate Control in Global Goliaths: Multinational Firms in the 21st Century Economy. 2021.
Sovereign and Corporate Debt
"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.
"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.
“Emerging Markets at Risk.” (with Gonzalo Asis and Adam Haas) AEA Papers and Proceedings, Volume 110, Pages 493-498. May 2020.
"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.
"The Transmission of Quasi-Sovereign Default Risk: Evidence from Puerto Rico" (with Ryan Leary and Toan Phan). Revised February 2021. This paper was previously circulated as NBER Working Paper No. 24108.
New paper The Unholy Trinity: Regulatory Forbearance, Stressed Banks and Zombie Firms, with Lakshita Jain and Nirupama Kulkarni, May 2022. December 2022 version: conference.nber.org/conf_papers/f173804.pdf
Reforms and Growth
"The Baker Hypothesis" with Peter Blair Henry and Hector Reyes. August 2020. Forthcoming Journal of Economic Perspectives.
"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)
"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.
The Indian Economy
"Understanding Inflation in India" (with Larry Ball and Prachi Mishra) Prepared for Brookings India Policy Forum 2015.
"Deregulation, Misallocation, and Size: Evidence from India" (with Laura Alfaro) The Journal of Law and Economics 2014. Vol. 57(4), pp. 897-936.
"Foreign Direct Investment in India's Retail Bazaar: Opportunities and Challenges" World Economy, Vol. 35, No. 1, pp. 79-90, 2012. (with Madhav Raghavan)
"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.
"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).
Gender and Economics
"Gender Representation in Economics Across Topics and Time: Evidence from the NBER Summer Institute" (with Paul Goldsmith-Pinkham) NBER Working Paper No. 23953. Reject & Resubmit Review of Economics and Statistics.
Gender, Rank and Access to Elite Networks: Evidence from the NBER. (with Paul Goldsmith-Pinkham) 2018. Working Paper.
