Discussion Papers

Debt recycling is an aggressive equity extraction strategy that potentially permits faster repayment of a mortgage. While equity progressively builds...

This paper is concerned with upstreamness and downstreamness of industries and countries in global value chains. Upstreamness and downstreamness...

Ranking sectors and countries within global value chains is of paramount importance to estimate risks and forecast growth in large economies. However...

We study the short-term effects and long-term consequences of Fed crisis interventions on market fears — the risk perception of large asset price...

We examine how the tail risk of currency returns over the past 20 years were impacted by central bank (monetary and liquidity) measures across the...

As the financial authorities increase their use of artificial intelligence (AI), micro regulations, such as consumer protection and routine banking...

We propose the CoJPoD, a novel framework explicitly linking the cross-sectional and cyclical dimensions of systemic risk. In this framework, banking...

Using hand-collected data spanning more than a decade on European banks’ sovereign debt portfolios, we show that the trust of residents of a bank’s...

Does the increased prevalence of algorithmic trading (AT) produce real economic effects? We find that AT contributes to managerial learning by...

Innovativity – an economy's ability to produce the innovations that drive total factor productivity (TFP) growth – requires both ideas and the ability...

We find some evidence of regulatory convergence in four distinct areas of business activity over the 2005-2019 period. This convergence is most...

We study the evolution of pay in US bank holding companies since 1986 using a structural model of the banking firm. The model incorporates a strong...

We show that all discounted stochastic games DSGs satisfying the usual assumptions have Nash payoff selection correspondences having fixed points. Our...

We develop a model in which long-term swap spreads are determined by end users’ demand for swaps, constrained dealers’ supply of swaps, and the risk...

We ask whether epidemic exposure leads to a shift in financial technology usage and who participates in this shift. We exploit a dataset combining...

An important aspect of network dynamics that has been missing from our understanding of network dynamics in various applied settings is the influence...