I discuss the multifaceted economic and financial vulnerabilities that have been created or exacerbated by the COVID-19 pandemic on a…
Russia’s invasion of Ukraine has been rapid and dramatic, but the global economic consequences will be much slower to materialize and less…
China’s lending boom to developing countries is morphing into defaults and debt distress. Given the secrecy surrounding China’s loans, also…
When we think about infrastructure, two features stand out in most people's minds: the high magnitude of investment costs and the up-front…
The US economy has not fully recovered, and continued shortfalls in employment and gross domestic product (GDP) warrant continued…
Compared with China's pre-eminent status in world trade, its role in global finance is poorly understood. This paper studies the size,…
This paper employs high frequency transactions data on the world’s oldest and most extensive centralized peer-to-peer Bitcoin market, which…
This paper employs an updated algorithm and database for classifying exchange rate and anchor currency choice, to explore the evolution of…
We study how search and information frictions shape market dynamics in global e-commerce. Observational data and self-collected quality…
Debt in emerging market and developing economies (EMDEs) is at its highest level in half a century. In about nine out of 10 EMDEs, debt is…