This paper presents novel stylized facts about the rise of the South in global finance using country-to-country data. To do so, the paper assembles comprehensive bilateral data on cross-border bank loans and deposits, ...

Emerging market crises are characterized by large swings in both macroeconomic fundamentals and asset prices. The economic significance of observed movements in macroeconomic variables is obscured by the brief and extreme ...

Do financial intermediaries influence firms’ (real and financial) outcomes? Are there interactions with monetary and macroprudential policy? This thesis tackles those questions from multiple perspectives. The first chapter ...

This thesis is composed of three independent articles. The first two chapters are on the topic of asset bubbles. In the first chapter, I study the interactions between rational asset bubbles and product market competition. ...

This thesis provides an empirical investigation of international capital flows and how they affect financial markets and economic activity, with a focus on capital flows from benchmarked investors. In the first chapter, ...

This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out ...

This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out ...

We analyze the conduct of fiscal policy in a financially integrated union in the presence of financial frictions. Frictions create a wedge between the return to investment and the union interest rate. This leads to an ...