Research

I. Published and accepted papers:

1. Do Universal Banks Finance Riskier but More Productive Firms? (with Farzad Saidi)
Journal of Financial Economics
 Vol. 128 (2018), Pages 66–85

2. Sovereign Debt Auctions in Turbulent Times  (with  Harold L. Cole and Guillermo Ordoñez)
AEA Papers and Proceedings 2022, 112: 526–530 [Publisher’s Link]

3. Asymmetric Information and Sovereign Debt: Theory meets Mexican Data (with  Harold L. Cole and Guillermo Ordoñez)
Journal of Political Economy  Vol. 130 No. 8 (2022), 2055-2109. [Publisher’s Link]

4. Collateral Quality and Intervention Traps [SSRN] (with Michael Junho Lee)
Journal of Financial Economics  Vol. 147 No. 1 (January 2023), 159-171. [Publisher’s Link]

5. Information Spillovers and Sovereign Debt: Theory Meets the Eurozone Crisis (updated 7/2023, with Harold L. Cole and Guillermo Ordoñez)
Review of Economic Studies [Publisher’s Link]

6. Financial Market Concentration and Misallocation [SSRN] (updated 7/23, with Michael Sockin)
Accepted, Journal of Financial Economics

II. Under Revision

7. Portfolio Regulation of Large Non-Bank Financial Institutions [SSRN] (updated 11/2023,, with Mahyar Sefidgaran and Michael Sockin)
Revise and Resubmit, Review of Financial Studies

8. Inefficient Asset Price Booms (4/2019)
Revise and Resubmit, Review of Financial Studies
Previously titled “Macroeconomic Effects of Secondary Market Trading”
Winner, Lamfalussy Fellowship
Runner-up, 2016 European Systemic Risk Board Ieke van den Burg Prize

9. Less Bank Regulation, More Non-Bank Lending [SSRN] (03/2023, with Mary Chen, Seung Lee and Farzad Saidi)
Revise and Resubmit, Review of Finance

III. Working Papers

10.  Strategic Savings and Capital Flows [SSRN]  (3/2024, first version 9/2022, with Michael Sockin)
(previously titled “Wealth Dynamics and Financial Market Power”)

11. Demand-System Asset Pricing: Theoretical Foundations [SSRN]  (02/2024, with William Fuchs and Satoshi Fukuda)

12. When Should Governments Buy Assets? [SSRN] (1/2024, first version 12/2022, with Michael Sockin)

 

13. A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information  (with Harold L. Cole and Guillermo Ordoñez)
Also available as NBER Working Paper 24890

IV. Work in Progress

14. Credit Market Interventions for the Long-Run [Slides] (with Michael Junho Lee)

15. Bank Regulation and Market Discipline (with William Fuchs and Satoshi Fukuda)