Link to working papers

Publications, accepted and forthcoming papers:
·      “What drives local lending by global banks?” accepted, Journal of International Money and Finance (with Stefan Avdjiev and Ralf Hepp).
·      “Interest rates, R&D investment and the distortionary effects of R&D incentives” accepted, European Economic Review (with Zeynep Kabukcuoglu).
·      "The credit channel is alive at the zero lower bound but how does it operate? Firm-level evidence on the asymmetric effects of U.S. monetary policy,” In Press. Economic Modelling (with Zeynep Kabukcuoglu and Kiyoung Jeon)." https://doi.org/10.1016/j.econmod.2018.07.004
·      “The effects of global bank competition and presence on local economies: The Goldilocks principle may not apply to global banking,” Economic Modelling, 70C, 2018, 159-173.
·      “Bank size and macroeconomic shock transmission: Does the credit channel operate through large or small banks?” Journal of International Money and Finance, vol. 65, 2016, pages 117-139.
·      “The determinants of global bank lending: Evidence from bilateral cross-country data,” (with Ralf Hepp), Journal of Banking and Finance, vol. 66, 2016, pages 35-52.
·      “Searching for the source of macroeconomic integration across advanced economies,” Oxford Economic Papers, vol. 68(2), 2016, pages 316-339.
·       “Duration of bankruptcy proceedings and monetary policy effectiveness," Journal of Macroeconomics, 44, 2015, 295–302.
·        “International transmission of financial shocks in an estimated DSGE model,” (with Sami Alpanda), Journal of International Money and Finance, Volume 47, October 2014, Pages 21–55.
·         “Bankruptcy resolution capacity and economic fluctuations”, Journal of Macroeconomics, vol. 40, 2014, Pages 387-399.
·         “An alternative measure of structural unemployment,” (with Florence Bouvet and Richard Hofler), Economic Modelling, vol. 38, February 2014, Pages 592-603.
·          “Can time varying risk premiums explain the excess returns in the interest rate parity condition?” (with Sanglim Lee), Emerging Markets Review, Volume 18, 78-100, 2014.
·         “Identifying the balance sheet and lending channels of monetary transmission: A loan-level analysis" (with  Ralf Hepp), Journal of Banking and Finance, Volume 37, Issue 8, August 2013, Pages 2812-2822.
·         “Financial frictions and the strength of monetary transmission” (with Adam Honig and Ryan Brady), Journal of International Money and Finance, Volume 32, February 2013, Pages 1097-1119.
·          “Global Banking and the Balance Sheet Channel of Monetary Transmission” (with Sami Alpanda), International Journal of Central Banking, Volume 8, Issue 3, September 2012, Pages 141-175.
·         “Capital Flows, Maturity Mismatches and Profitability in Emerging Markets: Evidence from Bank Level Data,” Journal of Developing Areas, 46(1), Spring 2012, 211-239.
·         “Bankruptcy Costs, Liability Dollarization, and Vulnerability to Sudden Stops,” (with Adam Honig) Journal of Development Economics, Volume 95, Issue 2, July 2011, Pages 201-211. Appendix B
·          “Securitization and the Balance Sheet Channel of Monetary Transmission”  (with Ralf Hepp), Journal of Banking and Finance, Elsevier, vol. 35(8), pages 2111-2122, August, 2011.
·         “An Alternative Method for Measuring Financial Frictions,” The B.E. Journal of Macroeconomics, Vol. 11: Iss. 1 (Topics), Article 7, 2011.
·         “Derivatives Market Activity in Emerging Markets and Foreign Exchange Exposure,” (with Melanie Guldi) Emerging Markets Finance and Trade, 47(6), November-December, 2011, 46-67.
·         “Exchange Rate Exposure: A Nonparametric Approach,” (with Melanie Guldi), Emerging Markets Review, Volume 12, Issue 4, December 2011, Pages 321-337.
·         “Testing for Balance Sheet Effects in Emerging Market Countries: A non-crisis setting” International Finance, Volume 13, Issue 2, Summer 2010, Pages: 223–256.
·         "Automatic Stabilizer Feature of Fixed Exchange Rate Regimes," Emerging Markets Review, Vol. 9, Issue 4, December 2008, pp. 302-328

Working Papers
​• “The common sources of business cycles in Trans-Pacific countries and the U.S.? A comparison with NAFTA" revision submitted, The World Economy (with Takeshi Yagihashi). ​ Appendix A , Appendixes B and C.