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Instant Payment Systems and Competition for Deposits

How do instant payment systems impact the banking landscape? I exploit quasi-random variation in exposure to the introduction of Pix in Brazil, an instant payment technology, to estimate that instant payments increase deposit market competition -- …

Surfing the Green Wave: What’s in a "Green" Name Change?

Banks’ Physical Footprint and Financial Technology Adoption

Are US Monetary Surprises Surprising? Evidence from Global Markets

We show that FOMC announcement surprises are predicted by preceding ECB monetary policy announcement surprises. Specifically, a 1 p.p. ECB monetary policy surprise predicts a subsequent 0.25 p.p. FOMC surprise. Increases in stock (bond) prices around …

Monetary Policy and Financial Stability

How should monetary policy respond to deteriorating financial conditions? We develop and estimate a dynamic new Keynesian model with financial intermediaries and sticky long-term corporate leverage to show that active response to movements in credit …

Blockchain and Banking Efficiency: Global Evidence from Ripple Network Adoption

The Impact of the Deposit Channel on the International Transmission of Monetary Shocks

We provide causal evidence that local market power in deposit markets drives international transmission of US monetary policy through global banks. After a contractionary monetary shock, global banks with local deposit market power increase bank …

Where Do Brown Companies Borrow From?

We study sources of debt for companies with poor ESG performance. Using a structural model of credit risk, we show that for low-ESG-rated firms, it is less expensive to borrow from banks than from public market compared to high-ESG-rated firms. As a …

Conflicting Fiduciary Duties and Fire Sales of VC-backed Start-ups