We provide a simple framework to study the prudential use of capital controls and currency
reserves that have been explored in the recent literature. We cover the role of both …

We empirically characterize how China is internationalizing the Renminbi by staggering the
entry of different types of foreign investors into its domestic bond market and propose a …

Governments use their countries' economic strength from existing financial and trade
relationships to achieve geopolitical and economic goals. We refer to this practice as …

Authorities' support policies shape the location and continuation of industrial and banking
activity on their soil. Firms' locus of activity depends on their prospect of receiving financial …

Financial integration generates macroeconomic spillovers that may require international
monetary policy coordination. We show that individual central banks may set nominal …

Should policymakers adapt their macroprudential and monetary policies when the financial
sector is vulnerable to belief-driven boom-bust cycles? I develop a model in which financial …

Competition between jurisdictions is a central feature of many public policy problems. I
examine the consequences of such competition in the US life insurance industry, where …

Global powers, like the United States and China, exert influence on other countries by
threatening the suspension or alteration of financial and trade relationships. We show that …

We introduce a framework for analyzing geopolitical and economic competition around the
world. Geopolitical power arises from the ability to jointly exercise threats arising from …

This paper examines the ability of macroprudential policies to dampen the pro-cyclicality of
credit market cycles and to enhance the macroeconomic stability in countries open to cross …