Results

Journal article

Journal of International Economics:

How to grow an invoicing currency: micro evidence from Argentina

We study the internationalization of the Chinese renminbi (RMB) leveraging a unique policy experiment. In 2023, amid a dollar shortage, Argentina expanded a currency swap line with China. The share of imports from China ...Read more...

CEP discussion paper

How to grow an invoicing currency: micro evidence from Argentina

How can a currency achieve more widespread international use? We study the internationalization of the Chinese renminbi (RMB) through the lens of a unique policy experiment in Argentina. In 2023, amid a severe dollar sho...Read more...

Blog

VOX EU:

The housing consumption channel of mortgage demand

Many housing markets have experienced a dramatic rise in house prices and mortgage debt over recent decades that has outpaced average income growth. Increased wealth and increased collateral values have been cited as pos...Read more...

Journal article

Journal of Housing Economics:

Housing in Europe: a different continent ? a continent of differences

This article provides the introduction to the special issue on `Housing in Europe: a different continent ? a continent of differences? in the Journal of Housing Economics in 2018. Europe is a large continent with a long ...Read more...

CEP discussion paper

The persistence of a banking crisis

This paper analyses the effects of bank lending on GDP and employment. Following losses on international financial markets in 2008/09, a large German bank cut its lending to the German economy. I exploit variation in dep...Read more...

CEP discussion paper

Does the Underground Economy Hold Back Financial Deepening? Evidence from the Italian Credit Market

The paper investigates the relationship between underground activities and financial deepening. The access to external finance requires entrepreneurs to disclose credible information through formal documentation. This re...Read more...

CEP discussion paper

Collateral Value and Forbearance Lending

We investigate the foreclosure policy of collateral-based loans in which the endogenous collateral value plays a crucial role. If creditors are able to commit, then the equilibrium arrangement is more likely to feature f...Read more...