Main publications

1. Geographic diversification and bank lending during crises (PDF, SSRN, Online Appendix), with P. Schaz, Journal of Financial Economics 140(3), pp 768-788, 2021

2. Stress tests, entrepreneurship and innovation (PDF, SSRN), Review of Finance 25(5), pp 1609-1637, 2021

• Read summaries by Moody's Analytics and the Financial Services Forum

3. Financial crises and political radicalization: How failing banks paved Hitler's path to power (PDF, SSRN), with S. Gissler, J.-L. Peydró and H.-J. Voth, The Journal of Finance 77(6), pp 3339-3372, 2022

• For summaries, see The Economist and The Guardian

4. The fintech gender gap (PDF, SSRN), with S. Chen,  J. Frost, L. Gambacorta and H.S. Shin, Journal of Financial Intermediation 54(101026), 2023 (lead article)

   • • Covered in Bloomberg's The Fintech Express Is Leaving Women Behind as well as Bloomberg's Why Are Women Less Likely to Use AI?

5. Regulatory Sandboxes and fintech funding: Evidence from the UK (PDF, SSRN), with G. Cornelli, L. Gambacorta and O. Merrouche, Review of Finance 28(1), pp 203-233, 2024

6. Population Aging and Bank Risk-Taking (PDF, SSRN), with G. Kabas and S. Ongena, Journal of Financial and Quantitative Analysis 59(7), pp 3037-3061, 2024

   • • Read Matt Levine's Money Stuff summary over at Bloomberg

7. International Trade and the Allocation of Capital Within Firms (PDF, SSRN), with D. Marin, D. Suverato and T. Verdier, Journal of International Economics 153 (104023), 2025

8. Information Technology in Banking and Entrepreneurship, with T. Ahnert, N. Pierri and Y. Timmer, Management Science, accepted

Working papers

• Bank geographic diversification and funding stability

• Income Inequality and Job Creation, with T. Drechsel and D. Lee

  • • R&R at Review of Economic Studies

    • Read a summary in our EFIP Research Brief or on VoxEU

• Privacy regulation and fintech lending, with L. Gambacorta, L. Guiso and M. Sanchez del Villar

  • • R&R at Review of Finance

    • Best Paper Award @ FMARC

    • Read a summary by Moody's Analytics and on VoxEU

• The financial origins of regional inequality, with A. Beck

  • • R&R at Journal of Money, Credit and Banking

    • Read a summary by Brookings' Hutchins Roundup

• Affordable housing, unaffordable credit? Concentration and high-cost lending for manufactured homes, with A. Fuster

• Money market funds and the pricing of near-money assets, with E. Eren and S. Malamud

  • • Arthur Warga Award for Best Paper in Fixed Income at SFS Cavalcade Asia-Pacific 2024

• Non-bank lending during crises, with I. Aldasoro and H. Zhou

  • • R&R at Review of Finance

• Collateralized lending in private credit, with I. Aldasoro

• Housing Booms, Reallocation, and Productivity

  • • Young Economist Award @ EEA-ESEM Annual Congress; Young Innovators Award @ Vordenker Forum

    • Read summaries in The Economist and The Wall Street Journal

Book chapters, review articles, etc

• Big techs in finance (2024), with J. Frost, L. Gambacorta and V. Shreeti, Oxford Handbook of Banking 4th Edition

• Literature review on financial technology and competition for banking services (2024), with H. Boogard et al, BCBS Report no 43

• Central bank digital currencies and data in the digital age: A triple imperative (2021), with R. Auer, J. Frost, L. Gambacorta and H.S. Shin, in CEPR e-book "Central Bank Digital Currency: Considerations, Projects, Outlook"