Papers & Opinions


Paper


Posted on 22 March 2024

The English Parliament’s struggle for supremacy against monarchical dictatorship during the Civil War (1642–1648) was crucial for the establishment of representative government, yet its lessons continue to be debated. I...

Paper


Posted on 27 November 2023

We examine the roles of commercial bank ownership and CEO faction membership in facilitating or in hindering the implementation of central bank policy in China. Both ownership and membership matter:...

Paper


Posted on 9 February 2023

Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal...

Paper


Posted on 25 January 2023

Since the 1980s many countries have reformed the institutional framework governing their central banks to increase operational independence. Collecting systematic biographical information, international press coverage, and independent expert opinions, we...

Paper


Posted on 17 January 2022

This paper investigates the political ties of too-big-to-fail bank boards in crisis times. We argue that after a bailout, governments are likely to influence bank board compositions to secure control...

Paper


Posted on 15 November 2021

I document that political connections are an important driver of investment strategies of U.S. mutual funds. I collect data on mutual fund holdings of U.S. Congress members and equity holdings...

Paper


Posted on 23 August 2021

We present novel evidence on the value of cross-border political access. We analyze data on meetings of US multinational enterprises (MNEs) with European Commission (EC) policymakers. Meetings with Commissioners are...

Paper


Posted on 30 June 2021

In this paper, we study the consequences of banks’ political connectedness for economic activity. We focus on the subset of banks that donate to candidates in US congressional elections, and...

Paper


Posted on 21 May 2021

This paper introduces a voting model into a setting with negative borrowing externalities to study voter preferences for prudential regulation. Voters internalize the general equilibrium impact of prudential policy on...