Recently published

New paper in the JPE Macro

by

My paper Softening the Blow: U.S. State-Level Banking Deregulation and Sectoral Reallocation after the China Trade Shock with Lilia Ruslanova Habibulina is about to appear in the September 2024 issue of the Journal of Political Economy Macroeconomics. (follow the link above for open access. Link to replication files in the Harvard Dataverse). The upshot: U.S. … Read more

New paper in the Journal of International Economics

by

The paper By a Silken Thread: regional banking integration and  credit reallocation during Japan’s lost decade (with Toshihiro Okubo),  has been accepted by the  Journal of International Economics.

We show how the geographical reallocation of credit dampened regional heterogeneity in business cycles during Japan’s lost decade. Even though large, country-wide (“integrated”) banks were most affected by the property crisis in the major cities, they reduced their lending less in areas where they had many bank-dependent SME customers all while reducing credit to big corporates who increasingly turned to bond issuance.

Read more

New paper in the IMF Economic Review

by

Our paper Channels of Risk Sharing in the Eurozone: What Can Banking and Capital Market Union Achieve? (with Egor Maslov, Iryna Stewen and Bent E. Sorensen) is now forthcoming in the IMF Economic Review. In the paper, we argue that the interplay of equity market and banking integration is of first-order importance for risk sharing … Read more

New paper in JEEA

by

Our paper “ Holes in the Dike: The Global Savings Glut, U.S. House Prices and the Long Shadow of Banking Deregulation” (with Iryna Stewen) is now forthcoming in the Journal of the European Economic Association. In the paper, we argue that capital inflows into the U.S. greatly contributed to the housing boom in the years … Read more

Shocks and risk sharing in the EMU: Lessons for Banking and Capital Market Union

by

A short policy piece by Mathias Hoffmann and his co-authors Bent Sorensen, Egor Maslov and Iryna Stewen on how to ensure that risk sharing in EMU  becomes resilient to systemic banking shocks has just appeared in a new CEPR e-book edited by my colleagues Jan-Egbert Sturm and Nauro Campos entitled Bretton Woods, Brussels, and Beyond: … Read more

New paper in RoWE

by

My paper “A provincial view of Global Imbalances: Regional Capital Flows in China” with Samuel Cudré (Mc Kinsey & Co) is now forthcoming in the Review of World Economics