Annual Conference

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Corporate Finance

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May 2025

Redistribution Channel of Monetary Policy: Evidence from Bank Lending

Yi HUANG, Bing LU, Hao ZHOU
Using the employer-employee survey data and the granular loan-level data from China, this paper explores the redistribution effect of monetary policy through bank lending. The main findings show that the expansionary monetary policy would reduce inequality through the sample bank lending, both withi...
Keywords: Monetary policy transmission, Redistribution effect, Bank lending, Loan rate, Income inequality
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2025

A Model Of Global Currency Pricing

Michael B. DEVEREUX, Kang SHI, Rui LU, Juanyi (Jenny) Xu
This paper proposes a concept of a global currency and introduces a “global currency pricing” specification into a standard N-country open economy macroeconomic model. A global currency is defined as a virtual unit of account that is exclusively used for international trade invoicing and is form...
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2025

Corporate Debt, Boom-Bust Cycles, and Financial Crises

Victoria IVASHINA, Sebnem KALEMLI-OZCAN, Luc LAEVEN, Karsten MULLER
Using a new dataset on sectoral credit exposures covering financial and non-financial sectors in 115 economies over the period 1940–2014, we document the following evidence that corporate debt plays a key role in explaining boom-bust cycles, financial crises, and slow macroeconomic recoveries: (i)...
Keywords: Financial crises, banking crises, credit booms, corporate debt, household debt
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2025

Inflation Expectation and Cryptocurrency Investment

Lin William CONG, Pulak GHOSH, Jiasun LI, Qihong RUAN
Using proprietary data from the predominant cryptocurrency exchange in India together with the country’s Household Inflation Expectations Survey, we document a significantly positive association between inflation expectations and individual cryptocurrency purchases. Higher inflation expectations a...
Keywords: Bitcoin, Crytocurrency, Household Finance, Inflation, Stablecoin
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2025

Geopolitical Risk and Global Banking

Friederike NIEPMANN, Leslie SHEN
How do banks respond to geopolitical risk, and is this response distinct from other macroeconomic risks? Using U.S. supervisory data and new geopolitical risk indices, we show that banks reduce cross-border lending to countries with elevated geopolitical risk but continue lending to those markets th...
Keywords: geopolitical risk, bank lending, credit risk, international spillovers
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