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WORKING PAPERS
April 11, 2023
This paper examines the impact of international differences in capital regulation on multinational banks’ loan origination location decisions. We find that greater borrower transparency to a local bank establishment makes loan location at this establishment more likely, and that regulatory arbitrage...
Blog Post
April 11, 2023
Regulatory arbitrage—the practice whereby banks try to escape jurisdictions with more stringent regulations in favor of less stringent ones—has been a topic of active research interest. Previous research has shown that banks do indeed direct financial flows to countries with less strict regulations,...
CGD NOTES
March 16, 2023
The the wake of the Silicon Valley Bank collapse, bank regulators and supervisors in emerging markets should be looking closely at their own banking systems with lessons from Silicon Valley in mind. For most emerging markets, where previous banking crises were devastating and turned back the clock o...
Blog Post
March 01, 2023
Last week I was just thinking about writing a blog about a new economics working paper, when I got access to the new Bing AI chatbot, trailed as yet another improvement on ChatGPT and with up to date internet access. It turns out Bing can write a very passable blog summary of a working paper recentl...
Blog Post
January 31, 2023
A central objective of climate policy is the reduction of carbon emissions, either by promoting renewable energies and increasing energy efficiency across sectors, or by imposing restrictions on activities contributing to greenhouse gas (GHG) emissions. The financial sector is expected to play a maj...
Blog Post
January 19, 2023
Kenya has become a poster child for digitally driven development. Known as “Silicon Savannah,” the country has a multi-billion-dollar tech industry that routinely produces startups. Among its most prominent successes is M-Pesa. Launched in 2007, the mobile wallet service revolutionized how Kenyans t...
WORKING PAPERS
November 17, 2022
The large divergence in the returns of top-performing star firms and the rest of the economy is substantially reduced when we account for the mismeasurement of intangible capital. Star firms produce and invest more per dollar of invested capital, have more valuable innovations as measured by the mar...
CGD NOTES
November 16, 2022
Inflation has become a central feature of the global economy. In Latin America (aside from idiosyncratic cases such as Argentina and Venezuela, where high inflation rates have long been the norm), inflation began to rise the first half of 2021, at the same time it did in the US. The fact that risin...
WORKING PAPERS
September 06, 2022
Can governments contract out school management at scale? In 2016 the Government of Punjab transferred management of over 4,000 failing primary schools to private operators. Schools remained free to students. Private operators received a government subsidy per enrolled student of less than half per-s...