Almost new stuff

• Local Currency Denominated Sovereign Loans - A Portfolio Approach to Tackle Moral Hazard and Provide Insurance, (with Filippo Taddei) IHEID Working Paper

• Make-Wholes in Sovereign Bonds (Not sure why they are there, but they may be free) (with Mitu Gulati), CEPR DP

• Local Crowding out in China (with Y. Huang and M. Pagano). The Journal of Finance

• Understanding the Lebanese financial crisis (with F Hassan) FT Alphaville

• When Governments Promise to Prioritize Public Debt: Do Markets Care? (with Mitu Gulati, Mark Weidemaier, & Gracie Willingham) Journal of Financial Regulation

• Come risolvere il problema del debito pubblico italiano: un'analisi critica delle soluzioni facili. Rivista di Politica Economica

• Smart Development Banks (with E. Fernandez-Arias & R. Hausmann) Journal of Industry, Competition & Trade

• Corporate Debt, Firm Size and Financial Fragility in Emerging Markets (with Laura Alfaro, Gonzalo Asis, & Anusha Chari ) Journal of International Economics

• Should Creditors Pay the Price for Dubious Bonds? (with M. Gulati & M. Weidemaier) Project Syndicate

• Note su domanda di moneta, debito e signoraggio

• La spiacevole aritmetica sovranista Il Foglio

• The Motives to Borrow (with A. Fatás, R. Ghosh, & A. Presbitero) IMF WP, CEPR DP in in S. Abbas, A. Pienkowski, and K. Rogoff (eds.) Sovereign Debt: A Guide for Economists and Practitioners, Oxford University Press.

• Promises to repay and sovereign spreads & How Credible are Rules Requiring Sovereign States to Give Super-Priority to the Public Debt? (with M. Gulati, M. Weidemaier, & G. Willingham) VoxEU & Oxford Business Law Blog

• Investment Gaps in Latin America and the Caribbean (with Francesca Castellani, Marcelo Olarreaga, and Yue Zhou) International Development Policy

• When Governments Promise to Prioritize Public Debt: Do Markets Care? (with Mitu Gulati, Mark Weidemaier, & Gracie Willingham) CEPR Discussion Papers

• Inflation Expectations: Review and Evidence (with Ayhan Kose, Hideaki Matsuoka, & Dana Vorisek) CEPR Discussion Papers

• The Real Effects of Financial Globalization: What Do the Data Say? Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science

• Maduro Bonds (with Mitu Gulati) in Juan Flores and Pierre Penet (eds) Sovereing Debt Diplomacies, Oxford University Press

• Unequal Gains: American Growth and Inequality since 1700, The Economic Record

• The cyclicality of international public sector borrowing in developing countries: Does the lender matter? (with Arturo Galindo) World Development

• W la democrazia dei mercati Il Foglio

• When You Are Missing a Paragraph; A crowdsourced paper in honor of Charles Wyplosz

• Corporate foreign bond issuance and interfirm loans in China (with Y. Huang and R. Portes) NBER WP and CEPR DP versions

• How to solve the Greek debt problem (with J. Zettelmeyer, E. Avgouleas, B. Eichengreen, M. Poiares Maduro, R. Portes, B. Weder di Mauro, and C. Wyplosz) Peterson Institute Policy Brief

• Independent report on the Greek official debt (with B. Eichengreen, E. Avgouleas, M. Poiares Maduro, R. Portes, B. Weder di Mauro, C. Wyplosz and J. Zettelmeyer) CEPR Policy Insight VoxEU Piece

• Un Fallimento Sovranista,Il Foglio

• Can Countries Rely on Foreign Saving for Domestic Investment (and Development)? (with E. Cavallo and B. Eichengreen). Review of World Economics VoxEU Piece

• The Folk Theorem of Decreasing Effectiveness of Monetary Policy: What Do the Data Say? (with C. Wyplosz). Russian Journal of Money and Finance (March 2018)

• Non-linearities in the Relationship between Finance and Growth, Comparative Economic Studies (March 2018) French version Non-linéarités dans la relation entre finance et croissance in Revue d'économie financière

• Investment Gaps in IDB Borrowing Countries (with F. Castellani, M. Olarreaga, and Y. Zhou) IHEID Working Paper

• A Note on the Economics of Philanthropy, (with N. Monnet) IHEID Working Paper

• And Yet It Moves: Inflation and The Great Recession (with D. Miles, R. Reis, and A. Ubide), VoxEU Piece, on Sole 24Ore

• Odiousness Ratings for Public Debt (with R. Hausmann), Project Syndicate

• The use of corruption indicators in sovereing ratings, IDB Technical Note

• Lessons Unlearned? Corporate Debt in Emerging Markets (with L. Alfaro, G. Asis, and A. Chari) CEPR Discussion Paper and NBER Working Paper, VoxEU Piece

• Does Greece need more offcial debt relief? If so, how much? (with J. Zettelemeyer and E. Kreplin), Working Paper, Peterson Institute for International Economics

• Non-linearities in the Relationship between Finance and Growth, IHEID Working Paper

• A Perfectly Crazy Idea for the IMF, Project Syndicate

• Public Debt and Private Firm Funding: Evidence from Chinese Cities (with Y. Huang and M. Pagano), VoxEU piece

• The second wave of global liquidity: why are firms acting like financial intermediaries? (with J. Caballero and A. Powell), VoxEU Piece

• Public Debt and Long-Term Economic Growth: The Research and Policy Agenda, Proceedings of the 43rd Economics Conference, Austrian National Bank (2015).

• Billions on the Sidewalk: Improving Savings by Reducing Investment Mistakes (related material at the Harvard/WEF Symposium)

• CIEPR-Brookings Report on Corporate Debt in Emerging Markets (with V. Acharya, S. Cecchetti, J. De Gregorio, S. Kalemli-Ozcan, and P. Lane) see also VoxEU piece

• Too Much Finance or Statistical Illusion: A Comment (with JL Arcand and E Berkes)

• VoxEU Piece on Financing for Development (with C. Adam, A. Presbitero and D. Vines)

• Debt Sustainability in Low-Income Countries - The Grants versus Loans Debate in a World without Crystal Balls

• Peru’s Great Depression A Perfect Storm? (with Gonzalo Llosa)

• To QE or not to QE my contribution to The Economist roundtable on the Quantitative Easing

• Rashomon in euro land, my contribution to The Economist roundtable on the euro zone

• A Surplus of Ambition: Can Europe Rely on Large Primary Surpluses to Solve its Debt Problem? (with B. Eichengreen) NBER WP 20316, VoxEU piece, on the Financial Times, on The Economist, other Financial Times

• Public Debt Risks in Italy, on Fortune

• Financial Development and Economic Growth: Known Knowns, Known Unknowns, and Unknown Unknowns

• Debt Composition, Debt Levels and Sovereign Spreads in Emerging and Advanced Economies (with S. Dell'Erba and R. Hausmann)

• Do We Need a Mechanism for Solving Sovereign Debt Crises? A Rule-Based Discussion (VoxEU pieces about the first and second part of the paper)

• Public Debt and Economic Growth in Advanced Economies: A Survey (with A. Presbitero), VoxEU piece, lavoce.info, il Sole 24 Ore, and interview about the paper

• Finance and Economic Development in a Model with Credit Rationing (with JL Arcand and E. Berkes)

• Public Debt and Economic Growth: Is There a Causal Effect? (with A. Presbitero) VoxEU piece about the paper

• Too Much Finance? (with JL Arcand and E. Berkes) BBC interview, on The Economist, a video interview about the paper, VoxEU piece