How much capital should financial intermediaries hold? We propose a general equilibrium
model with a financial sector that makes risky long‐term loans to firms, funded by deposits …

We explore the complementarity between a central bank and a financial stability Fund in
stabilizing sovereign debt markets. The central bank pursuing its mandate can intervene …

We examine optimal capital requirements in a quantitative general equilibrium model with
banks exposed to non-diversifiable borrower default risk. Contrary to standard models of …

The up‐and‐coming influence of the RMB on currency co‐movements is examined in this
paper, in the context of a transpiring tri‐polar international monetary system advocated in …

Financial frictions are a key element of our economies. Climate change is too. Ambitious
climate policy, coupled with financial frictions, has the potential to create macrofinancial …

We study the interaction between borrowers' and banks' solvency in a quantitative
macroeconomic model with financial frictions in which bank assets are a portfolio of …

I estimate a transition probability matrix associated with a two-state Markov process of
emerging market economies (EMEs) volatility. The different states of EMEs volatility …

We study a model in which leverage and compensation are both choice variables for the firm
and borrowing spreads are endogenous. First, we analyze the correlation between leverage …

In the first chapter, I show that the long-term decrease in the nominal short rate since the
1980s contributed to a decline in banks' supply of business loans, firm investment and new …

In this paper we construct a dynamic general equilibrium model with limited liability banks to
compare financial stability and macroeconomic outcomes under a regime in which banks …