Recent Research


Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar


European Government Bond Markets: Transparency, liquidity, efficiency


European Corporate Bond Markets: Transparency, liquidity, efficiency


'A lender of first resort' (with Daniel Cohen )


Price Discovery in the European Bond Market

(revised version of 'Defining Benchmark Status: An Application using Euro-Area Bonds')


The Determinants of Cross-Border Equity Flows


Resolution of sovereign debt crises:  The new old framework


Dealing with destabilizing "market discipline"


Who's afraid of the big enlargement?


Making sense of globalization


The euro and the international financial system


Information and capital flows: The determinants of transactions in financial assets


The emergence of the euro as an international currency


The costs and benefits of eastern enlargement: the impact on the EU and central Europe