Instant Payment Systems and Competition for Deposits

Funded Research Proposal

How do instant payment technologies impact financial intermediation? I use municipality-level data on the development of Pix in Brazil and combine it with branch-level banking data to provide evidence that instant payments positively impact deposit market competition—Pix usage increases checking, saving, and time deposits of small banks relative to large banks.Read More

Credit Supply & Entrepreneurship in Low-Income Regions

Working Papers

We show that bank credit affects entrepreneurship, but only in low-income regions. We use a novel methodology to identify credit supply shock from regional demand shock using comprehensive data on small business loans between pairs of banks and counties in the US.Read More

Using Blockchain to Insure Against Climate Risk

Funded Research Proposal

Climate change will increase extreme weather events such as floods, droughts, and storms. In addition to tragic direct consequences that include deaths and physical damage to homes and businesses, climate change threatens to suppress business investments and slow economic growth by increasing the risk associated with capital investment.Read More