The growth of private credit has often been attributed to tighter banking regulation and low policy rates. Such things certainly played a role early on, but they are difficult to reconcile with the rapid growth in private credit since 2020, when rates went up and regulation, if anything, loosened

Iñaki Aldasoro@aldasoro.bsky.social · 4w ago

Hey hey! BIS Quarterly Review is out. Check out our article with Puriya Abbassi and Sebastian Doerr on the role of private credit in financing the digital economy www.bis.org/publications...

New paper with @jomichell.bsky.social and Ayoze Alfageme: “An analytical heterogeneous agent macro model of concentration, markups & falling labour shares” www.sciencedirect.com/science/arti... 1/6

No mere imitation will do. Development is inherently innovative. Minsky (1959), master of the haikus

A great summary piece of a great paper! Stablecoins and the new face of dollarisation - @aldasoro.bsky.social and Jon Frost odi.org/en/insights/...

Are Bessent's proposed swap lines with Gulf and Asian states an indication that the dollar has become what Susan Strange--the OG theorist of the geoeconomics of international currencies--called a "Negotiated Currency"? A short 🧵(1/10)

Taking advantage of the news about countries asking for (probably US Tsy) swaps to talk about central bank swaps, and using one of those charts from my thesis that took way too much time not to use again and... odi.org/en/insights/... Data & ideas from Murau et al. ('21), Bahaj et ('26) & BIS

Y’all look like you need a break after a nerve-wracking week! Then check out our new paper on stablecoins and their spillovers to FX markets! This one is a biggie! Lots of empirics plus a very nice model w/ plenty of counterfactuals, for policy and research nerds alike! www.bis.org/publ/work134...

Stablecoin flows and spillovers to FX markets

Using data on four USD-pegged stablecoins and 27 fiat currencies, this paper documents spillovers from stablecoin-based foreign exchange (FX) to traditional FXmarkets. We document a gap between the co...

bis.org

📣 Call for Papers 📣 The OBFA-TRANSFORM research group is hosting a workshop on 12-13 June at the Freie Universität Berlin! The title is "Monetary Architecture. Mapping the Web of Interlocking Balance Sheets in Times of Change". See the CfP here: tinyurl.com/5n7aab2r ▶️ Apply by 10 April

Still a few days left to apply. Do join us!! 📢 Call for Papers: PKES–IIPPE PhD Student Conference 2026 🗓 3 June 2026 📍 University of Hertfordshire (UK) ⏰ Deadline: 27 March 2026 🔗 Application form: shorturl.at/oI6az 📄Full details: shorturl.at/tmXfs

Y’all look like you need a break from the news cycle (evergreen!). Check out our new paper with Jon Frost & Hiro Ito about the impact of stablecoins on the international monetary system, w/ focus on EMEs Lots of graphs w/ stylised facts, currency functions, scenarios papers.ssrn.com/sol3/papers....

After a year of research and engagement with the Uganda Development Bank, @anninak.bsky.social, @bbonizzi.bsky.social, @iweigandi.bsky.social and I share this new briefing on a currency risk-sharing facility for long-term local currency climate finance in Uganda. www.linkedin.com/posts/kpatri...

Briefing: Currency Risk-Sharing Facility | Karina Patrício Ferreira Lima

Currency risk is a structural constraint in development finance, and this is even more pronounced in climate finance. Climate and infrastructure projects generate revenues in local currency, yet finan...

linkedin.com

Se viene la Escuela de Tópicos Avanzados de Economía Política, organizada por @DevEconNetwork y @idaesoficial, del 13 al 17 de julio en Buenos Aires. Para estudiantes avanzadxs y graduadxs recientes de economía y carreras afines de América Latina 🌎

Y’all look like you need a break from the appalling news cycle. Why not spend it learning about offshore activity, informed by the awesome BIS statistics?? Check our new article, just out in the march edition of the BIS Quarterly Review www.bis.org/publ/qtrpdf/...

International finance through the lens of BIS statistics: offshore activity

Offshore activity has become an integral part of international finance, with companies increasingly issuing bonds via financial affiliates abroad while banks and other financial firms channel credit t...

bis.org

The Argentinian National Securities Commission ordered the suspension of the peso stablecoin ARGt due to irregularities www.argentina.gob.ar/noticias/ces...

Cese de oferta pública irregular y negociación de stablecoin en pesos con rendimiento

La Comisión Nacional de Valores (CNV) informa al público inversor que se ha realizado una intimación al cese inmediato de determinadas actividades en el ámbito de la oferta pública en la República Arg...

argentina.gob.ar

🚨 The political economy of finance summer school is back, 3rd year running! Better still: We're bringing it to London via @lse-ei.bsky.social. 𝐓𝐨𝐩𝐢𝐜: Finance & democracy 𝙳̲̲𝚊̲̲𝚝̲̲𝚎̲: 4-5 June 2026 𝘈𝘱𝘱𝘭𝘪𝘤𝘢𝘵𝘪𝘰𝘯 𝘥𝘦𝘢𝘥𝘭𝘪𝘯𝘦: March 1. Link below. We've got brilliant instructors as usual. Please spread the word!

I am excited to join this panel hosted by Phenomenal World on Tuesday 2 December to discuss Argentina’s recurring debt traps, its relationship with the IMF and China, and the recent US intervention in support of the Milei government, among other matters. Sign up here: bit.ly/argentina-imf

on.ft.com/49dRS9z Non-bank lenders may be fair-weather friends Check out this piece @financialtimes.com where we discuss our recent research on nonbank lending during crises

Non-bank lenders may be fair-weather friends

Research shows they don’t just retreat in a crisis — they run for the exit

on.ft.com

2026 BIS PhD fellowship is now open; deadline 24 November. Come work with us! www.linkedin.com/jobs/view/43...

Thank you so much for organising this! Not only were the presentations amazing, but also very helpful in finding inspiration for my PhD proposal. Plus I am now convinced that Leeds has by far one of the coolest PhD cohorts in the field of Economics

Iván Weigandi@iweigandi.bsky.social · 12mo ago

On Tuesday, we hosted a workshop on Global Banking and Global Stability (one of my favorite topics and the focus of my PhD) at the University of Leeds with many of my favorite researchers in the field. Porque los gustos hay que dárselos en vida (y antes que se termine el doctorado).

On Tuesday, we hosted a workshop on Global Banking and Global Stability (one of my favorite topics and the focus of my PhD) at the University of Leeds with many of my favorite researchers in the field. Porque los gustos hay que dárselos en vida (y antes que se termine el doctorado).

Our paper “Non-bank lending during crises” with Doerr and Zhou now available at Review of Finance academic.oup.com/rof/advance-...

Non-bank lending during crises

Abstract. For a large sample of countries, this article shows that non-banks curtail their syndicated lending by significantly more than banks during finan

academic.oup.com

Monetary targeting in the pampas

Instructive piece by @alphaville.ft.com on the #repo market, that shows how banks’ intragroup transactions (between commercial & investment arms) explain a substantial part of the rise of negative haircuts in Europe TL;DR => post-2008 ringfencing measures are toothless www.ft.com/content/301b...

The negative-haircut repo market phenomenon

Reverse clickbait alert

ft.com

Shifting Dynamics in Bank Funding of NBFIs: The Rise of Credit Lines www.federalreserve.gov/econres/note...

New BIS Bulletin out! “Retail investors in private credit”, with S Doerr & K Todorov, taking stock of the push pf PC towards retail, with a focus on BDCs & ETFs, & drawing implications www.bis.org/publ/bisbull...

Retail investors in private credit

Private credit is poised for wider participation from retail investors through the rapid growth of business development companies and, more recently, private credit exchange-traded funds (ETFs). ETFs ...

bis.org

Inside the private equity-insurance nexus on.ft.com/4kd077o

Inside the private equity-insurance nexus

When the world’s dullest industry gets very exciting

on.ft.com

Will America’s Unbalanced Trade Doom the Dollar? Concerns that the U.S. trade deficit will drag down the dollar are overdone By Jon Sindreu www.wsj.com/finance/curr...

Will America’s Unbalanced Trade Doom the Dollar?

Concerns that the U.S. trade deficit will drag down the dollar are overdone.

wsj.com

Great slides! ... and we have a Python implementation for you in pyfixest: py-econometrics.github.io/pyfixest/ref...

Daniele Girardi@dgirardi.bsky.social · last yr.

New updated slides deck about Local Projections Difference-in-Differences (LP-DiD) LP-DiD is a fast and simple to implement regression-based framework for estimating DiD, which can reproduce popular recent estimators as specific instances. danielegirardi.github.io/posts/docume...

Check out the latest Odd Lots, featuring @rlspang.bsky.social, Stefan Ingves & yours truly, a recorded panel of a great conference on “how to write the biography of a currency” hosted by Harold James & @bhgreeley.bsky.social at Princeton in early May open.spotify.com/episode/3Bzs...

How Do We Define a Currency?

open.spotify.com

Who Finances Real Sector Lenders? libertystreeteconomics.newyorkfed.org/2025/05/who-...