In response to new developments in financial structure and technology, and galvanized by recent eruptions of volatility, officials from Washington to London to Brussels are grappling with how to regulate the cluster of practices known as decentralized finance, or DeFi. This is a political as...

We analyze persistence in patterns of bilateral financial investment using data on US investors' holdings of foreign bonds. We document a 'history effect' in which the pattern of holdings seven decades ago continues to influence holdings today. 10 to 15% of the cross-country variation in US...

We analyze patterns of bilateral financial investment using data on US investors' holdings of foreign bonds. We document a "history effect" in which the pattern of holdings seven decades ago continues to influence holdings today. 10 to 15% of the cross-country variation in US investors' foreign...