This paper studies how international capital flows are transmitted from the banking sector to the real sector in a bank-based open economy. The analysis centers on the role of institutions and domestic policies in reducing moral hazard problems and on determining the net benefit of international...

In this paper, I explore the politically contested association between the degree of capitalism, captured by measures of economic freedom, and the risk and characteristics of economic crisis. After offering some brief theoretical considerations, I estimate the effects of economic freedom on...

While the short-term effects of the COVID-19 pandemic on lives and livelihoods are well understood, we know little about the effect of the pandemic for longer-term outcomes such as corruption. We look at the historical data on political and economic crises to assess what we can learn from the...