Cross-currency basis swap spreads are widely read as a post-crisis anomaly in which covered interest parity has broken down; this paper argues the opposite -- that a swap dealer who priced a …
Using a new security-level dataset covering $32 trillion in global investment positions, this paper establishes that the currency a bond is denominated in -- not the nationality of its issuer -- is …
The strength of the US dollar, the size of covered interest parity deviations and the growth of dollar-denominated cross-border bank lending move together in what the authors call a triangular …
Online FirstJournal of Political EconomyOnline 25 Sep 2026
This paper examines frictions in dealer intermediation in durable consumer goods markets, using iBuyers — technology-driven real estate companies such as Opendoor and Offerpad — as a lens. The central …