[ Publications ]
    1. The Real Effects of Financial Technology: Marketplace Lending and Personal Bankruptcy, Journal of Banking and Finance, forthcoming. (with Piotr Danisewicz).
         Winner of the Best Conference Paper Award
            (Second Toronto Fintech Conference)
         Winner of the Best Conference Paper in Finance Award
            (Frontiers in Business Research in China Conference)

            Policy impact:

         US Congress congressional testimony on effects of Fintech.
         US Treasury’s OCC Code of Federal Regulations 12.7, 12.160.
         US Federal Deposit Insurance Corporation CFR 12.331.

            Media coverage:
         Cato, Brookings, Politico, Mercatus Centre, Lend Academy,
    2. Unconventional Monetary Policy and Asset Allocation of International Mutual Funds, Journal of International Money and Finance, Volume 115, July 2021, 102357. (w/ Gino Cenedese).
      Presented at: Bank of England (London, U.K.); University of Oxford (Oxford, U.K.); RCEA Money and Finance Workshop (Rimini, Italy); EMG-ECB “Global Liquidity and International Implications” workshop (London, U.K.).
    3. Three-Player Sovereign Debt Negotiations,
      International Economics, 2020, Vol. 164, 2020, pp. 217-240.
      Presented at: University of Oxford (U.K.); Brown University (U.S.).

[ Work in Progress ]
Financial Openness, Interbank Crises, and Sudden Stops of Capital Outflows
Abstract available upon request.

[ Policy Impact ]
Further information for: Danisewicz and Elard (2023, forthcoming).
(1) United States Congress, 2017-2019, quoted in congressional testimony in the hearing “Examining Opportunities and Challenges in the Financial Technology (Fintech) Marketplace” by U.S. House of Representative’s Committee on Financial Services (Subcommittee on Financial Institutions and Consumer Credit) on the bill H.R. 3299 “Protecting Consumers’ Access to Credit Act of 2017” and bill H.R. 4439 “Modernizing Credit Opportunities Act”.  See House Financial Services Committee Report, p.157. Also: United States Congress, 2019-2021, quoted in testimony at the U.S. House of Representative’s Financial Services Committee hearing on the bill H.R. 5050 (“Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Cap”). See House Committee Testimony, p.3.
(2) U.S. Treasury’s Office of the Controller of the Currency (OCC) newly adopted rule “Permissible Interest on Loans That Are Sold, Assigned, or Otherwise Transferred” (12 CFR Parts 7 & 160). OCC cites this paper in newly adopted regulation. Also see OCC rule submissions, U.S. Federal Register, Vol. 84, No. 225.
(3) U.S. Federal Deposit Insurance Corporation (FDIC) newly adopted U.S. Code of Federal Regulations “Federal Interest Rate Authority” (12 CFR Part 331). FDIC cites this paper in newly adopted U.S. Federal Code. Also cited in FDIC’s press release and new regulation’s fact sheet. Earlier cited by FDIC in: Notice to public of proposed regulation, U.S. Federal Register, Vol. 84, No. 235, p. 6685.

Presented at (selected):
16th China Asset Pricing Education Forum 2021 of the Chinese National Asset Pricing Education Research Association (Shanghai, China); CEIBS 2021 Seminar (Shanghai, China); Western Finance Association 2019 (Huntington Beach, CA, U.S.); Northern Finance Association 2019 (Vancouver, Canada); 2019 China Accounting and Financial Innovation Forum (Zhuhai, China); ABFER-CEPR-CUHK First Annual Symposium in Financial Economics (Hong Kong, China); Chicago Financial Institutions Conference (CFIC) 2019 (Chicago, U.S.); Annual Meeting of the Swiss Society for Financial Research (SGF) Conference 2019 (Zurich, Switzerland); The Second Toronto FinTech Conference (Toronto, Canada); Frontiers of Business Research in China conference at Renmin University (Beijing, China); Shanghai University of Finance and Economics (Shanghai, China); Federal Reserve Bank of Philadelphia Conference “Fintech and the New Financial Landscape” (Philadelphia, U.S.); The Center for Financial Innovation and Stability (Federal Reserve Bank of Atlanta) and the Center for the Economic Analysis of Risk (Georgia State University) Conference “Financial Stability Implications of New Technology” (Atlanta, U.S.); International Rome Conference on Money, Banking and Finance (Rome, Italy).