Completed Papers

The Emergence and Future of Central Counterparties (joint with Cyril Monnet)

The Limits of Central Counterparty Clearing: Collusive Moral Hazard and Market Liquidity

Credit Ratings and Market Stability -- The Role of Market Structure and Disincentives to Acquire Information (joint of Jonathan Chiu) (Additional Material)

The Economics of Cryptocurrencies -- Bitcoin and Beyond (joint with Jonathan Chiu)

What Drives Bitcoin Fees? Implications for Bitcoin's Long-run Sustainability (joint with Collin Brown and Jonathan Chiu)


Work in Progress

Customized vs. Standardized Contracts -- What can be centrally cleared? (joint with Cyril Monnet)

Platform-based Digital Currenies (joint with Jonathan Chiu)


Retired Papers*

Solvency Regulation for Insurance against Large (Aggregate) Risk (joint with Antoine Martin and Jim MacGee)

Optimal Collateral Policies for Central Counterparties (joint with Cyril Monnet) 

A Note on Incentive Feasibility when Enforcement is a Decision Variable

On the Modigliani-Miller Theorem in Infinite Horizon Incomplete Markets Economies

* (Please contact me to obtain a version of these papers if interested.)