Economic resources are often seen as decisive for the outcomes of military conflicts. This paper asks whether "deeper pockets" help win wars. We construct a fine-grained dataset covering more than 700 interstate disputes and rely on exogenous resource price shocks to estimate the causal effect...

This paper analyzes whether Chinese aid and other forms of official finance affect structural transformation in low- and-middle income countries. Specifically, we employ an instrumental variables (IV) approach to causally analyze the effect on the Economic Complexity Index of 98 recipient...

We review the literature on geoeconomics, defined as the field of study that links economics and geopolitics (power rivalry). We describe what geoeconomics is and which questions it addresses, focusing on five main subfields. First, the use of geoeconomic policy tools such as sanctions and...

In this paper we analyze the effects of investment screening on cross-border venture capital investments in Europe between 2007 and 2022. The data we work with is originally based on PRISM data which has been extended by Eichenauer and Wang and which we combine with deal data from Preqin to...

Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes to high-yield bonds over the past 20...

This paper formalizes the geopolitical externality of climate policy and estimates its plausible magnitudes. Specifically, domestic reductions in fossil fuel demand depress global prices, thereby lowering export revenues for resource-rich autocracies - many of which allocate substantial...

This paper uses the Brexit referendum in 2016 as a quasi-natural experiment to estimate the effect of an exogenous negative shock to globalization on executive compensation for German companies listed in the DAX and MDAX stock indices. We show that it matters whether they work for firms...

Since 1971, the World Economic Forum (WEF) Annual Meeting in Davos has attracted the leadership of global corporations. Attendance may offer economic benefits through networking and political support or provide only private gains without measurable impact. Through creating a novel database of...

This article explores the interplay between economic hegemony and political alignment. Using theoretical and empirical insights from Broner et al. (2024), we posit that hegemonic states, such as the U.S., foster political alignment, which enhances globalization. We use UN voting data to proxy...

U.S. equity outperformance and sustained dollar appreciation have led to large valuation gains for the rest of the world on the U.S. external position. I construct their global distribution, carefully accounting for the role of tax havens. Valuation gains are concentrated and large in developed...