The period after the Global Financial Crisis (GFC) was characterized by a considerable risk migration within global liquidity flows, away from cross-border bank lending towards international bond issuance. We show that the post-GFC shifts in the risk sensitivities of global liquidity flows are...

Public payment infrastructures build on the central bank’s foundational role in the monetary system by promoting competition and interoperability between payment platforms. They can reduce costs for users and promote financial inclusion. Brazil’s recent experience with the Pix retail instant...

We study an e-commerce platform’s incentive to enter the credit market and offer loans for vendors’ innovations. The platform earns from both its lending ac- tivity and fees collected on transactions in the marketplace. If the platform does not offer loans, it might find it convenient to...