The International Financial System

The research group “The International Financial System” studies classic research topics in international finance, in particular international capital flows, sovereign debt markets and crisis resolution.

A key focus is to understand recent trends in sovereign debt markets and the international financial architecture. Over the past 20 years, the international financial system has undergone a profound transformation, driven by the rise of new creditor powers, such as China, and the proliferation of opaque lending practices. Our research group studies these trends with granular micro-data and analyzes the effects of changing market structure on asset pricing, crisis vulnerability and welfare.