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econ.GN2025
How Innovation Shapes Financial Structure: The Moderating Role of Institutional Quality
Yimin Wu, Tomoo Kikuchi
This paper studies how the stock market---relative to the banking sector---responds to innovation by using a panel of 75 countries from 1982 to 2021. Our baseline result is that in…
econ.TH2025
Trade Networks and the Rise of a Dominant Currency
Tomoo Kikuchi, Lien Pham
We develop a model where currency issuers provide liquidity, while users in a trade network choose currency usage for trade settlement. We identify a feedback mechanism where a use…