WORKING PAPERS
“Original Sin Redux: Role of Duration Risk”, 2023, Working Paper, joint with Carol Bertaut and Hyun Song Shin.
· In the Economist, Financial Times and Financial Times (2)
PUBLICATIONS
Macro-Finance
Valentina Bruno and Hyun Song Shin, “Dollar and Exports”, Review of Financial Studies, August 2023 Lead Article - Editor's Choice
· In the Wall Street Journal, Financial Times , the Economist , Bloomberg , Reuters, El Pais and Central Banking
Valentina Bruno, Ilhyock Shim, and Hyun Song Shin, 2022, “Dollar Beta and Stock Returns”, Oxford Open Economics, Volume 1 (Inaugural Issue) and BIS Working Paper No. 1000.
· In the Financial Times
Valentina Bruno and Hyun Song Shin, 2020, “Currency Depreciation and Emerging Markets Corporate Distress”, Management Science, 66:5, 1935-1961.
· In Bloomberg, the Frankfurter Allgemeine Zeitung, Neue Zürcher Zeitung, Central Banking
Stefan Avdjiev, Valentina Bruno, Catherine Koch, and Hyun Song Shin, 2019, “The Dollar Exchange Rate as a Global Risk Factor: Evidence from Investment”, IMF Economic Review, 67(1): 151-173
· 18th IMF Polak Annual Research Conference: Video (session 3) and Slides
· In Bloomberg and at the 2018 Jackson Hole economic policy symposium
Valentina Bruno, Se-Jik Kim and Hyun Song Shin, 2018, “Exchange Rates and the Working Capital Channel of Trade Fluctuations”, American Economic Review P&P, 108: 531-36
· In the Financial Times and The Economist
Valentina Bruno and Hyun Song Shin, “Global Dollar Credit and Carry Trades: a Firm-level Analysis”, 2017, Review of Financial Studies 30, 3: 703–749 (Lead Article)
· In The Economist's Cover Story "The Mighty Dollar"
· Also cited in The Economist (2); Financial Times (1) and (2) and (3); Bloomberg
Valentina Bruno, Ilhyock Shim, and Hyun Song Shin, 2017, “Comparative Assessment of Macroprudential Policies”, Journal of Financial Stability 28: 183-202.
· In the Financial Times (1) and (2) and (3 - in Chinese) and Central Banking
Valentina Bruno and Hyun Song Shin, 2015, “Cross-Border Banking and Global Liquidity”, Review of Economic Studies 82 (2): 535-564
· In the Financial Times, Frankfurter Allgemeine Zeitung, VoxEU
· In official central bank speeches: Federal Reserve Board and ECB and BIS and Bank of England and at the 2013 Jackson Hole economic policy symposium
Valentina Bruno and Hyun Song Shin, 2015, “Capital Flows and the Risk-Taking Channel of Monetary Policy”, Journal of Monetary Economics 71: 119–132
· In the Financial Times, and the Frankfurter Allgemeine Zeitung (1); (2)
Valentina Bruno and Hyun Song Shin, 2014, “Globalization of Corporate Risk-Taking,” Journal of International Business Studies, 45, 800-820
Valentina Bruno and Robert Hauswald, 2014, “The Real Effect of Foreign Banks,” Review of Finance, 18(5), 1683-1716
Valentina Bruno and Hyun Song Shin, 2014, “Assessing Macroprudential Policies: Case of Korea,” The Scandinavian Journal of Economics, 116, 1, 128–157.
· In The Economist - Special Report on Global Economy, and the Associated Press (AP) (in Korean)
Law and Finance
Sridhar Arcot and Valentina Bruno, 2018, “Corporate Governance and Ownership: Evidence from a Non-mandatory Regulation”, Journal of Law, Finance and Accounting, 3, 1, 59-84
Valentina Bruno, Kimberly Cornaggia and Jess Cornaggia, 2016, “Does Regulatory Certification Affect the Information Content of Credit Ratings?” Management Science, 62 (6), 1578-1597
· Semifinalist, Best Paper in Financial Markets and Institutions, 2012 FMA Meetings.
Valentina Bruno and Stijn Claessens, 2010, “Corporate Governance and Regulation: Can There Be too Much of a Good Thing?” Journal of Financial Intermediation, 19, 4, 461-482.
· In the World Bank/IFC Corporate Governance Research Network Newsletter, and in the Columbia Law School blog
Sridhar Arcot, Valentina Bruno and Antoine Faure-Grimaud, 2010, “Corporate Governance in the UK: Is the Comply or Explain Approach Working?” International Review of Law and Economics, 30, 2, 193-201
· In the World Bank/IFC Corporate Governance Newsletter and in the Wall Street Journal
Commodities Financialization
Michael Adjemian, Valentina Bruno, and Michel A. Robe, 2020, “Incorporating Uncertainty into USDA Commodity Price Forecasts”, American Journal of Agricultural Economics, 102: 696-712.
Valentina Bruno, Bahattin Büyükşahin, and Michel A. Robe, 2017, “The Financialization of Food?”, American Journal of Agricultural Economics, 99(1), 243-264.