How ETFs Amplify the Global Financial Cycle in Emerging Markets
This paper studies how the growth of ETFs affects the sensitivity of emerging-market capital flows and asset prices to global financial conditions.
International finance · Financial markets · Real effects
Tomas Williams
Associate Professor · George Washington University
Global Financial Shocks, Financial Markets, and the Real Economy
I am an Associate Professor of Economics and International Affairs at George Washington University and Director of the Center for Economic Research. My research combines international finance, financial economics, and corporate finance to study how financial shocks are transmitted across markets, firms, and economies.
Capital Flows, Global Investors, and Financial Markets
How global investors, ETFs, benchmarks, and capital flows shape asset prices and financial conditions.
Sovereign Debt and Exchange Rates
How investors shape sovereign debt and foreign exchange markets, with implications for macroeconomic outcomes and policy.
Corporate Finance and Real Outcomes
How financial markets, banks, and corporate financing decisions affect firms, credit allocation, investment, and other real outcomes.
Recent updates
New papers, publications, and presentations.
Latest · Working paper
New version of “Where Firms Retire Carbon Offsets” is out.
Media & Policy · IMF GFSR
IMF Global Financial Stability Report highlights evidence on ETFs, non-bank investors, and emerging-market capital flows.
Publication · Banking
“Drug Money and Bank Lending” published in the Journal of Law, Economics, and Organization.
Presentation · Federal Reserve Board
“Foreign Investors in Local-Currency Bond Markets: Evidence for Bond Yields and Exchange Rates” presented at the 7th Vienna Global Macro Workshop.
Featured research
Selected papers from the research agenda.
A few entry points into my work on global investors, sovereign debt markets, corporate decisions, and the real effects of financial shocks.
Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds
This paper studies how investor demand influences sovereign borrowing capacity, default risk, bond prices, and government debt policy.
Where Firms Retire Carbon Offsets: Operational Footprints and Offset Quality
This paper studies where firms retire voluntary carbon offsets and what those choices reveal about corporate incentives and offset quality.