Capturing financial network linkages and contagion in stress test models are important goals for banking supervisors and central banks responsible for micro-and macroprudential policy. However, granular data on financial networks is often lacking, and instead the networks must be reconstructed from partial data. In this paper, we conduct a horse race of network reconstruction methods using network data obtained from 25 different markets spanning 13 jurisdictions. Our contribution is two-fold: first, we collate and analyze data on a wide range of financial networks. And second, we rank the methods in terms of their ability to reconstruct the structures of links and exposures in networks.

We apply economic principles to understand how distributed ledger technology (DLT) might impact the innovation process and eventual market structure in the security settlement industry. Our main conclusions are that:  i) Although DLT has the potential to significantly reduce costs in securities settlement, implementation is challenging, ii) technological innovation in the post-trade industry is more likely to succeed with some degree of coordination, which could be facilitated by the relevant authorities, and iii) DLTbased securities settlement is likely to be concentrated among few providers which, absent any regulation, could result in inefficient monopoly pricing or efficient price discrimination with service providers capturing much of the market surplus

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Stem cell transplants save lives of many patients with blood diseases. Donation is painful, but rarely has lasting adverse effects. Patients can accept transplants only from donors with compatible immune systems. Those lacking a sibling match must seek donations from the general population. The probability that two unrelated persons are compatible is less than 1/10,000. Health authorities maintain a registry of several million genetically tested potential donors who agree to donate if asked. We find that the benefits of adding registrants of every race exceed costs. We also explore the peculiar structure of voluntary public good provision that faces potential donors. (JEL D64, H41, I11)

Gender differences in "competitiveness," previously