Forthcoming
Research currently in progress or under review — building on the firm's ongoing advisory and policy engagement work.
Generative AI and the Future of Financial Regulation
An examination of how large-scale AI systems are reshaping financial markets, supervisory frameworks, and central banking operations — and the policy architecture required to manage systemic risks.
Climate Transition Risk and Financial Stability in Emerging Markets
Assessing how physical and transition climate risks transmit to banking systems and sovereign balance sheets in low-income and developing economies, with implications for prudential regulation.
Digital Payment Infrastructure and Financial Inclusion: Lessons from Sub-Saharan Africa
Empirical analysis of how national payment system design choices affect financial inclusion outcomes, drawing on central bank data from multiple African jurisdictions.
Cross-Border Spillovers of U.S. Monetary Policy Tightening: 2022–2024
A post-crisis assessment of how Federal Reserve rate hikes transmitted through capital flows, exchange rate pressures, and debt service costs to emerging market and developing economies.
Past Publications
A selection of books, policy briefs, working papers, and analytical studies published through multilateral institutions and independent outlets.
Digital Finance and Financial Stability: Policy Frameworks for the 21st Century
A comprehensive analysis of how digital finance innovation — from mobile money and fintech platforms to decentralised finance — interacts with financial stability and the frameworks regulators need to manage emerging risks while preserving the benefits of innovation.
Central Bank Digital Currencies: Design Principles and Implementation Challenges for Emerging Economies
Identifies core design choices for CBDC architectures — retail vs. wholesale, account-based vs. token-based, domestic vs. cross-border — and maps their implications for monetary transmission, financial inclusion, and banking system stability in developing countries.
Macroprudential Policy in Emerging Markets: Lessons from the COVID-19 Pandemic
Examines how emerging market central banks deployed macroprudential tools during the COVID-19 shock, evaluates their effectiveness in preventing a financial crisis, and draws lessons for calibrating countercyclical buffers in the face of non-financial shocks.
Sovereign Debt Restructuring in the Post-COVID Era: The Case for a Strengthened International Framework
Argues for a reformed sovereign debt architecture that can resolve debt crises faster, reduce creditor-debtor coordination failures, and incorporate new creditor classes — particularly bilateral official creditors from emerging market economies.
Banking Supervision in Developing Economies: Risk-Based Frameworks and Institutional Capacity
A practitioner's guide to designing and implementing risk-based banking supervision frameworks in developing economies, drawing on technical assistance missions across Africa, Asia, and the Middle East. Covers organisational structure, licensing, on-site examination, and crisis preparedness.
Cross-Border Spillovers of U.S. Monetary Policy: Evidence from Sub-Saharan Africa
Uses panel data from 30 Sub-Saharan African countries to quantify how U.S. interest rate changes affect capital flows, exchange rates, and domestic monetary conditions in the region, and assesses the effectiveness of policy buffers — reserves, capital flow measures, and macroprudential tools — in dampening spillovers.
Reserve Management in Small Open Economies: Frameworks, Benchmarks, and Investment Guidelines
Reviews international reserve management practices at central banks in small open economies, proposes a risk-return framework for reserve portfolio optimisation, and provides practical guidance on governance structures, investment policy statements, and performance benchmarking.
Mobile Money and Financial Inclusion in Africa: Regulatory Lessons from M-Pesa and Beyond
Analyses the regulatory conditions that enabled mobile money's success in East Africa, identifies barriers to replication in other markets, and makes recommendations for financial sector regulators seeking to support digital financial services without compromising systemic stability.
Bank Resolution Frameworks and Systemic Risk: Lessons from the Global Financial Crisis
Evaluates resolution frameworks used during the 2008–2009 global financial crisis across advanced economies, identifies gaps in bail-in powers, cross-border coordination, and depositor protection, and lays out the principles for a more effective global resolution architecture.