جست‌وجوی استاد و پژوهشگر

Xin Guoمشاهده پروفایل

استاد

• Mathematical Finance
• Financial Engineering
• FinTech
• +۷ مورد دیگر

Xin Guo is Professor and Department Chair of Industrial Engineering and Operations Research (IEOR) at UC Berkeley's College of Engineering, holding the Coleman Fung Chair in Financial Modeling. Her research bridges mathematical finance, stochastic control, and machine learning with applications in risk analytics and quantitative trading. Education: Ph.D. in Mathematics, Rutgers University (1999) Research Interests: Professor Guo's work centers on mathematical finance , stochastic games , and reinforcement learning . She develops theoretical frameworks for α-potential games and mean-field systems while applying signature methods and GANs to financial data. Her research addresses critical problems in portfolio optimization, fraud detection (e.g., Medicare analytics), and market forecasting, emphasizing the intersection of stochastic control with machine learning for real-world decision-making under uncertainty. Publication Trends: Recent work (2023-2025) shows increasing focus on multi-agent reinforcement learning through mean-field game theory, with applications spanning finance (corporate bonds, trading), healthcare (fraud detection), and transportation (rate forecasting). Key innovations include BSDE approaches for stochastic games, signature-based time series analysis, and theoretical guarantees for GAN training dynamics. Scientific Awards: Holds the prestigious Coleman Fung Chair in Financial Modeling, reflecting significant contributions to quantitative finance research. Advising and Grants: As IEOR Department Chair, Professor Guo mentors graduate students in stochastic modeling and financial engineering. Her research is supported by the Coleman Fung Endowment Fund, with collaborations spanning finance, healthcare, and transportation sectors through industry partnerships. Labs and Teams: Leads the Risk Analytics & Data Analysis Research (RADAResearch) Lab ( https://risklab.ieor.berkeley.edu/ ), which develops cutting-edge methodologies for risk assessment, data-driven decision-making, and game-theoretic solutions to complex systems. The lab fosters interdisciplinary work connecting mathematical theory with practical applications in FinTech and beyond.

Anca Draganمشاهده پروفایل

دانشیار

• Human-AI Interaction
• Human-Robot Interaction
• AI Safety and Alignment
• +۵ مورد دیگر

Anca Dragan is an Associate Professor in the Department of Electrical Engineering and Computer Sciences at the University of California, Berkeley, where she runs the InterACT Lab focused on algorithms for human-AI and human-robot interaction. Currently on leave from Berkeley, she leads AI Safety and Alignment at Google DeepMind, overseeing safety for Gemini models and preparing for future advancements. Dragan has been a co-PI of the Center for Human-Compatible AI and served on the steering committee for the Berkeley AI Research (BAIR) Lab. B.Sc. in Computer Science from Jacobs University Bremen, Germany Ph.D. from Carnegie Mellon University Dr. Dragan's research focuses on enabling AI agents to work effectively with, around, and in support of people. Her work bridges robotics, machine learning, and game theory to create systems that better understand human preferences and coordinate with users. Key areas include AI alignment (ensuring AI does what people actually want), learning reward functions from diverse human feedback forms, and developing algorithms for human-AI collaboration across domains like autonomous vehicles, brain-machine interfaces, and recommender systems. Her research emphasizes maintaining uncertainty about human preferences and accounting for the plurality of human values. Dr. Dragan's recent publications reveal a strong focus on addressing fundamental challenges in AI safety and alignment. Her work spans theoretical foundations of reward learning, practical implementations for human-AI coordination, and critical examinations of limitations in current approaches. There's a clear trajectory toward more robust, safe, and value-aligned AI systems that can handle complex human preferences while avoiding both present-day harms and potential catastrophic risks. IEEE RAS Early Academic Career Award in Robotics and Automation (2021) McEntyre Award for Excellence in Teaching (2020) PECASE (Presidential Early Career Award for Science and Engineering) (2019) Sloan Fellowship (2018) NSF CAREER Award (2017) Okawa Foundation Award (2017) MIT Tech Review 35 Innovators Under 35 (2017) Multiple best paper awards at top robotics and AI conferences Dr. Dragan has mentored numerous successful students who have gone on to faculty positions at MIT, Stanford, CMU, and Princeton, as well as industry roles at DeepMind, Waymo, and Meta. Her advising philosophy emphasizes both technical rigor and consideration of broader societal impacts. She has secured significant research funding including NSF CAREER, ONR Young Investigator, and Okawa Foundation awards, supporting work on human-AI interaction and alignment. Dragan has also consulted for Waymo for six years, helping develop roadmaps for deploying increasingly learning-based safety-critical systems. Dr. Dragan leads the InterACT Lab at UC Berkeley, which has produced influential work on Cooperative Inverse Reinforcement Learning, Inverse Reward Design, and other foundational concepts in human-AI interaction. The lab's research has significantly shaped the field of AI alignment, with applications spanning autonomous vehicles that coordinate with human drivers, brain-machine interfaces that adapt to user needs, and language models that better understand human preferences. Current work focuses on scaling safety approaches as AI capabilities advance, ensuring alignment keeps pace with technological progress.

Yuhua Wangمشاهده پروفایل

استاد

• Comparative Politics
• China Studies
• Asian Politics
• +۸ مورد دیگر

Yuhua Wang serves as the Ford Foundation Professor of Modern China Studies within Harvard University's Faculty of Arts and Sciences, Department of Government. His scholarly work establishes him as a leading authority on Chinese political development, state capacity, and historical institutional analysis across imperial and contemporary contexts. His academic foundation includes: B.A. from Peking University Ph.D. from the University of Michigan Professor Wang's research program integrates comparative politics with Chinese studies through core interests in bureaucracy , institutions , judiciary and public law , political economy & development , political geography , and state-society relations . He employs a methodological triad of historical , qualitative , and quantitative approaches to analyze China's political evolution. His work uniquely bridges macro-historical patterns with contemporary governance challenges, particularly examining how historical legacies shape modern state capacity and institutional resilience in authoritarian contexts. Analysis of his publication trajectory reveals consistent focus on state development mechanisms, with increasing sophistication in comparative historical methodology. Recent work demonstrates expanded geographic scope beyond China while maintaining analytical depth in imperial political economy. His research shows growing integration of cross-national datasets with deep historical case studies, reflecting broader trends in political science toward mixed-method designs for complex institutional analysis. His distinguished recognition includes: 2023 Lubbert Best Book Award in Comparative Politics from the American Political Science Association for The Rise and Fall of Imperial China Harvard College Professor appointment (2025) Professor Wang maintains active research leadership through extensive publication in premier journals including American Political Science Review and Comparative Political Studies , with significant contributions to theoretical frameworks like State-in-Society 2.0. His work generates substantial policy-relevant insights on corruption, judicial review, and urban governance in China. As a core faculty member in Harvard's Government Department, he contributes to the university's intellectual ecosystem through cross-disciplinary collaboration and participation in research initiatives focused on Asian political development, though specific lab affiliations are not documented in available sources.

Tim Jenkinsonمشاهده پروفایل

استاد

• Private Equity
• Initial Public Offerings (IPOs)
• Institutional Asset Management
• +۴ مورد دیگر

Tim Jenkinson is a Professor of Finance at the Saïd Business School, University of Oxford. He holds dual roles as a Professorial Fellow at Keble College and a Research Associate at the European Corporate Governance Institute. His expertise spans private equity, IPOs, and institutional asset management, with a focus on empirical research leveraging unique industry data. Education: B.A. in Economics from the University of Cambridge, Thouron Fellowship at the University of Pennsylvania, DPhil in Economics from the University of Oxford. Research Interests : Tim’s work examines private equity performance persistence, IPO pricing dynamics, and regulatory impacts on financial markets. His studies have been published in top journals like Journal of Financial Economics and Management Science . Key Contributions : Director of the Oxford Private Equity Institute, founder of the Private Equity Research Consortium, and frequent keynote speaker at global finance events. His research has won major awards, including the Harry Markowitz Prize (2016) and Commonfund Prize (2015). Engagement & Teaching : Teaches entrepreneurial finance to MBA/EMBA students and runs the Oxford Private Equity Programme. Recognized with the 2014 'Best Elective Teacher' award. Also serves on valuation committees for Schroder British Opportunities Trust and Oxford University Endowment Management. Professional Roles : Partner at Oxera (economic consultancy), former UK Treasury Select Committee advisor, and expert witness in high-profile litigation. His work bridges academia and practice, influencing policy and industry standards. Labs & Initiatives : Leads the Oxford Private Equity Institute and collaborates with the Oxford-Hyundai Motor Group Foresight Centre. Active in shaping future research through the Private Equity Research Consortium.

• Nuclear Magnetic Resonance (NMR)
• In vivo imaging
• MRI pulse sequence development
• +۷ مورد دیگر

Professor Guy Williams is a leading academic at the University of Cambridge with a focus on imaging science and clinical neurosciences, affiliated with Downing College and the Wolfson Brain Imaging Centre . Holding a PhD in Physics from his initial Natural Sciences degree, he specializes in nuclear magnetic resonance (NMR) and MRI techniques for brain imaging. Education: BA, PhD in Physics His research centers on non-invasive imaging of brain structure and function, particularly in traumatic brain injury (TBI) and dementia. His work involves developing novel MRI pulse sequences and advanced data analysis algorithms, including AI-based diagnostic tools. He leads studies on white matter integrity post-trauma, longitudinal dementia assessment, and applications of MRI in disorders of consciousness and addiction. Recent publications highlight collaborations in traumatic brain injury outcomes, AI-guided dementia prediction, and neuroimaging of post-COVID cognitive deficits. His team's work on ultra-high field laminar fMRI and distortion correction methods has advanced clinical neuroscience applications. Key techniques include diffusion tensor imaging (DTI), 7 Tesla MRI, and positron emission tomography (PET/MR). His research spans from basic NMR physics to clinical translation, with a strong emphasis on multi-site studies and real-world diagnostic implementation.

Dimitrios P. Tsomocosمشاهده پروفایل

استاد

• Central Banking
• Banking and regulation
• Incomplete asset markets
• +۷ مورد دیگر

Dimitrios P. Tsomocos is a Professor of Financial Economics at Saïd Business School and a Fellow in Management at St Edmund Hall, University of Oxford. He holds a BA, MA, MPhil, and PhD from Yale University and previously worked at the Bank of England. He serves on editorial boards including Annals of Finance and Economic Theory, and is a Senior Research Associate at the Financial Markets Group at the London School of Economics. His educational background includes: University of Oxford: M.A. by resolution, 2002 Yale University: Ph.D. in economics, 1996 Yale University: M.Phil. in economics, 1992 Yale University: M.A. in economics, 1990 Yale University: B.A. in economics, 1989 Professor Tsomocos is a mathematical economist specializing in Central Banking, Banking and regulation, Incomplete asset markets, Systemic risk, Financial instability, and Issues of new financial architecture. His research focuses on contagion, financial fragility, interbank linkages, and the impact of the Basel Accord using General Equilibrium models with incomplete asset markets, money, and endogenous default. He is working toward designing a new paradigm of monetary policy, financial stability analysis, and macroprudential regulation. His recent publications show a consistent focus on financial stability, banking regulation, and the interaction between monetary policy and financial stability. The research spans theoretical modeling of bankruptcy and default in general equilibrium frameworks, practical applications to bank regulation, analysis of commodity cycles in emerging economies, and policy responses to crises like the COVID-19 pandemic. His work frequently employs quantitative methods and general equilibrium modeling to address pressing issues in financial economics. His scientific achievements include: 2004 Bank Sabatell prize for the best work on the economics of banking (for "Book vs. Fair Value Accounting in Banking and Intertemporal Smoothing") Co-development of the Goodhart-Tsomocos model of financial fragility (2003) Testimony to House of Lords for the Economic and Financial Affairs and International Trade Sub Committee's report (2011) Appointment to Research Advisory Board, Central Bank of Russian Federation (2018) Professor Tsomocos has advised numerous PhD students and collaborated extensively with central banks worldwide. He has served as an economic advisor to a major political party in Greece and regularly provides commentary on the Greek economy. His research has had substantial policy impact, with the Goodhart-Tsomocos model implemented by more than ten central banks including the Bank of Bulgaria, Bank of Colombia, Bank of England, and Bank of Korea. He continues to collaborate with researchers from the ECB, Central Bank of the Russian Federation, and Bank of Chile on updated versions of his financial fragility model. He co-developed the Goodhart-Tsomocos model of financial fragility while working at the Bank of England, which has been implemented at various central banks globally. His research group at Oxford continues to refine this model and apply it to contemporary financial stability challenges.

Christian Schlagمشاهده پروفایل

استاد

• Equilibrium Asset Pricing
• Derivative Securities
• Empirical Capital Market Research
• +۳ مورد دیگر

Christian Schlag is a Professor at the Finance Department of Goethe University Frankfurt’s Faculty of Economics and Business , where he also serves as Dean. He leads the Chair of Derivatives and Financial Engineering and coordinates young researchers at the Leibniz Institute for Financial Research SAFE. His research focuses on equilibrium asset pricing, derivative securities, and empirical capital market analysis. Research Trends : Schlag’s recent work explores volatility dynamics, climate risk in asset pricing, return predictability, and investor behavior. His 2023 publications examine time-varying consumption growth risk, equity factors, and individual stock volatility models. Earlier studies (2021–2015) address pricing kernels, welfare costs of temperature volatility, and model mis-specification in hedging. Student Placements : Former advisees hold positions at institutions like the European Central Bank, INSEAD, Australian National University, and Warwick Business School. His Chair of Derivatives and Financial Engineering collaborates with networks across Europe, North America, and Asia.

Asaf Bernsteinمشاهده پروفایل

دانشیار

• Empirical Corporate Finance
• Household Finance
• Climate Finance
• +۵ مورد دیگر

Asaf Bernstein is an Associate Professor of Finance at the University of Colorado Boulder’s Leeds School of Business, a Faculty Scholar, Co-Director of the Center for Research on Consumer Financial Decision Making, and a Research Associate at the National Bureau of Economic Research. He earned his Ph.D. in Financial Economics from MIT in 2016 and served as Senior Academic Advisor on Climate Issues to the U.S. Securities and Exchange Commission during 2021-22. Education: Ph.D. Financial Economics, Massachusetts Institute of Technology, 2016 B.S. Economics & Mathematics, Harvey Mudd College Research Focus: Bernstein’s work lies at the intersection of policy and finance, using plausibly identified empirical designs to study financial regulation, climate risk, household balance-sheet dynamics, and the real effects of credit markets. His current agenda spans macro-prudential policy, public-pension wealth transmission, historical introduction of credit ratings, and partisan sorting under climate change. Publication Trends: Across more than a dozen forthcoming or published papers, Bernstein consistently exploits natural experiments—regulatory shocks, historical clearinghouses, Dutch amortization reform, Great-Depression bank distress, SLR exposure—to quantify how financial frictions affect prices, allocations, and innovation. The corpus maps broadly onto household finance, corporate finance, and climate-finance fields, with frequent overlap in real-estate and financial-history contexts. Honors & Awards: 2019 AQR Insight Distinguished Paper Award 2016 AQR Top Finance Graduate Award (global top-six PhD honor) 2022 Brattle Group Distinguished Paper Prize, Journal of Finance 2018 Northern Finance Association Best Paper in Risk Management Kahle Family Research Award Grants & Advising: While specific grant amounts are not disclosed, his projects have been supported by data access from Dutch administrative panels, U.S. credit-bureau micro-data, and historical securities archives. He advises PhD students in empirical finance and climate-economics and collaborates extensively across Leeds, NBER, MIT, and Stanford networks. Centers & Labs: Bernstein co-leads the Center for Research on Consumer Financial Decision Making at Leeds, an interdisciplinary lab linking finance, real-estate, and public-policy scholars to external regulatory partners including the SEC, Federal Reserve, and FINRA.

Tomasz Strzaleckiمشاهده پروفایل

استاد

• Decision Theory
• Behavioral Economics
• Microeconomics
• +۴ مورد دیگر

Tomasz Strzalecki is a Professor in the Department of Economics at Harvard University. His research centers on decision theory, with a focus on ambiguity aversion , temporal preferences , stochastic choice , and bounded rationality . He earned his PhD in Economics from Northwestern University in 2008. Education: PhD in Economics (2008), Northwestern University His scholarly work spans theoretical and applied economics, including key contributions to random utility models , dynamic decision-making , and neuroeconomic modeling . Recent publications, such as Stochastic Choice Theory (2025) and Variational Bayes and non-Bayesian Updating (2024), reflect his ongoing exploration of Bayesian inference and behavioral deviations. Earlier work in Econometrica and American Economic Review established foundational models for choice aversion , time inconsistency , and ambiguity evaluation . Tomasz’s research has been published in top journals like Econometrica , American Economic Review , and Proceedings of the National Academy of Sciences , covering themes such as probabilistic sophistication , decision timing , and collective action in development economics. His co-authors include prominent economists like Drew Fudenberg, Mira Frick, and Larry Epstein.

• Economics
• International Finance
• Macroeconomics
• +۳ مورد دیگر

Alan M. Taylor is a prominent Research Fellow at National Bureau of Economic Research (NBER) and Centre for Economic Policy Research (CEPR) . He holds a permanent affiliation with Columbia University in the United States, where he contributes to economics research. His research spans financial history , macroeconomic policy , international trade , and capital market dynamics . Key themes include credit cycles , monetary policy , economic crises , and historical financial systems . He has extensively analyzed the trilemma of exchange rates, monetary policy, and capital mobility, and pioneered work on long-term rate of return data across capital assets. His recent publications focus on financial stability , credit booms , and macroeconomic consequences of pandemics . Collaborative works with economists like Òscar Jordà, Moritz Schularick, and Kevin H. O'Rourke demonstrate interdisciplinary engagement. His empirical methodology emphasizes local projections , historical econometrics , and long-run equilibrium modeling in international finance.

Eugene Feinbergمشاهده پروفایل

استاد

• Markov Decision Processes
• Stochastic Optimization
• Inventory Control
• +۳ مورد دیگر

Eugene Feinberg is a Distinguished Professor in the Department of Applied Mathematics and Statistics at Stony Brook University's College of Engineering and Applied Sciences. He is renowned for his extensive contributions to Markov Decision Processes (MDPs), stochastic optimization, and inventory control. Research Interests: His work spans theoretical and applied aspects of Markov Decision Processes , stochastic optimization , inventory control , healthcare decision-making , and machine learning . He has particularly focused on solving complex decision-making problems under uncertainty, with applications ranging from operations research to medical decision-making. Scientific Awards: He has been honored with the title of Distinguished Professor , recognizing his outstanding contributions to his field. Advising and Grants: While specific details on students and grants are not provided, his prolific publication record and faculty status suggest active involvement in advising and securing research funding. Contact and Resources: His university webpage can be accessed at http://www.ams.sunysb.edu/~feinberg/ , and his Google Scholar profile is available at https://scholar.google.com/citations?user=LLt--pgAAAAJ&hl=en .

Rahul Vashishthaمشاهده پروفایل

استاد

• Corporate Disclosure
• Banking Sector Stability
• Earnings Management
• +۳ مورد دیگر

Rahul Vashishtha is a Professor of Accounting at Duke University's Fuqua School of Business, where he has served since earning his PhD in Accounting from the University of Pennsylvania in 2012. His research focuses on the determinants of corporate and banking sector disclosure, emphasizing economic consequences such as investment behavior, financial stability, and transparency's impact on institutions. Key areas include how mandated reporting frequency influences managerial myopia, banking sector fragility, and the interplay between mutual fund transparency and corporate decision-making. Dr. Vashishtha's work explores topics like loan covenant violations, bank mergers' effects on disclosure, and the role of analyst recommendations in stock price bubbles. He teaches Financial Statement Analysis in Duke's Daytime MBA program, blending academic rigor with practical business insights. His research has been published in top-tier journals such as the Journal of Financial Economics , Journal of Accounting Research , and Review of Financial Studies . Notable contributions include demonstrating how quarterly financial reporting pressures lead to short-term investment biases and analyzing bank transparency's role in deposit flows. His findings have been widely cited in media outlets like the Wall Street Journal , Financial Times , and Forbes . While no formal awards are listed, his extensive publication record and media engagement highlight his influence in accounting and finance research. Advising roles and grants are not explicitly detailed in available materials. He is actively involved in ongoing research on liquidity transformation in banking and voluntary disclosure strategies during financial crises.

Lars Augestad Lochstoerمشاهده پروفایل

استاد

• Asset Pricing
• Asset Management
• Quantitative Finance
• +۵ مورد دیگر

Lars Augestad Lochstoer is a Professor of Finance at the UCLA Anderson School of Management, where he teaches Empirical Methods in Finance and Data Analytics and Machine Learning in the Master of Financial Engineering program. He previously held faculty positions at Columbia University and London Business School, and served on the Asset Allocation Advisory Committee for the Norwegian Sovereign Wealth Fund from 2016 to 2022. Dr. Lochstoer earned his Ph.D. in Finance from the University of California, Berkeley's Haas School of Business in 2005, following his Sivilingeniør Business Economics degree from the Norwegian University of Science and Technology in 1999. His research focuses on understanding the economic mechanisms that drive asset prices, including stock market return dynamics, cross-sectional stock returns, exchange rates, and commodity markets. He has made significant contributions to asset pricing literature, particularly in volatility expectations, risk-return tradeoffs, and currency risk. His publication record reveals a strong focus on behavioral aspects of asset pricing, with recurring themes of investor expectations, volatility dynamics, and market anomalies. His work often combines theoretical models with empirical evidence, frequently incorporating quantitative methods and data science approaches. Recent publications show increasing attention to currency risk and multi-horizon risk-return relationships, reflecting evolving market conditions and research interests. EFA Viz Risk Management Prize for best paper in Energy Markets, Securities and Prices (2009) Michigan Ross School of Business Mitsui Finance Symposium Best Discussant Award (2012) UCLA Anderson Excellence in Teaching Award (2017, 2020, 2021) RFS Distinguished Referee Award (2021) As an active member of the academic finance community, Lochstoer serves as an associate editor for the Review of Finance and the Critical Finance Review, having previously served in the same capacity for the Review of Financial Studies. His professional service includes committee roles in major finance associations and extensive reviewing for top finance and economics journals. He has also contributed to practical finance through his service on the Asset Allocation Advisory Committee for the Norwegian Sovereign Wealth Fund.

Gabriel Felbermayrمشاهده پروفایل

استاد

• International Trade Theory and Policy
• Climate Economics
• Labor Markets in Open Economies
• +۷ مورد دیگر

Gabriel Felbermayr is a Professor of Economics at Vienna University of Economics and Business (WU) and Director of the Austrian Institute of Economic Research (WIFO) since 2021. He holds a PhD in Economics and has held academic positions at the University of Munich (ifo Center for International Economics), Kiel University (Chair in Economics), and the University of Tübingen. University Professor: WU Vienna (2021–) Director: WIFO Vienna (2021–) President: Kiel Institute (2019–2021) Research Interests include international trade theory, labor markets in open economies, European integration, migration economics, and climate-trade intersections. His work combines theoretical models with empirical policy analysis, focusing on globalization challenges, supply chain disruptions, and economic sanctions. Current Projects Trump 2.0 Transatlantic Tariff Scenarios Scientific Awards include recognition for his research contributions, though specific award names are not detailed in the text. He has led major projects for institutions like the Austrian Economic Chamber and the Foundation for Family Businesses. Education includes studies at the University of Linz and University of Florence (PhD). His publications span journals like Journal of International Economics , Review of World Economics , and World Development .

Stefania Garettoمشاهده پروفایل

دانشیار

• International Trade
• Macroeconomics
• Global Economics
• +۴ مورد دیگر

Stefania Garetto is an Associate Professor in the Department of Economics at Boston University. She specializes in international trade and macroeconomics, focusing on foreign direct investment, multinational corporations, and structural dynamic modeling. Her research explores the creation of multinational firms via mergers and acquisitions, their spatial expansion, and the interplay of real and financial factors in global markets. She is a Research Associate at the National Bureau of Economic Research (NBER) and a Research Fellow at the Centre for Economic Policy Research (CEPR). Education: PhD in Economics from the University of Chicago. Research interests include global banking, firm heterogeneity, risk-return dynamics in multinational production, and policy analysis. Her recent work combines empirical analysis with quantitative models to study topics like shock transmission in global banking systems and the origins of multinational premiums. Articles have been featured in Journal of International Economics , Quarterly Journal of Economics , and American Economic Journal: Macroeconomics . Teaching includes PhD-level International Trade (EC 791), master’s Globalization Economics (EC 598), and undergraduate courses in International Trade and Microeconomics. She has advised on numerous working papers and contributed to discussions at major conferences such as NBER ITI Summer Institutes and the Women in Macro Conference. Her current projects include analyzing the Cuban Embargo’s welfare impacts, real options in international economics, and long-run risks of FDI. She maintains an active presence in academic discussions, providing commentary on seminal papers in trade and financial integration.