Ganesh Viswanath-Natraj

Assistant Professor of Finance

Warwick Business School

Welcome, I am an Assistant Professor of Finance at Warwick Business School. I graduated with a PhD in Economics from UC Berkeley in 2019. My research interests are in international finance and macroeconomics, with a focus on foreign exchange derivatives, market microstructure and cryptocurrencies.

In recent research, I have been investigating a class of cryptocurrencies called stablecoins that are currencies operating on the blockchain and are pegged to the US dollar. I also investigate price-setting in forex swap markets, and use financial data to identify linkages between monetary policy, financial markets and the real economy.



  1. Price-Setting in the Foreign Exchange Swap Market: Evidence from Order Flow, Journal of Financial Economics (2022), 146:119-142 (with O. Syrstad). [Paper]
  2. What Keeps Stablecoins Stable? forthcoming in the Journal of International Money and Finance (with R. Lyons). [Paper]
  3. Stablecoins and Central Bank Digital Currencies: Policy and Regulatory Challenges, Asian Economics Papers (2022), 21:29-46 (with B. Eichengreen). [Paper]
  4. Fundamentals of the MakerDAO Governance Token, In 3rd International Conference on Blockchain Economics, Security and Protocols (2022) (with R. Kozhan). [Paper]

Working Papers

  1. Stablecoin Devaluation Risk (with B. Eichengreen and M. Nguyen). [Paper][May 2023]
  2. Interest Rate Parity in Decentralized Finance (with A. Chaudhary and R. Kozhan). [Paper][May 2023]
  3. Decentralized Stablecoins and Collateral Risk (with R. Kozhan). [Paper] [April 2023]
  4. Fundamental vs. Technical Analysis: News-based Factors and Cryptocurrency Risk Premia (with I. Fillipou and M. Nguyen). [Paper] [April 2023]
  5. Corporate Basis and the International Role of The U.S. Dollar (with G. Hu, Z. Shi and J. Wang). [Paper] [March 2023]
  6. Cryptocurrencies in Emerging Markets: a Stablecoin Solution? (with D. Murakami). [Paper] [March 2023]
  7. CBDCs, Financial Inclusion and Monetary Policy (with D. Murakami and I. Shchapov). [Paper] [December 2022]
  8. Central Bank Swap Lines: Micro-Level Evidence (with G. Ferrara, P. Mueller and J. Wang). [Paper] [May 2022]
  9. The Information Content of Trump Tweets and the Currency Market (with I. Filippou, A. Gozluklu and M. Nguyen). [Paper] [October 2021]
  10. Unconventional Monetary Policy and Covered Interest Rate Parity Deviations: is there a Link? [Paper] [September 2020]

Collection of articles, slide material and podcasts related to my research.

Community presentations
  1. How to Design a CBDC and Stablecoin, remarks at the University of Warwick Gillmore Centre Conference on Digital Currencies and Decentralised Finance [Slides]
  2. How to regulate stablecoins?, remarks at the University of Manchester and UK Endorsement Board [Slides]
  3. Are Digital Currencies the Future?, remarks on the digital pound, Warwick Business School [Slides]
  4. Stablecoins Reading Group, HEC Paris [Slides]
  5. Future of Digital Currencies, Warwick Business School [Slides]
  6. Are Digital Currencies the Future?, remarks at Westminster Eforum on Digital Currencies [Slides]
  7. Beyond the Hype: Stablecoins and DeFi, remarks at Warwick Hodl society [Slides]
  1. Five ways a digital pound could change our world [Link]
  2. How a digital pound could work alongside cryptocurrencies [Link]
  3. What could more regulation mean for the future of digital currencies? [Link]
  4. Pound recovers but remains at low levels – how to assess the long-term value of sterling [Link]
  5. How should Governments Regulate Stablecoins and Cryptocurrency? [Link]
  6. Algorithmic Stablecoins and Devaluation Risk with A. Chaudhary [Link]
  7. Three Trends that will shape cryptocurrencies future [Link]
  8. Ampleforth's Algorithm: How Does it Work? [Link]
  9. Libra still needs more Baking with B. Eichengreen [Link]
  10. Do Stablecoins Inflate Crypto Markets? with R. Lyons [Link]
  1. Acorrection Podcast: Cryptocurrencies [Link]
  2. Stablecoins are Killing it:CryptoZTV [Link]
  3. On the Brink with Castle Island Podcast: What Keeps Stablecoins Stable? [Link]
  4. Chilling With Charlie Podcast: Cryptocurrencies [Link]
Virtual Conferences
  1. Chainlink Stablecoin Arbitrage [Link]
  2. Stablecoins are Killing It Episode 2: Tether Arbitrage [Link]
  3. Stablecoins are Killing It Episode 15: DAI [Link]