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]
  5. Interest rate rules in decentralized finance: evidence from compound , In 4th International Conference on Blockchain Economics, Security and Protocols (2023) (with A. Chaudhary and R. Kozhan). [Paper]


International Finance

  1. Foreign Exchange Interventions and Intermediary Constraints (with A. Ferreira, R. Mullen, G. Ricco and Z. Wang). [Coming Soon]
  2. Central Bank Swap Lines: Micro-Level Evidence (with G. Ferrara, P. Mueller and J. Wang). [Paper]
  3. Corporate Basis and the International Role of The U.S. Dollar (with G. Hu, Z. Shi and J. Wang). [Paper]
  4. Signal in the Noise: Trump Tweets and the Currency Market (with I. Filippou, A. Gozluklu and M. Nguyen). [Paper]
  5. Unconventional Monetary Policy and Covered Interest Rate Parity Deviations: is there a Link? [Paper]

Digital Currencies and Decentralized Finance

  1. Blockchain Currency Markets (with A. Ranaldo and J. Wang). [Coming Soon]
  2. Price Discovery in Cryptocurrency Markets: Trades versus Liquidity Provision (with O. Klein, R. Kozhan and J. Wang). [Paper]
  3. Stablecoin Devaluation Risk (with B. Eichengreen and M. Nguyen). [Paper]
  4. Interest Rate Parity in Decentralized Finance (with A. Chaudhary and R. Kozhan). [Paper]
  5. Fundamental Sentiment and Cryptocurrency Risk Premia (with I. Fillipou and M. Nguyen). [Paper]
  6. CBDCs, Financial Inclusion and Optimal Monetary Policy (with D. Murakami and I. Shchapov). [Paper]
  7. Cryptocurrencies in Emerging Markets: a Stablecoin Solution? (with D. Murakami). [Paper]
  8. Decentralized Stablecoins and Collateral Risk (with R. Kozhan). [Paper]

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

Central Bank Digital Currencies
  1. How will digital currencies impact our world [Link]
  2. Five ways a digital pound could change our world [Link]
  3. How a digital pound could work alongside cryptocurrencies [Link]
  4. What could more regulation mean for the future of digital currencies? [Link]
  5. Are Digital Currencies the Future?, remarks on the digital pound, Warwick Business School [Slides]


  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. Stablecoins Reading Group, HEC Paris [Slides]
  4. Are Stablecoins the Future?, remarks at Westminster Eforum on Digital Currencies [Slides]
  5. Ampleforth's Algorithm: How Does it Work? [Link]
  6. Libra still needs more Baking with B. Eichengreen [Link]
  7. Do Stablecoins Inflate Crypto Markets? with R. Lyons [Link]
  8. Acorrection Podcast: Cryptocurrencies [Link]
  9. Stablecoins are Killing it:CryptoZTV [Link]
  10. On the Brink with Castle Island Podcast: What Keeps Stablecoins Stable? [Link]
  11. Chainlink Stablecoin Arbitrage [Link]
  12. Stablecoins are Killing It Episode 2: Tether Arbitrage [Link]
  13. Stablecoins are Killing It Episode 15: DAI [Link]
Cryptocurrencies and Decentralized Finance
  1. How are interest rates set on DeFi platforms? [Link]
  2. Future of Digital Currencies, Warwick Business School [Slides]
  3. Beyond the Hype: Stablecoins and DeFi, remarks at Warwick Hodl society [Slides]
  4. How should Governments Regulate Stablecoins and Cryptocurrency? [Link]
  5. Algorithmic Stablecoins and Devaluation Risk with A. Chaudhary [Link]
  6. Three Trends that will shape cryptocurrencies future [Link]
  7. Chilling With Charlie Podcast: Cryptocurrencies [Link]
International Finance

  1. The iron law in the trillion-dollar FX swaps market has broken. What now? [Link]
  2. Why the pound has shot up while UK economy is struggling [Link]
  3. Pound recovers but remains at low levels – how to assess the long-term value of sterling [Link]