Inferring Intermediary Risk Exposure from Trade

The authors thank Natalie Kratts and Mehul Sachdev for excellent research assistance and Tobias Adrian, Rajesh Aggarwal, Malcolm Baker, John Campbell, Matteo Maggiori, Michael Fleming, Robin Greenwood, Derek Kaufman, Stefan Nagel, Adi Sunderam, Min Wei, David Sraer (our editor), two anonymous referees, and the participants in the Harvard Business School Seminar, Federal Reserve Bank of New York Seminar, Transatlantic Doctoral Conference, Baltimore Area Finance Conference, International Risk Management Conference, AAMF, Northeastern University Seminar, Midwest Finance Association conference, Southwestern Finance Association Conference, and the Eastern Finance Association Conference for helpful feedback. The views expressed in this paper are those of the authors and do not represent the views of the Federal Reserve Board or any other person associated with the Federal Reserve System. The authors thank Marek Hlavac (2022) for creating the stargazer R package, which the authors used to create most of the tables in this paper.