 My name is Monica Sierra. I'm from the Communications Department of the ECB and I'm very happy to be here with the winner of this year's Young Economist Competition Leslie Shang Shen So congratulations Leslie. I just wanted to ask first. Well, how are you feeling right now? I feel absolutely thrilled. This is a great honor and a great encouragement and thank you very much to the selection committee for this award Could you tell us a bit about your paper about your research paper? Absolutely. So my paper studies how the globalization of banking system has affected credit allocation across firms and the macroeconomy. I Raise this new perspective that bank specialization in global versus local risk is a key mechanism in introducing how firms decide which bank to borrow from and I show that this type of bank Specialization give rise to a double adverse selection problem, which means that Both global and local banks are getting the worst type of firms in terms of characteristics It does not observe and that generates spillover and implication of funding shocks across borders Okay. Thank you. What would you say is really innovative about your research? Well, I think Now I raise this new perspective about bank specialization in global versus local risk And this is no deviates from the traditional way to look at why do some firms go to certain type of banks versus others and there's also important policy implications a Lot of the talks about how should we regulate global banks these days has been about capital ratios and my results point that Maybe some attention should be looked at how exposed our global shocks global banks to global risks And my results show that global banks are loaded Exposure to global risk because they tend to lend to firms that are more exposed to global risk And those risk can be amplified during crisis times. Okay. Thank you And What would you say after your experience here after the three days at the central banking form? What would you suggest for PhD students and economics who are maybe interested in participating in the competition next year? What are what are your recommendations? I would highly encourage them to apply. I think this has been a really great experience Of course, no at the poster sessions for us We get a chance to talk about our own research to top academic economists policy makers and journalists At the same time at nose by sitting at these panel sessions We really get good exposure to no the hot topics that's being discussed in the policy circle and among academics and the conversation is just really dynamic and It is just a great opportunity for PhD students to know get a better sense of their profession Yeah, what would you say was the highlight for you of this experience? Just meeting many great Economist and policy makers that I have no been reading in the news and Looking at their work for so long and having an opportunity to talk to them about my own research and hear their Perspectives about what's happening in the economy in the world right now Great. Well, I don't want to keep you too long because you must be really eager to get back to your family and friends To tell them about the great news. So I would just like to congratulate you once again and wish you all the best Thank you very much. Thank you You