Publications

The Centre has a regular discussion paper series dedicated to academic research, as well as a special paper series focused on policy analysis. In addition, affiliated researchers publish a variety of books, reports and opinion pieces.

Opinion Pieces
Dec 2019
Financial institutions are increasingly outsourcing information technology to the cloud, motivated by efficiency, security, and cost. This column argues that the consequence is likely to be short- and medium-term stability at the cost of the...
Discussion Papers
Nov 2019
DP 91
Carmen Camacho and Yu Sun
Under the threat of earthquakes, long-term policy makers need tools to optimally decide on the economic trajectories that will maximize the society welfare. Tools should be flexible and account for the consequences of earthquakes, incorporating the...
Opinion Pieces
Aug 2019
The type of risk we most care about is long-term, what happens over years or decades, but we tend to manage that risk over short periods. This column argues that the dissonance of risk is that we measure and manage what we don't care about and...
Opinion Pieces
Aug 2019
As central banks accumulate ever more job functions, their reputation risk increases. This column offers a cautionary tale from Iceland where, after the central bank was put in charge of capital controls, it was subject to severe attacks because of...
Special Papers
Jul 2019
SP 16
Artificial intelligence (AI) is rapidly changing how the financial system is operated, taking over core functions because of cost savings and operational efficiencies. AI will assist both risk managers and microprudential authorities. It meanwhile...
Discussion Papers
Jul 2019
DP 90
Orkun Saka, Nauro Campos, Paul De Grauwe, Yuemei Ji and Angelo Martelli
Financial crisis can trigger policy reversals, i.e. they can lead to a process of reregulation of financial markets. Using a recent comprehensive dataset on financial liberalization across 94 countries for the period between 1973 and 2015, we...
Opinion Pieces
Jun 2019
Orkun Saka, Nauro Campos, Paul De Grauwe, Yuemei Ji and Angelo Martelli
Financial crises play a key role in changing existing policies concerning financial markets and institutions. This column provides new evidence for the negative impact of financial crises on the process of financial liberalisation. It also shows,...
Discussion Papers
Jun 2019
DP 87
We derive the optimal underwriting method and the quantitative IPO pricing rule that this method implies in a market with informational frictions consisting of fully rational banks, issuers, and investors. In an efficient IPO market, an issuer's...
Opinion Pieces
Jun 2019
Jeffrey M Chwieroth and Andrew Walter
The accumulation of mass financialised wealth has transformed the politics of banking crises. This column shows that the rising wealth of the middle classes has generated great expectations that their wealth will be protected by the government. As a...
Opinion Pieces
May 2019
Çağatay Bircan and Orkun Saka
Government ownership of banks can help solve credit market failures and stabilise the supply of credit over the business cycle. However, it can also end up serving political interests and lead to a misallocation of financial resources. This column...

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