Stake-holder Firms and the Reform of Local Public Finance in China
Since 1978 China has developed strongly using a particular form of capitalism which has relied upon close relations between private enterprise and the...
Lending Cycles and Real Outcomes: Costs of Political Misalignment
We use data on the universe of credit in Turkey to document a strong political lending cycle. State-owned banks systematically adjust their lending...
Moral hazard, the fear of the markets, and how central banks responded to Covid-19
While the direct economic consequences of Covid-19 have been significant, the impact on the financial markets has been more nuanced. This column uses...
Revenge of the experts: Will COVID-19 renew or diminish public trust in science?
Journal of Public Economics, Volume 193, 2021,104343.
Options-based systemic risk, financial distress, and macroeconomic downturns
In this study, we propose an implied forward-looking measure for systemic risk that employs the information from put option prices, the Systemic...
Vaccine challenges
Last week brought welcome news about the apparent effectiveness of a potential Covid-19 vaccine. While the challenges of manufacturing and...
Financial policymaking after crises: Public versus private interest
Financial crises invariably lead governments to intervene in one way or another, whether to ease the damage to middle-class voters, to respond to the...
Revenge of the Experts: Will COVID-19 Renew or Diminish Public Trust in Science?
It is sometimes said that an effect of the COVID-19 pandemic will be heightened appreciation of the importance of scientific research and expertise...
Domestic Banks As Lightning Rods? Home Bias and Information during the Eurozone Crisis
Journal of Money, Credit and Banking, Volume 52, 2020,12744.
Financial Policymaking after Crises: Public vs. Private Interests
What drives actual government policies after financial crises? In this paper, we first present a simple model of post-crisis policymaking driven by...
The Spread of COVID-19 in London: Network Effects and Optimal Lockdowns
We generalise a stochastic version of the workhorse SIR (Susceptible-Infectious- Removed) epidemiological model to account for spatial dynamics...
Digital Currency and Economic Crises: Helping States Respond
The current crisis, at the time of writing, has had a profound impact on the financial world, introducing the need for creative approaches to...
Parimutuel betting markets: racetracks and lotteries revisited
This paper surveys the state of the art in research in racetrack and lottery markets. Market efficiency and the pricing of various wagers is studied...
Which programming language is best for economic research: Julia, Matlab, Python or R?
The most widely used programming languages for economic research are Julia, Matlab, Python and R. This column uses three criteria to compare the...
Market Fragmentation and Contagion
We study the transmission of liquidity shocks from one sector of the economy to other sectors in a general equilibrium model with multiple trading...
Who Bears Risk in China’s Non-financial Enterprise Debt?
This paper analyses of how risk is allocated in China’s markets for debt issued by non-financial enterprises. Compared to other major corporate bond...
