The Development of Central Bank Digital Currency in China: An Analysis
The People’s Bank of China (PBOC) has launched an ambitious project to develop a digital currency for use in domestic, retail transactions, and is, by...
Network Risk and Key Players: A Structural Analysis of Interbank Liquidity
Journal of Financial Economics, 141(3), 831-859
Why we don’t write more papers on political finance
Despite the commonly held views of economists on regulatory capture, our profession has been much more hesitant in recognising similar conflicts of...
Rebooting UK financial regulation for the post-Brexit world
Recognising the critical role that financial markets will play in the success of the UK’s post-Brexit economy, the Treasury is now engaged in a review...
Epidemic Exposure, Fintech Adoption, and the Digital Divide
We ask whether epidemic exposure leads to a shift in financial technology usage within and across countries and if so who participates in this shift...
Epidemic exposure, fintech adoption, and the digital divide
Although epidemics are frequently cited as inducing changes in economic behaviour and accelerating technological and behavioural trends, there may be...
Dark Trading and Alternative Execution Priority Rules
Traders’ choice between lit and dark trading venues depends on market conditions, which are affected by execution priority rules in the dark pool...
Speculative and Precautionary Demand for Liquidity in Competitive Banking Markets
We demonstrate that the co-existence of different motives for liquidity preferences profoundly affects the efficiency of financial intermediation...
Using a mean changing stochastic processes exit-entry model for stock market long-short prediction
Stochastic processes is one of the key operations research tools for analysis of complex phenomenon. This paper has a unique application to the study...
Lending Cycles and Real Outcomes: Costs of Political Misalignment
The Economic Journal, 131(693), 2763–2796
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...
