Discussion Papers

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...

Traders’ choice between lit and dark trading venues depends on market conditions, which are affected by execution priority rules in the dark pool...

We demonstrate that the co-existence of different motives for liquidity preferences profoundly affects the efficiency of financial intermediation...

Stochastic processes is one of the key operations research tools for analysis of complex phenomenon. This paper has a unique application to the study...

Since 1978 China has developed strongly using a particular form of capitalism which has relied upon close relations between private enterprise and the...

We use data on the universe of credit in Turkey to document a strong political lending cycle. State-owned banks systematically adjust their lending...

In this study, we propose an implied forward-looking measure for systemic risk that employs the information from put option prices, the Systemic...

It is sometimes said that an effect of the COVID-19 pandemic will be heightened appreciation of the importance of scientific research and expertise...

What drives actual government policies after financial crises? In this paper, we first present a simple model of post-crisis policymaking driven by...

We generalise a stochastic version of the workhorse SIR (Susceptible-Infectious- Removed) epidemiological model to account for spatial dynamics...

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...

We study the transmission of liquidity shocks from one sector of the economy to other sectors in a general equilibrium model with multiple trading...

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...

We investigate the causal impact of financial risk on economic growth, using a panel spanning 150 years and 74 countries. Persistent low risk...

During the unfolding of a crisis, it is crucial to determine its severity, yet access to reliable data is challenging. We investigate the relation...

We assess the ability of an information aggregation mechanism that operates in the over-the-counter market for financial derivatives to reduce...