Chinese Debt Capital Markets - An Emerging Global Market with Chinese Characteristics
With the deepening of China's reform and opening up, and the sustained development of the Chinese economy, the Chinese bond market has become an...
When risk models hallucinate
Risk model hallucination happens when models are forced to forecast the likelihood of extreme events in cases where they have not been trained with...
Dynamic industry uncertainty networks and the business cycle
Journal of Economic Dynamics and Control, 159, 104793
How AI can undermine financial stability
As artificial intelligence makes inroads into the financial system, it exacerbates existing channels of instability and creates new ones. This column...
The calming of short-term market fear and its long-term consequences: The central banks’ dilemma
An Unconventional FX Tail Risk Story
We examine how the tail risk of currency returns over the past 20 years were impacted by central bank (monetary and liquidity) measures across the...
On the use of artificial intelligence in financial regulations and the impact on financial stability
As the financial authorities increase their use of artificial intelligence (AI), micro regulations, such as consumer protection and routine banking...
Artificial intelligence and financial stability
The use of artificial intelligence in the private sector is accelerating, and the financial authorities have no choice but to follow if they are to...
Stress-testing the banking system: what lies ahead?
Pedro Duarte Neves says stress tests must evolve to capture systemic, liquidity and cyber risks.
Stylised facts on the effectiveness of macroprudential policy
This policy note summarises the main empirical findings on the effectiveness of macroprudential policy: macroprudential policy contributes to a...
The spread of COVID-19 in London: Network effects and optimal lockdowns
Journal of Econometrics, 235 (2), 2125-2154
When artificial intelligence becomes a central banker
Artificial intelligence is expected to be widely used by central banks as it brings considerable cost saving and efficiency benefits. However, as this...
The market quality implications of speed in cross-platform trading: Evidence from Frankfurt-London microwave networks
Journal of Financial Markets, 66, 100853
Volatility and dark trading: Evidence from the Covid-19 pandemic
The British Accounting Review, 55 (4),101171
The legacy of cryptocurrencies
Crypto-promoters and financial authorities are split on the future of cryptocurrencies. Should crypto join the mainstream or remain in the wilderness...
