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
Nov 2018
Cryptocurrencies are primarily held today for speculative reasons and see little economic use outside of that. This column argues that if private cryptocurrencies were to find widespread economic use, either coexisting with or fully displacing fiat...
Discussion Papers
Nov 2018
DP 86
Cryptocurrencies promise to replace fiat money with private money whose integrity is underpinned by algorithms, not government guarantees. While the technology is elegant, the success and failure of cryptocurrencies in the competition with fiat will...
Discussion Papers
Oct 2018
DP 85
Çağatay Bircan and Orkun Saka
We use data on the universe of credit in Turkey to document a strong political lending cycle. State-owned banks systematically adjust their lending around local elections compared with private banks in the same province. There is considerable...
Discussion Papers
Sep 2018
DP 84
European banks have been criticized for holding excessive domestic government debt during economic downturns, which may have intensified the diabolic loop between sovereign and bank credit risks. By using a novel bank-level dataset covering the...
Discussion Papers
Sep 2018
DP 83
Toni Ahnert, Kartik Anand, Prasanna Gai and James Chapman
We model asset encumbrance by banks subject to rollover risk and study the consequences for fragility, funding costs, and prudential regulation. A bank's privately optimal encumbrance choice balances the benefit of expanding profitable yet illiquid...
Special Papers
Sep 2018
SP 15
Angela Antetomaso, Brunello Rosa and Nouriel Roubini
September 15th, 2008: financial services firm Lehman Brothers files for Chapter 11 bankruptcy protection, marking the largest default in U.S. history and the beginning of the Global Financial Crisis (GFC), the most severe episode of financial...
Opinion Pieces
Sep 2018
Financial policy is determined in multiple domains by separate government authorities. This column explores the hierarchical ranking of these domains and authorities. On top is the authority in charge of fiscal policy, followed by those running...
Discussion Papers
Sep 2018
DP 82
Sebastien Lleo and Bill Ziemba
Predicting stock market crashes is a focus of interest for both researchers and practitioners. Several prediction models have been developed, mostly for use on mature financial markets. In this paper, we investigate whether traditional crash...
Discussion Papers
Aug 2018
DP 81
William H. Beaver, Stefano Cascino, Maria Correia and Maureen F. McNichols
We examine bankruptcy within business groups. Groups have incentives to support financially distressed subsidiaries as the bankruptcy of a subsidiary may impose severe costs on the group as a whole. In several countries around the world, bankruptcy...
Opinion Pieces
Jul 2018
Julia, MATLAB, Python and R are among the most commonly used numerical programming languages by economic researchers. In this post, Jon Danielsson and Jia Rong Fan compare and contrast these four, reaching a very subjective conclusion as to which is...

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