Publications

Due to their complex features, structured financial products can hurt the average investor. Are certain investors particularly vulnerable? Using...

The current crisis, at the time of writing, has had a profound impact on the financial world, introducing the need for creative approaches to...

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...

Young, small, and domestic market-oriented firms are more likely to fall into financial distress.

The most widely used programming languages for economic research are Julia, Matlab, Python and R. This column uses three criteria to compare the...

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

A sizeable proportion of enterprises, especially SMEs, in receipt of financial assistance from the government will fail to repay. This column asks...

A decade of near-zero, and even negative, interest rates in advanced economies has both encouraged the continued accumulation of debt and a search for...

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...

Despite regular reports in the media over the past decade on the imminent death of cash amid rapid innovation in payment technologies, cash in...

A rapidly expanding literature has shown the importance of political economy factors for legislative and regulatory actions in the financial sector...

We use simple accounting measures to estimate the share of private manufacturing firms in financial distress under a hypothetical scenario of losing...

Countries reform when their neighbours have reformed too, especially in the aftermath of economic crises. This column examines business regulatory...

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...