When will the Covid-19 pandemic peak?
We carry out some analysis of the daily data on the number of new cases and number of new deaths by (191) countries as reported to the European CDC...
Sell in May and Go Away in the Equity Index Futures Markets, 1993-2019
The period May 1 to the turn of the month of November (-6 trading day of October) has historically produced negligible returns. The rest of the year...
Artificial Intelligence and Systemic Risk
Artificial intelligence (AI) is rapidly changing how the financial system is operated, taking over core functions because of cost savings and...
Ten Years After the Global Financial Crisis: Causes, Outcomes, Lessons Learnt
September 15th, 2008: financial services firm Lehman Brothers files for Chapter 11 bankruptcy protection, marking the largest default in U.S. history...
Regulatory Technology
Technology changes society. Financial services and their regulation is not immune from this. Indeed, distributed ledger technology and artificial...
Macroprudential Stress Tests and Policies: Stretching for Robust and Implementable Frameworks
Non-supervisory bank stress testing is becoming firmly embedded in the post-crisis macroprudential frameworks of major financial sectors around the...
Did central banks cause the last financial crisis? Will they cause the next?
Recent history suggests that raising interest rates higher than warranted by macroeconomic prospects would not be the right policy for financial...
Artificial intelligence, financial risk management and systemic risk
Artificial intelligence (AI) is rapidly changing how financial institutions are operated and regulated. The authors discuss the benefits and danger...
Are banks still special?
Banks have long played a special role in the financial system. Individuals and institutions use banks to access the payment system, and central banks...
International Liquidity
Global or international liquidity has moved to centre stage in recent international policy, research and market discussions. Contrary to the approach...
Fundamentals versus market sentiments in the euro bond markets: Implications for QE
Despite the partial realignment of European long-term government bonds after the crisis in 2012, there has been some renewed divergence in yields in...
Michael John Artis: An extended Memoir 1938-2016
In 2016 Charles Goodhart was commissioned by the British Academy to write the Memoir for Mike Artis, an honour that all deceased Fellows are accorded...
The Systemic Risk Buffer for UK Banks: A Response to the Bank of England's Consultation Paper
On 29 January 2016 the Bank of England (2016a) published for consultation the Financial Policy Committee’s proposed framework for the systemic risk...
Curse of the Benchmarks
Obsession with short-term performance against market cap benchmarks preordains the dysfunctionality of asset markets. The problems start when trustees...
The United States dominates global investment banking: does it matter for Europe?
In the aftermath of the global financial crisis, the market share of US investment banks is increasing, while that of their European counterparts is...
Political Economy of a Euro Area Banking Crisis
This paper features a keynote address given by Panicos O. Demetriades at “Politics, Finance and Growth” Conference Reserve Bank of South Africa...
