Publications

Developing a tax system which limits tax evasion is a key challenge for many emerging markets. This column argues that introducing a flat tax as a...

Journal of Financial Economics 146(3), 1044-1072

Cryptocurrencies have enjoyed a remarkable run from obscurity to a trillion dollar valuation in just over a decade. This column argues, however, that...

Using hand-collected data spanning more than a decade on European banks’ sovereign debt portfolios, we show that the trust of residents of a bank’s...

Many statistical reports in Ukraine have been suspended since the start of Russia’s invasion, including on labour markets. This column uses wage...

Climate change has become a major topic of discussion at central banks and financial regulators. Key aspects of this debate include whether and how...

Global macroprudential and microprudential regulatory changes since 2008 have been designed to make a repeat of a systemic crisis much less likely...

The short-termism of corporate managers has been a recurring concern of policymakers for decades due to the close tie with mispricing in capital...

Journal of Money, Credit and Banking, 54 (7), 1913-1940

Review of Financial Studies (forthcoming)

The ongoing war in Ukraine has resulted in large damages to both public infrastructure and private corporate assets. The extent of these damages will...

Effective financial markets provide the foundation for a highly productive and stable economy, but no UK regulator is responsible for the overall...

Does the increased prevalence of algorithmic trading (AT) produce real economic effects? We find that AT contributes to managerial learning by...