Working Papers:
1. Technology Gap, Foreign Direct Investment, and Market Structure (with D.
Greenaway, K. Jangkamolkulchai and R. Kneller), GEP Research Paper 2008/6,
University of Nottingham
2. Structural Adjustment, Turnover and Career Progression (with C. Davidson, R.
Upward and P. Wright), GEP Research Paper 2008/23, University of Nottingham;
Gecomplexity Discussion Paper 14/2015, ISCH COST Action IS1104
3. Organizational Forms for Global Engagement of Firms (with H. Görg), GEP
Research Paper 2008/33, University of Nottingham, Kiel Working Papers 1448,
Kiel Institute for the World Economy
4. The Impact of the Global Financial Crisis on European Banking Efficiency (with
H. Alzubaidi), CFCM Working Paper 03/11, University of Nottingham
5. NGOs and Donors' Funding: Evidence from Uganda (with A. Isopi
and T. Owens), CREDIT Working Paper 22/04, University of Nottingham,
CESifo Working Paper no. 10055
6. Fire Sales and Ex Ante Valuation of Systemic Risk: A Financial Equilibrium
Networks Approach (with A. Spencer), CFCM Working Paper 22/04, University
of Nottingham; National Institute of Economic and Social Research Discussion
Paper No. 544; CESifo Working Paper No.10111, University of Munich
7. Financial Development, Cycles and Income Inequality in a Model with Good and
Bad Projects (with P. Commendatore, L. Gardini and I. Kubin), CFCM Working
Paper 22/05, University of Nottingham; CES-ifo Working Paper No. 10135,
University of Munich; National Institute of Economic and Social Research
Discussion Paper No. 545
Other Writings
1. The Economy on Ice: Preventing Economic Contagion. NIESR Blog, April 4
2020:
https://www.niesr.ac.uk/blog/economy-ice-preventing-economic-contagion
2. Unfair Policies, Costly Consequences. NIESR Blog, June 8 2020:
https://www.niesr.ac.uk/blog/unfair-policies-costly-consequences
3. What is systemic risk and how does it lead to a banking crisis? The Conversation,
March 22 2023:
https://theconversation.com/what-is-systemic-risk-and-how-does-it-lead-to-a- banking-crisis-202174
Publications:
Edited Volumes
1. (2017) The Economy as a Complex Spatial System: Micro, Meso and Macro
Perspectives (with P. Commendatore, I. Kubin, A. Kirman, M. Kopel and G.-I.
Bischi), Springer, Heidelberg
2. (2018) Special Issue: Review of International Economics - Macro and Micro
Perspectives on Location, Innovation, Trade, Migration and Regional
Growth (with P. Commendatore and I. Kubin), Wiley, UK
Journal Articles
1. (1994) Asset and Currency Prices in an Exchange Economy with Transactions
Costs, Journal of Macroeconomics 16, 99-107
2. (1998) Long-term Financial Contracts and Technological Choice, Bulletin of
Economic Research 50, 61-71
3. (1999) Infrastructure, Transport Costs and Trade (with P. Demetriades and E.
Morgenroth), Journal of International Economics 47, 169-89
4. (1999) The Effect of Divorce Costs on Marriage Formation and Dissolution
(with Y. Georgellis), Journal of Population Economics 12, 489-98
5. (1999) Contagious Bank Runs, International Review of Economics and
Finance 8, 131-46
6. (2000) Infrastructure, Specialization and Economic Growth (with P. Demetriades
and T. Mamuneas), Canadian Journal of Economics 33, 506-22
7. (2002) Market-Based Reforms of Public Schooling Quasi-Markets: Some
Unpleasant Dynamics (with N. Adnett and P. Davies), Economics of Education
Review 21, 323-30
8. (2002) Optimism, Education and Industrial Development, Research in Economics
56, 199-214
9. (2003) The Economics of Professional Sports Leagues: Some Insights on the
Reform of Transfer Markets (with P. Downward), Journal of Sports Economics
4, 87-107
(2005) Reply: The Economics of Professional Sports Leagues: Some Insights
on the Reform of Transfer Markets (with P. Downward), Journal of Sports
Economics 6, 114-16
(2006) Reprinted in B. Gerrard (ed.), The Economics of Association Football,
Edward Elgar, U.K.
10. (2003) Is R&D Financially Constrained? Theory and Evidence from Irish
Manufacturing Firms (with H. Görg and E. Strobl), Review of Industrial
Organization 22, 159-74
11. (2003) International Aspects of Public Infrastructure Investment (with P.
Demetriades and E. Morgenroth), Canadian Journal of Economics 36, 884-910
12. (2004) Internal vs External Financing of R&D, Small Business Economics 22,
11-7
13. (2004) On the Trade-off between Work-Related Training and Labor Mobility:
The Role of Firing and Exit Costs (with N. Adnett and Y. Georgellis), Journal
of Economics 82, 49-70
14. (2004) German Apprenticeship Training, Earning Profiles and Labour Turnover:
Theory and Empirical Evidence (with Y. Georgellis), Labour 18, 233-63
15. (2004) The Impact of Firm-Specific Characteristics on the Response to Monetary
Policy Actions (with P. Mizen and C. Yalcin), Central Bank Review 4, 1-29
16. (2006) Trade Credit, Bank Lending and Monetary Policy Transmission (with S.
Mateut and P. Mizen), European Economic Review 50, 603-29
17. (2006) Access to External Finance: Theory and Evidence on the Impact of
Monetary Policy and Firm-Specific Characteristics (with P. Mizen and C.
Yalcin), Journal of Banking and Finance 30, 199-227
18. (2006) Financial Predation by the 'Weak' (with S. Thananittayaudom),
International Journal of Business and Economics 5, 231-44
19. (2007) Income Distribution, Imperfect Capital Markets and the Choice of
External Finance: A Financial Equilibrium Approach, Quarterly Review of
Economics and Finance 47, 507-20
20. (2007) Tough Love or Unconditional Charity? (with I. Dasgupta and O.
Morrissey), Oxford Economic Papers 59, 561-82
21. (2007) Trade and the Distribution of Human Capital (with R. Riezman),
Journal of International Economics 73, 421-33
(2013) Reprinted in R. Riezman (ed.), International Trade Agreements and
Political Economy, World Scientific Publishing Co. Pte. Ltd.
22. (2008) Administración de los Apuros Financieros Bancarios: Dilema entre la
Liquidez y los Riesgos de la Solvencia [Managing Banking Financial Distress:
Trade-Offs between Illiquidity and Insolvency Risks], (with A. Ruiz-Porras), El
Trimestre Económico (Special Issue on 'Economic Theory in Latin America')
75, 215-33
23. (2008) A Model of the Interaction between Banking Crises and Currency Crices,
(with M. Bleaney and I. Skamnelos), Journal of International Money and
Finance 27, 695-706
24. (2009) Corporate Trade Credit and Inventories: New Evidence of a Tradeoff from
Accounts Payable and Receivable, (with S. Mateut and P. Mizen), Journal of
Banking and Finance 33, 300-7
25. (2009) The Impact of Financial Market Imperfections on Trade and Capital
Flows, (with R. Falvey), Econoquantum (Conference Proceedings of 1st
International Workshop on Contemporary Economic Theory: Topics on
Development Economics, University of Guadalajara: September 2009) 6, 91-110
26. (2011) Repayment versus Investment Conditions and Exclusivity in Lending
Contracts, (with I. Dasgupta and O. Morrissey), Journal of Institutional
and Theoretical Economics 167, 247-65
27. (2011) Financial Constraints, the Distribution of Wealth and International Trade
(with E. Amissah and R. Falvey), World Economy (Special Issue: China
and the Global Financial Crisis) 34, 707-24
28. (2011) Optimal Education Policies and Comparative Advantage (with R. Kneller
and R. Riezman), Pacific Economic Review 16, 538-52
29. (2012) Skilled Worker Migration and Trade: Inequality and Welfare (with D.
Nelson), World Economy (Special Issue: Immigration) 35, 197-215
30. (2012) Cost Padding in Regulated Monopolies (with T. Worrall), International
Journal of Industrial Organization 40, 331-341
31. (2013) Risk Taking in Social Settings: Group and Peer Effects (with J. Nieboer
and M. Sefton), Journal of Economic Behavior and Organization 92, 273-83
32. (2013) On the Political Economy of High Skilled Migration and International
Trade (with D. Nelson), European Economic Review 63, 206-24
33. (2013) Endogenous Participation in Imperfect Labor and Capital Markets
(with R. Upward), Economics Bulletin 33, 2454-64
34. (2014) Pooling, Tranching and Credit Expansion, Oxford Economic Papers 62,
557-79
35 (2015) Risk Taking and Information Aggregation in Groups (with J. Nieboer and
M. Sefton), Journal of Economic Psychology 51, 34-47
36. (2015) The Open Economy Balance Sheet Channel and the Exporting
Decisions of Firms: Evidence from the Brazilian Crisis of 1999 (with P. Mizen
and S. Silva), Oxford Economic Papers 67, 1096-1122
37. (2016) Lead-Lag Relationships and Institutional Ownership: Evidence from an
Embryonic Equity Market (with V. Arjoon and C. Milner), Research in
International Business and Finance 38, 262-276
38. (2017) Do Psychological Fallacies Influence Trading in Financial
Markets? Evidence from the Foreign Exchange Market (with M. Bleaney and. Z.
Li), Journal of Behavioral Finance 18, 344-357
39. (2018) Entrepreneurial Migration in an Integrated World (with R. Falvey)
Scandinavian Journal of Economics 120, 1171-1201
40. (2018) Systemic Risk and the Optimal Seniority Structure of Banking
Liabilities (with A. Kirman), International Journal of Finance and Economics
23, 47-54
41. (2018) Foreign Currency Borrowing, Exports and Firm Performance: Evidence
from a Currency Crisis (with H. Lim, S. Mateut, P. Mizen and C. Yalcin ),
European Journal of Finance 24, 1649-1671
42. (2019) Portfolio Sales and Signaling (with T. Worrall), Journal of
Banking and Finance 99, 182-191
43. (2021) Financial System Architecture and the Patterns of International Trade
(with E. Amissah, F. Defever and R. Falvey), European Economic Review 136,
Article 103751
44. (2021) A Theory of Outside Equity: Financing Multiple Projects (with T. Wang),
Journal of Corporate Finance 69, Article 102025
45. (2022) Contagion in Networks: Stability and Efficiency, Mathematical Social
Sciences 115, 64-77
46. (Forthcoming) Dynamic Investigations of an Endogenous Business Cycle Model
with Heterogeneous Agents (with P. Commendatore, L. Gardini and I. Kubin),
Computational Economics (Special Issue: Nonlinear Dynamics and Complex
Systems)
47. (2024) System Risk in Banking, Fire Sales, and Macroeconomic Disasters (with
D. Harvey, A. Kirman and D. Nelson) Journal of Economic Dynamics and
Control 168, Article 104975
Contributions in Edited Volumes
1. (2015) Complex Financial Networks and Systemic Risk: A Review (with A.
Kirman), in P. Commendatore, S. Kayam and I. Kubin (eds.), Complexity and
Geographical Economics: Topics and Tools, Springer, Heidelberg
2. (2016) Bank Insolvencies, Priority Claims and Systemic Risk (with A. Kirman), in
P. Commendatore, M. Matilla-Garcia, L. Varela and J. Canovas (eds.), Complex
Networks and Dynamics: Social Economic Interactions, Springer Heidelberg
3. (2017) Product and Labor Market Entry Costs, Underemployment and
International Trade (with R. Riezman), in B. Christensen and C. Kowalczyk
(eds.), Globalization: Strategies and Effects, Springer, Heidelberg
4. (2017) Introduction (with P. Commendatore, I. Kubin, A. Kirman, M. Kopel and
G.-I. Bischi), in S. Bougheas, P. Commendatore, I. Kubin, A. Kirman, M. Kopel
and G.-I. Bisch (eds.), The Economy as a Complex Spatial System: Micro,
Meso and Macro Perspectives, Springer, Heidelberg
5. (2017) Systemic Risk and Macroeconomic Fat Tails (with D. Harvey and A.
Kirman), in S. Bougheas, P. Commendatore, I. Kubin, A. Kirman, M. Kopel and
G.-I. Bisch (eds.), The Economy as a Complex Spatial System: Micro, Meso
and Macro Perspectives, Springer, Heidelberg
6. 2017) Looking Ahead, Part II (with A. Kirman), in S. Bougheas, P.
Commendatore, I. Kubin, A. Kirman, M. Kopel and G.-I. Bisch (eds.), The
Economy as a Complex Spatial System: Micro, Meso and Macro
Perspectives, Springer, Heidelberg
Policy Papers
1. (2020) The Economy on Ice: Meeting the Economic Challenges during and after
the COVID-19 Crisis, National Institute of Economic and Social Research https://www.niesr.ac.uk/publications/economy-ice-meeting-economic-challenges-during-and- after-covid-19-crisis
Book Reviews
1. (2001) Economic Transformation, Democratization and Integration into the
European Union: Southern Europe in Comparative Perspective by H. Gibson (ed.),
World Economy 24, 739-40
2. (2003) Greece's Economic Performance and Prospects by R. Bryant, N. Garganas
and G. Tavlas (eds.), World Economy 26, 262
3. (2005) Towards a New Paradigm in Monetary Economics by J. Stiglitz and B.
Greenwald, Journal of International Development 17, 696-7