We document the presence of significant liquidity costs in Spanish sovereign debt auctions: the larger the auctioned amounts, the lower the issuance price relative to secondary market prices. Motivated by this evidence, we characterize the optimal debt-maturity management problem of a government...

China has established its role as a major world lender, and policy changes affecting its external position would therefore have pronounced effects over a range of countries and on the global financial landscape in general. In this paper, I characterize China’s external asset holdings and macro...

This essay studies China’s bond market development by reviewing the main characteristics of the onshore market and important liberalization steps. It also describes recent trends in debt portfolio investment flows into China by non-resident investors. The simple theoretical framework for push...

Do sanctions strengthen the targeted regime? I analyze the 2014 imposition of Western sanctions on Russia and its impact on voting. The United States and the European Union introduced targeted measures against Russian entities and individuals related to President Putin’s regime. Using polling...

This survey discusses recent developments in the growing literature on the Russian economic history of the 19th and 20th centuries. Using novel data and modern empirical methods, this research generates new insights and provides important lessons for development economics and political economy....

We estimate empirically the debt limits and debt capacity of listed manufacturing firms in Nigeria over the period 2005-2019. The analysis contributes to our understanding of the financial constraints of the firms, and their scope to absorb shocks and finance growth using the debt market. The...

The recent trade disputes and the technological rivalry between the US and China make the effects of trade policy one of the most relevant economic subject areas. We employ a multi-country, multi-sector general equilibrium modelling framework with imperfect competition and heterogeneous firm...

Climate change is one of the greatest economic challenges of our time. Given the scale of the problem, the question of whether a carbon tax should be introduced is hotly-debated in policy circles. This paper studies the design of a carbon tax when environmental factors, such as air...

Highly interconnected global supply chains make countries vulnerable to supply chain disruptions. In this paper, we estimate the macroeconomic effects of global supply chain shocks for the euro area. Our empirical model combines business cycle variables with data from international container...

Nauro Campos (University College London) will present his research co-authored with Fabrizio Coricelli (University of Siena, Paris School of Economics and CEPR) and Marco Frigerio (University of Siena) entitled The Political U: New Evidence on Democracy and Income. Jarko Fidrmuc (Zeppelin...