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...

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...

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...

The conference welcomes papers from all areas of the small business and entrepreneurship. The conference will feature a mix of special theme tracks, general tracks and paper development tracks. Special theme tracks will focus on research themes that are central in Nordic research on small...

How important is a relationship with a bank to a firm’s performance and survival? If firms can easily switch among different sources of credit supply, then the loss of any one source may have little implication for the firms that have borrowed from that source. However, to the extent that...

The ECSB Doctoral Workshop is truly a meeting place for both new and experienced researchers from all over Europe and an ideal place to start networking. We particularly encourage students in the early stages of their research to participate as a way of launching themselves into the...

This workshop will bring together applied economists working in the fields of global linkages, international economics, productivity growth and firms dynamics to discuss the most recent academic research. We are particularly (even though not exclusively interested in contributions that analyze...

This workshop will bring together experts in banking, regulation, and financial economics to discuss the most recent academic research on financial intermediation. Topics: - Regulation of systemic risk, pro-cyclicality, capital and liquidity regulation, systemically relevant banks and...

We welcome empirical and theoretical submissions of frontier research in all of the current topics of this field. We invite submissions from experienced researchers as well as promising young scholars in the field. Topics: Relational contracts; Theory of the Firm; Incomplete Contracts; Internal...