CoCo’s (contingent convertible capital) are designed to convert from debt to equity when banks need it most. Using a Diamond-Dybvig model cast in a global games framework, we show that while the CoCo conversion of the issuing bank may bring the bank back into compliance with capital...

This paper evaluates the strength of social and economic forces that affect the pressure to emigrate 'out of Africa' for four distinctly different African countries (Morocco, Egypt, Senegal and Ghana). In general, great expectations about attaining a higher living standard and expected low job...

This discussion paper resulted in a publication in the <A HREF="http://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=9148929&fileId=S2050124213000209">'Network Science'</A>, 2014, 96(5), 936-948.<P> This paper analyzes the relationship between unexplained racial/ethnic wage differentials on the one hand and social network segregation, as measured by inbreeding homophily, on the other hand. Our...</p></a>

Cities have become playing grounds for competitive behaviour and rapid economic dynamics. But in many cities (or urban agglomerations) economic growth is mainly manifested in specific geographic areas, where creative people and innovative entrepreneurs are located. This paper offers first the...

This discussion paper resulted in an article in the 'American Economic Review' (2006). Volume 96, issue 2, pages 270-274.<P> Empirical studies of labor markets show that social contacts are an important source of job-related information [Ioannides and Loury (2004)]. At the same time, wage...</p>

The novelty of our model is to combine models of collective action on networks with models of social learning. Agents are connected according to an undirected graph, the social network, and have the choice between two actions: either to adopt a new behavior or technology or stay with the default...

This discussion paper resulted in a publication in <I>Social Networks</I> (2012). Vol. 34(4), pages 161-179.<P> This paper proposes a new measure for a group's ability to lead society to adopt their standard of behavior, which in particular takes account of the time the group takes to convince the whole...</p></i>