We find that the increased use of securitization activity in the banking sector augmented the effect of competition on realized bank risk during the 2007-2009 crisis. Our results suggest that securitization by itself does not lead to augmented risk while higher levels of capital do not buffer...

This paper contributes to the bank efficiency literature through an application of recently developed random parameters models for stochastic frontier analysis. We estimate standard fixed and random effects models, and alternative specifications of random parameters models that accommodate...

Permanent disequilibrium in mainstream credit markets have pushed the unbanked and underbanked households to frequent high cost payday loans for their liquidity needs. Associated with the latter are welfare-reducing issues of predation and debt-entrapment. In response to this market failure, we...

While Western welfare systems work fine for the majority of people, they have become part of the problem for those who need it the most: people suffering from multiple deprivation. The partnerships Western governments have set up to join up the fragmented welfare system often break down. While...

I introduce behavioural asset pricing rules into a wider dynamic stochastic general equilibrium framework. Asset price bubbles emerge endogenously within the model. I find that in this model the only monetary policy that would be likely to enhance welfare is a counter-intuitive ‘running with...

We exploit the 2007-2009 financial crisis to analyze how risk relates to bank business models. Institutions with higher risk exposure had less capital, larger size, greater reliance on short-term market funding, and aggressive credit growth. Business models related to significantly reduced bank...

This paper provides a review of literature regarding the concept of the psychological contract, a complex concept within organisation behaviour. Having explored the key dimensions of the psychological contract within the extant literature, we identify a gap in knowledge associated with the...

The ongoing political turmoil in the Muslim world necessitates an investigation of the factors leading to centuries of underdevelopment. This essay studies the various perspectives (for and against) attributing Islam as a factor holding back the progress of the Muslim economies. We critically...

National measures of competition and macroeconomic activity have been used by researchers in recent years to explain performance and risk differentials across banks. However, such measures may be inappropriate for banks which operate with a regional focus. In this paper we construct measures of...

One of the difficulties of measuring performance in the deliver y of police services from surveys is the problem of reconciling views about the quality of policing of distinct groups of respondents with different prior outlook about policing. This paper suggests a method for addressing the...