The paper investigates the causes of currency crises in emerging markets. We estimate the probability of a currency crisis by applying maximum smoothly simulated likelihood to a dynamic LDV model. This approach allows us to take explicit account of the existence of intertemporal links between...

This paper evaluates the reliability of specific variables in the British Household Panel Survey (BHPS) by comparing grossed-up variables from the BHPS with their corresponding national aggregates. The paper focuses on those variables that provide the most information on risks to financial...

The large-value payment system in the United Kingdom (CHAPS) is highly tiered: a few settlement banks make payments on behalf of many customer banks. This paper makes use of a simulation approach to quantify by how much tiering affects, on the one hand, concentration and credit risk and, on the...

This paper looks at the partial fragmentation of the euro area resulting from the sovereign debt crisis, concentrating on two specific countries: Portugal and Spain. The paper starts by describing the evolution and structure of those financial systems. It quantitatively evaluates the changes in...

Los autores analizan las politicas financieras y los ajustes en el balance de las empresas. Con datos de empresas britanicas cotizadas, se estiman modelos para dividendos, emision de nuevas acciones e inversion, relacionandolos con la evolucion de la deuda de la empresa. Los resultados indican...

Household indebtedness has risen sharply in recent years, with large increases in both secured and unsecured borrowing. In this paper, waves 5 and 10 of the British Household Panel Survey (BHPS) for 1995 and 2000 are used to examine the determinants of participation in the unsecured debt market...

Labour productivity stagnated in the UK in the years between the financial crisis and the emergence of Covid-19. At the same time labour supply and employment grew strongly, driven primarily by net inward migration. While labour productivity should be independent of labour supplied in the long...