Publications

In a world of limited public capacity, which rules and institutions that protect property rights have the largest impact on economic activity? This...

The current crisis, at the time of writing, has had a profound impact on the financial world, introducing the need for creative approaches to...

This paper surveys the state of the art in research in racetrack and lottery markets. Market efficiency and the pricing of various wagers is studied...

France and Germany have announced big recovery plans. Simeon Djankov looks at what they have in common – and what’s missing from both.

The Review of Financial Studies, 34(10), 4785–4831.

Young, small, and domestic market-oriented firms are more likely to fall into financial distress.

It is often argued that democracy is the least imperfect form of government mainly because of the existence of a ‘self-correcting’ mechanism stemming...

The most widely used programming languages for economic research are Julia, Matlab, Python and R. This column uses three criteria to compare the...

We study the transmission of liquidity shocks from one sector of the economy to other sectors in a general equilibrium model with multiple trading...

A sizeable proportion of enterprises, especially SMEs, in receipt of financial assistance from the government will fail to repay. This column asks...

A decade of near-zero, and even negative, interest rates in advanced economies has both encouraged the continued accumulation of debt and a search for...

Management Science, 66(8), Pages v, 3295-3798, iii-iv.

This paper analyses of how risk is allocated in China’s markets for debt issued by non-financial enterprises. Compared to other major corporate bond...

We use simple accounting measures to estimate the share of private manufacturing firms in financial distress under a hypothetical scenario of losing...

Despite regular reports in the media over the past decade on the imminent death of cash amid rapid innovation in payment technologies, cash in...

A rapidly expanding literature has shown the importance of political economy factors for legislative and regulatory actions in the financial sector...