This paper discusses a pure form of financial contagion, unrelated to economic fundamentals - investors' shifting appetite for risk. It provides an analytical framework for identifying changes in investors' risk appetite and discusses whether it is possible to directly measure them in a way that...

This paper offers a new framework for the assessment of financial market liquidity and identifies two types: search liquidity and systemic liquidity. Search liquidity, i.e. liquidity in normal times, is driven by search costs required for a trader to find a willing buyer for an asset he/she is...

We observe that financial regulation is ever-growing, with the latest area to experience increased supervisory attention being pensions. Yet this has not made the financial world or consumers safer, and for pensions in particular there are unexpected and undesired consequences. We explore the...

We observe that financial regulation is ever-growing, with the latest area to experience increased supervisory attention being pensions. Yet this has not made the financial world or consumers safer, and for pensions in particular there are unexpected and undesired consequences. We explore the...