Refereed Articles

Peer-reviewed journal articles.

Dollar Denominated Sovereign Debt Risk and Restructuring in Emerging Markets,(with Yixiao Tan and Xuan Wang), Journal of Financial Stability, Volume 85, 101555,August 2026
Stabilizing Credit When Nonperforming Loans Surge: The Role of Asset Management Companies,(with E. O'Brien, R. Martin and U. Peiris), Journal of Economic Dynamics and Control, Volume 183, 105249,February 2026
Unveiling the power of state activism in times of distress,(with A. Hryckiewicz, N. Kryg and O. Zadorozhna), Economic Analysis and Policy, Volume 86, 1346 376,June 2025
Credit Risk and Discontinuous Effects of Monetary Reverse Transactions,(with D. Voliotis), Revue d'Economie Politique, Volume 135, Number 4, 621 - 641,2025
Capital Flow Freezes,(with M. U. Peiris and A. Sokolova), Economic Theory, Volume 79, 853 - 887,2025
On bankruptcy in general equilibrium with uncertainty,(with Klaus Ritzberger), Journal of Economic Theory, Volume 218, 105838,June 2024
A Computable General Equilibrium Model of the Monetary Policy Implications for Financial Stability in South Africa,(with C. Beyers, K. A. Essel-Mensah), South African Journal of Economics, 1 - 29,June 2024
Commodity Cycles and Financial Instability in Emerging Economies,(with M. U. Peiris and A. Shirobokov), Annals of Finance, Volume 20, 167 - 197,May 2024
Optimal Bank Regulation In the Presence of Credit and Run-Risk,(with Anil Kashyap and Alexandros P. Vardoulakis), Journal of Political Economy, Volume 132, Number 3, 772 - 823,March 2024
Does "Lean Against the Wind" monetary policy improve welfare in a commodity exporter?,(with M. U. Peiris and A. Shirobokov), Journal of International Money and Finance, Volume 141, 103012,March 2024
Bank resolution mechanisms revisited: Towards a new era of restructuring,(with A. Hryckiewicz and N. Kryg), Journal of Financial Stability, Volume 67, 101158,August 2023
Bank Credit, Inflation, and Default Risks over an Infinite Horizon,(with C.A.E. Goodhart and Xuan Wang), Journal of Financial Stability, Volume 67, 101131,August 2023
Support for Small Businesses amid COVID-19,(with C.A.E. Goodhart and Xuan Wang), Economica, Volume 90, Issue 358, 612 - 652,April 2023
Default and Determinacy under Quantitative Easing,(with N. Romanidis), Economic Theory, 74, 95-111,2022
An Assessment of the European's Bank Bailout Policies since the Global Financial Crisis and the Proposal for Reforms: a Comparison with the US Experience,(with A. Hryckiewicz and N. Kryg), Future Europe, Issue 2: Section 3,2022
A Computable General Equilibrium Model as a Banking Sector Regulatory Tool in South Africa,(with C. Beyers, A. De Freitas, K. A. Essel-Mensah and R. Seymore), South African Journal of Economics, Volume 90, Issue 1, 93-120,2022
Macroprudential Policy Analysis in an Estimated DSGE Model with a Heterogeneous Banking System: An Application to Chile,(with F. Martínez and M. U. Peiris), Latin American Journal of Central Banking, Volume 1, Issues 1-4, 1-36,2020
A Computable General Equilibrium Model for Banking Sector Risk Assessment in South Africa,(with C. Beyers, A. De Freitas, K. A. Essel-Mensah and R. Seymore), Annals of Finance, 16, 195-218,2020
Macroprudential Policy and Financial (In)Stability Analysis in the Russian Federation,(with M. Andreev, M. U. Peiris and A. Shirobokov), Russian Journal of Money and Finance, V. 79, 2,September 2019
Debt, Recovery Rates and the Greek Dilemma,(with C.A.E. Goodhart and M. U. Peiris), Journal of Financial Stability, Volume 36, June 2018, Pages 265-278,June 2018
Liquidity and default in an exchange economy,(with Martinez, S. Juan Francisco), Journal of Financial Stability, Volume 35, Pages 192-214,April 2018
International Debt Overhang and Monetary Policy: A simulation exercise using Czech Republic data,(with C. Goodhart, K. Isakov and M. U. Peiris), HSE Economic Journal, Volume 22, No. 3, 2018, Pages 294-319,2018
Balancing Banking Regulation to Deal with Risky Lending and Runs,(with A.K. Kashyap and A.P. Vardoulakis), Banking Perspectives, Quarter 4,2018
Liquidity, Default and Macroprudential Policy,SUERF Conference Proceedings, 2017/2: pp 43-49,November 2017
How Investment Opportunities Affect Optimal Capital Structure,(with S. Myint and A. Lupi), Journal of Applied Corporate Finance Volume 29, Number 4, pp 112-124,Fall 2017
A Reconsideration of Minsky's Financial Instability Hypothesis,(with S. Bhattacharya, C.A.E. Goodhart and A.P.Vardoulakis), Journal of Money, Credit and Banking, Volume 47, Issue 5, pages 931–973,August 2015
Monetary Transaction Costs and the Term Premium,(with R. Espinoza), Economic Theory 59(2), pp 355-375,June 2015
On Default and Uniqueness of Monetary Equilibria,(with Li Lin and Alexandros Vardoulakis), Economic Theory, Volume 62, Issue 1, pp 245–264, June 2016, also appeared as Federal Reserve Board StaffWorking Paper (2014-34), May,2015
International Monetary Equilibrium with Default,(with M.U. Peiris), Journal of Mathematical Economics 56, pp 47-57,2015
Principles for Macroprudential Regulation,(with A.K. Kashyap and A.P. Vardoulakis), Banque de France Financial Stability Review, No. 18, pp. 173-182,April 2014
International Monetary Regimes,(with C.A.E. Goodhart), Capitalism and Society Vol. 9, No. 2, Article 2,2014
General Equilibrium Analysis of the Czech Financial Market and a Financial Fragility Model,(with O. Machek, L. Smrˇcka, J. Hnilica and M. Arltov´a), Politick´a Ekonomie, Rocnik 62, pp. 437-458,2014
Debt Deflation Effects of Monetary Policy,(with Li Lin and Alexandros Vardoulakis), Journal of Financial Stability 21 (2015): 81-94, also appeared as Federal Reserve Board StaffWorking Paper (2014-37), May,2014
Book Review: Edward M. Feasel, Japan's Aid: Lessons for Economic Growth, Development and Political Economy,(Routledge, 2014), Journal of Economics and Political Economy 1.2 (2014): 373-376,2014
Measures of Systemic Risk and Financial Fragility in Korea,(with J-H. Lee and J. Ryu), Annals of Finance, 9:757-787,2013
Global Capital Imbalances and Taxing Capital Flows,(with C.A.E. Goodhart and M.U. Peiris), International Journal of Central Banking, Vol. 9, Number 2, pp.13-45,2013
An Integrated Framework for Multiple Financial Regulations,(with C.A.E. Goodhart, A.K. Kashyap and A.P. Vardoulakis), International Journal of Central Banking, Vol. 9, Supplement 1, pp.109-143,2013
Θε μου Πρωτομάστορα Μύρισες την Ανάσταση, Ο. Ελύτης,(In Greek), in Οδυσσέας Ελύτης. Edited by D. Davvetas, in Φιλελεύθερη Έμφαση, Τεύχος 49,2011
The Role of Default in Macroeconomics,(with C.A.E. Goodhart), The Mayekawa Lecture, BoJ Monetary and Economic Studies, Vol. 29, November, pp. 49-72,2011
The Optimal Monetary Instrument for Prudential Purposes,(with C.A.E. Goodhart and P. Sunirand), Journal of Financial Stability, Volume 7, 2:70-77,2011
Rating Systems, Procyclicality and Basel II: An Evaluation in a General Equilibrium Framework,(with C. Pederzolli and C. Toricelli), Annals of Finance, 6(1), pp. 33-49,2010
On Dividend Restrictions and the Collapse of the Interbank Market,(with C.A.E. Goodhart, U. M. Peiris and A.P. Vardoulakis), Annals of Finance, 6(4), pp. 455-73,2010
Nominal Uniqueness and Money Non-Neutrality in the Limit-Price Exchange Process,(with G. Giraud), Economic Theory, v. 45Nr. 1-2, pp.303-348,2010
Financial Instability, Institutions and Regulations: The 2009-2010 Greek Crisis,(with C.A.E. Goodhart), Conference Proceedings of the International Conference on Financial and Economic Crisis. The Return to Stability, Alexander S. Onassis Public Benefit Foundation, Athens,2010
State Prices, Liquidity, and Default,(with R.A. Espinoza and C.A.E. Goodhart), Economic Theory, v. 39, pp. 177-194,2009
Foreclosures, Monetary Policy and Financial Stability,Conference Proceedings of 10th International Academic Conference on Economic and Social Development, Moscow,2009
A Necessary and Sufficient Condition for Convergence of Statistical to Strategic Equilibria of Market Games,(with D. Voliotis), International Game Theory Review, v. 11:4, pp. 1-11,2009
Generic Determinacy and Money Non-Neutrality of International Monetary Equilibria,Journal of Mathematical Economics, Volume 44, Issues 7-8, pp. 866-887,July 2008
Evaluation of Macroeconomic Models for Financial Stability Analysis,(with G. Bardsen and K-G. Lindquist), Journal of World Economic Review, Volume 3:1, pp 7-32, January-June 2008,2008
Towards a Measure of Financial Fragility,(with O. Aspacs, C.A.E. Goodhart and L. Zicchino), Annals of Finance, 3(1), pp. 37-74,2007
Financial Stability: Theory and Applications,(with C.A.E. Goodhart), Annals of Finance, 3(1), pp. 1-5,2007
Banks, Relative Performance, and Sequential Contagion,(with S. Bhattacharya, C.A.E. Goodhart and P. Sunirand), Economic Theory, v. 32, Nr. 2, pp. 381-398,2007
A Time Series Analysis of Financial Fragility in the UK Banking System,(with C.A.E. Goodhart and P. Sunirand), Annals of Finance, 2(1), pp. 1-21,2006
A Model to Analyse Financial Fragility,(with C.A.E. Goodhart and P. Sunirand), Economic Theory, v. 27, pp. 107-142,2006
Procyclicality and the New Basel Accord & Banks' Choice of Loan Rating System,(with E. Catarineu-Rabell and P. Jackson), Economic Theory, v.26. Nr.3, pp. 537-557,2005
A Risk Assessment Model for Banks,(with C.A.E. Goodhart and P. Sunirand), Annals of Finance, Volume 1, Nr. 2, pp. 197-224,January 2005
The Influence of the Olympic Spirit to the Development of Modern Capital and Financial Markets,IDISEEP 1st Conference Series, Proceedings,2004
A Model to Analyse Financial Fragility: Applications,(with C.A.E. Goodhart and P. Sunirand), Journal of Financial Stability, Volume 1, 1:1-35,2004
Equilibrium Analysis, Banking, Contagion and Financial Fragility,Bank of England W.P. Series #175, 2003 (Also, Greek Economic Review, Volume 23(1), 2004),2003
Equilibrium Analysis, Banking, and Financial Instability,Journal of Mathematical Economics, Volume 39, Issues 5-6, pp. 619-655,July 2003
International Finance in General Equilibrium,(with J. Geanakoplos), Ricerche Economiche, 56, pp. 85-142,2002
E-Barter vs. Fiat Money: Will Central Banks Survive?,(with F. Capie and G. Wood), Bank of England W.P. Series #197, 2003. (Also, in Essays in Economic Theory in Honour of Professor Theofanis Benos. Edited by E. Drandakis, D. Glykopantis, and G Stamatis. K,2002
A Strategic Market Game with Seigniorage Costs of Fiat Money,(with M. Shubik), Economic Theory, v.19. Nr.1,2002
Option Values and Endogenous Uncertainty in ESOPs, MBOs and Asset-Backed Loans,(with G. Chichilnisky and G.M. Heal), Economics Letters, 48,1995
A Strategic Market Game with a Mutual Bank with Fractional Reserves and Redemption in Gold,(with M. Shubik), Journal of Economics v.55. Nr 2,1992
Appendix of "The Transactions Cost of Money",by M. Shubik and S. Yao, Mathematical Social Sciences, 20,1990

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