Centre for Finance, Credit and Macroeconomics (CFCM)

Publications 2015

CFCM staff have published recently in the Journal of the European Economic Association, the Economic Journal, the Journal of Economic Theory, the International Economic Review, Review of Economics and Statistics, the Journal of Monetary Economics, the Journal of International Economics, the Journal of Money, Credit and Banking, the Journal of Economic Dynamics and Control, the Journal of Health Economics, Economica and many more.

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CFCM discussion papers 2015

CFCM 15/19: House Prices Wealth Effect and Labor Supply

Richard Disney and John Gathergood

CFCM 15/18: Is the Output Growth Rate in NIPA a Welfare Measure?

Jorge Durán and Omar Licandro

CFCM 15/16: Is Poor Financial Literacy a Barrier to Home Ownership?

John Gathergood and Jörg Weber

CFCM 15/14: Political Budget Cycles and Media Freedom

Francisco José Veiga, Linda Gonçalves Veiga and Atsuyoshi Morozumi

CFCM 15/12: Global Engagement and Returns Volatility

Sourafel Girma, Sandra Lancheros and Alejandro Riaño find that a greater reliance on foreign sales - whether through exports or through the operation of foreign affiliates - has a strong and positive effect on the volatility of firms' stock returns. This effect is particularly stronger for firms characterized by high external finance requirements.

CFCM 15/11: Subsidies, Financial Constraints and Firm Innovative Activities in Developing Economies

Simona Mateut uses several alternative measures of firm financial strength and a variety of empirical techniques in order to show that public subsidies play an important incentivising role on the innovative activities of 11,998 firms across thirty Eastern Europe and Central Asia countries, especially if firms are financially constrained.

CFCM 15/10: Monetary and Macroprudential Policies under Fixed and Variable Interest Rates

Margarita Rubio studies how the mortgage structure in an economy (fixed versus variable interest rates) has implications for monetary and macroprudential policies.

CFCM 15/08: Bank Insolvencies, Priority Claims and Systemic Risk

Spiros Bougheas and Alan Kirman

CFCM 15/07: Financial Literacy, Present Bias and Alternative Mortgage Products (revised version of 15/03)

John Gathergood and Joerg Weber analyse mortgage choices of UK households and show that poor financial literacy and present bias raise the likelihood of choosing an interest-only mortgage.

CFCM 15/06: Optimal Organization of Financial Intermediaries

Spiros Bougheas and Tianxi Wang use a mechanism design approach to examine the relative advantages of banks and private-equity funds.

CFCM 15/05: Why Did Bank Lending Rates Diverge from Policy Rates After the Financial Crisis

Anamaria Illes, Marco Lombardi and Paul Mizen explain why bank lending rates to households and firms did not fall as much as policy rates after the global financial crisis, and offer a new modelling approach to explain how banks did set lending rates in European countries.


Centre for Finance, Credit and Macroeconomics

Sir Clive Granger Building
University of Nottingham
University Park
Nottingham, NG7 2RD

Enquiries: hilary.hughes@nottingham.ac.uk