I am currently a Senior Researcher in the Financial Stability Strategy and Risk (FSSR) directorate at the Bank of England. My research focuses on topics at the intersection between financial economics and macroeconomics. More specifically, I study how monetary policy transmits to the real economy through financial markets, asset pricing implications of frictions in financial intermediation, and financial stability risks arising from the growing role of non-bank financial intermediaries.

C.V.: Please see my recent C.V. here.

Research Interest: Macro-Finance, Market Microstructure, Monetary Policy, Financial Stability.

Disclaimer: This is my personal research website. The views expressed here and in my research do not necessarily reflect those of the Bank of England.

Publications

• Macroprudential Policies, Economic Growth and Banking Crises (with M. Belkhir, S. Ben Naceur and B. Candelon), Emerging Markets Review (2022)
  

  Using a sample covering emerging market and advanced economies, we assess the impact of macroprudential policies on financial stability. Our empirical setup is designed to account for the potential direct and indirect effects that macroprudential policies can have on banking crises. We find that while macroprudential policies (MPPs) exert a direct stabilizing effect, they also have an indirect destabilizing effect, which works through the depressing of economic growth. It turns out that mitigating effects of MPPs on the likelihood of banking crises is more pronounced in emerging market economies relative to advanced economies.

Working Papers

• Comparing Search and Intermediation Frictions Across Markets (with G. Pintér and S. Üslü), Bank of England Working Papers (2025)
  

  We develop a two-asset search-and-bargaining model of OTC trading to estimate frictions and welfare losses in the UK government and corporate bond markets. Using transaction-level data and a matched client sample, we find that both trading delays and intermediation frictions are more pronounced in corporate bonds. Welfare losses due to these frictions are 2.4% in government bonds and 5.0% in corporate bonds — driven primarily by trading delays. Using data from the COVID-19 crisis, we find that these losses might more than double during turbulent times, revealing the fragility of the OTC market structure.

• What Drives Repo Haircuts? Evidence from the UK Market (with C. Julliard, G. Pintér, K. Todorov and K. Yuan), Bank of England Working Papers (2025)
  

  Using a unique transaction-level data, we document that only 61% of bilateral repos held by UK banks are backed by high quality collateral. Banks intermediate repo liquidity among different counterparties, and use CCPs to reallocate high-quality collaterals among themselves and exploit netting benefits. Furthermore, maturity, collateral rating and asset liquidity have important effects on repo liquidity via haircuts. Counterparty types also matter: non-hedge funds, large borrowers, and borrowers with repeated bilateral relationships receive lower (or zero) haircuts. Furthermore, we observe a pecking order in the posting of collateral, with higher quality one more likely to be used first. Overall, the evidence supports a first order role of information frictions in driving haircuts. In contrast, we do not find significant roles in the data for lenders’ liquidity position or default probabilities.

• The Liquidity State-Dependence of Monetary Policy Transmission (with R. Guimaraes and G. Pintér), Bank of England Working Papers (2023)
  

  The large reactions of long-term government bond yields to monetary policy shocks occur during periods of higher market liquidity, and there is very little reaction during periods of lower liquidity. This newly documented liquidity state-dependence persistently affects real yields, term premia as well as long-term mortgage rates. Balance sheet constraints on both hedge funds and dealers contribute to the liquidity state-dependence. Conditioning on market liquidity yields stronger state-dependence than simply conditioning on macroeconomic indicators. Our results underscore the importance of market functioning, and the financial health of key intermediaries that support it, for implementing stabilisation policies.

• Macroprudential Regulation and Sector-Specific Default Risk (with M. Belkhir, S. Ben Naceur and B. Candelon), IMF Working Papers (2022)
  

  This paper studies the transmission of macroprudential policies across both financial and non-financial sectors of the economy. It first documents that tighter macroprudential regulations implemented in Europe over the period 2008-2017 lowered default risk not only in the financial, but also in non-financial sectors. Second, the paper analyzes the impact of two reforms in the macroprudential framework. Higher capital requirements improve the long-run resilience of the financial sector but at the cost of raising long-term default risk in non-financial sectors. Strengthening the resolution framework for failing banks has beneficial long-run effects on the default risks of the financial and non-financial sectors. Our results concur with the literature documenting how banks adjust their balance sheet composition and credit supply in reaction to changes in their regulatory environment.

Work in Progress

• Dealer Intermediation and Shock Propagation (with R. Guimaraes, A. Kashyap, A. Kontoghiorghes and G. Pinter)

• Government Bond Market Making: Man vs Machine (R. Guimaraes, S. Jurkatis and G. Pinter)

Policy Publications

• The Overlap Between Capital Buffers and Minimum Requirements, ESRB Analytical Task Force Report (2021)
  

• The Response of Sovereign Spreads to the ECB Unconventional Monetary Policies (with H. Dewachter and L. Iania), National Bank of Belgium Working Paper Series (2016)