RESEARCH
JOURNAL ARTICLES
Detecting the Risk of Cross-Product Manipulation in the EUREX Fixed Income Futures Market
with K. Dilshani, A. Guo & P. Mere
Journal of International Financial Markets, Institutions and Money, 92, April 2024.
Connectedness and spillovers between Japanese money market instruments
with L. Muchimba
Ritsumeikan Economic Review, 72, March 2024.
Quantile-on-quantile connectedness measures: Evidence from the US treasury yield curve
with D. Gabauer
Finance Research Letters, 60 (2024), 104852
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The Anatomy of Three Scandals: Conspiracies, Beauty Contests, and Sabotage in OTC Markets
with L. Muchimba
Journal of Economic Issues, 567 (2), June 2023, 538-545.
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Model-free connectedness measures
with D. Gabauer and I. Chatziantoniou
Finance Research Letters, 54 (2023), 103804
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Cross-Market Spoofing
with M. Doraghi, C. Soviany, M. Susai & K. Vakili
Journal of International Financial Markets, Institutions and Money, 83, March 2023.
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Independent policy, dependent outcomes: A game of cross-country dominoes across European yield curves
with I. Chatziantoniou & D. Gabauer
Journal of International Financial Markets, Institutions & Money, 81, October 2022.
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The Evolution of Monetary Policy Focal Points
with I. Chatziantoniou & D. Gabauer
Journal of Economic Issues, 56 (2), June 2022, 348-355.
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Interest Rate Swaps and the Transmission Mechanism of Monetary Policy: A Quantile Connectedness Approach
with I. Chatziantoniou and D. Gabauer
Economics Letters, Volume 204, July 2021, 109891.
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Beyond LIBOR: Money Markets and the Illusion of Representativeness
with L. Muchimba
Journal of Economic Issues, 55 (2), June 2021, pp. 565-573.
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Spoofing and Pinging in Foreign Exchange Markets
with Masayuki Susai
Journal of International Financial Markets, Institutions & Money, 70, February 2021.
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From CIP-Deviations to a Market for Risk Premia: A Dynamic Investigation of Cross-Currency Basis Swaps
with I. Chatziantoniou and D. Gabauer
Journal of International Financial Markets, Institutions & Money, 69, November 2020.
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The Covered Interest Parity Puzzle and the Evolution of the Japan Premium
Journal of Economic Issues, 53 (2), June 2019, pp. 417-424.
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Liquidity Withdrawal in the FX Spot Market: A Cross-Country Study Using High-Frequency Data
with Masayuki Susai
Journal of International Financial Markets, Institutions & Money, 59, March 2019, pp. 36-57.
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LIBOR, FX and the Illusion of Liquidity
Journal of Securities Operations & Custody, 11 (1), January 2019, pp. 78-89.
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High-Frequency Trading, Liquidity Withdrawal, and the Breakdown of Conventions in Foreign Exchange Markets
with Masayuki Susai
Journal of Economic Issues, 52 (2), June 2018, pp. 385-395.
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Libor 1986–2021: the making and unmaking of ‘the world's most important price’
with Duncan Lindo
Distinktion: Journal of Social Theory, Vol. 19 (2), 2018, pp. 172-190.
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Bid-Ask Spread Determination in the FX Swap Market: Competition, Collusion or a Convention?
Journal of International Financial Markets, Institutions & Money, Vol. 54, May 2018, 78-97.
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LIBOR Deception and Central Bank Forward (Mis-)Guidance: Evidence from Norway during 2007-2011
Journal of International Financial Markets, Institutions & Money, Vol. 32, September 2014, 452-472, ISSN: 1042-4431.
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LIBOR as a Keynesian Beauty Contest: A Process of Endogenous Deception
Review of Political Economy, Vol. 26, No. 3, 392-407, 2014, ISSN: 0953-8259.
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Crisis en la Zona Euro: Perspectiva de un impago en la periferia y la salida de la moneda única común
with C. Lapavitsas, A. Kaltenbrunner, G. Labrinidis, D. Lindo, J. Meadway, J. Michell, J.P. Painceira, E. Pires, J. Powell and N. Teles
Revista de Economía Critíca 2011:11, pp. 131-171, ISSN: 2013-525.
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The euro funding gap and its consequences
with A. Kaltenbrunner, D. Lindo and J. P. Painceira
Quarterly Journal of Central Banking, Volume XXI, Number 2, November 2010, pp. 86-91, ISSN: 0960-6319.
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Eurozone crisis: beggar thyself and they neighbour
with C. Lapavitsas, A. Kaltenbrunner, D. Lindo, J. Michell, J.P. Painceira, E. Pires, J. Powell and N. Teles
Journal of Balkan & Near Eastern Studios, Volume 12, Number 4, December 2010, pp. 321-73, ISSN 1944-8953.
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Explaining Devaluation Expectations in the EMS
with U. Söderström
Finnish Economic Papers Volume 8, Number 2, pp. 63-81, May 1995, ISSN: 0784-5197.
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BOOKS AND BOOK CHAPTERS
The transmission of stress in the international banking system
with L. Muchimba in C. D’Avino and M. Shabani (eds)
International Banking in Global Perspective
Financial Crime in OTC Markets
with L. Muchimba in Dion, M. (ed)
Sustainable Finance and Financial Crime. Sustainable Finance. Springer, Cham., 2023. ISBN: 978-3-031-28751-0
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Unconventional Monetary Policy and Financial Stability: The Case of Japan
with J. Toporowski
Abingdon, UK: Routledge, 2020. ISBN: 9780367145958.
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Japanese banks in the international money markets
with M. Shabani and J. Toporowski in Stenfors, A. & Toporowski, J. (eds.)
Unconventional Monetary Policy and Financial Stability: The Case of Japan. Abingdon, UK: Routledge, 2020. ISBN: 9780367145958.
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The Japan Premium and the first stage of the monetary transmission mechanism
in Stenfors, A. & Toporowski, J. (eds.)
Unconventional Monetary Policy and Financial Stability: The Case of Japan. Abingdon, UK: Routledge, 2020. ISBN: 9780367145958.
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Manipulative and collusive practices in FX markets
in Alexander, C. & Cumming, D. (eds.)
Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation. Hoboken, NJ: John Wiley & Sons, 2020. ISBN: 978-1-119-42177-1.
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Riskitekijä – Pankkimaailman pimeä puoli
Tampere: Vastapaino, 2018. ISBN: 978-951-768-621-1.
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Barometer of Fear: An Insider’s Account of Rogue Trading and the Greatest Banking Scandal in History
London: Zed Books (US distributor: University of Chicago Press, South Africa: Best Red), 2017. ISBN: 978-1-78360-928-4.
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Swedish Financialisation: ‘Nordic Noir’ or ‘Safe Haven’?
in Hein, E., Detzer, D. & Dodi, N. (eds.)
Financialisation and the Financial and Economic Crises: Country Studies, Cheltenham: Edward Elgar, 2016. ISBN: 978 1 78536 237 8.
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LIBOR
in Rochon, L-P. and Rossi, S. (eds.)
Encyclopaedia of Central Banking, Cheltenham, UK and Northampton, MA, USA: Edward Elgar, 2015, ISBN: 9781782547440.
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Crisis in the Eurozone
with Lapavitsas et al.
London: Verso, 2012, pp. 1-243, ISBN: 978-1-84467-969-0.
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A section of this book has appeared as L'Euro Rapito: L'alternativa dei PIGS, in Italian, 2013, Milan: Jaca Books, ISBN: 9788816411791.
Breaking up - A Way out of the Eurozone Crisis
with C. Lapavitsas, A. Kaltenbrunner, D. Lindo, J. Meadway, J. Michell, J.P. Painceira, E. Pires, J. Powell and N. Teles
in Rise and Fall of the Euro, in Portuguese, Figuereido, J. (ed.), pp. 1-351, Lisbon: Chiado Editora, 2012, ISBN: 9-789896-975487.
Breaking up? A Radical Route out of the Eurozone Crisis (in Greek)
with C. Lapavitsas, A. Kaltenbrunner, D. Lindo, J. Meadway, J. Michell, J.P. Painceira, E. Pires, J. Powell and N. Teles
Athens: Livanis Press, 2012, pp. 1-182, ISBN 978-960-2452-1.
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The Eurozone between Austerity and Default (in Greek)
with C. Lapavitsas, A. Kaltenbrunner, G. Lambrindinis, D. Lindo, J. Meadway, J. Michell, J.P. Painceira, E. Pires, J. Powell and N. Teles
Athens: Livanis Press, 2010, pp. 1-154, ISBN: 978-960-14-2311-1.
Eurozone in Crisis (in Greek)
with C. Lapavitsas, A. Kaltenbrunner, G. Lambrindinis, D. Lindo, J. Meadway, J. Michell, J.P. Painceira, E. Pires, J. Powell and N. Teles
Athens: Novoli Press, 2010, pp. 1-99, ISBN: 978-960-9428-17-0.
WORKING PAPERS AND REPORTS
OSE 3-Month TONA Futures and BOJ Monetary Policy
Japan Exchange Group, JPX Working Paper, Vol. 44, May 2024.
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Decomposing the Rate of Inflation: Price-Setting and Monetary Policy
with L. Muchimba, M. Shabani and J. Toporowski
Portsmouth Business School, Working Papers in Economics & Finance, 2024-4.
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A Model to Quantify the Risk of Cross-Product Manipulation: Evidence from the European Government Bond Futures Market
with K. Dilshani, A. Guo and P. Mere
Portsmouth Business School, Working Papers in Economics & Finance, 2023-6.
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Quantile-on-Quantile Connectedness Measures: Evidence From the US Treasury Yield Curve
with D. Gabauer
SSRN Working Paper
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The Transmission Mechanism of Stress in the International Banking System
with L. Muchimba
Portsmouth Business School, Working Papers in Economics & Finance, 2023-3.
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The Anatomy of Three Scandals: Conspiracies, Beauty Contests and Sabotage in OTC Markets
with L. Muchimba
Portsmouth Business School, Working Papers in Economics & Finance, 2022-8.
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Cross-Market Spoofing
with M. Doraghi, C. Soviany, M. Susai & K. Vakili
Portsmouth Business School, Working Papers in Economics & Finance, 2022-4.
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The Evolution of Monetary Policy Focal Points
with I. Chatziantoniou & D. Gabauer
Portsmouth Business School, Working Papers in Economics & Finance, 2021-10.
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Independent Policy, Dependent Outcomes: A Game of Cross-Country Dominoes across European Yield Curves
with I. Chatziantoniou & D. Gabauer
Portsmouth Business School, Working Papers in Economics & Finance, 2021-6.
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Interest Rate Swaps and the Transmission Mechanism of Monetary Policy: A Quantile Connectedness Approach
with I. Chatziantoniou & D. Gabauer
Portsmouth Business School, Working Papers in Economics & Finance, 2021-3.
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Stealth Trading in FX Markets
with M. Susai
Portsmouth Business School, Working Papers in Economics & Finance, 2021-2.
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Beyond LIBOR: Money Markets and the Illusion of Representativeness
with L. Muchimba
Portsmouth Business School, Working Papers in Economics & Finance, 2020-13.
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From CIP-Deviations to a Market for Risk Premia: A Dynamic Investigation of Cross-Currency Basis Swaps
with I. Chatziantoniou and D. Gabauer
Portsmouth Business School, Working Papers in Economics & Finance, 2019-5.
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The Covered Interest Parity Puzzle and the Evolution of the Japan Premium
Portsmouth Business School, Working Papers in Economics & Finance, 2018-10.
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Spoofing and Pinging in Foreign Exchange Markets
with M. Susai
Portsmouth Business School, Working Papers in Economics & Finance, 2018-5.
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The Impact of Strategic Limit Order Submissions on Foreign Exchange Market Liquidity
with M. Susai
Working paper, University of Portsmouth and Nagasaki University, 2018.
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Liquidity Withdrawal in the FX Spot Market: A Cross-Country Study Using High-Frequency Data
with M. Susai
Portsmouth Business School, Working Papers in Economics & Finance, 2017-6.
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Algorithmic Trading Behaviour and HighFrequency Liquidity Withdrawal in the FX Spot Market
with M. Susai
Portsmouth Business School, Working Papers in Economics & Finance, 2017-4.
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Bid-Ask Spread Determination in the FX Swap Market: Competition, Collusion or a Convention?
Portsmouth Business School, Working Papers in Economics & Finance, 2017-3.
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Bank Risk Premia and Abenomics: The Return of the Japan Premium in the Cross-Currency Swap Market
with M. Shabani and J. Toporowski
LSE Financial Markets Group Paper Series, SP 242, January 2016, ISSN 1359-9151-242.
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The LIBOR Eclipse: political economy of a benchmark
with D. Lindo
RMF Discussion Papers, No. 47, January 2016
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The Swedish Model in 2015: A 'Safe Haven' or a 'Nordic Noir'?
Global Labour Column, 201 (May 2015)
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Financialisation and the Financial and Economic Crises: The Case of Sweden
FESSUD Studies in Financial Systems No 27, December 2014, ISSN 2052-8027.
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The Swedish Financial System
with E. Clark, I. Farahani, A. L. Hansen and M. Passarella
FESSUD Studies in Financial Systems No 13, October 2014, ISSN 2052-8027.
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Does the LIBOR Misdirect Monetary policy? A Case Study on the NIBOR and Norges Bank 2007-2011
RMF Discussion Papers, No. 41, February 2013
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LIBOR as a Keynesian Beauty Contest: A Process of Endogenous Deception
RMF Discussion Papers, No. 40, October 2012
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LIBOR Games: Means, Opportunities and Incentives to Deceive
RMF Discussion Papers, No. 39, October 2012
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PHD THESIS
Determining the LIBOR: A Study of Power and Deception
PhD Dissertation, SOAS, University of London, 2013