Skip to main content

Research Repository

Advanced Search

All Outputs (11)

The Impact of Covid-19 on Productivity (2022)
Journal Article
Bloom, N., Bunn, P., Mizen, P., Smietanka, P., & Thwaites, G. (in press). The Impact of Covid-19 on Productivity. Review of Economics and Statistics,

We analyse the impact of Covid-19 on productivity using data from an innovative monthly firm survey that asks for quantitative impacts of Covid-19 on inputs and outputs. We find total factor productivity (TFP) fell by up to 6% during 2020-21. The ove... Read More about The Impact of Covid-19 on Productivity.

Original sin in corporate finance: New evidence from Asian bond issuers in onshore and offshore markets (2021)
Journal Article
Mizen, P., Packer, F., Remolona, E., & Tsoukas, S. (2021). Original sin in corporate finance: New evidence from Asian bond issuers in onshore and offshore markets. Journal of International Money and Finance, 119, Article 102489. https://doi.org/10.1016/j.jimonfin.2021.102489

In this paper, we focus on the surprising phenomenon in which firms face difficulty issuing in domestic currency even in the home market, especially in emerging markets. Could this be due to "original sin" which has been familiar to sovereign bond is... Read More about Original sin in corporate finance: New evidence from Asian bond issuers in onshore and offshore markets.

Impulse response analysis in conditional quantile models with an application to monetary policy (2021)
Journal Article
Lee, D. J., Kim, T., & Mizen, P. (2021). Impulse response analysis in conditional quantile models with an application to monetary policy. Journal of Economic Dynamics and Control, 127, Article 104102. https://doi.org/10.1016/j.jedc.2021.104102

This paper presents a new method to analyze the effect of shocks on time series using a quantile impulse response function (QIRF). While conventional impulse response analysis is restricted to evaluation using the conditional mean function, here, we... Read More about Impulse response analysis in conditional quantile models with an application to monetary policy.

Economic uncertainty before and during the COVID-19 pandemic (2020)
Journal Article
Altig, D., Baker, S., Barrero, J. M., Bloom, N., Bunn, P., Chen, S., …Thwaites, G. (2020). Economic uncertainty before and during the COVID-19 pandemic. Journal of Public Economics, 191, Article 104274. https://doi.org/10.1016/j.jpubeco.2020.104274

We consider several economic uncertainty indicators for the US and UK before and during the COVID-19 pandemic: implied stock market volatility, newspaper-based policy uncertainty, Twitter chatter about economic uncertainty, subjective uncertainty abo... Read More about Economic uncertainty before and during the COVID-19 pandemic.

The divergence of bank lending rates from policy rates after the financial crisis: The role of bank funding costs (2019)
Journal Article
Illes, A., Lombardi, M. J., & Mizen, P. (2019). The divergence of bank lending rates from policy rates after the financial crisis: The role of bank funding costs. Journal of International Money and Finance, 93, 117-141. https://doi.org/10.1016/j.jimonfin.2019.01.003

After the global financial crisis, policy rates were cut to near-zero levels, yet, bank lending rates did not fall as much as the decline in policy rates would have suggested. If the crisis represents a structural break in the relationship between mo... Read More about The divergence of bank lending rates from policy rates after the financial crisis: The role of bank funding costs.

Brexit and Uncertainty: Insights from the Decision Maker Panel (2018)
Journal Article
Thwaites, G., Bloom, N., Bunn, P., Chen, S., Mizen, P., Smietanka, P., & Young, G. (2018). Brexit and Uncertainty: Insights from the Decision Maker Panel. Fiscal Studies, 39(4), 555-580. https://doi.org/10.1111/1475-5890.12179

© 2018 Bank of England. Fiscal Studies © 2018 Institute for Fiscal Studies. The UK's decision to leave the EU in the 2016 referendum created substantial uncertainty for UK businesses. The nature of this uncertainty is different from that of a typical... Read More about Brexit and Uncertainty: Insights from the Decision Maker Panel.

Foreign currency borrowing, exports and firm performance: evidence from a currency crisis (2018)
Journal Article
Bougheas, S., Lim, H., Mateut, S., Mizen, P., & Yalcin, C. (2018). Foreign currency borrowing, exports and firm performance: evidence from a currency crisis. European Journal of Finance, 24(17), 1649-1671. https://doi.org/10.1080/1351847x.2017.1421246

This paper develops a simple signaling model of foreign currency borrowing that yields predictions about firm survival and performance during a currency crisis. Using a large panel of firm level data for South Korea we offer empirical support for man... Read More about Foreign currency borrowing, exports and firm performance: evidence from a currency crisis.

Bond spreads and economic activity in eight European economies (2016)
Journal Article
Bleaney, M., Mizen, P., & Veleanu, V. (in press). Bond spreads and economic activity in eight European economies. Economic Journal, 126(598), https://doi.org/10.1111/ecoj.12288

We provide new insights into the relationship between financial market tightness and real activity, using a new database of corporate bonds issued in eight European countries. Bond spreads have a significant negative relationship with four real activ... Read More about Bond spreads and economic activity in eight European economies.

Inventory composition and trade credit (2015)
Journal Article
Mateut, S., Mizen, P., & Ziane, Y. (2015). Inventory composition and trade credit. International Review of Financial Analysis, 42, 434-446. doi:10.1016/j.irfa.2015.09.008

This empirical paper uses a panel of about half a million observations for French firms across economic sectors to investigate how the type of inventories can affect firms' incentives to use trade credit. We find evidence that trade credit extended i... Read More about Inventory composition and trade credit.

The open economy balance sheet channel and the exporting decisions of firms: evidence from the Brazilian crisis of 1999 (2015)
Journal Article
Bougheas, S., Mizen, P., & Silva, S. (2015). The open economy balance sheet channel and the exporting decisions of firms: evidence from the Brazilian crisis of 1999. Oxford Economic Papers, 67(4), 1096-1122. https://doi.org/10.1093/oep/gpv046

We consider the impact of the Brazilian crisis of 1999 on the extensive and intensive margin of exporters versus non-exporters through the open economy balance sheet channel. Using an open economy balance sheet channel model with firm heterogeneity,... Read More about The open economy balance sheet channel and the exporting decisions of firms: evidence from the Brazilian crisis of 1999.

What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia (2013)
Journal Article
Mizen, P., & Tsoukas, S. (2014). What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia. Oxford Economic Papers, 66(1), 227-253. https://doi.org/10.1093/oep/gpt005

This paper investigates bond market development in Asia by exploring the determinants of firms’ decisions to issue public debt in a range of Asian economies. Using a novel database covering the period 1995 to 2007, we use comparable micro level panel... Read More about What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia.