Welcome to my website. I am an Associate Professor of Finance and Economics at UCL. I also hold a part-time position as a research advisor at the Bank of England.
E-mail: S.Bahaj[at]ucl[dot]ac[dot]uk
Research Interests: International Finance, Corporate Finance, Macroeconomics
Working Papers:
The Anatomy of a Peg: Lessons from China's Parallel Currencies with Ricardo Reis (Latest version January 2024).
CEPR Working Paper version (January 2024)
Customer Data Access and Fintech Entry: Early Evidence from Open Banking with Tania Babina, Greg Buchak, Filippo De Marco, Angus Foulis, Will Gornall, Francesco Mazzola and Tong Yu (latest version Septemer 2023)
Revisions Requested at the Journal of Financial Economics
The Market for Inflation Risk with Robert Czech, Sitong Ding and Ricardo Reis (latest version July 2023)
Video: Short summary by me (August 2023) Blog: Bank Underground (September 2023)
Jumpstarting an International Currency with Ricardo Reis (latest version August 2022)
Revisions Requested at the Review of Economic Studies
CEPR Working Paper version (May 2020)) Blog: Voxeu (Sept 2020) Video: Me presenting (June 2020)
Publications:
The Crossborder Effects of Bank Capital Regulation with Frederic Malherbe (latest version March 2024). Forthcoming in the Journal of Financial Economics
CEPR Working Paper version (May 2021) Video: Short summary by me (May 2022)
Business Creation During Covid 19 with Sophie Piton and Anthony Savager (latest version December 2023). Forthcoming in Economic Policy
Blog: Bank Underground (June 2022)
Lending Relationships and the Collateral Channel with Gareth Anderson, Matthieu Chavaz, Angus Foulis and Gabor Pinter, Review of Finance, Volume 27, Issue 3, May 2023, Pages 851–887
Final Manuscript BoE Staff Working Paper version (October 2018) CFM Working Paper version (May 2018)
The Workings of Liquidity Lines between Central Banks with Ricardo Reis, in The Research Handbook of Financial Markets, edited by Refet Gurkaynak and Jonathan Wright, Edward-Elgar, chapter 5, 102-124, May 2023
Video: Me presenting the Chapter (November 2021).
The Economics of Liquidity Lines between Central Banks with Ricardo Reis, Annual Review of Financial Economics, Volume 14, November 2022, pages 57-74
Employment and the Residential Collateral Channel of Monetary Policy with Angus Foulis, Gabor Pinter and Paolo Surico, Journal of Monetary Economics, Volume 131, October 2022, Pages 26-44
Final Manuscript CFM Discussion Paper Version (December 2018) Bank of England Working Paper (September 2019)
Blog: Bank Underground (March 2020)
Central Bank Swaplines: Evidence on the Effect of the Lender of Last Resort with Ricardo Reis, Review of Economic Studies, Volume 89, Issue 4, July 2022, Pages 1654–1693.
Final Manuscript April 2020 Version BoJ Discussion Paper Version (June 2019) CEPR Discussion Paper Version (June 2018)
Blog: Voxeu (Sept 2018) Video: Ricardo presenting (June 2018, early version)
The Forced Safety Effect: How Higher Capital Requirements Can Increase Bank Lending with Frederic Malherbe, Journal of Finance, Volume 75, December 2020, Pages 3013-3053.
Online Appendix Replication Files
Final Manuscript June 2018 version CEPR discussion paper version (November 2016)
This paper was previously circulated under the title "A Positive Analysis of Bank Behaviour Under Capital Requirements"
This is a substantially revised version of our working paper "What determines a Bank's Response to a Change in Capital Requirements" with Jon Bridges and Cian O'Neill.
Blog: Bank Underground (Sept 2016)
Home Values and Firm Behaviour with Angus Foulis and Gabor Pinter, American Economic Review, Volume 110, No. 7, July 2020
Online Appendix Replication Files
Final Manuscript April 2019 Version CFM Discussion Paper Version (April 2018) BoE Staff Working Paper Version (October 2017)
This paper was previously circulated under the title "The Residential Collateral Channel".
Companion paper with a structural model: "The Residential Collateral Channel: A General Equilibrium Analysis"
Blog: Bank Underground Video: Short summary by me AEA chart of the week
Sovereign Spreads in the Euro Area: Cross Border Transmission and Macroeconomic Implications, Journal of Monetary Economics, Volume 110, April 2020, Pages 116-135
Online Appendix Replication Files
Final Manuscript October 2014 Version CFM discussion paper version (June 2014)
This paper was previously circulated under the title "Systemic Sovereign Risk: Macroeconomic Implications in the Euro Area".
Central bank swap lines during the Covid-19 pandemic, with Ricardo Reis, Covid Economics, Issue 2, April 2020.
Video: Ricardo discussing the paper
Macroprudential Policy Under Uncertainty with Angus Foulis, International Journal of Central Banking, September 2017, pp. 119-154