Research fields
Research fields
My research focuses on how financial reforms impact the efficiency of financial markets, using new econometric models. Recent crisis revived discussions on the merits of financial market regulation. My dissertation comprises three main chapters that deal distinctly with different aspects of regulations. More specifically, two chapters focus on Financial transaction taxes and a chapter on the impact of the change in options multiplier. The core assertions of my dissertation are that Financial Transaction Tax has a limited impact on the financial markets.
The 2015 Paris Climate Conference (COP21) has put finance at the heart of the debate on environmental degradation. The leaders of the G20 stated their intention to scale up so-called green-finance initiatives to fund low-carbon infrastructure and other climate solutions. A key example is the burgeoning market for green bonds to finance projects that save energy, reduce carbon emissions, or curtail pollution more generally. Other green-finance initiatives include the establishment of the British Green Investment Bank, which specializes in projects related to environmental preservation, and the creation of a green-credit department by the largest bank in the world|ICBC in China. Similar initiatives are being developed by many other industrialized and developing countries. Somewhat paradoxically, the interest in green finance has also laid bare our limited understanding of the relation between regular finance and environmental pollution. To date, no rigorous empirical evidence exists on whether and how finance affects industrial pollution as economies grow. Are expanding banking sectors and/or stock markets detrimental to the environment as they fuel economic growth and the concomitant emission of pollutants? Or can financial development steer economies towards more sustainable growth by favoring clean industries over dirty ones? Developing a better understanding of the link between finance and pollution is important because most of the global transition to a low-carbon economy will need to be funded by the private financial sector if international climate goals are to be met on time (UNEP, 2011).