Robert Czech
I am a Senior Research Economist at the Bank of England. My research is mainly focused on the structure and interconnectedness of fixed income and derivative markets. My research interests also include informed trading, repo markets, and fund liquidity management.
My research has been featured in the Financial Times, Bloomberg, and The Economist and was awarded the Savvy Investor Award for Highly Commended Fixed Income Papers. My academic papers have been published in top peer-reviewed finance journals such as the Journal of Financial Economics and the Journal of Financial Intermediation.
I hold a PhD in Finance from Imperial College London, and a BSc and MSc in Business Administration (Finance major) from the University of Cologne.
Publications
Informed Trading in Government Bond Markets (2021) [WP version link]
with Shiyang Huang (HKU), Dong Lou (LSE) and Tianyu Wang (Tsinghua).
Journal of Financial Economics, 142(3), 1253-1274.
Media coverage: Macro Hive.
Credit Default Swaps and Corporate Bond Trading (2021) [WP version link]
Journal of Financial Intermediation, 48, 100932.
Media coverage: Bloomberg, The Economist, Citywire, Securities Finance Monitor, Advisor News.
Investor Behaviour and Reaching for Yield: Evidence from the Sterling Corporate Bond Market (2019) [WP version link]
with Matt Roberts-Sklar (BoE).
Financial Markets, Institutions and Instruments, 28(5), 347-379.
Working Papers
with Pasquale Della Corte (Imperial), Shiyang Huang (HKU) and Tianyu Wang (Tsinghua).
Revise & Resubmit, Journal of Finance.
Media coverage: Financial Times.
Unintended Consequences of Holding Dollar Assets
with Shiyang Huang (HKU), Dong Lou (LSE) and Tianyu Wang (Tsinghua).
Revise & Resubmit, Journal of Finance.
Media coverage: Bloomberg.
Link to recording of presentation at the 2022 Cleveland Fed / OFR Financial Stability Workshop.
Informed Trading and the Dynamics of Client-Dealer Connections in Corporate Bond Markets
with Gábor Pintér (BoE).
Revise & Resubmit, Review of Asset Pricing Studies.
Link to recording of presentation at the 3rd Future of Financial Information Conference.
with Saleem Bahaj (UCL/BoE), Sitong Ding (LSE) and Ricardo Reis (LSE).
Bank of England Staff Working Paper No. 1,028.
Bank of England Staff Working Paper No. 932.
with Ambrogio Cesa-Bianchi (BoE) and Fernando Eguren-Martin (SPX Capital).
Work in Progress
LASH Risk and Interest Rates
with Laura Alfaro (Harvard), Saleem Bahaj (UCL/BoE), Joe Hazell (LSE) and Ioana Neamtu (BoE).
Policy Reports
The Role of Non-Bank Financial Intermediaries in the ‘Dash for Cash’ in Sterling Markets (2021)
with Bernat Gual-Ricart (BoE), Josh Lillis (BoE) and Jack Worlidge (BoE).
Bank of England Financial Stability Paper No. 47.
Blog Posts
Decoding the market for inflation risk - September 2023.
Predicting exchange rates - April 2022.
Most viewed Bank Underground blog post in 2022.
An unintended consequence of holding dollar assets - February 2022.
Procyclicality mechanisms in the financial system: what we know and some open questions - June 2021.
Media coverage: Financial Times
Informed trading in government bond markets - September 2020.
Does liquidity spill over in the credit market? The case of CDS and corporate bonds - August 2019.
Do investors amplify or cushion corporate bond market sell-offs? - October 2017.