Professor Marcus Miller - Publications
| Journal Articles | Other Papers | Book Chapters | Books | Newspaper Articles |Plays
1. Discussion papers and VoxEU pieces
"The financial alchemy that failed," CAGE Online Working Paper Series 398, Competitive Advantage in the Global Economy (CAGE), January, 2019.
"Subprime assets and financial crisis: theory, policy and the law," (with Lei Zhang & Songklod Rastapana),CAGE Online Working Paper Series 340, Competitive Advantage in the Global Economy (CAGE) 2017.
"A comedy of errors: misguided policy, mis-sold mortgages, and more," (with Songklod Rastapana & Lei Zhang) CEPR Discussion Papers 11533, 2016.
"Waiting for a hair cut? A bargaining perspective on sovereign debt restructuring", (with Sayantan Ghoshal and
Kannnika Thampanishvong), CEPR Discussion Papers 11710, November 2016.
"", (with Sayantan Ghoshal) VoxEU, CEPR's Policy Portal, 8th January 2016.
"", (with Sayantan Ghoshal) CEPR Discussion Paper series No. 20000, December 2015
"" (with Jennifer Smith) CAGE Online Working Paper Series 218, January 2015.
(with Lei Zhang), VoxEU, CEPR's Policy Portal, 10 September 2014.
鈥�", (with Lei Zhang), presented at the ESRC Conference on Diversity in Macroeconomics at the University of Essex, February 2014. Now available as , May 2014.
鈥溾�� (with Lei Zhang), presented at the Bank of England, November 2013. Now available as , May 2014.
鈥溾��(with Lei Zhang), August 2013, , and . (Published in , London: Palgrave, 2014.)
"Avoiding costly default with state-contingent contracts: issues of market power and moral hazard" (with Lei Zhang), December 2013.
"A random walk down Threadneedle Street: the lower bound, forward guidance, and more" (with Lei Zhang), October 2013.
"Inflexible sovereign debt contracts: Human Rights Concerns? (with Dania Thomas), October 2013.
"" (with Lei Zhang), September 2013.
"" (with Dania Thomas), August 2013.
"" (with Lei Zhang), June 2013.
(with Lei Zhang), March 2012.
"The Eurozone game: conflicting policy preferences in an integrated capital market" (with Neil Rankin and Lei Zhang), February 2012.
"Prudent Banks and Creative Mimics: Can we tell the difference? "(with Andrew Powell and Antonia Maier), CAGE WP 76/2012, February 2012.
(with Neil Rankin and Lei Zhang), January 2012.
(with Han Hao Li and Lei Zhang), CEPR DP8602 (also circulated as CAGE WP 66/2011), October 2011.
"", (with John Driffill), VoxEU, CEPR's Portal, 27 September 2011.
(with John Driffill), CEPR DP8511 (also circulated as CAGE WP 68/2011), August 2011.
"Macro-Governance and the Great Game of International Monetary Reform", presented at International Monetary System RWB Conference, Paris, December 2010.
No. 01 (4) 2011, pp. 39-46. Proceedings of IPD Conference, Washington DC
(with K. Thampanishvong, S. Ghosal), presented at Royal Economic Society annual meeting April 2010.
", VoxEU, CEPR's Portal, 03 October 2009.
(with Joseph Stiglitz) mimeo, University of 糖心TV, November, 2008. Presented at ISI Conference, Delhi, December, 2008
, (with Paolo Santos-Monteiro and Lei Zhang) mimeo, University of 糖心TV, November, 2008. Presented at ISI Conference, Delhi, December, 2008
鈥楬ouse prices and inflation: deregulation, overshooting and asset bubbles鈥� (with Ishita Mohanty and Lei Zhang) mimeo, University of 糖心TV, November, 2008. Presented at MMF Conference, London, September, 2008
"", (with Jennifer Smith), VoxEU, CEPR's Portal, 10 January 2008.
'The fickle fortunes of global finance' A short play in three acts by Marcus Miller (prepared for a meeting of the Franco-British Council in Paris, 16 March, 2007)
, (with Jennifer C Smith), no. 6621, 2007
"When credibility fails: anticipated devaluation and recession" (with Lei Zhang), mimeo, University of 糖心TV, 2007
',' (with Lei Zhang), MMF Research Paper no. 152, 2007
'', (with Luisa Corrado and Lei Zhang), no. 91, Tor Vergata University, CEIS, 2007
' (with Lei Zhang) no. 6000, 2006
鈥�,鈥� (with Lei Zhang and Javier Garcia-Fronti) no. 5905, 2006
鈥�,鈥� ( with Dania Thomas) no. 5710, 2006
'Crises in Global Financial Markets: career-concerned traders and insured elites?' (with Sayantan Ghosal), Preliminary Draft (May 2006)
鈥淏argaining and Sustainability: The Argentine Debt Swap of 2005鈥�, (with Amrita Dhillon, Javier Garc铆a-Fronti and Sayantan Ghosal). CEPR Discussion Paper no. 5236. (September 2005).
鈥淐apital flows and the US 鈥楴ew Economy鈥�: consumption smoothing and risk exposure鈥� (with Olli Castr茅n and Lei Zhang). ECB Working Paper No. 459 (March 2005)
鈥淐ase study: Restructuring Argentine debt: a renegotiation game?鈥� (with Javier Garcia Fronti) CSGR Discussion Papers February 2005
鈥淐redit Crunch and Keynesian Contraction: Argentina in Crisis鈥�, (with Javier Garcia Fronti and Lei Zhang). CEPR Discussion Paper, No.4889 (January 2005).
鈥淲orld Finance and the US 'New Economy': Risk Sharing and Risk Exposure鈥�, (with Lei Zhang). CEPR Discussion Paper, No. 4855 ( January 2005).
鈥淎rgentina in Default: the Renegotiation Game鈥� (with J Garcia Fronti) (February 2004) CSGR Discussion Papers.
鈥淕rowth Expectations, Capital Flows and International Risk Sharing鈥� (with Olli Castr茅n, and Roger Stiegert), June 2003, (ECB Working Paper No. 237)
鈥淐oordination failure, moral hazard and sovereign bankruptcy procedures鈥� (with Sayantan Ghosal). CEPR Discussion Paper, No. 3729 (Feb 2003).
鈥淟earning to forget? Contagion and political risk in Brazil鈥� (with Kannika Thampanishvong and Lei Zhang). CEPR Discussion Paper No. 3785 (March 2003).
鈥淪overeign Default by Argentina: 鈥楽low Motion Train Crash鈥� or Self-fulfilling Crisis?鈥� (with Lei Zhang and Javier Fronti). CEPR Discussion Paper No. 3399 (May 2002).
鈥淪overeign Debt Restructuring: New Articles, New Contracts--or No Change?鈥� PIIE International Economic Policy Brief, No. PB02-3 (April 2002), Institute for International Economics, Washington D.C.
鈥淓xchange Rate Monitoring Bands: Theory and Evidence鈥� (with Luisa Corrado and Lei Zhang). CEPR Discussion Paper No. 3337 (April 2002).
鈥淕rowth Expectations, Capital Flows and International Risk Sharing鈥� (with Olli Castren and Roger Stiegert), November 2001, ECB working paper (June 2003).
鈥淢oral Hazard and the US Stock Market: the idea of a 鈥楪reenspan Put鈥欌�� (with P. Weller and L. Zhang). CEPR Discussion Paper No. 3041 (November 2001).
鈥淕lobal Financial Crises: Mechanisms and Incentives鈥� (with M. Kumar and P. Masson). IMF Working Paper No. 00/105, Research Department, IMF, 2000. (Revise and resubmit from IMF Staff Papers.)
鈥溾�� (with Joseph Stiglitz), Mimeo, University of 糖心TV, 1999.
2. Journal Articles (since 1990)
"The blind monks and the elephant: contrasting narratives of financial crisis" (with Songklod Rastapana & Lei Zhang) Manchester School, vol.86(S1) ,pp. 83-109, 2018
"Writing-Down Debt with Heterogeneous Creditors: Lock Laws and Late Swaps". (with Sayantan Gohsal), Journal of Globalization and Development, Special Issue on Sovereign Debt Restructuring, vol. 6, Issue 2, pp. 239-255, December 2015.
(with Jennifer Smith), Journal of Comparative Economics. vol. 43(3) pp. 531-548, August 2015
"" (with Lei Zhang) Manchester School vol. 483, pp. 31-55, August 2015
(with Lei Zhang), Brussel Economics Review, vol. 56(3-4): pp. 365-388, December 2013.
(with Dania Thomas), Oxford Review of Economic Policy, vol. 29 (4): pp. 745-763, December 2013.
(with Lei Zhang and Hanhao Li), Oxford Economic Papers, vol. 65 (suppl 1): i7-i41, April 2013.
(with John Driffill), Oxford Economic Papers, vol. 65 (suppl 1): pp. i115-145, April 2013.
, Manchester School, vol. 79,(S2):pp. 1-24, 2011.
(with Paulo Santos Monteiro and Lei Zhang), Journal of Globalization and Development, vol. 2 (1):pp. 1-38, 2011.
(with Joseph Stiglitz), Economic Journal, vol. 120(544):pp. 500-518. (Also circulated as CEPR discussion paper no. and NBER working paper no.15817), 2010.
(with Ishita Mohanty and Lei Zhang) Manchester School, vol. 77(S1):pp. 126-149, 2009.
, Central Banking, vol. 20(1):pp. 53-58, 2009.
(with Eleni Iliopulos), Open Economies Review, vol. 18(5):pp. 539-557, November 2007.
(with Dania Thomas), The World Economy, vol. 30(10):pp. 1491-1509, October 2007.
(with Luisa Corrado, Lei Zhang), International Journal Of Finance And Economics, vol. 12(2):pp. 261-272, March 2007.
(with Olli Castr茅n and Lei Zhang), International Journal Of Finance And Economics, vol. 12(1):pp. 89-105, January 2007.
(with Amrita Dhillon, Javier Garcia-Fronti and Sayantan Ghosal), The World Economy, vol. 29(4):pp. 377-398, April 2006.
, Economic Journal, vol. 113(488):pp. F385-F387, 2003.
(with S. Ghosal), Economic Journal, vol. 113(487):pp. 276-304 ,April 2003.
(with J. Driffill), Scottish Journal of Political Economy, vol. 50(1):pp. 41-60, 2003.
(with P. Weller and L. Zhang), Economic Journal, vol. 112:(472)pp. 171-86, March 2002.
, European 糖心TV Review, vol. 14(1):pp. 71-74, 2002.
(with Lei Zhang), Economic Journal, vol. 110(460):pp. 335-362,January, 2000.
(with Hali J. Edison and Pongsak Luangaram), Economic Journal, Vol. 110(460):pp. 309-334, January 2000.
(with Ben Lockwood and Lei Zhang), Economica, Vol.65(259):pp.327-345, August 1998.
(with P Luangaram), National Institute Economic Review, vol. 165(1):pp. 66-82, July 1998.
(with Roberto Ippolito and Lei Zhang), Economic Journal, vol. 108:pp. 490-508, March,1998.
(with L Papi), Journal of International Money and Finance, Vol.16(6):pp. 989-1000, Dec 1997.
(with Lei Zhang) Economic Journal, vol. 107:pp. 441-454, March 1997.
(with Steven Fries and William Perraudin), Review of Financial Studies, vol. 10:pp. 39-67, January 1997.
(with Paul Weller), Journal of Economic Dynamics and Control, vol. 19:pp. 279-302, 1995.
'Deficits, inflation and the political economy of Ukraine' (with Oleh Havrylyshyn and William Perraudin), Economic Policy, pp. 354-401,October 1994.
(with Alan Sutherland), Economic Journal, vol. 104:pp. 804-812, July 1994.
(with Paul Krugman), Carnegie Rochester Conference on Public Policy (Supplement to Journal of Monetary Economics) vol. 38:pp. 279-314, 1993.
(with Alan Sutherland), IMF Staff Papers, vol. 40:pp. 178-200, March 1993. Reprinted in F. Torres; G. Francesco (eds.) Adjustment and growth in the European Monetary Union, pp. 93-115, Cambridge: Cambridge University Press, 1993
(with John Driffill), Economic Journal, vol. 103:pp. 369-378, March 1993.
(with Luisa Lambertini, and Alan Sutherland), Economic Journal, vol. 102:pp.333-341, March 1992.
(with Paul Weller), Economic Journal, vol. 101:pp. 1380-1399, November 1991.
(with Alan Sutherland), The Manchester School of Economics and Social Studies, vol. 59(Supplement):pp. 23-37, 1991.
(with Paul Weller), IMF Staff Papers, vol.38:pp.184-215, March 1991.
(with Paul Weller), Economic Journal, vol. 100(Supplement):pp. 170-179, 1990.
(with Mark Salmon), Journal of Economic Dynamic and Control, vol. 14(3-4):pp. 553-569, July-Oct 1990.
(with Masaki Ichikawa and Alan Sutherland), Economics Letters, 34(4):pp. 363-368, 1990. Reprinted in P. Krugman and M. Miller (eds.) Exchange Rate Targets and Currency Bands, Cambridge CUP (1991)
3. Recent papers in conference volumes/festschrifts and book chapters
3.1. Papers in Conference Volumes/Festschrifts, etc
"The financial alchemy that failed". In R.Z. Aliber and G Zoega (eds.) The 2008 Global Financial Crisis in Retrospect: Causes of the Crisis and National Regulatory Responses. Palgrave Macmillan,(forthcoming, 2019)
"Cross-border banking and monetary independence: difficult partners". In P.Hartmann, H. Huang and D. Schoenmaker (eds.) The Changing Fortunes of Central Banking. Cambridge,UK: Cambridge University Press, 2018
"Whither Capitalism? Financial Externalities and Crisis" (with Lei Zhang). In F. Allen, M. Aoki, N. Kiyotaki, R. Gordon, J. Stiglitz and J-P.Fitoussi (eds.) The Global Macro Economy and Finance. IEA Conference Volume Number 150-III. Palgrave Macmillan , 2013.
"Target Zones and Monitoring Bands". In Global Economics in Extraordinary Times: Essays in Honor of John Williamson. Washington DC: PIIE, pp. 83 -106, 2012.
鈥淟earning to Trust Lula: Contagion and Political Risk in Brazil鈥� (with Kannika Thampanishvong and Lei Zhang). In F. Giavazzi, I. Goldfajn and S. Herrera (eds) Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003, Cambridge MA, 2005
Discussion of 鈥淓xchange rate regimes in theory and practice鈥� by Andrew Crockett and 鈥淚s foreign exchange intervention effective?鈥� by Takatoshi Ito. In Paul Mizen (ed.), Monetary History, Exchange Rates and Financial Markets: Essays in Honour of Charles Goodhart, Volume 2. Cheltenham: Edward Elgar, 2003.
"Coping with Crises: Is there a Silver Bullet?" (with Amar Bhattacharya). Chapter 11 in P. Agenor et al. (eds.) The Asian Financial Crisis, Cambridge University Press, pp 357-385. 1999
3.2 Book chapters
鈥淗andling liquidity shocks: QE and Tobin鈥檚 q鈥� (with John Driffill) .In J. Chadha and S. Holly (eds.) Interest Rates, Prices and Liquidity. Cambridge: Cambridge University Press, 2012.
"Sovereign Debt Restructuring: The Judge, the Vultures, and Creditor Rights" (with Dania Thomas). In Robert W. Kolb (ed.) Sovereign Debt: From Safety to Default. New Jersey: John Wiley & Sons, pp. 211-226, 2011
鈥楥rises and Recovery in Emerging Markets: 'Phoenix miracles' or endogenous growth?鈥� (with Lei Zhang). LSE, Financial Markets Group. Special Paper 183, Cycles Contagion and Crises, November, 2008.
鈥淐o-ordination Failure, Moral Hazard and Sovereign Bankruptcy Procedures鈥� (with S. Ghosal). In Andrew G. Haldane (ed.) Fixing Financial Crises in the Twenty-first Century. London Routledge. pp. 281-312 with comments by David Vines pp 313 – 319. May 2003
鈥淢anaging Financial Crisis in Emerging Markets: New Developments in Review鈥�, (with S. Ghosal). In A G. A. Valladao and P da Motta Veiga (eds): Political issues in the EU-Mercosur Negotiations. Paris: Chaire Mercosur De Sciences Po, pp. 54-94, 2003
鈥淪overeign Liquidity Crises: the Strategic Case for a Payments Standstill鈥� (with L. Zhang, Reprinted, with Postscript added). In Vinod Aggarwal and Brigitte Granville (eds.): Sovereign Debt: Origins, Crises and Restructurings. London: Chatham House, pp. 152-198. 2003
鈥淏ail outs, Bail ins and Contracts: the Evolving New Architecture鈥� (with Mohan Kumar). In G Underhill and X Zhang (eds.): International Financial Architecture under Stress: Global Structures vs. National Imperatives. Cambridge: Cambridge University Press, 2003.
鈥淪equencing of capital account liberalisation: A challenge to the Washington consensus鈥� (with L. Zhang). Journal of the World Economy, 2000, 11, pp. 8-13 (in Chinese). Also published in D. Dasgupta, M. Uzan, D. Wilson (eds) Capital Flows without Crisis? Reconciling Capital Mobility and Economic Stability, London: Routledge, May 2001.
'Creditor panic, asset bubbles and sharks: three view of the Asian crisis' (with Lei Zhang), Chapter 10 in U. Dadush et al. (eds) Private Capital Flows in the Age of Globalization, pp. 222-240. Cheltenham, UK: E Elgar, 2000
"Choosing a target zone: rules versus discretion" (with Lei Zhang). Chapter 5 in Christian Bordes et al (eds.) European Currency Crises and After, Manchester University Press, 1995, pp 89-105
4. Books and monographs
Exchange Rate Targets and Currency Bands, P. Krugman and M. Miller (eds.) Cambridge: Cambridge University Press, 1992, pp.xxii, 247.
Blueprints for Exchange Rate Management, M. Miller, B. Eichengreen and R. Portes (editors), London; Harcourt Brace Jovanovich Academic Press 1989, pp.xviii, 329.
The European Monetary System, F. Giavazzi, S. Micossi and M. Miller (editors), Cambridge : CUP 1988. (Also published in Italian, 1992).
Targets and Indicators : A Blueprint for the International Coordination of Economic Policy (with John Williamson) Policy Analyses in International Economics no.22 Washington, DC: Institute for International Economics, September, 1987, pp.xii. 108. (Also published in Japanese, 1988).
Essays in Fiscal and Monetary Policy, (co-edited with M. J. Artis). Oxford: OUP, 1981
Monetary Policy & Economic Activity in West Germany, (co-edited with S.F.Frowen and A.S.Courakis) Surrey University Press, 1977.
5. Newspaper Articles
,(with Robert Skidelsky), The New Statesman, 27 June 2013., (with Robert Skidelsky), The Financial Times, May 15 2013.
, (with Nicholas Beale), Prospect Magazine, April 2013. See also the play performed by MSc students .
, The Financial Times, March 21 2013.
(with Robert Skidelsky), The Financial Times, February 26 2013.
(with Robert Skidelsky), The Financial Times, February 18 2013.
(with Robert Skidelsky), The Financial Times, July 1 2012.
'' (with Robert Skidelsky), The Financial Times, June 6 2012.
(with Robert Skidelsky), The Financial Times, May 15 2012.
(with Stephany Griffith-Jones and Robert Akerlof), The Financial Times, Dec 9 2011.
, The Financial Times, March 15 2011.
(with Robert Skidelsky and Danny Blanchflower), The Financial Times, March 17 2010.
(with Robert Skidelsky), The Financial Times, March 3 2010.
(with Robert Skidelsky and others), The Financial Times, Jan 18 2010.
, The Financial Times, March 18 2008.
, The Financial Times, Oct 30 2007.
(with Sayantan Ghosal), The Financial Times, Oct 24 2007.
(with Sayantan Ghosal), The Financial Times, Oct 24 2007.
6. Short Plays
"Desdemona of Cyprus: a Mediterranean tale" (with Nicholas Beale). Performed by BSc students at the University of Leicester, March, 2018.
"Volpone or The fox out-foxed" (with Nicholas Beale). Performed at University of Glasgow, 23 May, 2014. Updated for Sovereign Debt Conference, Imperial College, March 26/7, 2015.
, (with Nicholas Beale), Prospect Magazine, April 2013. Performed by MSc students at the University of 糖心TV, February 2013, see .
'How OMT came to be: a midsummer miracle play', Presented to Conference on Public Debt, University La Sapienza, Rome, October 12, 2012.
'How the Euro was saved: a mid-winter miracle play ' In one act with three scenes, Prepared for University College Oxford Alumni Meeting, November 2011; later presented at the Round table on Debt Crisis and the Resolution, Buenos Aires, August 2012.
