Olivier Accominotti, Stefano Ugolini, 05 August 2019

The 2008 crisis has revealed how banking and liquidity problems can have far-reaching consequences on global trade. This column reconstructs the evolution of global trade finance from the Middle Ages until today. Just like in medieval times, today’s global trade is predominantly financed through banks so that banking problems automatically transmit to international trade. In contrast, from the 16th to the 20th century, trade finance was mostly market-based. The decline of market-based trade finance was triggered by major geopolitical shocks.

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Behavioural Economics, Game Theory, International Development, Money and Banking, Introduction to Artificial Intelligence, Data Science – Foundations of Data Analytics, International Business and Finance, Introduction to Psychology, International Economic Law

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Stephen Redding, 22 October 2018

What accounts for London's explosive growth in the 19th and early 20th centuries? Tim Phillips talks to Stephen Redding of Princeton University about new research that shows how important the railways have been, and continue to be, in creating the modern metropolis.

Stephan Heblich, Stephen Redding, Daniel Sturm, 13 October 2018

Over the last two centuries, transportation innovations have drastically changed urban landscapes. This column explores how the mid-19th century transport revolution shaped the urban agglomeration of London. The results show Greater London’s population would have been 30% lower in 1921 without the railway network. The findings and the quantitative urban models employed highlight the role of modern transport technologies in sustaining dense concentrations of economic activity.

Wouter den Haan, Martin Ellison, Ethan Ilzetzki, Michael McMahon, Ricardo Reis, 28 November 2017

The usually buoyant London housing market is currently the weakest performing market in the UK. A majority of leading economists think that the phenomenon of declining prices will ripple out from London to the rest of the UK, according to the latest Centre for Macroeconomics and CEPR survey. Asked whether a widespread weakening of the housing market will slow GDP growth significantly, the experts are more divided. Several point to uncertainty about the eventual Brexit outcome making it very difficult to engage in predictions about house prices and growth; others suggest that lower house prices could be a good thing for the UK economy, especially for young people.

Filipa Sá, 04 January 2017

One of the factors driving house price growth in many countries is foreign investor demand. Using new UK data, this column argues that foreign investment has had a significant positive effect on house price growth in the last 15 years. The effect is not limited to expensive homes but ‘trickles down’ to less expensive properties, and is stronger where housing supply is less elastic. Foreign investment is also found to reduce the rate of home ownership, but there is no evidence of an effect on the housing stock or share of vacant homes.

Henry Overman, 29 March 2011

When the global crisis hit, many predicted that London would suffer more than other parts of the UK, given the city’s reliance on the financial services industry. This column explores how the UK capital’s economy suffered far less than the rest of the country.

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