Romain Rancière Research Page

Google Scholar Page
Research Statement

Recent Working Papers 

  1. Structural Demand Estimation with Borrowing Constraints, with Amine Ouazad, INSEAD WP 2015/72/EPS, PDF

  2. Why do Reforms Occur in Crisis Times, with Aaron Tornell, PDF

  3. Crash Risk in Currency Market, joint with Emmanuel Farhi, Samuel Fraiberger, Xavier Gabaix, and Adrien VerdelhanPDF

  4. Fiscal Discoveries and Yield Decoupling, with Luis Catao and Ana Fostel, PDF

  5. Income Inequality and Global Imbalances, with Michael Kumhof, Claire Lebarz, Alexander Richter, and Nate Throckmorton, PDF

Academic Publications  

  1. Credit Standards and Segregationjoint with Amine Ouazad, Review of Economics and Statistics, forthcoming PDF
  2. Financial Liberalization, Debt Mismatch, Allocative Efficiency, and Growth, joint with Aaron Tornell, American Economic Journal: Macroeconomics, forthcoming, PDF
  3. Inequality, Leverage and Crises, joint with Michael Kumhof and Pablo Winant, American Economic Review, 2015PDF Appendix Codes Other_Data,

  4. The Financial Crisis: Lessons for International Macroeconomics, ​joint with  Bussiere, M., Imbs, J., Kollman, R., American Economic Journal: Macro,  2013, PDF

  5. Power Laws in Firm Size and Openness to Trade, with Julian di Giovanni and Andrei Levchenko, Journal of International Economics, 2011 PDF                                                                                                                  

  6. The Optimal Level of Reserves for Emerging Market Countries: Formulas and Applications, joint with Olivier Jeanne, Economic Journal, 2011 PDF Extension_codes

  7. Was the U.S. Crisis a Financial Black-Hole? ​joint with Aaron TornellI.M.F. Economic Review (Annual Conference), 2011, PDF

  8. Currency Mismatch and Systemic Risk in Eastern Europe, joint with Aaron Tornell and Athanasio Vamvakidis, Economic Policy, 2010, PDF Data_Codes Companion Paper

  9. Exchange Rate Volatility and Productivity Growth: The Role of Financial Development, ​joint with Philippe Aghion, Philippe Bacchetta and Kenneth Rogoff, Journal of Monetary Economics, 2009. PDF Data_Codes

  10. Growth and Risk at the Industry Level: The Real Effects of Financial Liberalization, joint with Andrei Levchenko and Mathias ThoenigJournal of Development Economics, 2009,  PDF                

  11. Systemic Crises and Growth, joint with Aaron Tornell and Frank Westermann , Quarterly Journal of Economics, 2008, PDF Appendix Data_Codes

  12. Financial Liberalization, ​joint with Aaron Tornell and Frank WestermannNew Palgrave Dictionary of Economics, 2008, PDF

  13. Macroeconomic Volatility and Welfare in Developing Countries: an Introduction , joint with Norman Loayza, Luis Sirven and Jaume Ventura World Bank Economic Review, 2007, PDF

  14. Financial Development, Financial Fragility, and Growth, joint with Norman LoayzaJournal of Money Credit and Banking, 2006, PDF Data_Codes

  15. Decomposing the Effects of Financial Liberalization: Growth vs. Crises, joint with Aaron Tornell and Frank WestermannJournal of Banking & Finance2006 PDF

Policy Papers


  1. The Fund Lending Framework and Sovereign Debt, in coll., PDF

  2. Analytical Basis for Fund Lending and Reform Ooption, in coll., PDF 

  3. Country Insutrance, in coll., PDF 


  1. Monthly Op-Eds in "Liberation"

  2. VOX-EU Columns   

Older Working Papers

  1. Systemic Risk and the U.S. Financial Crisis, joint with Aaron Tornell, PDF

  2.  The Overhang Hangover, joint with Jean Imbs, PDF

  3. Banks, Liquidity Crises and Economic Growth, joint with Alejandro Gaytan, Latest VersionSupplemental Appendix