Phil Molyneux

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A recent string of theoretical papers has highlighted the importance of geographical distance in explaining loan rates for small firms. Lenders located in the vicinity of small firms face significantly lower transportation and monitoring costs, and hence wield considerable market power, if competing financiers are located relatively far from the borrowing(More)
In 2010 all ECB publications feature a motif taken from the €500 banknote. The views expressed are those of the authors and do not necessarily reflect those of the ECB. 1 We wwould like to thank in particular an anonymous referee for insightful and helpful comments particularly w ith regard the various estimation issues. The authors w ould also like to(More)
During times of bank distress, authorities often engage in regulatory interventions and provide capital support to reduce bank risk taking. An unintended effect of such actions may be a reduction in bank liquidity creation, with possible adverse consequences for the economy as a whole. This paper tests hypotheses regarding the effects of regulatory(More)
This paper investigates banking and capital market developments in Europe and the moves towards the creation of a single financial services market. A critical element in the integration process is the success of the EU's Financial Services Action Plan (FSAP). This seeks to introduce a wide range of legislation aimed at reducing barriers and promoting(More)
This paper investigates the relationship between monetary policy and bank risk-taking. Using a unique database that includes quarterly balance sheet information for listed banks operating in the European Union and the United States in the last decade, we find evidence that unusually low interest rates over an extended period of time cause an increase in(More)
This paper discusses the effects of small banks on economic growth. We first theoretically show that small banks operating at a regional level can spur local economic growth. As compared with big interregional banks, small regional banks are more effective in promoting local economic growth, especially in regions with lower initial endowments and severe(More)
A functional language, Miranda, is being used on an introductory programming course for business students. This paper describes the rationale for such a course and choice of language. An application in the area of operations management, which is used in teaching, is given as an example of the benefits of using a functional language in this area. The(More)
Is there a technology gap between Islamic and conventional banks? Do Islamic and conventional banks have different cost efficiency levels?We show that conventional and Islamic banks have similar mean (aggregate) cost efficiency levels in the MENA area and there is no technology gap between the two types of banks. At the country level, Islamic banks are more(More)