Romain Rancière Research Page

University of Southern California, Department of Economics

email: lastname @
Google Scholar Page

Recent Working Papers and Work in Progress 

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

  2. Crash Risk in Currency Market, joint with Emmanuel Farhi, Samuel Fraiberger, Xavier Gabaix, and Adrien Verdelhan (PDF)

  3. Income Inequality and Global Imbalances, with Michael Kumhof and Pablo Winant(new draft soon)

  4. Balance-Sheet Diversification in General Equilibrium: Identification and Network Effect (PDF), with Jonas Heiperz, Amine Ouazad, and Natacha Valla

  5. Domestic and International Sectoral Portfolios: Network Structure and Contagion Effects, with Jonas Heiperz and Natacha Valla (PDF)

  6. News Sentiment, Capital Flows and Macroeconomic Performance, with Samuel Fraiberger and Damien Puy (new draft soon)

  7. Sovereign Bond Prices, Haircuts and Maturity, with Dirk Niepelt and Tamon Asonuma (PDF)

  8. Asset Price Support Policy During Crises: How Aggressive Should it Be?, with Yannick Kalantzis and Aaron Tornell, (PDF)

Academic Publications  

  1. Financial Informaiton and Macroeconomic Forecast, forthcoming International Journal of Forecasting

  2. City Equilibrium with Borrowing Constraints: Structural Estimation and General Equilibrium Effects, with Amine Ouazad, forthcoming International Economic Review (PDF)

  3. Financial Development, Growth, and Crisis: Is there a trade-off? with Amine Ouazad and Norman Loayza, forthcoming in the Handbook of Finance and Development, edited by Thorsten Beck and Ross Levine

  4. Fiscal Discoveries and Yield Decoupling, with Luis Catao and Ana Fostel, IMF economic Review , 2017, PDF,

  5. Credit Standards and Segregationjoint with Amine Ouazad, Review of Economics and Statistics, 2016, PDF

  6. Financial Liberalization, Debt Mismatch, Allocative Efficiency, and Growth, joint with Aaron Tornell, American Economic Journal: Macroeconomics, 2016, PDF
  7. Inequality, Leverage and Crises, joint with Michael Kumhof and Pablo Winant, American Economic Review, 2015PDF Appendix Codes Other_Data,

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

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

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

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

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

  13. 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

  14. 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                

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

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

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

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

  19. 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