Tarik Roukny

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Hi! I am an Assistant Professor of Finance at the Faculty of Economics and Business (KU Leuven). My research focuses broadly on the interaction between financial markets, new technologies and regulation. In particular, my findings support the design of policy actions seeking to reduce systemic risk and improve welfare and efficiency of financial services.

I am currently visiting scholar at the National Bank of Belgium. In the past, I was a visiting expert at the European Systemic Risk Board, a research consultant at a major European bank and a visiting scholar at the European Central Bank, the Deutsche Bundesbank and De Nederlandsche Bank. I was also research associate at the Massachusetts Institute of Technology (Media Lab) and visiting scholar at the University of Stanford (Economics), the University of Oxford (Said Business School) and the University of Cambridge (Isaac Newton Institute). I have a background in Engineering, Computer Science and Finance from the Université Libre de Bruxelles - Brussels - (B.Sc., M.Sc. and Ph.D.).

Working papers

1. Vertically Disintegrated Platforms [→ SSRN Link] - 2019
with Christoph Aymanns (University of St Gallen) and Mathias Dewatripont (ULB, CEPR)
      At EC'20 [→ Short Video Presentation]
      Keywords → digital economy, multi-sided platform, payment system, distributed ledger technology, blockchain, central bank digital currency
      TL;DR Distributed ledger technologies allow platforms such as payments to outsource to provisioning of their services to a market of processors. We study the design conditions for such disintegration to produce welfare gains for consumers.

2. Banking Barriers to the Green Economy [→ NBB WP Link] - 2020
with Hans Degryse (KU Leuven) and Joris Tielens (NBB)
      At NBB Biennial Conference [→ Short Video Presentation]
      Keywords → financial intermediation, innovation, credit rationing, climate change
      TL;DR Entry of innovative and green firms in polluting industries risks devaluating legacy positions that banks hold with incumbent clients. We study the individual and collective incentives for banks to limit credit to innovation because of such green externality.


Publications

1. Compressing Over-the-Counter Markets [→ SSRN Link]
with Marco D'Errico (European Systemic Risk Board)
Operations Research, 2021
      Winner of the Ieke van den Burg Prize, 2017 [→ Video Presentation]
      Winner of the Best Paper at the ECMI Annual Conference, 2020 [→ Video Presentation]

2. Generalists and Specialists in the Credit Market [→ Link]
with Daniel Fricke (Deutsche Bundesbank, UCL)
Journal of Banking and Finance, 2020

3. Interconnectedness as a Source of Uncertainty in Systemic Risk [→ Link]
with Stefano Battiston (UZH) and Joseph E. Stiglitz (Columbia)
Journal of Financial Stability, 2018

4. The Price of Complexity in Financial Networks [→ Link]
with Stefano Battiston (UZH), Guido Caldarelli (IMT Lucca), Robet May (Oxford) and Joseph E. Stiglitz (Columbia)
Proceedings of the National Academy of Science, 2016

5. Default Cascades in Complex Networks: Topology and Systemic Risk< [→ Link]
with Hugues Bersini (ULB), Hugues Pirotte (ULB), Guido Caldarelli (IMT Lucca) and Stefano Battiston (ETH)
Nature - Scientific Reports, 2013



Other (policy)

1. Compressing OTC Markets [→ Link]
Research Bulletin - MIT Golub Centre for Finance and Policy, 2018

2. Shedding lights on dark markets: First insights from the new EU-wide OTC derivative dataset [→ Link]
with Jorge Abad (CEMFI), Inaki Aldasoro (BIS), Christoph Aymanns (LSE), Marco D'Errico (UZH), Linda Fache Rousova (ECB), Peter Hoffman (ECB) and Sam Langfield (ESRB)
Occasional Paper - European Systemic Risk Board, 2016

3. A Network Analysis of the German Interbank Market [→ Link]
with Co-Pierre Georg (Deutsche Bundesbank) and Stefano Battiston (UZH)
Discussion Paper - Deutsche Bundesbank, 2014