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 on the interactions between financial markets, new technologies and policy. As such, I am interested in both (i) the way technologies impact financial mechanisms and (ii) the way financial constraints affect the development of new technologies.

In the past, I was a visiting researcher at the National Bank of Belgium and 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

2. Asset Overhang and Technological Change - 2022
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 Technological change is not always in an investor's best interest. We formalize this asset overhang process and show its empirical relevance to the climate-banking nexus.
      Note : A previous version circulated as 'Banking Barriers to the Green Economy' [→ NBB WP Link] - 2020

1. Vertically Disintegrated Platforms [→ SSRN Link] - 2020
with Christoph Aymanns (QuantCo) 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 the provisioning of their services to a market of processors. We study the design conditions for such disintegration to produce welfare gains for consumers.


Publications

4. Compressing Over-the-Counter Markets [→ 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]

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

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

1. 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



Other (policy and short papers)

5. Financial wealth and early income mobility [→ Link]
with Milan van den Heuvel (UGhent), Koen Schoors (UGhent), and Jan Ryckebusch (UGhent)
Nature Humanities & Social Sciences Communications, Nature Group, 9(1), pp.1-10., 2022

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

3. 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

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

1. 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