Journal Articles
McNulty, D, Miglionico, A,
Milne, A (2023)
Data access technologies and the 'new governance' techniques of financial regulation,
Journal of Financial Regulation, 9(2), pp.225-248, ISSN: 2053-4833. DOI:
10.1093/jfr/fjad008.
He, C,
Milne, A, Park, S (2023) Optimal Consumption and Savings Decisions with Disastrous Income Risk: Revisiting Rietz's Rare Disaster Risk Hypothesis.
Milne, A (2023)
Argument by false analogy: the mistaken classification of Bitcoin as token money,
Journal of Money, Credit and Banking, ISSN: 0022-2879. DOI:
10.1111/jmcb.13061.
He, C,
Milne, A, Ataullah, A (2023)
What explains delays in public procurement decisions?,
Economic Modelling, 121, 106201, ISSN: 0264-9993. DOI:
10.1016/j.econmod.2023.106201.
Kavuri, AS, Kawalek, P,
Milne, A (2022) Digitally Facilitated Trade: The Adoption Challenge.
He, C,
Milne, A, Zachariadis, M (2022) The Nexus international payments platform: Is it business-model viable? Received (in revised form): 26th July, 2022,
Journal of Payments Strategy and Systems, 16(3), pp.219-230, ISSN: 1750-1806.
He, C, Llewellyn, DT,
Milne, A (2022) Financial Technologies and Financial Regulation,
European Banking Institute Working Paper Series 2022 -, (123).
Ding, C, Kavuri, AS,
Milne, A (2021)
Correction to: Lessons from the rise and fall of Chinese peer-to-peer lending,
Journal of Banking Regulation, 22(2), pp.144-144, ISSN: 1745-6452. DOI:
10.1057/s41261-020-00142-0.
Ding, C, Kavuri, AS,
Milne, A (2020)
PS14 Lessons from the rise and fall of Chinese peer-to-peer lending,
Journal of Banking Regulation, 22, ISSN: 1465-4830. DOI:
10.1057/s41261-020-00132-2.
Isohätälä, J,
Milne, A, Robertson, D (2020)
The Net Worth Trap: Investment and Output Dynamics in the Presence of Financing Constraints,
Mathematics, 8(8), 1327, DOI:
10.3390/math8081327.
Soetanto, R, Hermawan, F,
Milne, A, Hatmoko, JUD, As'ad, S, He, C (2020)
Developing sustainable arrangements for “proactive” disaster risk financing in Java, Indonesia,
International Journal of Disaster Resilience in the Built Environment, 11(3), pp.435-451, ISSN: 1759-5908. DOI:
10.1108/IJDRBE-01-2020-0006.
He, C, Hillier, J,
Milne, A, Park, S, Soetanto, R (2020)
Using insurance instruments to improve disaster risk finance in Indonesia,
SSRN, DOI:
10.2139/ssrn.3350194.
Herbert, I,
Milne, A, Zarifis, A (2019)
Data technologies and next generation insurance operations,
Journal of Financial Transformation, 50(November), pp.110-117, ISSN: 1755-361X.
Zarifis, A, Holland, CP,
Milne, A (2019)
Evaluating the impact of AI on insurance: The four emerging AI- and data-driven business models [version 1; peer review: awaiting peer review],
Emerald Open Research, 1, 15, DOI:
10.35241/emeraldopenres.13249.1.
Giudici, G,
Milne, A, Vinogradov, D (2019)
Cryptocurrencies: market analysis and perspectives,
Journal of Industrial and Business Economics, ISSN: 0391-2078. DOI:
10.1007/s40812-019-00138-6.
Chan, KK and
Milne, A (2019)
The global legal entity identifier system: How can it deliver?,
Journal of Risk and Financial Management, ISSN: 1911-8066. DOI:
10.3390/jrfm12010039.
Milne, A (2016)
Competition policy and the financial technology revolution in banking,
Digiworld Economic Journal, (103), pp.145-161.
Milne, AKL, Fuertes, A, Osborne, M (2016)
In good times and in bad: Bank capital ratios and lending rates,
International Review of Financial Analysis, 51, pp.102-112, ISSN: 1057-5219. DOI:
10.1016/j.irfa.2016.02.005.
Isohätälä, J, Kusmartsev, F,
Milne, A, Robertson, D (2015)
Leverage Constraints and Real Interest Rates,
Manchester School, 83(S2), pp.83-109, ISSN: 1463-6786. DOI:
10.1111/manc.12111.
Houstoun, KJ,
Milne, A, Parboteeah, P (2015) Preliminary Report on Standards in Global Financial Markets.
Milne, A and Parboteeah, P (2015) Expert Opinion on Standards in Global Financial Markets.
Chan, KK and
Milne, A (2014) A Theoretical Comparison of Banking Structures.
Milne, A and Parboteeah, P (2014) Counterparty Risk Management and the Global Legal Entity Identifier (LEI).
Milne, A (2014) Macroeconomic and Macroprudential Policy Making.
Milne, A (2014)
Distance to default and the financial crisis,
Journal of Financial Stability, 12(1), pp.26-36, ISSN: 1572-3089. DOI:
10.1016/j.jfs.2013.05.005.
Chan, KK and
Milne, A (2014)
Bank competition, fire-sales and financial stability,
European Journal of Finance, 20(10), pp.874-891, ISSN: 1351-847X. DOI:
10.1080/1351847X.2013.836552.
Isohätälä, J, Kusmartsev, F,
Milne, A, Robertson, D (2014) Leverage Constraints and Real Interest Rates,
Bank of Finland Research Discussion Paper, (27).
Isohätälä, J,
Milne, A, Robertson, D (2014) The Net Worth Trap: Investment and Output Dynamics in the Presence of Financing Constraints,
Bank of Finland Research Discussion Paper, (26).
Milne, A (2013)
The rise and success of the barcode: Some lessons for financial services,
Journal of Banking Regulation, 14(3-4), pp.241-254, ISSN: 1745-6452. DOI:
10.1057/jbr.2013.16.
Milne, A (2013)
Register, Cap and Trade: A Proposal for Containing Systemic Liquidity Risk,
Economics: The Open-Access, Open-Assessment E-Journal, 7, 2013-7, DOI:
10.5018/economics-ejournal.ja.2013-7.
Milne, A (2013)
Distance to default and the financial crisis,
Journal of Financial Stability, ISSN: 1572-3089. DOI:
10.1016/j.jfs.2013.05.005.
Chan, KK and
Milne, A (2013)
Bank competition, fire-sales and financial stability,
European Journal of Finance, ISSN: 1351-847X. DOI:
10.1080/1351847X.2013.836552.
Milne, A and Chisholm, M (2013) The Prospects for Common Financial Language in Wholesale Financial Services.
Milne, A (2013) The rise and success of the barcode: Some lessons for financial services,
Journal of Banking Regulation, 14(3), pp.241-254, ISSN: 1745-6452.
Allen, B, Chan, KK,
Milne, A, Thomas, S (2012)
Basel III: Is the cure worse than the disease?,
International Review of Financial Analysis, 25, pp.159-166, ISSN: 1057-5219. DOI:
10.1016/j.irfa.2012.08.004.
Milne, A and Onorato, M (2012)
Risk-Adjusted Measures of Value Creation in Financial Institutions,
European Financial Management, 18(4), pp.578-601, ISSN: 1354-7798. DOI:
10.1111/j.1468-036X.2010.00540.x.
Milne, A (2012) OTC central counterparty clearing: Myths and reality,
Journal of Risk Management in Financial Institutions, 5(3), pp.335-346, ISSN: 1752-8887.
Braswell, J, Lannom, L,
Milne, A, Northey, J, Paskin, N, Traub, K (2012) Response to the Financial Stability Board's Request for an Engineering Study on the Best Approach to Managing the Structure and Issuance of Legal Entity Identifiers (LEIs),
Available at SSRN 2197269.
Livne, G, Markarian, G,
Milne, AKL (2011)
Bankers' Compensation and Fair Value Accounting,
Journal of Corporate Finance, 17(4), pp.1096-1115, DOI:
10.1016/j.corpfin.2011.04.010.
Livne, G,
Milne, A, Markarian, G (2011) Bankers' Compensation and Fair Value Accounting,
Journal of Corporate Finance, 17(4), pp.1096-1115.
Jokipii, T and
Milne, AKL (2011)
Bank Capital Buffer and Risk Adjustment Decisions,
Journal of Financial Stability, 7(3), pp.165-178, DOI:
10.1016/j.jfs.2010.02.002.
Jokipii, T and
Milne, A (2011)
Bank capital buffer and risk adjustment decisions,
Journal of Financial Stability, 7, pp.165-178-165-178.
Milne, AKL (2011)
Limited Liability Government Debt for the Eurozone,
CESIFO ECONOMIC STUDIES, 57(1), pp.44-78, ISSN: 1610-241X. DOI:
10.1093/cesifo/ifq023.
Milne, AKL (2011)
Limited Liability Government Debt for the Eurozone-super-†,
CESifo Economic Studies, 57, pp.44-78-44-78.
Milne, A (2011) 9. THE CASE FOR LIMITED LIABILITY EUROZONE GOVERNMENT DEBT,
REGULATION AND BANKING.
Milne, A (2011) ¿ Qué hay que hacer para tener suerte? Cómo cuatro países han afrontado la crisis financiera global,
Papeles de economía española, (130), pp.230-243, ISSN: 0210-9107.
Milne, A (2011) Systemic risk in financial services‐Abstract of the Edinburgh Discussion,
British Actuarial Journal, 16(02), pp.321-340, ISSN: 2044-0456.
Milne, A (2011) Systemic risk in financial services‐Abstract of the London Discussion,
British Actuarial Journal, 16(02), pp.301-319, ISSN: 2044-0456.
Besar, D, Booth, P, Chan, KK,
Milne, AKL, Pickles, J (2011) Systemic Risk in Financial Services,
British Actuarial Journal, 16(02), pp.195-300 M3 - 10.1017/S1357321711000110, ISSN: 2044-0456.
Milne, A (2010) Macro-prudential policy: An assessment,
CESifo DICE Report, 8(1), pp.28-33, ISSN: 1612-0663.
Marshall, A, Tang, L,
Milne, A (2010)
Variable reduction, sample selection bias and bank retail credit scoring,
Journal of Empirical Finance, 17(3), pp.501-512, DOI:
10.1016/j.jempfin.2009.12.003.
Milne, A (2010) Using ‘cap and trade’to contain systemic financial risk,
Unpublished Manuscript, University of London.
Milne, A (2010) Limited liability non-bank government debt for the Euro zone,
Available at SSRN 1595930.
Milne, A (2010) Liquidity, Credit and Bank Money.
Chan, KK and
Milne, A (2010) A Theoretical Model on Balance Sheet Securitization.
Milne, A (2010) Financial crisis: A measured response-Alistair Milne reports on the findings of his research into systemic risk in response to the recent financial crisis,
Actuary-London, p.32, ISSN: 0960-457X.
Milne, A (2009)
Macroprudential policy: what can it achieve?,
Oxford Review of Economic Policy, 25(4), pp.608-629, DOI:
10.1093/oxrep/grp036.
Milne, A (2009)
Alistair Milne on Robert J. Shiller,The Subprime Solution: How Today’s Global Financial Crisis Happened and What to Do About It,
World Economics, 10, pp.173-176-173-176.
Milne, A (2009)
Public sector support of the banking industry,
Journal of Financial Transformation, 25, pp.131-143-131-143.
Milne, A and Wood, G (2009) “Oh What a Fall Was There”: Northern Rock in 2007,
Financial Institutions and Markets: 2007-2008--The Year of Crisis.
Milne, A (2009) Liquidity, Bank Credit and Money,
22nd Australasian Finance and Banking Conference.
Jokipii, T and
Milne, A (2008)
The cyclical behaviour of European bank capital buffers,
Journal of Banking & Finance, 32(8), pp.1440-1451, ISSN: 0378-4266. DOI:
10.1016/j.jbankfin.2007.12.001.
Milne, A and Wood, GE (2008)
Banking crisis solutions old and new,
Review, pp.517-530-517-530.
Milne, A (2007)
The industrial organization of post-trade clearing and settlement,
Journal of Banking & Finance, 31, pp.2945-2961-2945-2961.
Milne, A (2007)
Standards and Competition in Post-trade Securities Processing,
Journal of Financial Transformation, 20, pp.143-154-143-154.
Milne, A and Onorato, M (2007) Apples and pears: the relationship between risk capital and required returns in financial institutions,
Bank of Finland Discussion Paper Series (forthcoming 2010).
Milne, A and Onorato, M (2007) Apples and pears: the comparison of risk capital and required return in financial institutions,
Available at SSRN 962362.
Milne, A (2007) Governance and Innovation in UK Retail Payments,
Communications & Strategies, (66), ISSN: 1157-8637.
Milne, A (2006)
What is in it for us? Network effects and bank payment innovation,
Journal of Banking & Finance, 30, pp.1613-1630-1613-1630.
Milne, A (2006)
Optimal regulation of deposit taking financial intermediaries: A correction,
European Economic Review, 50, pp.509-516-509-516.
Milne, A (2006)
Optimal regulation of deposit taking financial intermediaries: A correction,
EUROPEAN ECONOMIC REVIEW, 50(2), pp.509-516, ISSN: 0014-2921. DOI:
10.1016/j.euroecorev.2004.09.001.
Jokipii, T and
Milne, A (2006) Understanding European banks capital buffer fluctuations,
Bank of Finland Research Discussion Paper, (17).
Dimou, P, Lawrence, C,
Milne, A (2005)
Skewness of Returns, Capital Adequacy, and Mortgage Lending,
Journal of Financial Services Research, 28, pp.135-161-135-161.
Milne, A (2005) Standard setting, interoperability, and competition in securities settlement systems,
London, Cass Business Schoo, mimeo.
Milne, A (2004) The inventory perspective on bank capital,
Cass Business School Research Paper.
Milne, A, Robertson, D, Tang, L (2004) Internal funds and the supply of bank loans,
Available at SSRN 676575.
Bird, G and
Milne, A (2003)
Debt Relief for Low Income Countries: Is it Effective and Efficient?,
The World Economy, 26, pp.43-59-43-59.
Milne, A (2003) Basel Lite’: recommendations for the European implementation of the new Basel accord,
CSFI London.
Milne, A (2002)
Bank capital regulation as an incentive mechanism: Implications for portfolio choice,
Journal of Banking & Finance, 26, pp.1-23-1-23.
Gangulny, B and
Milne, A (2002) UK retail payments: competition, regulation, and returns to innovation,
City University Business School, Londres.
Milne, A and Whalley, AE (2001)
Time to build and aggregate work-in-progress,
International Journal of Production Economics, 71, pp.165-175-165-175.
Milne, A (2001)
Bank capital as an incentive mechanism,
Proceedings, pp.353-365-353-365.
Milne, A (2001) Minimum capital requirements and the design of the new Basel Accord: a constructive critique,
Journal of Financial Regulation and Compliance, 9(4), pp.312-326, ISSN: 1358-1988.
Milne, A and Whalley, AE (2000)
’Time to build, option value and investment decisions’: a comment,
Journal of Financial Economics, 56, pp.325-332-325-332.
Bird, G and
Milne, A (2000) Debt relief for poor countries: Distinguishing rhetoric from reality,
New Economy, 7(4), pp.199-204, ISSN: 1468-0041.
Kelle, P and
Milne, A (1999)
The effect of (s, S) ordering policy on the supply chain,
International Journal of Production Economics, 59, pp.113-122-113-122.
Bird, G and
Milne, A (1999) Miracle to meltdown: a pathology of the East Asian financial crisis,
Third World Quarterly, 20(2), pp.421-437, ISSN: 0143-6597.
Hoggarth, G,
Milne, A, Wood, G (1998) Alternative routes to banking stability: A comparison of UK and German banking systems,
Financial Stability Review, 5, pp.55-68.
Gallagher, N and
Milne, A (1997) UK mortgage margins,
Bank of England Financial Stability Review, pp.38-46.
Milne, A and Robertson, D (1996)
Firm behaviour under the threat of liquidation,
Journal of Economic Dynamics and Control, 20, pp.1427-1449-1427-1449.
Milne, A (1996)
Financing constraints and reordering rules,
International Journal of Production Economics, 45, pp.65-75-65-75.
Milne, A (1994)
UK stock relief legislation and the short run-tax elasticity of inventory investment,
International Journal of Production Economics, 35, pp.43-52-43-52.
Hall, SG and
Milne, A (1994)
The Relevance of P-Star Analysis to UK Monetary Policy,
Economic Journal, 104, pp.597-604-597-604.
Holly, S and
Milne, A (1994)
Editors’ introduction,
Economic Modelling, 11, pp.123-123-123-123.
Milne, A (1994)
The Production Smoothing Model of Inventories Revisited,
Economic Journal, 104, pp.399-407-399-407.
Allen, C and
Milne, A (1994) Mismatch in the housing market,
Urban Studies, 31(9), pp.1451-1463, ISSN: 0042-0980.
Holly, S and
Milne, A (1994) Financial liberalization and housing market dynamics: special issue,
Economic modelling, 11(2), pp.123-279.
Ichimura, T,
Milne, A, London Business School (United Kingdom). Centre for Economic Forecasting;, (1993) The Profitability and Capital Adequacy of Japanese Banks,
DISCUSSION PAPER-LONDON BUSINESS SCHOOL CENTRE FOR ECONOMIC FORECASTING.
Milne, A (1993) Financial Problems and Economic Recovery,
Economic Outlook, 17(5), pp.39-45, ISSN: 1468-0319.
MILNE, A (1992) PLANNING FEATURE: The Forecast in detail:[5] Focus: Non‐Manufacturing Sector,
Economic Outlook, 16(5), pp.28-30, ISSN: 1468-0319.
MILNE, A (1991) Briefing Paper: Non‐Manufacturing Investment and UK Aggregate Demand,
Economic Outlook, 15(9), pp.39-47, ISSN: 1468-0319.
MILNE, A and CLARK, A (1990) House Prices, Housing Investment and Demography Forecasts from the LBS/Abbey National Model of the UK Housing Market,
Economic Outlook, 15(1), pp.33-39, ISSN: 1468-0319.
Milne, A (1990) HOUSE PRICES AND THE ECONOMY,
Economic Outlook, 14(7), pp.1-4, ISSN: 1468-0319.
Browne, F, Llewellyn, DT, Molyneux, P, Balling, M, Gnan, E, Honohan, P, Jenkinson, N, Houben, A, Kakes, J, Farrell, P (Accepted for publication) REGULATION AND BANKING.
He, C, Milne, A, Park, S (Accepted for publication) Optimal Consumption and Savings Decisions with Disastrous Income Risk: Revisiting Rietz's Rare Disaster Risk Hypothesis.
Douch, M, Edwards, TH, Milne, A (Accepted for publication) A Briefing on the UK's Choice of Trade Arrangements outside of the EU, SSRN Electronic Journal, DOI: 10.2139/ssrn.3002673.
Kavuri, A and Milne, AKL (Accepted for publication) Fintech and the Future of Financial Services: What are the Research Gaps?, SSRN Electronic Journal, DOI: 10.2139/ssrn.3215849.
Kavuri, AS, Milne, AKL, Wood, JA (Accepted for publication) What Is New about Cryptocurrencies? A Visual Analysis, SSRN Electronic Journal, DOI: 10.2139/ssrn.3473528.
Kavuri, AS and Milne, AKL (Accepted for publication) Fintech and the Future of Financial Services: What Are the Research Gaps?, SSRN Electronic Journal, DOI: 10.2139/ssrn.3333515.
Milne, A and Wood, G (1866) Shattered on the Rock,
British financial stability from.
Chapters
Kavuri, AS and
Milne, A (2021) Trading and regulation of cryptocurrencies, stablecoins and other cryptoassets. In
The Routledge Handbook of FinTech, pp.147-162, ISBN: 9780367263591.
Kavuri, AS and
Milne, A (2021)
Technology and Working Capital Finance. In
The Palgrave Handbook of Technological Finance, pp.701-724, ISBN: 9783030651169. DOI:
10.1007/978-3-030-65117-6_25.
Chen, D, Kavuri, AS,
Milne, A (2021)
Growing Pains: The Changing Regulation of Alternative Lending Platforms. In
The Palgrave Handbook of Technological Finance, pp.441-476, ISBN: 9783030651169. DOI:
10.1007/978-3-030-65117-6_19.
Milne, A (2018)
Cryptocurrencies from an Austrian perspective. In
Banking and Monetary Policy from the Perspective of Austrian Economics, © Springer, pp.223-257, ISBN: 9783319758176. DOI:
10.1007/978-3-319-75817-6_12.
Milne, A and Wood, JA (2016)
An old fashioned banking crisis: credit growth and loan losses in the UK 1997–2012. In
The UK Economy in the Long Expansion and its Aftermath, Cambridge University Press, pp.210-243, DOI:
10.1017/cbo9781316556191.007.
Milne, A (2016)
An old fashioned banking crisis: credit growth and loan losses in the UK 1997-2012. In
The UK Economy in the Long Expansion and its Aftermath, Cambridge University Press, pp.210-243, ISBN: 9781107147591.
Milne, A (2016)
Central securities depositories and securities clearing and settlement: Business practice and public policy concerns. In
Analyzing the Economics of Financial Market Infrastructures, © IGI Global, pp.334-358, ISBN: 9781466687455. DOI:
10.4018/978-1-4666-8745-5.ch017.
Isohaetaelae, J, Klimenko, N,
Milne, A (2015)
Post-crisis macrofinancial modeling: Continuous time approaches. In
The Handbook of Post Crisis Financial Modelling, © Palgrave Macmillan, pp.235-282, ISBN: 9781137494498.
Balling, M, Gnan, E, Honohan, P, Llewellyn, DT, Jenkinson, N, Houben, A, Kakes, J, Farrell, P, Jackson, P, Kane, EJ,
Milne, A (2011)
Regulation and Banking after the Crisis. In Browne, F, Llewellyn, D, Molyneux, P (ed)
Unknown Parent Title, SUERF - The European Money and Finance Forum, 2011/2.
Milne, A (2011)
The Case for Limited Liability Eurozone Government Debt. In
Unknown Parent Title, SUERF - The European Money and Finance Forum, pp.133-146-133-146.
Milne, A (2009)
Can central bank provision of market liquidity create a problem of moral hazard?. In
Unknown Parent Title, SUERF - The European Money and Finance Forum, pp.175-192-175-192.
(2009) The Failure of Northern Rock: A Multi-Dimensional Case Study. In Bruni, F and Llewellyn, DT (ed)
Unknown Parent Title, SUERF Studies, No.5, pp.1-217.
(2007)
The Structure of Financial Regulation. In Mayes, D and Wood, GE (ed)
Unknown Parent Title, Routledge. DOI:
10.4324/9780203962312.
Milne, A (2007) 12 Competition and the rationalization of European securities clearing and settlement. In
Unknown Parent Title, Taylor & Francis, p.370, ISBN: 0203962311.
Lawrence, C and
Milne, A (2004) The Structure of Financial Markets. In
Unknown Parent Title,.
Bird, G (2004)
International Finance and the Developing Economies. In
Unknown Parent Title, Palgrave Macmillan UK,ISBN: 9781349407736. DOI:
10.1057/9780230599840.
Milne, A and Wood, GE (2003) 15. International banking crises. In
Unknown Parent Title, Edward Elgar Publishing, p.403, ISBN: 1840640936.
