Home / The University / Faculties / Faculty of Economics and Business Administration / News / The Monograph by Assoc. Prof. Dr. Deyan Radev "Brexit and Bank Lending in the Transition Region: Political Risk Contagion and the Real Economy" Has Been Published




The monograph by Assoc. Prof. Dr. Deyan Radev, "Brexit and Bank Lending in the Transition Region: Political Risk Contagion and the Real Economy", is now available at the following address. The book is published by the University Press "St. Kliment Ohridski".

Assoc. Prof. Dr. Deyan Radev is a financial economist with over 15 years of teaching and research experience at renowned universities. In 2014, his dissertation at Goethe University in Frankfurt, "Systemic Risk and Contagion in the European Union" was awarded two German national prizes: the Special Prize of the Deutsche Bundesbank for the best dissertation in Germany and the Hochschulpreis of the German Institute for Capital Markets for the best dissertation or habilitation in Germany. Dr. Radev's systemic risk indices are used daily by the European Central Bank.


Dr. Radev held academic positions in finance at Goethe University in Frankfurt and the University of Bonn before joining the Faculty of Economics and Business Administration at Sofia University "St. Kliment Ohridski" in 2020. At the Faculty, he teaches courses on fintech, empirical finance, and banking regulation.

Dr. Radev has published academic studies in the Journal of Banking and Finance, the International Review of Economics and Finance, Springer Verlag’s Studies in Systems, Decision and Control, the ECB’s Financial Stability Review, and others. His research has been presented to the Federal Reserve of the United States, the European Central Bank, the European Systemic Risk Board, the Bank of England, the Deutsche Bundesbank, BIS, and conferences of the AEA and EEA, among others.

Dr. Radev's research interests include fintech and digitalization, blockchain, financial economics, banking and fintech regulation, financial stability, political economy, and applied econometrics.

The monograph "Brexit and Bank Lending in the Transition Region: Political Risk Contagion and the Real Economy" examines the impact of the Brexit referendum on the real economy in the Transition Region through the lens of bank lending, using the most extensive database on the corporate ownership of banks in Eastern Europe. Since the fall of communism in the early 1990s, this region has served as a testing ground for various economic and political reforms.

This study explores the relatively unexamined effects of political shocks such as Brexit and enriches the literature on finance, growth, and contagion in transition economies. By using the unexpected outcome of the Brexit referendum as an exogenous shock, the book analyzes how political decisions impact economies through the lending practices of foreign and domestic banks. It examines the characteristics of local economies that contribute to the transmission of crises, the heterogeneous reactions in the region, the response of state-owned banks, and the influence of local oligarchs on shock transmission. This comprehensive approach fills a significant gap in the existing economic and financial literature.

The book "Brexit and Bank Lending in the Transition Region: Political Risk Contagion and the Real Economy" is aimed at the applied researcher in financial economics. The empirical approach in this book, based on natural experiments, can be used to analyze other past and future unexpected outcomes of public votes, as well as significant events and crises such as the COVID-19 pandemic and the war in Ukraine.