Professor John Thornton

Division: Financial Studies

Email: /

Phone: +1 202 355 8637


Emeritus Professor of Global Finance

I am a Financial Stability Advisor at the US Treasury. Previously, I was Professor of Economics and Head of Bangor Business School during 2008-2016, and before that I was with the International Monetary Fund (IMF) in Washington DC, where I was, respectively, an Assistant Director in the Western Hemisphere Department, the Fiscal Affairs Department, and in the Middle East and Central Asia Department. I have also been a staff member of the Economics Department of the Organization of Economic Development and Cooperation in Paris, a Lecturer in Macroeconomics at the Institut d’Etudes Politiques de Paris, and a Vice President of Economics at Merrill Lynch International in London.


Ph.D. Economics, CASS Business School, University of London
M.Sc. Economics, Birkbeck College, University of London
B.Sc. Economics, University of Wales

Research Interests

Macroeconomic policymaking in emerging market economies; bank behaviour; monetary and fiscal policy

Recent Publications

Fiscal rules and government borrowing costs: international evidence. Economic Inquiry (in press) (with C. Vasilakis)

What determines bank CDS spreads? Evidence from European and US banks. Finance Research Letters (in press) (with D. Drago and C. di Tommaso).

Why Do Countries Adopt Fiscal Rules? The Manchester School 85(1), 2017 (with Y. Altunbaş)

The impact of fiscal rules on sovereign risk premia: International evidence Finance Research Letters 20(2), 2017 (with C. Vasilakis)

Inflation targeting and the cyclicality of monetary policy. Finance Research Letters 20(2), 2017 (with C. Vasilakis)

Does inflation targeting reduce sovereign risk? Finance Research Letters 18(8), 2016 (with C. Vasilakis).

Do better-capitalized banks lend less? Evidence from European banks. Finance Research Letters 17(5), 2016 (with Y. Altunbaş and C. di Tommaso).

Is there a financial accelerator in European banking? Finance Research Letters 17(5), 2016 (with Y. Altunbaş and C. di Tommaso).

Inflation targeting in developing economies revisited. Finance Research Letters 16(2), 2016.

Tax havens and effective tax rates: an analysis of private versus public European firms. The International Journal of Accounting 50(4), 2015 (with A. Jaafar).