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Dr Willem Spanjers

Principal Lecturer

About

I am micro-economist, with specialisations in behavioural decision models, including models of ambiguity, in financial economics, and in re-thinking the social market economy.

These interests are reflected in my academic career. After doing my doctorate as a teaching and research assistant at Tilburg University, I held positions outside the Netherlands. In Germany at the Institute of Mathematical Economics of the University of Bielefeld, at the University of Saarland, and Chemnitz University of Technology; in the UK at the University of Birmingham and at Kingston University. At Kingston University I was Director of Studies, Deputy Head of School, and Acting Head of the School of Economics.

From 2009 to 2011 I was seconded to the University of Freiburg in Germany as Acting Full Professor and Interim Director of the Institute for Research in Economic Evolution, on the Chair formerly held by Walter Eucken, a founding father of the Freiburg School of Economic Thought and of the Social Market Economy.

Areas of specialism

  • Microeconomics
  • Decision Making under Ambiguity
  • Financial Economics
  • General Equilibrium Theory
  • Social Market Economy

Media enquiries

Journalists who would like to arrange interviews with the University's academic experts should contact the Communications team.

Qualifications

  • Doctorandus in Econometrics (Drs; appr. MSc in Quantiative Economics), 1988, Tilburg University, Tilburg, Netherlands
  • Doctor in Mathematical Economics (Dr), 1992, Tilburg University, Tilburg, Netherlands
  • Habilitation in Economics (PD), 2000, University of Saarland, Saarbruecken, Germany
  • Habiltation in Economics (Dr.rer.pol.habil.), 2001, Chemnitz University of Technology, Chemnitz, Germany

Professional membership

My memberships of professional bodies falls into three categories: an international think tank on economic theory and economic policy; the trade union; and so-called 'learned societies'.

My membership as a Senior Fellow of the Rimini Centre for Economic Analysis, an economic think tank now located in Waterloo, Ontario, Canada, falls under the first category.

Regarding the second category, the trade union, I am a recognised representative of the UCU. For the UCU I am treasurer and branch committee member for the Kingston University branch, as well as case worker. 

The 'learned societies' I am currently a member of are the Royal Economic Society, the German Economic Association, and of the International Network for Economic Research (INFER).

Research

My research combines elements of three main areas of microeconomics: general equilibrium theory; decision making under uncertainty; and financial economics.

One part of my current research combines these three main areas by focusing on overcoming the practical inadequacies of the general equilibrium theory by re-thinking the social market economy. Another part is my long running research integrating aspects of decision making under incalculable risk into financial economics. 

My past research on general equilibrium theory focused on the impact of fixed network structure of bilateral monopolistic trade relationships. It resulted in an invitation to present this research at the prestigious European Winter Meeting of the Econometric Society and a book in Kluwer's Theory and Decision Library Series C.

Another part of my past research focused on capturing the intuition of Knight (1921) on incalculable risk and entrepreneurship in the context of interaction under strategic ambiguity and resulted in a co-authored publication in The Economic Journal. 

Publications

Number of items: 40.

Article

Spanjers, Willem (2017) Liquidity provision, ambiguous asset returns and the financial crisis. Review of Economic Analysis, ISSN (online) 1973-3909 (In Press)

Agliardi, Elettra, Agliardi, Rossella and Spanjers, Willem (2016) Corporate financing decisions under ambiguity : pecking order and liquidity policy implications. Journal of Business Research, 69(12), pp. 6012-6020. ISSN (print) 0148-2963

Agliardi, Elettra, Agliardi, Rossella and Spanjers, Willem (2015) Convertible debt : financing decisions and voluntary conversion under ambiguity. International Review of Finance, 15(4), pp. 599-611. ISSN (print) 1369-412X

Liu, Wei and Spanjers, Willem (2009) Social capital and credit constraints in informal finance. International Journal of Economic Issues, 2(2), pp. 187-207. ISSN (print) 0974-603X

Spanjers, Willy (2008) Central banks and ambiguity. International Review of Economics & Finance, 17(1), pp. 85-102. ISSN (print) 1059-0560

Spanjers, Willy (2008) Loss of confidence and currency crises. International Journal of Economic Research, 5, pp. 219-237. ISSN (print) 0972-9380

Ghatak, Subrata and Spanjers, Willy (2007) Monetary policy rules in transition economies: the impact of ambiguity. International journal of development issues, 6(1), pp. 26-37. ISSN (print) 1446-8956

Kelsey, David and Spanjers, Willy (2004) Ambiguity in partnerships. The Economic Journal, 114(497), pp. 528-546. ISSN (print) 0013-0133

Spanjers, W. (1991) Arbitrage and Walrasian Equilibrium. Tinbergen Institute Research Bulletin, 3(3), pp. 215-225. ISSN (print) 0924-056X

Book

Spanjers, Willem, ed. (2009) Monetary policy, trade and convergence: the case of transition economies. Berlin, Germany : LIT. 208p. (New Developments in Economic Research) ISBN 9873643100214

Spanjers, Willy (2008) Liquiditatsversorgung bei Knight'scher Unsicherheit: Ein theoretischer Vergleich von Banken und Markten [Liquidity provision under Knightian Uncertainty: a theoretical comparison of banks and markets]. Leipzig, Germany : Engelsdorfer Verlag. 372p. ISBN 9783867036856

Spanjers, Willy (1997) Hierarchically structured economies: models with bilateral exchange institutions. Dordrecht, Netherlands : Kluwer Academic Publishers. 179p. (Theory and Decision Library Series C: Game Theory, Mathematical Programming and Operations Research) ISBN 0792343980

Spanjers, Willy (1992) Price setting behaviour in hierarchically structured economies. Helmond : Wibro Dissertatiedrukkerij. 261p.

Book Section

Spanjers, Willy (2009) The Asian crisis and macroeconomic development. In: Ghatak, Subrata and Levine, Paul, (eds.) Development Macroeconomics: Essays in Memory of Anita Ghatak. London, U.K. : Routledge. pp. 68-94. (Routledge Studies in Development, no. 71) ISBN 9780415448345

Spanjers, Willem (2009) Introduction. In: Spanjers, Willem, (ed.) Monetary policy, trade and convergence: the case of transition economies. Berlin, Germany : LIT. pp. 1-5. (New Developments in Economic Research, no. 2) ISBN 9783643100214

Spanjers, Willem (2009) Loss of confidence and currency crises. In: Spanjers, Willem, (ed.) Monetary Policy, Trade and Convergence: The Case of Transition Economies. Berlin, Germany : LIT. pp. 7-27. (New Developments in Economic Research, no. 2) ISBN 9783643100214

Ghatak, Subrata and Spanjers, Willy (2009) Monetary policy rules and the impact of ambiguity in transition economies. In: Ghatak, Subrata and Levine, Paul, (eds.) Development Macroeconomics: Essays in Memory of Anita Ghatak. London, U.K. : Routledge. pp. 189-202. (Routledge Studies in Development Economics, no. 71) ISBN 9780415448345

Spanjers, Willy (2003) Hierarchisch gestruktureerde Markten. In: Brink, J.R. van den and Gilles, R.P., (eds.) Wiskundig economische perspectieven: Opstellen aangeboden aan Prof. Dr. P.H.M. Ruys. Tilburg, Netherlands : Tilburg University Press. ISBN 9090169237

Conference or Workshop Item

Brach, Juliane and Spanjers, Willem (2011) Political Ambiguity and Economic Growth: The MENA Countries. In: 12th Mediterranean Research Meeting; 06-09 Apr 2011, Montecatini Terme, Italy. (Unpublished)

Eichberger, Jürgen and Spanjers, Willy (2009) Liquidity and ambiguity: banks or asset markets? In: Liquidity and Trust in Incomplete Markets; 23-24 Nov 2009, Freiburg i.B., Germany.

Monograph

Spanjers, Willem and Agliardi, Elettra (2016) Rethinking the social market economy : a basic outline. (Discussion Paper) Rimini, Italy : Rimini Centre for Economic Analysis. 21 p. (Professional Reports, no. PR 16-01)

Agliardi, Elettra, Agliardi, Rosella and Spanjers, Willem (2014) Cash holdings and financing decisions under ambiguity. (Working Paper) Bologna, Italy : Department of Economics, University of Bologna. 22 p. (Quaderni - Working Paper DSE, no. 979)

Brach, Juliane and Spanjers, Willem (2012) Political ambiguity and economic development: the MENA countries. (Working Paper) Maastricht, Netherlands : Maastricht School of Management. 40 p. (Maastricht School of Managment Working Papers, no. 39)

Spanjers, Willem (2011) Liquidity provision, ambiguous asset returns and the financial crisis. (Working Paper) Freiburg, Germany : University of Freiburg. 40 p. (RCEA Working Papers, no. 11-10)

Spanjers, Willy (2008) The Asian crisis and macroeconomic development: the impact of ambiguity. (Discussion Paper) Kingston upon Thames, U.K. : Faculty of Arts & Social Sciences, Kingston University. 25 p. (Economics Discussion Paper)

Eichberger, Jürgen and Spanjers, Willy (2007) Liquidity and ambiguity: banks or asset markets? (Discussion Paper) Heidelberg, Germany : Department of Economics, University of Heidelberg. 39 p.

Ghatak, Subrata and Spanjers, Willy (2007) Monetary policy rules in transition economies: the impact of ambiguity. (Discussion Paper) Kingston upon Thames, U.K. : Faculty of Arts and Social Sciences, Kingston University. 27 p. (Economics Discussion Paper)

Spanjers, Willy (2005) Loss of confidence and currency crises. (Discussion Paper) Kingston upon Thames, U.K. : Faculty of Arts and Social Sciences, Kingston University. 32 p. (Economics Discussion Paper)

Liu, Wei and Spanjers, Willy (2005) Social capital and credit constraints in informal finance. (Discussion Paper) Kingston upon Thames, U.K. : Faculty of Arts and Social Sciences, Kingston University. 36 p. (Economics Discussion Paper)

Spanjers, Willy (2004) Central banks and ambiguity. (Discussion Paper) Kingston upon Thames, U.K. : Faculty of Arts and Social Sciences, Kingston University. 24 p. (Economics Discussion Paper)

Abdullah, Shahnaz, Mullineux, Andy, Fielding, Tony and Spanjers, Willy (2004) Intra-household resource allocation and bargaining power of women using micro-credit in Bangladesh. (Discussion Paper) Birmingham, UK : University of Birmingham. 43 p.

Kelsey, David and Spanjers, Willy (1997) Uncertainty in partnerships. (Discussion Paper) Birmingham, U.K. : Department of Economics, University of Birmingham. 30 p.

Spanjers, Willy (1994) Arbitrage and Walrasian equilibrium in hierarchically structured economies. (Discussion Paper) Bielefeld, Germany : Institute of Mathematical Economics (IMW). 10 p.

Spanjers, Willy (1994) Arbitrage and monopolistic market structures. (Working Paper) Bielefeld, Germany : Institute of Mathematical Economics (IMW). 32 p.

Spanjers, Willy (1994) Bid and ask prices in hierarchically structured economies with two commodities. (Working Paper) Bielefeld, Germany : Institute of Mathematical Economics (IMW). 40 p.

Spanjers, Willy (1994) Endogenous structures of trade relationships in hierarchically structured economies with bid and ask prices and two commodities. (Working Paper) Bielefeld, Germany : Institute of Mathematical Economics (IMW). 32 p.

Spanjers, Willy (1994) On the existence of equilibrium in hierarchically structured economies. (Working Paper) Bielefeld, Germany : Institute of Mathematical Economics (IMW). 34 p.

Spanjers, Willy (1991) Arbitrage and Walrasian equilibrium in economies with limited information. (Discussion Paper) Tilburg, The Netherlands : Faculty of Economics, Tilburg University.

Spanjers, Willy, Gilles, Robert and Ruys, Pieter (1991) Hierarchical trade and downstream information. (Discussion Paper) Tilburg, The Netherlands : Faculty of Economics, Tilburg University.

Spanjers, Willy (1990) Equilibrium with co-ordination and exchange institutions: a comment. (Discussion Paper) Tilburg, The Netherlands : Faculty of Economics, Tilburg University.

This list was generated on Tue Sep 19 04:38:54 2017 BST.
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