Yiannis Vailakis

Department of Economics · University of Glasgow

About

Yiannis Vailakis

Yiannis Vailakis joined the Department of Economics at the University of Glasgow in May 2013. Prior to this, he held academic appointments at the University of Exeter, serving as Lecturer and later Associate Professor between 2006 and 2013, and at the University of Sorbonne as a Marie Curie Fellow from 2004 to 2006. He received his PhD in Economics from the Université Catholique de Louvain in 2004. Since 2024 he is a fellow of the Society for the Advancement of Economic Theory (SAET).

Research

Yiannis’ research spans general equilibrium theory, macroeconomics, and optimisation, with a focus on foundational questions in economic theory. His work in general equilibrium and macroeconomics examines environments featuring asymmetric information, transaction costs, endogenous borrowing constraints, limited commitment, and sovereign debt. In optimisation, his research centres on dynamic programming and fixed-point theory, contributing to the analytical tools used to study dynamic economic environments.

Work in Progress

Publications

  1. Bloise, G. & Vailakis, Y. (2024). Sovereign debt crises and low interest rates . Journal of International Economics, 150, 103893.
  2. Bloise, G., Le Van, C. & Vailakis, Y. (2024). An approximation approach to dynamic programming with unbounded returns . Journal of Mathematical Economics, 111, 102954.
  3. Bloise, G., Le Van, C. & Vailakis, Y. (2024). Do not blame Bellman: It is Koopmans’ fault . Econometrica, 92(1), 111–140.
  4. Bloise, G. & Vailakis, Y. (2022). On sovereign default with time-varying interest rates . Review of Economic Dynamics, 44, 211–224.
  5. Bloise, G., Polemarchakis, H. & Vailakis, Y. (2021). Sustainable debt . Theoretical Economics, 16(4), 1513–1555.
  6. Le Van, C., Navrouzoglou, P. & Vailakis, Y. (2019). On endogenous formation of price expectations . Games and Economic Behavior, 115, 436–458.
  7. Bloise, G. & Vailakis, Y. (2018). Convex dynamic programming with (bounded) recursive utility . Journal of Economic Theory, 173, 118–141.
  8. Martins-da-Rocha, V.F. & Vailakis, Y. (2017). On the sovereign debt paradox . Economic Theory, 64(4), 825–846.
  9. Bloise, G., Polemarchakis, H. & Vailakis, Y. (2017). Sovereign debt and incentives to default with uninsurable risks . Theoretical Economics, 12(3), 1121–1154.
  10. Martins-da-Rocha, V.F. & Vailakis, Y. (2017). Borrowing in excess of natural ability to repay . Review of Economic Dynamics, 23, 42–59.
  11. Martins-da-Rocha, V.F. & Vailakis, Y. (2015). Constrained efficiency without commitment . Journal of Mathematical Economics, 61, 276–286.
  12. Martins-da-Rocha, V.F. & Vailakis, Y. (2013). Fixed point for local contractions: Applications to recursive utility . International Journal of Economic Theory, 9(1), 23–33.
  13. Martins-da-Rocha, V.F. & Vailakis, Y. (2012). On Ponzi schemes in infinite horizon collateralized economies with default penalties . Annals of Finance, 8(4), 455–488.
  14. Martins-da-Rocha, V.F. & Vailakis, Y. (2012). Harsh default penalties lead to Ponzi schemes: A counterexample . Games and Economic Behavior, 75(1), 277–282.
  15. Martins-da-Rocha, V.F. & Vailakis, Y. (2012). Endogenous debt constraints in collateralized economies with default penalties . Journal of Mathematical Economics, 48(1), 1–13.
  16. Martins-da-Rocha, V.F. & Vailakis, Y. (2010). Financial markets with endogenous transaction costs . Economic Theory, 45(1–2), 65–97.
  17. Martins-da-Rocha, V.F. & Vailakis, Y. (2010). Existence and uniqueness of a fixed point for local contractions . Econometrica, 78(3), 1127–1141.
  18. Daher, W., Martins-da-Rocha, V.F. & Vailakis, Y. (2007). Asset market equilibrium with short-selling and differential information . Economic Theory, 32(3), 425–446.
  19. Le Van, C., Nguyen, M.H. & Vailakis, Y. (2007). Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labour . Journal of Mathematical Economics, 43(3–4), 287–317.
  20. Le Van, C. & Vailakis, Y. (2005). Recursive utility and optimal growth with bounded or unbounded returns . Journal of Economic Theory, 123(2), 187–209.
  21. Le Van, C. & Vailakis, Y. (2003). Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment . Economic Theory, 22(4), 743–771.

Teaching

University of Glasgow

University of Exeter

Grants

Other Info

Associate Editor

Referee

Econometrica · Journal of Economic Theory · Games and Economic Behavior · Theoretical Economics · International Economic Review · Journal of Mathematical Economics · Economic Theory · European Economic Review · B.A. Journal of Theoretical Economics · Economics Letters · Journal of Macroeconomics · Macroeconomic Dynamics · Journal of Public Economic Theory · Journal of Dynamics and Games · Mathematical Social Sciences

Research Visits

University of Paris-Dauphine (May 2023) · Australian National University (July 2022) · Australian National University (July–September 2019) · Yeshiva University (April 2018) · Virginia Tech (October 2017) · University of Paris-Dauphine (May 2017) · Yeshiva University (May 2016) · Kobe University (November 2015) · University of Paris-Dauphine (June–July 2015) · Yeshiva University (March 2015) · Kobe University (July 2014) · University of Evry (May–June 2013) · University of Illinois Urbana-Champaign (September 2012) · University of South California (April 2011) · Arizona State University (April 2011) · University of California Davis (March–May 2011) · Arizona State University (January 2009) · Nova University, Portugal (March 2006) · Arizona State University (March 2005) · University of Alabama (November 2002)

Events

Contact

Email: yiannis.vailakis@glasgow.ac.uk

Office: 637 Adam Smith Building