Profile

Former Head of Bangor Business School and Professor of Economics

John Thornton is a Financial Stability Advisor with the US Department of the Treasury in Washington DC, USA and Visiting Professor in the Norwich Business School, University of East Anglia, Uk. Previously, he was Head of Bangor Business School and Professor of Economics. Prior to joining Bangor Business School in 2008 he was with the International Monetary Fund (IMF) in Washington DC, where he was, respectively, an Assistant Director in the Western Hemisphere Department, the Fiscal Affairs Department, and in the Middle East and Central Asia Department. He also held posts as the IMF resident representative in Nepal and in Costa Rica.

Professor Thornton has also been a staff member of the Economics Department of the Organization of Economic Development and Cooperation in Paris, and was Vice President of Economics at Merrill Lynch International in London. He previously spent a year as Lecturer in Banking and Finance at Bangor University and was a Lecturer in Macroeconomics at the Institut d’Etudes Politiques de Paris.

Education

PhD Economics, CASS Business School, London

MSc Economics, University of London

BSc Economics, University of Wales

Email: j.thornton@bangor.ac.uk

Research and Teaching Interests

Macroeconomic policy in emerging market economies; finance and economic development; financial market regulation; macroeconomic management and fiscal decentralization; economics of terrorism.

2024

• PublishedDo female CEOs handle crises better? Evidence from the COVID-19 pandemic+
  Vasilakis, C. & Thornton, J., Sept 2024, In: Economics and Business Letters. 13, 3, p. 158-171
  Research output: Contribution to journal › Article › peer-review
• E-pub ahead of printFurther evidence on inflation targeting and income distribution
  Vasilakis, C. & Thornton, J., 29 Oct 2024, (E-pub ahead of print) In: Southern Economic Journal.
  Research output: Contribution to journal › Article › peer-review
• E-pub ahead of printInterpersonal population diversity in the Bank Boardroom and corporate misconduct
  Vasilakis, C. & Thornton, J., 9 Jul 2024, (E-pub ahead of print) In: Journal of Accounting Literature.
  Research output: Contribution to journal › Article › peer-review
• PublishedModelling Monetary and Fiscal Policy to Achieve Climate Goals
  Altunbas, Y., Qu, X. & Thornton, J., 1 Mar 2024, RED Nacional de Investigadores en Economia.
  Research output: Working paper
• PublishedThe impact of finance on income inequality: A threshold analysis
  Thornton, J. & Vasilakis, C., 22 May 2024, In: Economics and Business Letters. 13, 2
  Research output: Contribution to journal › Article › peer-review

2023

• PublishedBank regulations and surges and stops in credit: panel evidence
  Thornton, J. & Vasilakis, C., Aug 2023, In: Journal of Financial Stability. 67, 101134.
  Research output: Contribution to journal › Article › peer-review
• PublishedDisclosure and bank risk: Evidence from European banks
  Altunbas, Y., Khan, A. & Thornton, J., 1 Dec 2023, In: Finance Research Letters. 58, part B, 8 p., 104499.
  Research output: Contribution to journal › Article › peer-review
• PublishedDo M&As impact firm carbon intensity?
  Altunbas, Y., Khan, A. & Thornton, J., Dec 2023, In: Energy Economics. 128, 12 p., 107197.
  Research output: Contribution to journal › Article › peer-review
• PublishedMore foreign aid, less financial development
  Altunbas, Y., Thornton, J. & Vasilakis, C., 1 Nov 2023, In: Economia Internazionale/International Economics. 76, 4, p. 495-528 34 p.
  Research output: Contribution to journal › Article › peer-review

2022

• PublishedDoes inflation targeting increase income inequality?
  Altunbas, Y. & Thornton, J., 28 Jul 2022, In: Journal of Post Keynesian Economics. 45, 4, p. 558–580 23 p., 4.
  Research output: Contribution to journal › Article › peer-review

2021

• PublishedEuropean Banking Union and bank risk disclosure: the effects of the Single Supervisory Mechanism
  Altunbas, Y., Polizzi, S., Scannella, E. & Thornton, J., 15 Jul 2021, In: Review of Quantitative Finance and Accounting.
  Research output: Contribution to journal › Article › peer-review
• PublishedMoney laundering and bank risk: evidence from US banks
  Altunbas, Y., Thornton, J. & Uymaz, Y., Oct 2021, In: International Journal of Finance and Economics. 26, 4, p. 4879-4894
  Research output: Contribution to journal › Article › peer-review
• PublishedThe effect of nonperforming loans on credit expansion: do capital and profitability matter? Evidence from European banks
  Thornton, J. & Di Tommaso, C., Jul 2021, In: International Journal of Finance and Economics. 26, 3, p. 4822-4839
  Research output: Contribution to journal › Article › peer-review

2020

• PublishedDid negative interest rates improve bank lending?
  Molyneux, P., Reghezza, A., Thornton, J. & Xie, R., Feb 2020, In: Journal of Financial Services Research. 57, 1, p. 51-68
  Research output: Contribution to journal › Article › peer-review
• PublishedDo ESG scores effect bank risk taking and value? Evidence from European Banks
  Di Tommaso, C. & Thornton, J., Sept 2020, In: Corporate Social Responsibility and Environmental Management. 27, 5, p. 2286-2298
  Research output: Contribution to journal › Article › peer-review
• PublishedDo fiscal rules reduce government borrowing costs in developing countries?
  Thornton, J. & Vasilakis, C., 13 Oct 2020, In: International Journal of Finance and Economics. 25, 4, p. 499-510
  Research output: Contribution to journal › Article › peer-review
• PublishedDo personal connections improve sovereign credit ratings?
  Klusak, P., Thornton, J. & Uymaz, Y., Mar 2020, In: Finance Research Letters. 33, 101194.
  Research output: Contribution to journal › Article › peer-review
• PublishedExpectations in an open economy hyperinflation: evidence from Germany 1921-23
  Reghezza, A., Seghezza, E. & Thornton, J., Jul 2020, In: Economics Letters. 192, 109176.
  Research output: Contribution to journal › Article › peer-review
• PublishedFinance and income inequality revisited
  Altunbas, Y. & Thornton, J., Nov 2020, In: Finance Research Letters. 37, 101355.
  Research output: Contribution to journal › Article › peer-review
• PublishedLiquidity and capital in bank lending: Evidence from European banks
  Thornton, J. & Di Tommaso, C., May 2020, In: Finance Research Letters. 34, 101273.
  Research output: Contribution to journal › Article › peer-review
• PublishedThe effect of CEO power on bank risk: Do boards and institutional investors matter?
  Altunbaş, Y., Thornton, J. & Uymaz, Y., Mar 2020, In: Finance Research Letters. 33, p. 101202 1 p.
  Research output: Contribution to journal › Article › peer-review
• PublishedThe long-run relationship between finance and income inequality: Evidence from panel data
  Thornton, J. & Di Tommaso, C., Jan 2020, In: Finance Research Letters. 32, 101180.
  Research output: Contribution to journal › Article › peer-review

2019

• PublishedNegative policy interest rates and exchange rate behavior: Further results
  Thornton, J. & Vasilakis, C., Jun 2019, In: Finance Research Letters. 29, p. 61-67
  Research output: Contribution to journal › Article › peer-review
• PublishedThe impact of financial development on income inequality: A quantile regression approach
  Altunbas, Y. & Thornton, J., Feb 2019, In: Economics Letters. 175, p. 51-56
  Research output: Contribution to journal › Article › peer-review

2018

• PublishedCEO tenure and corporate misconduct: Evidence from US banks
  Altunbas, Y., Thornton, J. & Uymaz, Y., Sept 2018, In: Finance Research Letters. 26, September, p. 1-8
  Research output: Contribution to journal › Article › peer-review
• PublishedCredit default swaps and regulatory capital relief
  Thornton, J. & Di Tommaso, C., Sept 2018, In: Finance Research Letters. 26, 9, p. 255-260
  Research output: Contribution to journal › Article › peer-review
• PublishedFiscal rules and Government borrowing costs: International evidence
  Thornton, J. & Vasilakis, C., Jan 2018, In: Economic Inquiry. 56, 1, p. 446-459
  Research output: Contribution to journal › Article › peer-review
• PublishedUnconventional monetary policy and the currency wars
  Thornton, J. & Di Tommaso, C., Sept 2018, In: Finance Research Letters. 26, p. 250-254
  Research output: Contribution to journal › Article › peer-review

2017

• PublishedInflation targeting and the cyclicality of monetary policy
  Thornton, J. & Vasilakis, C., Feb 2017, In: Finance Research Letters. 20, p. 296-302
  Research output: Contribution to journal › Article › peer-review
• PublishedThe impact of fiscal rules on sovereign risk premia: International evidence
  Thornton, J. & Vasilakis, C., Feb 2017, In: Finance Research Letters. p. 63-67
  Research output: Contribution to journal › Article › peer-review
• PublishedWhat determines bank CDS spreads? Evidence from European banks
  Drago, D., Thornton, J. & Di Tommaso, C., Aug 2017, In: Finance Research Letters. 22, 8, p. 140-145
  Research output: Contribution to journal › Article › peer-review

2016

• PublishedDo better-capitalized banks lend less? Evidence from European banks
  Altunbas, Y., Di Tommaso, C. & Thornton, J., May 2016, In: Finance Research Letters. 17, p. 246-250
  Research output: Contribution to journal › Article › peer-review
• PublishedDoes inflation targeting reduce sovereign risk? Further evidence
  Thornton, J. & Vasilakis, C., Aug 2016, In: Finance Research Letters. 18, August, p. 237-241
  Research output: Contribution to journal › Article › peer-review
• PublishedInflation targeting in developing countries revisited
  Thornton, J., Feb 2016, In: Finance Research Letters. 16, 2, p. 143-153
  Research output: Contribution to journal › Article › peer-review
• PublishedIs there a financial accelerator in European banking?
  Altunbas, Y., Di Tommaso, C. & Thornton, J., May 2016, In: Finance Research Letters. 17, p. 218-221
  Research output: Contribution to journal › Article › peer-review
• PublishedWhy do countries adopt fiscal rules?
  Altunbas, Y. & Thornton, J., 5 Dec 2016, In: Manchester School. 85, 1, p. 65-87
  Research output: Contribution to journal › Article › peer-review

2015

• PublishedTax Havens and Effective Tax Rates: An Analysis of Private versus Public European Firms
  Thornton, J. S. & Jaafar, A., 1 Dec 2015, In: International Journal of Accounting. 50, 4, p. 435-457
  Research output: Contribution to journal › Article › peer-review

2014

• PublishedThe (small) blessing of foreign aid: further evidence on aid’s impact on democracy
  Altunbas, Y. & Thornton, J., 20 Aug 2014, In: Applied Economics. 46, 32, p. 3922-3930
  Research output: Contribution to journal › Article › peer-review

2012

• PublishedDoes financial development reduce corruption?
  Altunbas, Y. & Thornton, J. S., 1 Feb 2012, In: Economics Letters. 114, 2, p. 221-223
  Research output: Contribution to journal › Article › peer-review
• PublishedFiscal Decentralization and Governance
  Altunbas, Y., Thornton, J. S., Altunbaş, Y. & Thornton, J., 1 Jan 2012, In: Public Finance Review. 40, 1, p. 66-85
  Research output: Contribution to journal › Article › peer-review

2011

• PublishedAre Homegrown Islamic Terrorists Different? Some UK Evidence
  Altunbas, Y. & Thornton, J. S., 1 Jan 2011, In: Southern Economic Journal. 78, 2, p. 262-272
  Research output: Contribution to journal › Article › peer-review

2010

• PublishedFiscal decentralization and fiscal consolidations in emerging market economies.
  Thornton, J. S., Thornton, J. & Adedji, O., 1 Jul 2010, In: Applied Economics Letters. 17, 11, p. 1043-1047
  Research output: Contribution to journal › Article › peer-review
• PublishedFiscal sustainability in a panel of Asian countries.
  Thornton, J. S., Thornton, J. & Adedji, O., 1 May 2010, In: Applied Economics Letters. 17, 7, p. 711-715
  Research output: Contribution to journal › Article › peer-review
• PublishedGovernment size and the stability of output: evidence from emerging market economies.
  Thornton, J. S. & Thornton, J., 1 Jun 2010, In: Applied Economics Letters. 17, 8, p. 733-736
  Research output: Contribution to journal › Article › peer-review
• PublishedUnit roots, structural breaks and cointegration in the UK public finances, 1750-2004.
  Thornton, J. S., Lusinyan, L. & Thornton, J., 10 Jun 2010, In: Applied Economics.
  Research output: Contribution to journal › Article › peer-review
• PublishedWho chooses to adopt fiscal responsibility laws? Evidence from emerging market economies.
  Thornton, J. S. & Thornton, J., 1 Jun 2010, In: Applied Economics Letters. 17, 8, p. 737-740
  Research output: Contribution to journal › Article › peer-review

2009

• PublishedComment on Edin and Jaffee: From banking crisis to currency crisis.
  Thornton, J. S. & Thornton, J., 1 Sept 2009, In: Economists' Voice. 6, 10, p. Article 1
  Research output: Contribution to journal › Article › peer-review
• PublishedDo fiscal responsibility laws matter? Evidence from emerging market economies suggests not.
  Thornton, J. S. & Thornton, J., 1 Jun 2009, In: Journal of Economic Policy Reform. 12, 2, p. 127-132
  Research output: Contribution to journal › Article › peer-review
• PublishedNatural resource endowments and the domestic revenue effort.
  Bornhorst, F., Gupta, S. & Thornton, J. S., 1 Dec 2009, In: European Journal of Political Economy. 25, 4, p. 439-446
  Research output: Contribution to journal › Article › peer-review
• PublishedOn the relation between central and sub-national government fiscal balances.
  Thornton, J. S. & Thornton, J., 1 Jan 2009, In: Applied Economics Letters.
  Research output: Contribution to journal › Article › peer-review
• PublishedThe (non)impact of revenue decentralization on fiscal deficits: some evidence from OECD countries.
  Thornton, J. S. & Thornton, J., 1 Sept 2009, In: Applied Economics Letters. 16, 14, p. 1461-1466
  Research output: Contribution to journal › Article › peer-review
• PublishedThe sustainability of South African fiscal policy: an historical perspective.
  Thornton, J. S., Thornton, J. & Lusinyan, L., 1 Mar 2009, In: Applied Economics. 41, 7, p. 859-868
  Research output: Contribution to journal › Article › peer-review

2008

• PublishedCorruption And The Composition Of Tax Revenue In Middle East And African Economies.
  Thornton, J. S. & Thornton, J., 1 Jun 2008, In: South African Journal of Economics. 76, 2, p. 316-320
  Research output: Contribution to journal › Article › peer-review
• PublishedExplaining African fiscal procyclicality.
  Thornton, J. S. & Thornton, J., 1 Jan 2008, In: Journal of African Economies. 17, 3, p. 451-464
  Research output: Contribution to journal › Article › peer-review
• PublishedFiscal Institutions and the Relation between Central and Sub-National Government Fiscal Balances.
  Thornton, J. S., Thornton, J. & Mati, A., 1 Jan 2008, In: Public Finance Review. 36, 2, p. 243-254
  Research output: Contribution to journal › Article › peer-review
• PublishedInflation and inflation uncertainty in Argentina, 1810-2005.
  Thornton, J. S., 1 Mar 2008, In: Economics Letters. 98, 3, p. 247-252
  Research output: Contribution to journal › Article › peer-review
• PublishedInternational capital mobility: Evidence from panel cointegration tests.
  Thornton, J. S., Thornton, J. & Adedji, O., 1 May 2008, In: Economics Letters. 99, 2, p. 349-352
  Research output: Contribution to journal › Article › peer-review
• PublishedMoney, output and inflation in African economies.
  Thornton, J. S. & Thornton, J., 1 Sept 2008, In: South African Journal of Economics. 76, 3, p. 356-366
  Research output: Contribution to journal › Article › peer-review
• PublishedNatural resource endowments, governance, and the domestic revenue effort: evidence from a panel of countries.
  Thornton, J. S., Thornton, J., Bornhorst, F. & Gupta, S., 1 Jul 2008, Unknown.
  Research output: Book/Report › Commissioned report
• PublishedThe (non) impact of evenue decentralization on fiscal deficits: some evidence from OECD economies.
  Thornton, J. S. & Thornton, J., 29 Jan 2008, In: Applied Economics Letters.
  Research output: Contribution to journal › Article › peer-review
• PublishedThe exchange rate and fiscal consolidation episodes in emerging market economies.
  Thornton, J. S. & Mati, A., 1 Jul 2008, In: Economics Letters. 100, 1, p. 115-118
  Research output: Contribution to journal › Article › peer-review

2007

• PublishedFiscal decentralization and economic growth reconsidered.
  Thornton, J. S. & Thornton, J., 1 Jan 2007, In: Journal of Urban Economics. 61, 1, p. 64-70
  Research output: Contribution to journal › Article › peer-review
• PublishedFurther evidence on revenue decentralization and inflation.
  Thornton, J. S. & Thornton, J., 1 Jan 2007, In: Economics Letters. 95, 1, p. 140-145
  Research output: Contribution to journal › Article › peer-review
• PublishedOn the cyclicality of South African fiscal policy.
  Thornton, J. S. & Thornton, J., 1 Jun 2007, In: South African Journal of Economics. 72, 2, p. 258-264
  Research output: Contribution to journal › Article › peer-review
• PublishedSaving, investment and capital mobility in African countries.
  Thornton, J. S., Thornton, J. & Adedji, O., 1 Jun 2007, In: Journal of African Economies. 16, 3, p. 393-405
  Research output: Contribution to journal › Article › peer-review
• PublishedThe relationship between inflation and inflation uncertainty in emerging market economies.
  Thornton, J. S. & Thornton, J., 1 Apr 2007, In: Southern Economic Journal. 73, 4, p. 858-870
  Research output: Contribution to journal › Article › peer-review
• PublishedThe revenue-expenditure nexus: historical evidence for South Africa.
  Thornton, J. S., Thornton, J. & Lusinyan, L., 1 Sept 2007, In: South African Journal of Economics. 75, 3, p. 496-507
  Research output: Contribution to journal › Article › peer-review

1994

• PublishedCompetitive conditions in european banking
  Molyneux, P., Lloyd-Williams, D. M. & Thornton, J., May 1994, In: Journal of Banking and Finance. 18, 3, p. 445-459
  Research output: Contribution to journal › Article › peer-review