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Michael Naylor

Doctor of Philosophy, (International Finance)
Study Completed: 2007
Massey Business School


Thesis Title
International Currency Crisis

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Mr Naylor’s thesis focused on price instability and crises in currency markets. A set of stylised facts, common to recent currency crises, was proposed. Theories and methodologies evolved in complexity and network sciences were shown to offer insights to finance. The thesis demonstrated that price influences in currency markets exhibit characteristics of a complex network. An alternative approach to currency cascades using sparsely clustered networks was offered, which was shown to be useful. Price influences in currency markets were mapped, and were then examined in relation to currency crises. Analysis was carried out on interesting aspects surrounding why currency crises occur and what policymakers can do to hinder such events. Mr Naylors’ findings serve to increase our understanding of price dynamics in financial markets.

Professor Lawrence Rose
Dr Brendan Moyle