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Staff Biography

[Photo: Isabelle ROLAND] Dr Isabelle ROLAND
Associate - Growth
Email: I.Roland@lse.ac.uk
Room/Desk: 32L 2.03 T  

Cambridge University
Email: ir316@cam.ac.uk
Personal WebSite WWW

Expertise: Resource allocation; Financial frictions and their impact on productivity and growth; Management practices; SMEs; Empirical corporate finance


Isabelle is an Associate Lecturer at St John’s College, University of Cambridge. Previously, she was a Career Development Fellow in the Economics Department at the University of Oxford and Somerville College. She received her BSc in Economics at the Katholieke Universiteit Leuven, Belgium, and her PhD at the London School of Economics and Political Science. Her current research is focused on the impact of financial factors on productivity and growth at the firm level and their consequences for aggregate economic performance. She also works on management practises and trade in financial services. Prior to her PhD, Isabelle worked in the Economic Consulting practice of LECG where she worked on a number of projects on regulatory and competition economics for clients in the telecommunications, utilities, and financial sectors. She also worked as a Research Analyst at the European Bank for Reconstruction and Development covering Central and Eastern Europe.

Current Areas of Research:

Financial frictions and their impact on productivity and growth; Management practices; SMEs; Empirical corporate finance


  • BSc in Economics, Katholieke Universiteit Leuven, Belgium
  • MSc/MRes in Economics, London School of Economics
  • PhD in Economics, London School of Economics


  • ESRC Scholarship (2009-2013)
  • Paul Woolley Centre Scholarship (2013-2016)
  • Lamfalussy Fellowship from the European Central Bank (2015)

Selected Publications:

  • Fabrizio Coricelli, Nigel Driffield, Sarmistha Pal, and Isabelle Roland (2012), When does leverage hurt productivity growth? A firm-level analysis, Journal of International Money and Finance, Vol 31(6), October 2012, pp.1674-1694

CEP Publications

CEP discussion paper
Gravity in International Finance: Evidence from Fees on Equity Transactions Luke Milsom, Vladimír Pažitka, Isabelle Roland and Dariusz Wójcik
July 2020
Paper No' CEPDP1703:
Read Abstract | Full Paper (pdf)

JEL Classification: F14; F23;;F65; G15; G24

Tags: gravity; international trade; international finance; equity securities underwriting; multinational business networks; financial geography

CEP discussion paper
Bank Default Risk Propagation along Supply Chains: Evidence from the U.K. Ali Kabiri, Vlad Malone, Isabelle Roland and Mariana Spatareanu
June 2020
Paper No' CEPDP1699:
Read Abstract | Full Paper (pdf)

JEL Classification: G21; G34; O16; O30

Tags: default risk; propagation of banking crises; supply chains

CEP industrial strategy
Has the Financial Crisis Undermined Credit Reallocation in the United Kingdom? Daniel Mead and Isabelle Roland
February 2020
Paper No' CEPIS08:
Read Abstract | Full Paper (pdf)

Tags: credit reallocation; productivity; credit shock; great recession

CEP discussion paper
The Aggregate Consequences of Default Risk: Evidence from Firm-Level Data Timothy Besley, Isabelle Roland and John Van Reenen
January 2020
Paper No' CEPDP1672:
Read Abstract | Full Paper (pdf)

JEL Classification: D24; E32; L11; O47

Tags: productivity; default risk; credit frictions; misallocation

CEP report
UK Growth: A New Chapter Philippe Aghion, Terra Allas, Timothy Besley, John Browne, Francesco Caselli, Richard Davies, Richard Lambert, Rachel Lomax, Stephen Machin, G.I.P. Ottaviano, Christopher Pissarides, Isabelle Roland, Xavier Rolet, N Stern and Anna Valero
February 2017
Paper No' CEPSP28B:
Read Abstract | Full Paper (pdf)

Tags: gdp; innovation; infrasstructure; uk economy; skills; apprenticeships; education; government policy

CEP election analysis
#ElectionEconomics: The Research Evidence on Key Issues for Voters in the 2015 UK General Election Ghazala Azmat, Brian Bell, Jonathan Colmer, Antoine Dechezleprêtre, Swati Dhingra, Christian Hilber, Stephen Machin, Alan Manning, Ralf Martin, Alistair McGuire, Sandra McNally, Gianmarco Ottaviano, Henry Overman, Isabelle Roland, Thomas Sampson, Anna Valero, John Van Reenen, Jonathan Wadsworth, Gill Wyness and Gabriel Zucman
April 2015
Paper No' CEPEA034:
Read Abstract | Full Paper (pdf)
| Executive Summary (pdf)

Tags: 2015 uk general election; government policy; austerity; productivity; health; nhs; education; higher education; immigration; brexit; eu; inequality; real wages; unemployment; gender; management; productivity; uk housing; environment; climate change; uk cities; infrastructure; taxation