Money and Developing Economies Research Interest Group (MaDE-RIG)
RIG Leader: Dr Eric Pentecost, Professor of Economics
Our research is focused on the role of money, monetary policy and financial development in both developed and developing countries, with particular emphasis on economic stability and development. Specific interests of the group are in exchange rate policy, balance of payments analysis, financial repression, development finance and the conduct of monetary policy in both developed and developing economies.
Dr Vitor Castro, Senior Lecturer in Economics
Dr Simeon Coleman, Lecturer in Macroeconomics
Professor Paul Turner, Professor of Applied Economics
Dr Chris Spencer, Senior Lecturer in Economics
Dr Justine Wood, Lecturer in Business Economics
Dr Kavita Sirichand, Lecturer in Financial Economics
Dr Chris Green, Professor of Economics and Finance
Dr David Fielding, Visiting Professor of Economics (University of Otago, New Zealand)
Dr Wenti Du, Research Fellow, (Lecturer in Economics, Akita University, Japan)
Dr Yuan Tiang, Research Fellow (Assistant Professor of Economics, Institute of Economics and Finance, Nanjing Audit University, China)
- Agnello, Luca, Castro, Vitor and Sousa, Ricardo M. (2018).The Legacy and the Tyranny of Time: Exit and Re-Entry of Sovereigns to International Capital Markets. Journal of Money, Credit and Banking, forthcoming
- Castro, Vitor and Martins, Rodrigo (2018). The electoral dynamics of Human Development. Journal of Development Studies, 54(1), 191-211
- Agnello, Luca, Castro, Vitor and Sousa, Ricardo M. (2018). Financial Markets’ Shutdown and Re-Access. Economic Inquiry, 56(1), 562-571
- Agnello, Luca, Castro, Vitor, Jalles, João and Sousa, Ricardo M. (2018). The impact of Fiscal Consolidations on Human Development. Journal of International Development, forthcoming.
- Castor, Vitor; Sousa, Ricardo M. (2018). Economic Activity, Credit Market Conditions, and the Housing Market. Macroeconomic Dynamics, forthcoming
- Agnello, Luca; Castro, Vitor and Sousa, Ricardo M. (2018). Financial Markets’ Shutdown and Re-Access. Economic Inquiry, forthcoming
- Pentecost E.J, Ravishankar, G. and Stack, M.M (forthcoming) Stochastic frontier analysis of trade efficiency for the new EU member states: some implications of Brexit Economic Issues
- Pentecost, E. J., G. Ravishankar, M.M. Stack, Foreign direct investment in the eastern European Countries: determinants and performance, Structural Change and Economic Dynamics, Vol. 41, June 2017, pp. 86-97. DOI:10.1016/j.strueco.2017.04.005
- Pentecost, E. J., G. Bird, W. Du & T.Willett, Was it different the second time? An analysis of market responses to two crises in Greece, The World Economy, Vol. 40, 2017; pp. 1–14. DOI.org/10.1111/twec.12553
- Pentecost, E. J., G. Bird, W. Du & T.Willett, Safe haven or contagion? The disparate effects of Euro-zone crises on non-Euro-zone neighbours, Applied Economics, forthcoming, Vol. 49, 2017; pp. 1-10. DOI.10.101080/00036846.2017.1358445
- Ahmad, AH and Aworinde, OB (2016) The Role of Structural Breaks, Nonlinearity and Asymmetric Adjustments in African Bilateral Real Exchange Rates, International Review of Economics and Finance, 45, 144-159
- Pentecost, E.J. & Zazosa, F., Structural real exchange rate and unemployment interdependencies in Argentina, Revista de Economia y Estadistica,Vol. 52, No. 1, 2016, pp. 57-86
- Pentecost, E.J., G. Ravishankar, G. & Stack, M.M., Foreign direct investment performance: a stochastic frontier analysis of location and variance determinants Applied Economics, Vol. 47, December 2015, pp. 3229-42. DOI: 10.1080/00036846.2015.1013612
- Agnello, Luca; Castro, Vitor; Jalles, João and Sousa, Ricardo M. (2015). Fiscal Consolidation and Financial Reforms. Applied Economics, 47 (34-35), 3740-3755
- Agnello, Luca; Castro, Vitor and Sousa, Ricardo M. (2015). Booms, busts and normal times in the housing market. Journal of Business and Economic Statistics, 33(1), 25-45
- Spencer, CG and Temple, P (2015) Standards, Learning and Growth in Britain, 1901‐2009, Economic History Review:, 69(2), pp.627-652, ISSN: 1468-0289. DOI: 10.1111/ehr.12129
- Spencer, CG, Asako, K, Liu, Z (2015) Objectives and Makings of Monetary Policy in Japan, Economic Review, 66(2), pp.97-114
- Pentecost, E. J., Ferett, B., & Rasciute, S., Firm heterogeneity in modelling foreign direct investment location decisions, Applied Economics, Vol. 46, April 2014, pp. 1350-1360. DOI: 10.1080/00036846.2013.872760
- Pentecost, E.J., Puckett, S. & Rasciute, S., The allocation of OECD direct investment between CEECs: a discrete choice approach, Bulletin of Economic Research, Vol. 66, August 2014, DOI:10.1111/boer.12032
- Spencer, CG (2014) Monetary policy committees and Degrootian consensus, Economics Bulletin, 34(2), pp.1291-1302, Full text: http://www.accessecon.com/Pubs/EB/2014/Volume34/EB-14-V34-I2-P120.pdf
- Pentecost, E.J., S. Rascuite & B. Ferrett (2014) ‘Firm heterogeneity in modelling foreign direct investment location decisions,’ Applied Economics (46, April, pp 1350-1360)
- Castro, Vitor (2013). Macroeconomic determinants of the credit risk in the banking system: The case of the GIPSI. Economic Modelling, 31, 672-683.
- Castro, Vitor and Sousa, Ricardo M. (2012). How Do Central Banks React to Wealth Composition and Asset Prices? Economic Modelling, 29 (3), 641-653
- Castro, Vitor (2011). Can central banks' monetary policy be described by a linear (augmented) Taylor rule or by a nonlinear rule? Journal of Financial Stability, 7 (4), 228-246.
- Pentecost, E.J., A.H. Ahmad and D.I. Harvey (2011). Exchange rate regime verification: An alternative method of testing for regime change. Economics Letters, Vol.113, 2011, 96-98
- Asymmetries in the impact of monetary policy shocks on inflation
- Current account dynamics and real exchange rates in Africa
- Long-memory analysis of house price inflation in the UK: Does location matter?
- Terms of trade shocks and economic performance of African economies
- Ahmad Hassan Ahmad, Christopher J. Green and Fei Jiang, Mobile Finance, Financial Inclusion and Inclusive Growth: A Review with Reference to A.fi·ica n Experience, June 2017.
- Ahmad Hassan Ahmad, Christopher J. Green and Fei Jiang, Mobile Finance, Financial Inclusion and Inclusive Growth: An Empirical Analysis, September 2017.
Conference, Presentations and Attendance
- Attended the "Economic and Social History Society of Ireland Annual Conference” in Dublin (16-17 November 2017) [Eric, Pentecost]
- Presented papers at the 92nd Western Economics Association International Conference in San Diego, USA (25-29 June 2017) [Ahmad, Pentecost, and Sirichand]
- 7th Financial Engineering and Banking Society (FEBS) International Conference, University of Glasgow (1-3 June) [Ahmad, Ahmad]
82nd International Atlantic Economic Conference in Washington, DC, 1(3-16, October)
- Presented a paper at the Western Economics Association International Conference (Denver Colorado, June 2014) on “Real exchange rates, aid, and interest repayments: a panel data approach” (Co-authors, Ahmad, Ahmad and Marie Stack) [Eric Pentecost]
- Visit by Dr. Luciana Fiorini, the University of Western Australia on 11th -13th July. Research subject: the institutional features of FOMC policymaking.
- Eric Pentecost will be attending the CGU from March until April 2018.
- Chris Spencer visited Professor Henry Chappell, American University of Sharjah, UAE, on 7th-14th April 2017.
Research subject: explaining movements in the US Fed funds rate. Working on collaborations in the following areas: Financial Expectations and Survey data (with Sarah Brown, Karl Taylor, and Mark Harris); Household portfolio allocation (with Sarah Brown, Mark Harris and Daniel Gray); movements in the Federal funds rate (with Henry Chappell, Rob Roy McGregor and Mark Harris); the contents of FOMC monetary policy statements (with Kavita Sirichand and Sathya Mellina); monetary policy and uncertainty (with Max Gillman, William Greene and Mark Harris); salaries and monetary policy preferences at the Federal Reserve (with Mike Ellis).
- Possible visiting position at Hitotsubashi University, Tokyo, Japan in July 2018, an opportunity to present research at the Bank of Japan (the Japanese central bank) and the Development Bank of Japan (heavily involved in supporting business in Japan).
- Dr. C Spencer was visiting fellow at the Development Bank of Japan (Tokyo, Japan) from August 2012- January 2013, and a Visiting Associate Professor at the Center for Economic Institutions at Hitotsubashi University, Tokyo, Japan (February 2013 - April 2013)
- Workshop on the Euro Area Crisis
February 2014, organised by Eric Pentecost and Kavita Sirichand
- Modelling Macroeconomic and Financial Time Series, two-day conference
July 2014, organised by Kavita Sirichand
- 1st Workshop on Macroeconomic Policies in Post-crisis Emerging and Developing Countries
August 10th 2016, organised by Ahmad Ahmad and Simeon Coleman
- Workshop: Delivering Inclusive Financial Develop
May 20th 2016, 10:30 -16:00, University of Birmingham, Business School
Victor Murinde (SOAS: Programme Director) and all researchers: Joshua Abhor, Mohammad Amidu (Ghana Business School); Ahmad Hassan Ahmad, Christopher J. Green, (Loughborough); Reinhard Bachmann (SOAS); Ye Bai (Nottingham); Stephany Griffiths (IDS and Columbia); Laurence Harris, Christine Oughton (SOAS); Robe1i Lensink, Niels He1mes (Groningen); Oliver Monissey (Nottingham); Lemma Senbet (AERC); Issouf Soumare (Laval University); Stephen Spratt (IDS); Judith Tyson (ODI); Tianshu Zhao (Birmingham)
- Inception Meeting: Delivering Inclusive Financial Development & Growth; In Conjunction with the AERC Biannual Workshop, May-June 2016, Nairobi, Kenya followed by Project Launch on May 30!11, Nairobi Kenya.
May 28th 2016, 8.30 -16.30, Safari Park Hotel, Nairobi, Kenya.
Victor Murinde (SOAS: Programme Director) and all researchers. A.H. Ahmad, and C.J. Green, Mobile Technology, Financial Inclusion and PovertyReduction in A-j, ica. Y. Bai, V. Murinde and C.J. Green, Cross-border Bank Contagion and Financial Stability in Eastern Africa
- Workshop: Technology, Innovation, and Finance
November 21st 2016, 10:30 -16:00, SOAS University of London
Victor Murinde, Ye Bai, Ahmad Hassan Ahmad, Christopher J. Green, Christine Oughton, Laurence Hanis, Reinhard Bachmann. A.H. Ahmad, and C.J. Green, Mobile Technology, Financial Inclusion and PovertyReduction in Africa: Research Issues and Data Needs
- Workshop: Cross-border Bank Contagion and Financial Development in East African Countries
November 28th 2016, 10:30 -16:00, University ofBi1mingham, Business School
Victor Murinde, Ye Bai, Lemma Senbet, Christopher J. Green, Robe1i Lensink, Niels Hermes, Oliver Morrissey, Judith Tyson, Tianshu Zhao. Y. Bai, V. Murinde and C.J. Green, Cross-border Bank Contagion and Financial Stability in Eastern Africa: Research Issues and Data Needs
- First Annual Workshop: Delivering Inclusive Financial Development and Growth
March 3rd-4th 2017, SOAS University of London
Victor Murinde, All researchers, Members of the International Advisory Group, Representatives from DFID & ESRC. A.H. Ahmad, C.J. Green, and F. Jiang, Mobile Finance, Financial Inclusion and Inclusive Growth· A RevieH1 with Reference to the African Experience A.H. Ahmad, and F. Jiang, Data Issues in Understanding Financial Inclusion in Ajdca C. Sakyi-Nyarko A. H. Ahmad & C. J. Green, Financial Inclusion and Human Development In Sub-Sahara and MENA: An Empirical Assessment 5 Ye Bai, V. Murinde and C.J. Green, Cross-border interbank market and financial contagion: A survey
- 2nd Workshop on Macroeconomic Policies in Emerging and Developing Countries
July 5th-6th 2017 (organised by Ahmad Ahmad and Simeon Coleman)
- Works/top/Meeting: Delivering Inclusive Financial Development and Growth; Meeting at the AERC June 2017 Biannual
June 6th 2017, 18:20-19:00, Sandton Convention Centre, Johannesburg
Victor Murinde, Lemma Senbet, Robert Lensink, Mohammed Amidu, Laurence Harris, Christopher J. Green, Oliver Morrissey, Issouf Soumare
- Joint Btlt Africa Business and Entrepreneurship & 14th Makerere Leaders/tip and Entrepreneurs/tip Conference
October 4-7, 2017, Virginia Commonwealth University, Richmond, Virginia, USA
A.H. Ahmad, C.J. Green and F. Jiang, Mobile Finance, Financial Inclusion and Inclusive G1,-oi,11th: An Empirical Analysis. Presented by A.H. Ahmad
- Second Annual Works/top: Delivering Inclusive Financial Development and Growtlt
February 2018, SOAS University of London
Victor Murinde, All researchers, Members of the International Advisory Group, Representatives from DFID & ESRC
- 3rd Workshop on Macroeconomic Policies in Emerging and Developing Countries
June 13th-14th 2018 (organised by Ahmad Ahmad and Simeon Coleman]
Workshops on Finance and Financial Inclusion
|01-Feb-17||Introductory Workshop Meeting||A. H. Ahmad|
|01-Mar-17||Spatial Effects on Financial Development and Economic Growth: Provincial-level Evidence from China||Hazwan Haini, PhD student Loughborough|
|05-May-17||International Remittances and Financial Development in Developing Economies||Alqaas Chaudhry, PhD student Loughborough|
|16-Jun-17||The Demand Side Determinants of Credit Barriers: Empirical Evidence from Chinese Rural Households||Dr. Ye Bai, Assistant Professor in Finance, Nottingham University and Shujuan Ding, Shandong Nmmal University, China|
|24-Oct-17||Examining the Impact of Increased Financial Inclusion on Well- Being: Evidence from Ghana||Carlos Sakyi-Nyarko, PhD student Loughborough|
|TBA||Financial Inclusion and Inclusive Growth: An Empirical Analysis||Ahmad Ahmad Loughborough|
Christopher J. Green, Ahmad Hassan Ahmad and Carlos Sakyi-Nayarko (PhD researcher) developed, piloted and implemented a 102-question questionnaire, on final inclusion, welfare, and mobile money. The questionnaire was delivered in face-to-face interviews to 1000 randomly selected households in Ghana during May-June 2017. Substantial parts of the questionnaire concerned with financial inclusion and welfare were developed initially by Carlos Sakyi-Nyarko as part of his PhD research; these questions were monitored by Green and Ahmad (supervisors) who also developed fmiher substantive questions about the use of mobile money in Ghana. The questionnaire was delivered by the African Development and Resources Research Institute ofKoforidua, Ghana, following training by and under direct the supervision of Carlos Sakyi-Nyarko. Ahmad Ahmad also visited Ghana during the implementation phase for additional supervision and monitoring.
Doctoral students join a lively and supportive community of research students, becoming an integral part of the School’s research culture. We welcome approaches from suitably qualified graduates, particularly those with a relevant Masters degree and sufficient funding, who may wish to undertake research projects in the specialist areas of the group, leading to a PhD. As a research student, you will be encouraged to attend conferences to present your work and develop joint publications with your supervisors.
The group has great supervisory experience and is keen to supervise high quality research students in members’ specialist research fields. Recognition of the quality of supervision offered by the group members has resulted in funding for doctoral students from Research Councils. For students interested in further information on potential PhD projects and supervisors, please stay tuned to our webpages.
Alternatively, you may also click on one of the options below for more info: