Developing and testing new measures of exchange market pressure PhD

Business and Economics
Entry requirements:
3 years
Reference number:
Start date:
01 January or 01 April 2018
Is funding available?
UK/EU fees:
International fees:
Application deadline:
17 December 2017


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In choosing Loughborough for your research, you’ll work alongside academics who are leaders in their field. You will benefit from comprehensive support and guidance from our Doctoral College, including tailored careers advice, to help you succeed in your research and future career. 

Project detail

This research will involve the student developing and testing new measures of exchange market pressure (EMP), a barometer of the extent to which fixed and pegged currencies are subject to speculative pressures in international capital markets. Under such currency regimes, speculative pressures do not solely manifest themselves in the form of exchange rate movements, as under a free-floating arrangement. Instead, interventions by governments and central banks to maintain or manage the value of a currency mean that market pressure is often not visible in the form of forex movements. The concept of EMP is important: for instance, the credibility of an exchange rate peg - or the sustainability of reserve losses – can be measured by EMP, and in the literature is typically captured by some combination of exchange rate change and reserve changes. The research will require the student to explore and measure the concept of the EMP intensity, and the relationship between EMP and a broader monetary policy instrument set, including monetary policy announcements and capital controls. The susceptibility of fixed and managed exchange rate regimes to EMP will be examined and tested using recent episodes of financial and currency crises in developed and developing countries.


Primary supervisor: Dr Christopher Spencer
Secondary supervisor: Professor Eric Pentecost

Find out more

More information about the PhD program can be found here.

For more information about the project contact Dr Christopher Spencer and Professor Eric Pentecost.

Masters degree in Economics or Econometrics (with average programme mark of no less than 65%). English Language requirement of IELTS band 7.0 or above with not less than 7.0 in each component. However, if the Candidate holds a Master's degree from a UK university within the last two years, lower IELTS requirements apply.

Fees and funding


Tuition fees cover the cost of your teaching, assessment and operating University facilities such as the library, IT equipment and other support services. University fees and charges can be paid in advance and there are several methods of payment, including online payments and payment by instalment. Special arrangements are made for payments by part-time students.

The studentship provides a tax free stipend of £14,553 per annum for the duration of the studentship plus tuition fees at the UK/EU rate. International (non EU) students may apply however the total value of the studentship will be used towards the cost of the International tuition fee in the first instance.

How to apply

All applications should be made online. Under programme name, select Business School, quoting reference number: SBE-SRPD17

Please upload all the supporting documents listed below:

  • A CV
  • A 500 word personal statement explaining your interest in the topic of this research project. In particular we would like to learn about what qualities do you feel you can bring to the project.
  • 2-3 samples of writing such as MSc dissertation, journal or conference article, essays from your MSc degree
  • Copies of your transcripts/certificates
  • Two academic references.

Application details

Reference number: SBE-CSEP17
Application deadline: 14 December 2017
Start date: 01 January or 01 April 2018