School of Business and Economics


Dr Ahmad Ahmad

Dr Ahmad Ahmad leads the MaDE-RIG which looks at the role of money, monetary policy and financial development of countries

Money and Developing Economies Research Interest Group (MaDE-RIG)

RIG Leader: Dr Ahmad Ahmad, Senior Lecturer in Macroeconomics

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 and global imbalances, financial repression, development finance and the conduct of monetary policy in both developed and developing economies.

RIG LeaderDr Ahmad Ahmad,  Senior Lecturer in Macroeconomics

Professor Eric Pentecost, Professor of Economics 

Dr Simeon Coleman, Lecturer in Macroeconomics

Dr Allyson King, Teaching Fellow

Dr Kavita Sirichand, Lecturer in Financial Economics

Dr Chris Spencer, Senior Lecturer in Economics

Dr Justine Wood, Lecturer in Business Economics


Associate members

Dr Wenti Du, Research Fellow, (Lecturer in Economics, Akita University, Japan)

Professor Chris Green, Emeritus Professor of Economics and Finance

Dr David Fielding, Visiting Professor of Economics (University of Otago, New Zealand)

Dr Yuan Tiang, Research Fellow (Assistant Professor of Economics, Institute of Economics and Finance, Nanjing Audit University, China)

Professor David Llewellyn, Emeritus Professor of Money & Banking


  • Pentecost, E.J. & Tian, Y. (2019) The changing sources of real exchange rate fluctuations in China, 1995-2017: twinning the western industrial economies? The Chinese Economy, 52(4), 358-376.
  • Pentecost, E.J., Du, W., Bird, G & Willett, T. (2019) Contagion from the Euro Crisis: Where, When, Why and How Much?  The European Journal of Finance, 25(14), 1309-1327.
  • Spencer, C., Chappell, Harris, M. & McGregor, R. (2019) Stop-Go Monetary Policy, Economic Inquiry, forthcoming



  • 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.
  • 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
  • Sirichand, K. and Hall, S., “Decision-Based Forecast Evaluation of UK Interest Rate Predictability”, 2016, Journal of Forecasting, Vol. 35, Issue 2, pp. 93-112.


  • Coleman, S. and Sirichand, K., “Investigating Multiple Changes in Persistence in International Yields”, 2015, Economic Issues, Vol. 20, Part 1, pp. 65-90.
  • 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
  • Sirichand, K., Vivian, A. and Wohar, M. E., “Examining real interest parity: which component reverts quickest and in which regime”, 2015, International Review of Financial Analysis, Vol. 39, pp. 72-83.
  • Sirichand, K. and Coleman, S., “International yield curve comovements: impact of the recent financial crisis”, 2015, Applied Economics, Vol. 47, Issue 43, pp. 4561–4573.
  • Spencer, CG and Temple, P (2015) Standards, Learning and Growth in Britain, 1901‐2009Economic 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 JapanEconomic 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 consensusEconomics Bulletin, 34(2), pp.1291-1302, Full text:


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 to visit Claremont Graduate University, April 2019. 
  • 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) 

External Conferences/Seminars/Workshops

  • 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]
  • 4th Annual Macroeconomics and Developing Economies Workshop 11th -12th  June 2019 - organised by the MaDE research group at Loughborough University.  Key note speakers will include Professor David Fielding (University of Otago) and Professor Chris Milner (University of Nottingham). Papers are still welcome, especially from early career researchers, and are to be sent to Dr Simeon Coleman at  Registration is free, contact Ruth Cufflin at

Workshops on Finance and Financial Inclusion

Date Title Presenter
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.