News
March 2025
February 2025
Dr. Yasar Bayraktar听听has achieved another milestone with the publication of his paper in听听Business Strategy and the Environment (ABS3 )
-
Link to the paper:听
- Journal:听International Journal of Research in Business and Social Science (2147-4478)
-
Link to the paper:听
Anna Yartseva:听On February 12, 2025 , Anna Yartseva delivered an engaging presentation as part of our monthly seminar series. Her working paper, titled explored the factors and strategies behind identifying high-growth stocks that deliver exceptional returns. Anna鈥檚 presentation sparked insightful discussions among attendees, highlighting the importance of both quantitative analysis and market intuition in stock selection.
January 2025
- His paper "", which originated as CAF脡 Working Paper #4, has been accepted for publication in the听听[Forthcoming, 2025]. This research provides important insights into optimizing healthcare policy in systems with both public and private providers.
Dr. Danilo Sartorello Spinola听has achieved significant research milestones:
-
His paper "" has been accepted for publication in the prestigious听. This work contributes valuable insights to our understanding of debt sustainability and structural change in emerging economies ()
-
Dr. Danilo has also released a new working paper through CAF脡 titled "". This research explores innovative approaches to understanding science, technology, and innovation policy through computational modeling. The working paper can be accessed through the CAF脡 repository ()
- Mr. Pavan Chakravarthula听presented his working paper "" at our January 15, 2025 seminar. The presentation explored the intersection of financial literacy, technological innovation, and investment behavior among small investors in the Indian market.
- published in听
- published in the听
- Conference presentations at Prestigious International Venues:
- The Diverse Nature of Financial Institutions Development in Environmental Degradation: Evidence from G7 Countries听 at the International Conference on Sustainability, Environment and Social Transition in Economics and Finance, Paris
- From Emission to Predictions: Machine Learning Models for Sustainable Petroleum Pricing at the International Conference on Sustainability, Environment and Social Transition in Economics and Finance, Paris
- Does Financial Institution Development Affect Ecological Footprint? Evidence from G7 Economies presented at the Sustainable Finance Conference 2024, 探花直播 Institute for Sustainability & Climate Action (BISCA), University of 探花直播
December 2024
-
Dr. Hafiz Rana听has published two impactful pieces in The News on Sunday (Pakistan)
-
Rebuilding trust: examining the critical role of trust between citizens, government, and international investors for Pakistan's economic stability ()
-
Economic Survival in 2024:听 analyzing public debt management frameworks and transparency solutions for Pakistan's debt crisis ()听
18 September听 2024
Congratulations to听Yasar Bayraktar on his new publication in Peace Economics, Peace Science and Public Policy (ABS 1*) titled "" with co-authors Tutuncu, A. and Khan, K. (DOI: 10.1515/peps-2024-0027)
Congratulations to听Erez Yerushalmi and David Hearne on their听 publication in Environmental and Resource Economics (CABS 3*) titled "" (formerly CAF脡 Working Paper #24)
Erez Yerushalmi and co-authors have completed a听on the Cost of Antimicrobial Resistance in Animals (1 October 2024).
Danilo Spinola听has submitted CAF脡 Working Paper #31: ""
Hafiz Rana听presented CAF脡 Working Paper #28 (co-authored with Fergal O'Connor, Erez Yerushalmi, and Professor Jae Kim) on "" at the 3rd Conference on International Finance at the University of Reading
Xia Li听delivered a CAF脡 Seminar presentation on "Are Developing Country Firms Facing a Downward Bias in ESG Scores?" (13 November 2024)
Hafiz Rana has published several pieces in The News on Sunday (Pakistan):
- "s" - discussing Pakistan's need to focus on foundational economic reforms
- "" - analyzing structural economic issues and proposed solutions
- "" - examining the urgency of pension system reforms in Pakistan and recommendations for sustainable changes
16 January 2024: Hafiz contributed a new piece to The News
Hafiz Rana听contributed a new newspaper piece to The News on Sunday, titled.
15 January 2024: Peter Samuels visiting the University of Rwanda
Peter Samuels听is visiting the Centre for Excellence in Data Science at the University of Rwanda for a week (15 January) to train doctoral students in writing, critical analysis and communication skills.
10 January 2024: David and Erez presented at the University of Read
David Hearne听(our CAFE Associate Member) and Erez Yerushalmi presented their paper on the amenity value of bicycling network in Greater Manchester to colleagues at the University of Reading. This paper is a CAFE .
10-12 January 2024: Beverley presented at a Conference
Beverley Nielsen听and Steven McCabe presented their study on the Jewellery Quarter in 探花直播, UK, at the听). This is funded work that Beverley has conducted and is now working towards an academic publication.听
20 December 2023: Danilo contributed a new CAFE Working paper #25
Danilo Spinola听contributed a听 that studies the relationship between financial integration, external debt sustainability, and fiscal policy space in emerging and developing (EDE) countries. It uses a framework originally听suggested by Pasinetti. The paper supports their theoretical analysis with an econometric study over a sample of 55 countries from 1980-2018. Capital controls and external macroprudential policy emerge as fundamental policies enabling EDE countries to adeptly manoeuvre through debt challenges without falling into the pitfalls of stagnation and enduring technological underdevelopment.
15 November 2023: Darrell published a new paper on space debris
A very warm congratulations to Darrell Martin-Lawson, our PhD student, on his first CABS 3* paper, which he published with his supervisors Stefania Paladini,听Krish Saha and Erez Yerushalmi. This novel paper is the first to study the (un)regulated orbit around Earth - an area beyond national jurisdiction. The paper furthermore quantifies the critical density threshold quickly approaching unless remedial actions are taken to clear up the orbit from space debris.
10 November 2023: Erez contributed a new CAFE Working Paper on bicycling
Erez Yerushalmi听and David Hearned contributed a new CAFE Working Paper 24 that quantifies the . The paper uses Hedonic Pricing methods, drawing on a large dataset of approximately 253,000 transactions. They听find听that a 1 km reduction in distance to the nearest bicycle network is associated with property values being around 3.2% higher, on average, and 7.3% higher in the central borough of Manchester. The paper urges policymakers and property developers to integrate bicycling infrastructure at the initial stages of design.
1 November 2023: Amin published a new paper on gender and income
Congratulations to Professor Amin Karimu and co-authors听that published a new paper in听听(2* CABS) that links female-headed households and children's educational investment in an imperfect credit market in Africa.听 The paper uses a representative household survey from Ghana.
16 October 2023: Hong published a new paper on research and teaching
Professor听Hong Bui published a new paper , published in Higher Education (2* CABS). This is a comparative cross-country study of two large universities in the UK and Vietnam and draws on multiple sources of data.听
12 October 2023: Fernanda publishes a new paper on Brazilian Pharma Companies
Congratulations to听Fernanda Perin听who has published a new paper on the "Home Country Institutional Environment as an Internationalization Driver for the Large Brazilian Pharmaceutical Companies鈥� in the .听 The paper uses multiple case studies with eight companies, exploring their competitive advantages, strategies, and obstacles to international expansion. The paper finds that home country institutional environment constraints pushed companies to build capabilities to survive and compete in the domestic market, which served as advantages when going international.
1 October 2023: Hafiz publishes another news column on Pakistan's central bank and CBDC development
Hafiz Rana听published another 听-听a highly regarded newspaper in Pakistan.听 The piece discusses Central Bank Digital Currency (CBDC) and its benefits in the context of the State Bank of Pakistan (SBP) plans to accelerate CBDC development and its adoption.
5-6 September 2023: Scott presented at the BAM 2023 Conference
Scott Lichtenstein听presented听a paper at the 听- the听entrepreneurship track. The paper, titled听鈥淪trategic Leadership in Practice: An Exploration of Personal Values-Guided Social Entrepreneurship in the US Energy Sector鈥�,听explores the personal values and motives of a CEO of social enterprise disrupting the US energy market.
1 September 2023: Shame Mugova published a new book and paper
We welcome听Shame Mugova to BCU, and as a new CAF脡 member. Shame recently published:
(1) A new book (as editor) on.
(2) A new publication in the Journal of African Education on .听
16 August 2023:听See Muhammed's new publications
We welcome Muhammed Ibrahim Khan to BCU. He is a new CAF脡 member and recently published two new papers:
(1)听In the journal Management Research Review, a paper on .
(2)听In the International Journal of Islamic and Middle Eastern Finance and Management, a paper on .
1 August 2023: Hafiz published a new paper
Congratulations to听Hafiz Rana听who has听published a new paper in the International Review of Financial Analysis (3* CABS) on 听 This was Hafiz's Chapter 3 from his recently completed PhD.
July 26-27: Danilo presented at a conference
Danilo Spinola听presented at the IV International Workshop on Demand-led Growth. Paper on: 鈥淒emand-led Industrialisation Policy in a Dual-Sector Small Open Economy鈥�. The paper introduces a model based on three stability mechanisms for the Southern economy: productive system stability, labour market stability, and external sector stability. The model suggests multiple equilibria, with the steady-state achieved being influenced by supply-side conditions and government demand-led policy; emphasising the significance of government consumption demand in industrialisation policy and identifying a literature gap in supply-side policies.
20-22 July 2023: Danilo presented three papers at the SASE conference
Danilo Spinola听presented three papers at the听, in Rio de Janeiro, Brazil.听(1) 鈥淯nveiling Structure and Dynamics of Global Digital Technology Networks: a new digital technology classification and network analysis based on trade data鈥�, which he is presenting to us in the upcoming CAF脡 seminar. (2) 鈥淔inancial integration, productive development and fiscal policy space in developing economies鈥� Article published at Structural Change and Economic Dynamics. Danilo also presented 鈥淔irm-Level Effects of Chinese Manufacturing Imports in BRI Countries鈥�.
20-22 July 2023: Elena presented a paper at the SASE conference
Eleni Papagiannaki听presented her paper on "Against Techno-Determinism:听 A Critical Political Economy of the 4th Industrial Revolution"听in the听. The paper assesses听the 4th Industrial Revolution (4IR) and the contemporary scholars who appear to be sceptical, not only towards techno-optimistic scenarios but also towards the very existence of the 4IR. Moll (2021), emphasises the lack of evidence of a contemporary, grand confluence of digital technologies, radically transforming labour processes or global socio-economy, beyond the defining characteristics of the 3IR. Overall, this paper is inspired by Ramtin鈥檚 argument (1991) on automation where he advocated that the technologies to be realised in capitalism are those that aim to increase surplus value, and not necessarily value.
20-22 July 2023: Fernanda presented a paper听at the SASE conference
Fernanda Perion听presented her paper on听"Changes in the Brazilian pharmaceutical innovation system" in the .听 (see a collection of Fernanda's .)
19 July 2023: Fernanda, Danilo and Elena organised a workshop in Brazil
Fernanda Perin听was a main organiser for the YSI @ SASE Pre-Conference Workshop of the听Socio-economic policies in Latin America: discussing challenges and opportunities Workshop (see ) which was held in听Rio de Janeiro, Brazil at the Economics Institute,听. With Fernanda,听Danilo Spinola听and Eleni Papagiannaki served as mentors to the students.
13 July: Danilo was a keynote speaker.
Danilo Spinola听was a . He gave two lectures on 鈥淚ntroduction to Structural Change and Technology Upgrading in Developing Economies鈥� and 鈥淒emand-led Industrialisation Policy in a Dual-Sector Small Open Economy鈥�.
6 July 2023: Hong published a new paper
Congratulations to Professor Hong Bui, who has published a new paper in the Journal of Organizational Change Management (2* CABS) titled "#FeesMustFall Movement in the Post-Apartheid Era: Legitimacy Battle for Leaders" (link provided when available).
5 July 2023: Muhammad published a new paper
Congratulations to Muhammad Akbar, our former CAF脡 Member who has left BCU, who has published a paper in the International Review of Economics and Finance (2* CABS) on "Adaptive Market Hypothesis: A Comparison of Islamic and Conventional Stock Indices" (link provided when available). This was originally our .
25 June 2023: Erez and Steph contribute a CAFE Working Paper
Erez Yerushalmi听and Stefania Paladini contributed a new CAF脡 working paper 22. Their paper outlines the main barriers for a wide adoption of . The paper is now under review.
19 June 2023: Krish presents a paper on the Circular Economy
Krish Saha听presented at the听 in Heraklion, Greece. The paper presented was 鈥業mplementing circular economy for sustainability: a comparative case study of high, medium, and low-tech industries鈥� by Krishnendu Saha, Stefania Paladini (Queen Margaret University) and Xavier Pierron (Edinburgh Napier University).
8 June 2023: Sean's activities with 探花直播 Worker Co-operatives
Sean Farmelo, our PhD student, is studying Worker Co-operatives and is himself one of the Directors of the local co-operatives: . Among Sean鈥檚 activities, it was announced that the will be incorporating the 探花直播 Bike Foundry into their recently approved neighbourhood development.
22 May 2023: Dr Hafiz Rana awarded his PhD
A big congratulations to听Dr Hafiz Muhammad Usman Rana who has been awarded his PhD. His research focused on .
18 May 2023: Abdul Ghafoor published a 4* CABS paper
Congratulations, again, to听Abdul Ghafoor听and co-authors on their new publication in the . This interesting and creative paper听examines the role of CEOs' marital status on firms' cash holdings behaviour. Using a large sample of US-listed firms, they find that single CEOs stockpile more cash than their married counterparts do.
10 May 2023: Abdul Ghafoor published a 3* CABS paper
Congratulations to听Abdul Ghafoor and co-authors on their new publication in the .听 The paper studies the time-varying price dynamics of clean and dirty energy portfolios.
5 May 2023: Muhammad published a new paper
Congratulations to , our former colleague of many years, who published his paper in the . The paper studies the dynamic relationship of volatility of returns across 11 different countries.
1 May 2023: Petros publishes two papers
Dr Petros Golitsis, our associate member,听published two papers:听A paper in the听听(CABS 2*) on Dynamic spillovers and linkages between gold, crude oil, S&P 500, and other economic and financial variables.听A paper in听听(CABS 1*) on听the Determinants of non-performing loans in North Macedonia.
26 April 2023: Danilo publishes a 2* CABS paper
Congratulations to听Danilo Spinola听on his new 2* CABS paper, published in听. The paper discusses financial Integration, productive development, and fiscal policy space in developing countries.
26 April 2023: Hong publishes a 4* CABS paper
Congratulations to听Professor Hong Bui who published a creative paper in the听 (BMJ) on Improvisation and Innovation in Teams: The Jazz Effect. This study builds on principles and insights from the jazz jam session framework used by jazz musicians and regression analysis to examine the nature of the improvisation process and consider how it affects innovation. They use an听unbalanced panel data on 2,749 teams containing between two and eight employees in the United Kingdom during 2002鈥�2016 and demonstrate that the success of the improvisation process relies on both internal and external factors conducive to innovation. 听
18 April 2023: Fernanda published a new paper
Congratulations to听Fernanda Perin and co-authors on their new publication in Multinational Business Review (hyperlink when available). The paper听analyses how different types of public policies have supported the internationalisation of latecomer science-based firms, taking the case of large Brazilian pharmaceutical companies (LBPCs). The methodology comprises a multiple case study and uses a literature review, fieldwork interviews and document analysis of eight LBPCs, five policymakers and three sector experts.
The findings show that direct and indirect policies differ in supporting LBPCs鈥� internationalisation motivation. The indirect policies created the necessary conditions to accumulate knowledge and capacity in the domestic market. LBPCs that adhere more to policies supporting production and technological capabilities development are internationalising as an extension of their innovative efforts. In contrast, LBPCs that have built productive capacities and have not yet reached a minimum level of technological capacity go abroad to exploit their production capabilities with the support of direct policies.听
17 April 2023: Wenyu published a new paper
Congratulations to Wenyu Zang and co-author Piers Thomson on their new publication in Growth and Change (2* ABS).听 The paper is on .听The paper examines the relationship between self-employment and different elements of foreign influence (FI) at a provincial level. The results imply that foreign investment reduces the level of self-employment, whilst the number of foreign enterprises and foreign exports have positive effects. The results therefore show the importance in considering multiple perspectives in terms of FI. It appears that policies that attract individual large investments suppress the development of domestic enterprise as predicted by the competition effect, but where more foreign enterprises are present, and a cluster starts to develop, a demand effect appears to take over. This means that provincial government policy may need to be more nuanced to avoid economies being highly reliant on a limited number of what might be quite footloose larger foreign employers.
17 April 2023: Peter is taking over the role of Course Director on the DBA program
We apricate and thank Peter Samuels for taking on the role of Course Director in the Doctorate Business Administration (DBA) program. Peter has been involved with the DBA for some time.
13 April 2023: Danilo published a new paper
Congratulations to听Danilo Spinola on his new paper in CEPAL Review n.139, on . The paper is open access to readers interested in the topic of growth cycles and economic volatility in Latin America and the Caribbean.
3 April 2023: Danilo presents in India and wrote papers with co-authors
Danilo Spinola had a productive and interesting visit in . He delivered three presentations on macroeconomics and innovation studies. These presentations included an introduction to post-Keynesian economics for undergraduate students, a paper presentation on growth patterns in structuralist models to academic staff, and an introduction to complexity economics which attracted participants from various fields. Additionally, with co-authors, he completed revisions and resubmissions of two articles in ABS-ranked journals, which contribute to the understanding of economic growth and innovation in emerging economies.
6 March 2023: NEW Cafe Working Paper #21
Eleni, Bruce and Daniel produced a new CAF脡 working paper #21, on Decomposing Surplus-Value: An Analysis of Distribution and Unproductive Labour of the UK 鈥� a very interesting paper. They define productive and unproductive labour and propose a 鈥淢arxist Productive Labour Classification System鈥� to measure changes in Surplus Value (SV).听 Using UK data from 1992 to 2020, the test it empirically and find that prior to the 2008 great recession, SV extraction is more reliant on production-related drivers. After 2008, it becomes more reliant on distribution. Furthermore, the Covid pandemic impacted all drivers negatively.
27 February 2023: Two new members join CAFE
Dr Abdul Ghafoor听- Lecturer in Finance, and Dr Yasar Bayraktar, Lecturer in Accounting and Government (profile under construction), joined our business school as new CAF脡 members. Both are very friendly and skilled听colleagues, each with many interesting publications.听Take a look at their profile.
10 February 2023: Krish and Vijay win a project on Marine Dumping
Congratulations to Dr Krish Saha (again) and Prof Vijay Maharaj who will collaborate with academics at Birkbeck, University of London, to raise sustainability awareness through a stakeholder-oriented experiential learning approach. Marine dumping poses severe risks for water contamination and the health of humans, animals, and marine ecosystems in the UK. The project is funded by the PRME UK and Ireland chapter and will inspire sustainability curriculum within business schools in the UK.
6 February 2023: Krish and Bruce win a mKTP
Congratulation to Dr Krish Saha and Dr Bruce Philp who will lead an mKTP to support Fuel Additives Science Technologies (FAST) business expansion through innovation and change strategies within this competitive sector. The hydrocarbons sector has experienced extreme pricing pressure and customers' continual attempts to minimise usage or replace them altogether. FAST is a UK based medium size fuel additives provider that produces and supplies concentrated, technically-driven products formulated to provide best-in-class performance for any application. Introducing an entrepreneurial culture dedicated to marketing initiatives based on customer research and digital methods, the mKTP will support FAST in increasing its revenue, sustainability and scope significantly over the short and medium term.听
1 February 2023: Eleni's new time series that tracks Good Work
Congratulations to 顿谤听Eleni Papagiannaki听for updating the to 2023. The aim of this project is to track trends of Good Work, across all local authorities in England, Scotland, and Wales. (Read more in the听CAF脡 Project Page.) It helps identify the most effective ways to improve social, economic and health outcomes, thus enabling better interventions tailored to local challenges.
30 January 2023: Steph and Krish published a new paper on Space Tourism
Congratulations to our two CAF脡 members, Stefania Paladini听and Krish Saha, on their NEW publication in the .听Well done guys on this high-quality paper!!听 The paper discusses the ongoing debate about the commercial viability of space tourism, its ethical justifications, and offers a conceptual model for discussion. The paper demonstrates why any framework aimed at making space tourism sustainable must include technology as both its enabling factor and key to the solution.
10 January 2023: Beverley completed her study on the Jewellery Quarter Industry Cluster in 探花直播
Beverley Nielsen, Dr Steven McCabe and other co-authors completed a study on how best to support further growth in the 探花直播 Jewellery Quarter Industry Cluster through the proposed development of a new Creative Incubator and Hub. The study was commissioned by听The Jewellery Quarter Development Trust (JQDT) and funded by the Greater 探花直播 and Solihull Local Enterprise Partnership.听Data was collected from over 35 firms operating within this sector. Find more information on听the project page听and听.
15 December 2022: Stefania public a New book chapter on the Space Industry
Congratulations to Stefania Paladini who has been busy researching the development of the space industry. She recently published a NEW book chapter on the . This paper shows how the emerging national space laws contribute to the ongoing evolution of the global legal environment, highlights the difference in terms of scope of these often-clashing legislations, and discusses possible ways forward.
30 November 2022: Stefania was interviewed by CNN听
Dr Stefania Paladini was听interviewed by .
29 November 2022: Alexandros is interviewed by BCU TigerLAB
Check out听Professor Alexandros Psychogios' latest interview in the BCU TigerLAB Bites series.听 Alexandros talks about his research on .
18 November 2022: Erez publishes a new paper
Congratulations to Erez Yerushalmi on his new publication听"鈥� which was accepted in Health Economics (a 3* CABS paper in Economics). This paper calculates the multiplier effect when using general equilibrium health economic models versus the standard partial equilibrium models. It focuses on a concrete example using Nocturia and provides the multiplier for a general set of prevalence and productivity loss inputs. This paper was a drastically revised offshoot of .
16 November 2022: Hong attended a Women's Summit
Professor Hong Bui attended the Women Summit organised by Forbes to celebrate our accolades (Top 20 Inspiring Women in 2021) ()
10 November 2022: Hong delivered a workshop for teachers in Vietnam.
Professor Hong Bui听delivered a blended development workshop for teachers in Vietnam in the ETUF (Empowering Teachers for an Uncertain Future) project funded by Aus4Skills- an Australian government scheme in Vietnam ( Empowering Teachers for an Uncertain Future - ETUF).
4-5 November 2022: Hong was a panellist at a conference
Professor Hong Bui听was a panellist at the听ICECH International conference on Emerging Challenges.听Strategic Adaptation in the World of Uncertainties, Ho Chi Minh.听The aim of ICECH2022 is to provide a forum for academics and professionals to share research findings, experiences and knowledge for adaptation and business strategy in a post-Covid as well as various uncertainties and complexities in the world in the Asia-Pacific region.听听听
2 November 2022: Hafiz successfully defended his PhD
Today, Hafiz Muhammad Usman Rana successfully defended his PhD thesis on "The Macroeconomic Determinants and Market Efficiency of Precious Metals: An Empirical Evidence of International Markets鈥�. Well-done Hafiz! Congratulations!
2 November 2022: Danilo published a new paper
Congratulations to Danilo Spinola听who has published a new paper on "" to the Review of Political Economy. This paper was originally submitted as a CAF脡 Working Paper #10. The paper analyses dynamic adjustments by proposing a theoretical reconciliation between the Palley-Setterfield and the McCombie approaches using labour market adjustments.
22 October 2022: Danilo presented in a conference
Danilo Spinola presented our working paper draft on 鈥淭he puzzle of manufacturing divergence in Africa: A post-Keynesian Interpretation鈥� (with Erez Yerushalmi and Emmanuel Mensah) at the .
18 October 2022: Hong's new publication
Congratulations to听Professor Hong Bui on her new publication听"" which听has been accepted by Education and Information Technologies. This paper is one of the outputs of her policy consulting project on social, economic and environmental development for a province in Central Vietnam 2021-2022.
6 October 2022: Erez presented at RAND Europe
Erez Yerushalmi听presented at to around 30 economists and social scientists on the use of Computable General Equilibrium modelling. To strengthen ties between CAF脡 and RAND Europe, Erez was made a Senior Research Fellow at RAND (an honorary title).
27 September 2022: Hafiz's new newspaper article
Hafiz Rana contributed a new newspaper article in the News on Sunday, Pakistan, on听.听(accessed: 27 Sep 2022).The item provides policy solutions to reducing Pakistan's chronic food insecurity in light of climate change.
25 September 2022: Danilo's two new publications
Congratulations to Danilo Spinola who continues to successfully publish. Two of his papers (with co-authors and alone) are now in-press: (1) in the听Review of Keynesian Economics. A final draft based on his CAF脡 working paper 12. (2) published in Cepal Review.
22 September 2022: A warm welcome to our new member, Wenyu, and to her new publication
CAFE and the business school warmly welcome Dr Wenyu Zang, in her new role as Associate Professor, Economics Subject Group Lead within the Department of Finance and Economics. Wenyu came from Nottingham Trent University with a wealth of experience. Today, her latest paper was accepted in Papers in Regional Science (CABS 3*) on听.听The paper uses a听panel data regression approach to examine the impact of knowledge-intensive FDI on both new firm formation and the deaths of enterprises.
21 September 2022: Danilo presenting in JUST2CE
Danilo Spinola is presenting on the Sraffian super-multiplier model in the Workshop: "鈥溾��, hosted by JUST2CE project at the University of Sheffield, Management School.
20 September 2022: Fernanda's two new publications
Dr Fernanda Perion has been busy this month with two new pieces of research published. A warm congratulations to her! (1) (in Portuguese); (2) A book chapter, The Vulnerabilities of the Brazilian Health Industrial Complex (in English).
15-24 August 2022: Danilo and Fernanda presentations
Dr. Danilo Spinola and Dr. Fernanda Perin were invited to present at the in Tampere, Finland 15-26 August 2022. They presented their research on complex adaptive systems and give feedback to PhD students' papers. The Academy was composed by an engaged and diverse group of scholars doing relevant and interesting work in the fields of Economics of Innovation, and Complexity Economics.
15 September 2022: Francis' new publication
Francis McGonigal has published a paper on the Language and Discourse in the Learning of Statistical Concepts. This paper reports on ongoing research into the role of language and discourse in teaching and learning from a pilot enquiry carried out in 2019. The paper covers the theoretical background to the research and the challenges presented by the pandemic both for teaching and for the research.
9 September 2022: Dr Danilo Spinola presentation
Danilo is presenting at the University of Guyana Green Institute (UGGI) on the challenges for structural change and Technology upgrading in small and resource-rich economies. .
30 August 2022: New newspaper article
Hafiz Rana provided a new newspaper article on | Political Economy | thenews.com.pk (n.d.). (Accessed: 30 August 2022). Follow the link to read.
15 August 2022: Dr Wahabalbari Ahmed was interviewed by #tigerLAB
Dr Wahabalbari Ahmed was interviewed by #tigerLAB BITES on Islamic Finance. This is an informative video that introduces us to Islamic Finance and its application in banking. Well done Whab!
August 2022: Professor Bui Hong
- Congratulations on her successful award (grant) from the Australian Alumni Grants Funds which should end around March 2023. It aims to Empower Teachers for an Uncertain Future. (More details will be provided soon on a project page.)
- In August, she presented two of her papers in the conference of the Academy of Management, USA: (a) 鈥淗ow Metaphors Make Sense of Crisis: The case of South African #FreeHigherEducation# Movement", and (b) 鈥淲orld Business Leaders鈥� Performativity of Twitter Language as Social Action".
- Finally, she was a keynote speaker in (a) 鈥淟earning Organisation for Innovation and Sustainability鈥� at The Learning Organisation Conference: Contemporary Approach to Learning in the Asia Pacific, organised by RMIT Vietnam, 27-28/05/2022, and (b) 鈥淓ntrepreneurial Resilience鈥� for Sustainability in Family Businesses and Institutional Resilience organised by Family Business and Entrepreneurship Application and Research Centre, T.R. Istanbul K眉lt眉r University, Turkish), 14/4/2022.
23 June 2022: Dr Fernanda Perin contributed two new CAF脡 Working papers
We thank Dr Fernanda Perin for contributing two new CAF脡 Working papers: discusses how domestic public policy support influences the decisions of large Brazilian Pharmaceutical to internationalise. Two aspects of support are analysed, financial and non-financial, with the latter being the more important at the initial stages towards internationalisation.
A related paper is her that discusses the challenges, competitive advantages and strategies of large Brazilian Pharmaceutical. The paper finds that i) the competitive advantages of companies are built before internationalisation; ii) the companies follow strategies of technological catch-up in developed countries as a shortcut to overcome their innovative weaknesses; and iii) the main obstacles to internationalisation are the domestic institutional, political, and regulatory environment.
20 June 2020: Anna Yartseva presented in TeachECONference
Anna Yartseva presented at the 鈥� the conference on economics education. Anna鈥檚 covered the benefits of OneNote: how it can extend lecturer鈥檚 capabilities in delivering economics content, which problems in can solve (e.g., replace a whiteboard, among others), and how it can enhance students鈥� learning experience.
1 June 2022: Danilo presented at a conference
1 June 2022: Danilo Spinola presented at the , to the Complexity Group of the Martin Oxford School, the article 鈥淎re public and private innovation efforts complementary? Competition, technology and patent policies in a macroeconomic agent-based model鈥�, part of the Horizon 2020 GROWINPRO project - together with his current research agenda on Structuralism, Innovation, Development and Complexity
30 May 2022: Hafiz contributed a new newspaper article
30 May, Hafiz Rana contributed a piece to Dawn Today鈥檚 paper in Pakistan. , which discusses the latest disturbances to the commodity chain: grains and oils, precious metals, copper, Nickle, and Uranium.
27-28 2022: Hong was a Key Note speaker
27-28 May, 2022: Professor Hong Bui was a keynote speaker on 鈥淟earning Organisation for Innovation and Sustainability鈥� at The Learning Organisation Conference: Contemporary Approach to Learning in Asia Pacific, organised by RMIT Vietnam, 27-28/05/2022.
23-24 May 2022: Danilo presented at a symposium
23-24 May 2022, Danilo Spinola presented and chaired a session on the first symposium of the Market Mind Hypothesis project (MMH) - () at the Panmure House (the renovated residence of Adam Smith) in Edinburgh. The MMH is a theoretical concept developed by a team of economists and philosophers from the Heriot-Watt University. The authors ask whether a market consciousness could emerge from the interaction between individual economic agents, a consciousness that can shape itself and make decisions that would affect all actors in the economic/financial system? This was a very high-level research conference with top scholars in the field (see the list of speakers here ).
13 May 2022: CAFE members having dinner together
13 May 2022 CAF脡 members and staff from the Department of Finance and Economics went out to dinner. See picture.
27-29 April 2022: Danilo presents two papers at Denmark's conference
On 27鈥�29 April 2022, Danilo Spinola presented two papers at the hosted in Aalborg, Denmark. That conference gathered important names of the Post-Keynesian community and has worked as an important event to engage the community and start new academic collaborations. Danilo presented two papers at this conference: (1) "Demand-led Industrialisation Policy in a Dual Sector Small Balance of Payments Constrained Economy" (co-authored with Bart Verspagen and 脰nder Nomaler, and presented in the last CAF脡 seminar); and (2) "Growth and Distribution regimes under Global Value Chains " (co-authored with Arpan Ganguly). Both articles are now under submission and were published as . The feedback received from the audience was very valuable. Furthermore, Danilo was a mentor during the PhD day (on the 27th), which consisted of PhD presentations that gave PhD students feedback on the progress of their PhD theses. (See Danilo's picture below).
14 April 2022: Scott's paper is now online
Scott Lichtenstein鈥檚 paper is now published online as a feature article in ). The paper revisits Adam Smith and discusses the need for moral leadership in a world in turmoil and transition and the need for moral leadership for global recovery.
14 April Hong was a Key Note Speaker
Professor Hong Bui was a key note speaker on 鈥淓ntrepreneurial Resilience鈥� for organised by Family Business and Entrepreneurship Application and Research Centre, T.R. Istanbul K眉lt眉r University, Turkish).
2 April 2022: New tigerLAB BITES on Telemedicine with Erez
Erez Yerushalmi is studying the economic benefits of telemedicine. With Raaj Shamji's help, we've created a new BCU tigerLAB BITES video that explains his research and findings. Please read the blurb here and scroll down to . More videos by other BCU CAFE members are now being developed. So stay tuned!
23 March 2022: Danilo's new CAF脡 Working Paper #18
Danilo Spinola provided a new CAF脡 Working Paper #18 on . The paper models the process of structural transformation and catching-up in a demand-led Southern economy constrained by its balance of payments. It models a dual-sector small open economy divided between traditional and modern sectors that interact with a technologically advanced Northern economy. They propose two (alternative) autonomous elements that define the growth rate of this demand-led economy: government spending and exports. Drawing from the Structuralist literature, the technologically laggard Southern economy catches up by absorbing technology from the Northern economy, potentially closing the technology gap. The gap affects the income elasticity of exports, bringing a supply-side mediation to the growth rates in line with the Balance of Payments Constrained Model. They observe that a demand-led government policy plays a central role in structural change, pushing the modern sector to a take-off.
8 February 2022: Danilo's new CAF脡 Working Paper #17
We thank Dr Danilo Spinola and Arpan Ganguly for contributing another CAF脡 . The paper links economic growth with the integration of global value chains (GVCs). It demonstrates that growth patterns vary distinctly and unevenly across the geographical regions because of uneven patterns of integration of countries to the production opportunities created by the emergence of GVCs.
The paper develops a conceptual model, supported by the theoretical contributions of the Balance of Payments Constrained literature, with strong roots on empirical analysis. The model links economic growth in open economies with macroeconomic regimes of integration, diversification, and distribution. The empirical analysis measures different regimes by using a Principal Component Analysis and gravitational IV approach. A robust typology is identified across regimes that depend on which trajectories of integration, diversification and distribution characterize a country鈥檚 macroeconomic structure. The paper finds that developed and developing countries show similar patterns in terms of external integration but distinctly differ in terms of structural change and distribution.
2 February 2022: Eleni's new time series that tracks Good Work
Congratulations to Dr Eleni Papagiannaki and co-authors for producing an important, new, measure: . The aim of this project is to track trends of Good Work, across all local authorities in England, Scotland, and Wales. (Read more in the CAF脡 Project Page.)
This unique new measure is designed to track changes over time and help policymakers identify the most effective ways to improve social, economic and health outcomes together, thus enabling better interventions tailored to local challenges.
It resets the relationship between the national and subnational tiers of government and cuts across the priority areas identified by the government. This fosters a new approach for allocating and attracting funding, and guides and measures the success of Levelling Up.
Reference: Papagiannaki E., Clarke J., Thomas A., Atwell S. Forwarded by Pissarides C. 2022. .
1 February 2022: Scott鈥檚 book is online
We are pleased to announce that BCU library has purchased an unlimited, free, access to the new book by our CAF脡 member Dr Scott Lichtenstein. If you鈥檇 like to showcase the business school鈥檚 homegrown thought on leadership for inclusion in your module鈥檚 recommended reading lists to students, please do so. .
Book Reference: Lichtenstein, S. and Higgs, M. (2021) .
31 January 2022: Muhammad's new journal publication on the Impact of Terrorism on the Stock Market
Congratulations to Dr Muhammad Akbar on his new journal publication in the . This study examines the impact of terrorism on stock market returns through an extensive dataset of 23 countries over the period of 2001-2017. Stock market returns are examined in the context of different aspects of terrorist attacks such as number of suicide attack, number of people killed in terrorist attacks, attacks in major and capital city, the distance of terrorist attack from capital city, property damaged due to terrorist attack and nationality of the victims being killed in a terrorist attack. Consistent with previous studies, regression analysis reveals that assaults in capital city and severity of attacks negatively influence the index returns.
Their results provide some new insights, with respect to terrorist attacks intended for targeting specific locations with strategic advantages, and assaults in close proximity of capital are found to have more pronounced and devastating effect on the stock market returns. Moreover, foreigners are strategically more valuable targets for terrorists in order to disrupt the smooth functioning of capital markets. The analyses of sub samples reveal that developing economies are more fragile and developed markets are more resilient to terrorism. Their robust analysis through event methodology confirms our main findings and reveal that negative response of stock market to terrorist attacks is more prominent in developing countries and developed capital markets are more resilient to the negative shocks of terrorist attacks.
26 January 2022: Danilo is an editor for the Journal of Evolutionary Economics
Congratulations to Dr Danilo Spinola who has been invited to the editorial board of the (JEEC) - a ABS 2* Journal in Economics. JEEC articles feature a strong emphasis on dynamics, changing structures, and disequilibrium processes with an evolutionary perspective. The journal also stresses interdisciplinary analysis and theoretical, methodological, and applied work.
Topics include industrial dynamics; multi-sectoral and cross-country studies of productivity; innovations and new technologies; dynamic competition and structural change; causes and effects of technological, political, and social change; cyclic processes in economic evolution; the role of governments in a dynamic world; modelling complex dynamic economic systems; application of concepts such as self-organization, bifurcation, and chaos theory to economics; and evolutionary games.
Danilo is inviting you to consider sending your high-quality articles.
10 January 2022: Danilo's new CAF脡 Working Paper #16
Dr Danilo Spinola and co-author contributed to a new . In this paper, they focus on intra-regional trade patterns in Latin America. They develop an Index of Modern Balanced Trade (IMBT) that identifies balanced trade relations based on the share of complex goods that are exported and imported among two countries using data from the Observatory of Economic Complexity. Based on the IMBT, they build two types of networks: Balanced and Unbalanced Trade. They find that most Latin American countries鈥� relations with partners outside the region remain largely unbalanced. However, the Balanced Trade Network within the region has steadily expanded.
1 January 2022: Erez's short piece to Grassroots: 12.
Dr Erez Yerushalmi provided a short piece to Grassroots: 12. Newsletter of the Research Committee on Social Movements, Collective Action and Social Change. Read: . This is a short summary of . We examine some of the negative consequences that vaccine nationalism could have on managing the pandemic using a multi-country macroeconomic model that interlinks countries through trade of goods and services and investment. We examine the economic cost if regions immunise their own populations while leaving the poorest countries behind. Our findings suggest that out of pure self-interest, a sound strategy for wealthier countries would be to invest in access to COVID-19 vaccines for low-income countries because the benefit-to-cost ratio of such investments would be around 2 to 13 for wealthy countries, depending on the specific scenario analysed.
1 December 2021: Steph is guest Editor for Technovation
Congratulations to Stefania Paladini on being a guest editor in the journal Technovation's special issue on Innovation Intermediaries and Emerging Digital Technologies.
This special issue aims to expand our knowledge of innovation intermediaries in the context of new digital technologies and, in particular, on: (1) the role of innovation intermediaries in supporting the diffusion of the new digital technologies, and digital innovation; and (2) how innovation intermediaries and intermediation roles/functions change with the new digital technologies. We expect that the contributions to the special issue will not only enhance academic discourse by advancing conceptual understanding and providing solid empirical evidence, but that they will also inform a lively international policy debate on how to improve and strengthen innovation policy initiatives aimed at creating and supporting innovation intermediaries to help companies navigate the digital transition.
12 November, 2021: Ha-Phuong's new publication on Tax havens by multinational enterprises MNEs in business clusters
Congratulations to Ha-Phuong Loung on her new publication. This paper examines the use of tax havens by MNEs located in business clusters versus their non-cluster counterparts, using dichotomous choice models. The firm-level dataset covers 21,389 MNEs from 5 OECD countries during the years 2009-2017. We find evidence that MNEs who are part of a business cluster have 14.9 percent to 23.7 percent higher likelihood of engaging in tax haven activity compared to MNEs who are not part of a business cluster. Additional insights suggest that technological sophistication and firm size can impact the magnitude of the correlation between MNEs in business clusters and their tax haven activity. The findings of this paper shed more light on the use of tax havens among MNEs, and hold theoretical and managerial relevance.
10 November 2021: Scott's
Congratulations to Scott Lichtenstein and Malcolm Higgs on their new book publication, . This book provides essential concepts, tools and theories in a contemporary context. A vital reference tool for students of strategy and practitioners.
Providing an alternative to short-term, bottom-line thinking, this book enters into a deeper dialogue about the role of personal values in strategy formulation and implementation.
Personal values are at the core of people鈥檚 personality: they influence the choices we make, the people we trust, the appeals we respond to, and the way we invest our time and energy. In turbulent times, personal values give a sense of direction amid conflicting views and demands.
This book summarises current research in this area and introduces a new model around what personal values-guided strategy is, how it鈥檚 linked to strategic choice and impacts upon organizational performance. The book includes models and a diagnostic to uncover one鈥檚 own personal values. Moreover, it offers guidance on how to align strategies, goals and missions to internal and external stakeholders鈥� personal values to gain emotional buy-in for effective implementation.
16 September 2021: Hanna's new journal publication on Rethinking inequality in the 21st century
Congratulations to Hanna Szymborska on her new publication in the . This was previously CAFE Working . The paper looks at how changes in the economy and financial sector over the past four decades have shaped our understanding of what drives inequality, emphasising the role of household wealth composition and stability. It challenges the existing understanding of the topic in both perspectives by highlighting the need for analysing how the macro- and microeconomic processes are related. The paper proposes a new way of conceptualising households in macroeconomic models that focuses on wealth composition rather than income sources alone, which is more empirically accurate and illuminates new channels of macroeconomic instability. Policy-wise, the paper highlights the vital role of homeownership in reducing inequality and macroeconomic stability. But it's not just about access - it's also how stable household wealth ownership is in light of changing macroeconomic conditions that shapes inequality.
15 September 2021: Erez's presentation on Telemedicine in University Malaya on Telemedicine
Erez Yerushalmi was invited to present in the Economics Department at the University Malaya. You are welcome to listen via webinar.
Time: Wed 15/09/2021 09:00-10:30 (UK time)
Join Zoom Meeting:
Meeting ID: 817 3490 5721
Passcode: ECONOMICS
Abstract: Compared to traditional in-person healthcare delivery, telemedicine is characterized as the ability to remotely access healthcare services facilitated by using information and communication technologies (ICT). The COVID-19 pandemic has acted globally as a force of rapid digital transformation across many business sectors including how people access healthcare. Increasingly since the outbreak of the pandemic, many primary and special healthcare consultations are moving towards remote consultations and services. But as we discuss in this paper, the rate of adoption is slow and there are many barriers that impede adoption. To contextualize this promising technology in terms of a benefit-cost analysis, the aim of this paper is to quantify the likely potential social-economic benefits which would accrue by permanently increasing the adoption of Telemedicine. To do this, we develop an economy-wide computable general equilibrium (CGE) model which we calibrate to the Canadian economy. The main component in our model that captures the benefits of Telemedicine is an endogenous labor-leisure substitution. Our simulations show that substituting 50 percent of the in-person primary care visits with tele-consultations could save around 65 million hours in Canada and would therefore increase Canada鈥檚 real GDP (economic welfare) by 0.21% per year and increase social-welfare by 0.14%.
13 September 2021: Muhammad's new CAFE Working Paper #15
Muhammad Akbar published a new on Adaptive Market Hypothesis: A Comparison of Islamic and Conventional Stock Indices. This is a very interesting and technically innovative paper. It assesses informational efficiency of nine Dow Jones Islamic market indices and their counterpart conventional Morgan Stanley indices using data from 1996 to 2020. Tye test the martingale difference hypothesis of no return predictability overtime and assess the adaptive market hypothesis over different market conditions. They find that the null is rejected in a number of periods in line with the adaptive market hypothesis for both Islamic and conventional stock indices. However, they do not observe any significant differences in return predictability between Islamic and conventional stocks over different market conditions including financial crisis of 2007-08 and COVID-19 pandemic.
6 September 2021: New book chapter on Blockchain technology
Congratulations to our CAFE members Stefania Paladinia and Erez Yerushalmi and their co-author Ignazio Castellucci for their new book chapter on . The aim of their work is to investigate the potential for blockchain application beyond the monetary system and to compare some of the existing laws that have a direct impact on blockchain as a whole in the context of social finance and social innovation. They consider examples of 鈥渂lockchain in action鈥� in different areas and geographic locations鈥攖he EU, Israel, and East Asia as case studies鈥攁nd discuss their unique characteristics. Their comparative review helps extract what blockchain-friendly regulatory framework would look like and what the existing challenges are for its implementation on a wide scale, starting from the regulatory framework of reference.
23 August 2021: New journal publication on R&D-based economic growth in a supermultiplier model
Congratulations to Dr Danilo Spinola on his publication in . This paper was formally . In this paper, Danilo and co-authors investigate how economic growth in a demand-driven economy with semi-endogenous productivity growth can be compatible with a stable employment path. Their model uses a Sraffian supermultiplier (SSM) and endogenizes the growth rate of autonomous demand, and semi-endogenize productivity growth. The basic model has a steady state that is consistent with a stable employment rate, and in which the growth rate is determined by R&D expenditures. Consumption smoothing (between periods of high and low employment) by workers is the mechanism that ensures that demand keeps up with productivity growth and that the growing economy is stable. They also introduce a version of the model where the burden for stabilization falls upon government fiscal policy. This also yields a stable growth path, although the parameter restrictions for stability are more demanding in this case.
14 June 2021: Consultancy project on the Determinants of corporate cash holdings in South Africa
Dr Hanna Szymborska is currently involved in a research consultancy project for the South African National Treasury and the United Nations on the topic of 鈥淒eterminants of corporate cash holdings in South Africa鈥�. The consultancy research project was finalised in April 2021 with a deliverable of a working paper by the end of June 2021. The project is a collaboration between BCU, University of Hertfordshire and the South African National Treasury, and is financed by the United Nations. Using a unique firm dataset, the research will examine the extent of cash holdings among non-financial companies in South Africa, analyse the likely contributing factors, and propose how the large amount of cash accumulated by firms can be channelled to support corporate investment to aid South Africa鈥檚 economic recovery from the Covid-19 pandemic. The deliverable will feed directly into future policies of the South African National Treasury.
26 May 2021: New CAF脡 Working Paper 14 - Downside Systematic Risk in Pakistani Stock Market: Role of Corporate Governance, Financial Liberalization and Investor Sentiment
Dr Muhammad Akbar and co-authors uploaded a . They study the impact of corporate governance, investor sentiment and financial liberalization on downside systematic risk and the interplay of socio-political turbulence on this relationship through static and dynamic panel estimation models. Using a sample of 230 publicly listed non-financial firms from Pakistan Stock Exchange (PSX) over the period 2008-2018 the find the following: They document that corporate governance mechanism reduces the downside risk, whereas, investor sentiment and financial liberalization increase the investors鈥� exposure toward downside risk. Particularly, the results provide some new insights that the socio-political turbulence as a moderator weakens the impact of corporate governance and strengthens the effect of investor sentiment and financial liberalization on downside risk. Consistent with prior studies, the analysis of sub-samples reveal some statistical variations in large and small-size sampled firms. Theoretically, the findings mainly support agency theory, noise trader theory and the Keynesians hypothesis.
25 May 2021: New CAF脡 Working Paper 13 鈥� Unpaid overtime, Measuring its Contribution to the UK Industries
Dr Eleni Papagiannaki and co-authors uploaded a new CAF脡 Working Paper on. They measure the contribution of unpaid overtime in relation to UK industries economic output (Gross Value Added-GVA) for the period 2002-2012, using the Labour Force Survey (LFS) and the Office for National Statistics (ONS-Blue Book), capturing the different patterns before and after the 2007-8 crisis. Measuring unpaid overtime鈥檚 contribution and the other parts of working day has important implication on labour鈥檚 remuneration. The paper adopts an output-based approach evaluation of unpaid labour. A decomposed working day is therefore examined by employing statistical regression methods (Pooled OLS, LASSO and FGLS) to account for unpaid overtime鈥檚 contribution to the UK industries鈥� output (GVA). The results display a strong link between unpaid overtime and GVA, and particularly its post-crisis contribution to GVA is significant in contrast to the weak pre-crisis relationship.
7 April 2021: Presentation on The Economic Cost of Vaccine Nationalism
Dr Erez Yerushalmi is a guest lecturer in the and will present his research on . The presentation is online, 7 May 2021, 9am BST and all are welcome (follow the zoom link).
Erez and co-authors develop a multi-country computable general equilibrium model to quantify the cost to 30 high-income countries if low and middle-income countries miss out on initial access to COVID-19 vaccines. We find that an unequal allocation of COVID-19 vaccines could cost the global economy up to $1.2 trillion a year in GDP terms. Even if some countries manage to immunise their populations against the virus, if the virus is not under control in all regions of the world, there will continue to be a global economic cost associated with COVID-19 ()
2 - 16 April, 2020: Mini-Series presentation in Sichuan University
Dr Erez Yerushalmi, Senior Lecturer in Economics and Director of CAF脡 presented a series of presentations in , College of Economics. In this Mini-Series, Erez presented his research on health economic topics that link with Applied Computable General Equilibrium (CGE) modelling. Erez started with a presentation of the capacities of CGE modelling and how they are calibrated to real-life data. He then presented his research on quantifying the economic cost of , , and his new research on the Benefits of Telemedicine (report and academic working paper being drafted).
5 April 2021: A warm welcome to our new PhD student in CAFE
We would like to warmly welcome Sean Farmelo, our new CAF脡 PhD student. Scott Lichtenstein, Elena Papagiannaki and Erez Yerushalmi (CAF脡 members ) have won a 3-year grant of nearly 拢60K funded PhD in Sustainable value creation: A case study approach to mutualistic-local ownership organisational models. It is a multi-disciplinary PhD into organisational forms that are co-operative or 鈥榤utualistic鈥� in nature whereby the means of production are owned by its employees or community. This PhD is part of the CAF脡 research clusters of Economics of Distribution and Community. Sean Farmelo has started his PhD in February 2021. Sean is a co-operative activist in 探花直播.
1 April 2021: New CAFE Working Paper on Patterns of Growth in Structuralist Models: The Role of Political Economy
Dr Danilo Spinola and co-authors contributed another on the growth and distribution in developing countries that reflect distinct political economy regimes. Danilo's paper shows that different regimes lead to a rise to different institutional frameworks that affect macroeconomic outcomes. Three cases are discussed: (1) a pure developmentalist state, (2) conflicting claims between workers and the government, and (3) financialization under a neoliberal coalition. The equilibrium growth rate is defined, following the Keynesian tradition in open economy growth model, by the Balance-of-Payments constraint (Thirlwall, 1979). The model produces a variety of outcomes that help explain the contradictory results reported in the empirical literature associated with different constellations of power and institutions.
1 March 2021: New journal publication on implementing circular economy in the textile and clothing industry
Congratulation so Krish Saha and Eleni Papagiannaki on their new publication in . This new paper discusses the circular economy (CE), challenges and opportunities of implementing CE and interventions that could facilitate effective implementation of CE in the textile and clothing (TC) industry. The study uses a survey method within 114 TC companies based in Bangladesh, Vietnam and India revealing the correlation of CE fields of action (take, make, distribute, use and recover) with sustainability (economic, environmental and social) performance. The lack of financial, technological and human resources along with management's reluctance and end-user's indifference to sustainability is the biggest challenge for CE implementation.
10 February 2021: New Journal Publication
Congratulations to Dr Danilo Spinola on his publication in. The paper investigates the causes of volatility that affect middle鈥恑ncome countries by studying the La Marca model. Drawing from the open鈥恊conomy Goodwin tradition, the model demonstrates that economic activity, income distribution and accumulation of foreign assets dynamically interact, resulting in a pattern of dampened cycles.
8 February 2021: New CAFE Working Paper
Dr Muhammad Sanusi, Senior Lecturer in Finance, contributed a new CAFE working paper 11 on Action Research to reassess the effectiveness of a blended learning approach in postgraduate business education using unified theory of acceptance and use of technology model. Findings suggest that students鈥� engagement is determined by positive learning experience without any bias to the traditional or blended learning approach. One key factor on performance is the student's age while their gender has no effect.
4 February 2021: New article published in the Conversation on Space and Mars
Stefania Paladini, Reader in Economics and Global Security, published a very interesting piece in . The article discusses how Mars became the prize for the new space race and why China is hellbent on winning it. The piece is accompanied by a.
28 January 2021: New journal article published on Leadership Self-perceptions and Motivation to Lead in early adulthood: The moderating role of Gender and Socio-Economic Status
Congratulations to Prof. Alexandros Psychogios and co-authors on their new publications in. Their paper draws on the social-cognitive and motivational literature of leadership, and examines the influence of young adults' self-perceptions of leadership on their leadership self-efficacy (LSE) and motivation to lead (MTL) in their future career. They further examine gender and socio-economic status (SES) as important moderators of the proposed relationships.
20 January 2021: Two new CAFE Working Paper online
Dr Danilo Spinola contributed two new interesting CAFE working papers (WP). We welcome all to read and encourage you to provide Danilo with useful feedback. WP9:, and WP10:
4 January 2021: Welcome to a new colleague
We are excited to announce that Dr Danilo Spinola has joined CAFE as a new member and as a Senior Lecturer in Economics. Danilo specialises in economic development with a focus on Innovation, Structural Change and Economic Complexity. He furthermore studies alternative economic theories in the Post-Keynesian and Evolutionary traditions.
7 December 2020: We are sad to say goodbye to Nassim
CAF脡 is really sad to say goodbye to Prof Nassim Belbaly who is leaving BCU as Head of the Business School. Nassim has been very supportive in CAFE's establishment. He has been a fantastic colleague and CAF脡 member. We wish him good luck in his future.
27 November, 2020: New journal article published on the global economic benefits of physical activity
Dr Erez Yerushalmi (Director of CAFE) and Dr (Associate CAFE Member) published a new paper in the that estimates the global benefit of a more physically active population. This is one of our outputs from a funded project in CAF脡. See The economic implications of physical inactivity for more details.
Our method: We focused on excess mortality and lower productivity. We used a large survey of 120,143 individuals in the UK and six other Asian countries and a multivariable regression models to estimate workplace productivity. We furthermore associate physical activity and mortality risk through a meta-regression analysis of 74 prior studies. These estimates were then introduced into our regional dynamic computable general equilibrium (CGE) model.
Our findings: We find that doing at least 150 minutes of moderate-intensity physical activity would lead to an increase in global GDP of 0.16%-0.23% per year by 2050, worth up to US $314-$446 billion per year. The results vary by country due to differences in baseline levels of physical activity and GDP per capita.
6 November 2020: CAFE members launch the UK's first Islamic Finance Undergraduate degree
Shaista Mukadam and CAF脡 member, Dr Wahabalbari Ahmed, developed a new Islamic Finance undergraduate course 鈥� the first in the UK. Students will develop an understanding of corporate social responsibility in modules exploring how businesses are taking greater responsibility in helping to move towards a cleaner and more sustainable planet. Sharia-compliant finance differs from conventional banking in key ways, the most notable being a prohibition on charging interest and investing in ethically compliant companies. Islamic finance uses tools to ensure a fair and equitable distribution of wealth, resources and growth based on profit, loss and risk-sharing while achieving the United Nations sustainable development goals and ensuring ethical and sustainable processes in business and finance.
The course covers both conventional financial accounting and economics modules and Islamic Finance so that students can appreciate their differences, and research and implement Islamic Finance in the real world. See further details in using #bcuislamicfinance.
October 20, 2020: New book publication Neuroscience for Leaders
Congratulations to Prof Alexandros Psychogios with his second edition book: () This second edition captures the most up-to-date and important findings in neuroscience and links these to the business world, offering a framework that puts principles into practice to make better decisions, take the right actions and find faster solutions. A comprehensive approach to leading people and organizations based on academic research.
The authors' 'Brain Adaptive Leadership' approach offers a step-by-step guide to enhancing the way leaders think, understanding and nurturing emotions, shaping automated brain responses and developing dynamic relationships. Examples, activities and practical suggestions are all designed to be clear and engaging. Neuroscience for Leaders is the essential guide for leaders who are ready to gain the business advantage scientifically.
October 13, 2020: New journal publication on Implementing Circular Economy (CE) in the Textile and Clothing Industry
Congratulations to Dr Eleni Papagiannaki and Dr Krish Saha on their new (forthcoming) publication in Business Strategy and the Environment. Their research focuses on the circular economy (CE), challenges and opportunities of implementing CE and interventions that could facilitate effective implementation of circular economy in the textile and clothing industry. The study uses multi-country survey method. They find that to implement CE successfully, firms require a collaborative effort from the industry, host governments, buyers and end users. (Links to the paper will be provided soon.)
7 October 2020: New CAF脡 Working Paper that quantifies the macroeconomic cost of Nocturia (night-time bathroom visits)
Dr Erez Yerushalmi (Senior Lecturer in Economics) and (associate CAF脡 member) provided a new . There are many individual factors associated with inadequate sleep (e.g. bad sleep hygiene, chronic sleep disorders such as insomnia or sleep apnea), frequently having to wake up at night to urinate fragments sleep, with negative consequences on an individual鈥檚 health and well-being as well as daytime functioning.
Using a large-scale UK workforce data, they estimate the prevalence of nocturia in the working population and quantify the lost worker productivity caused by nocturia, measured by absenteeism and presenteeism. This enters a multi-country general equilibrium model, which they calibrate to the UK economy, to estimate the annual macroeconomic cost of nocturia. The study finds the annual cost of clinically significant nocturia (waking up at least twice to urinate) is around 拢5.4 billion, or equivalently 拢1996 per worker with nocturia. This cost estimate is larger than previous estimates on the productivity effects of nocturia using cost-of-illness (COI) methods, suggesting the importance of taking into account general equilibrium effects when assessing the economic burden of health conditions.
3 October 2020: Presentation at the well-known Essen Health Conference
Dr Erez Yerushalmi is presenting his new in the 11th Essen Health Conference. His study (with Sani Ziv) imputes the social value of public health care, which does not have a market and therefore cannot be monetized.
2 October 2020: New journal publication on audit reporting
Congratulations to Dr Mohamed Elmahoub and his co-authors on their new publication in the . Their study investigates whether audit partner gender is associated with the extent of auditor disclosure and the communication style regarding risks of material misstatements that are classified as key audit matters (KAMs). Using a sample of UK firms during the 2013鈥�2017 period, their results suggest that female audit partners are more likely than male audit partners to disclose more KAMs with more details after controlling for both client and audit firm attributes. Furthermore, female audit partners are found to use a less optimistic tone and provide less readable audit reports, compared to their male counterparts, suggesting that behavioural variances between female and male audit partners may have significant implications on their writing style. This study offers new insights on the role of audit partner gender in extended audit reporting.
1 October 2020: New CAF脡 Working Paper on the intangible value of public healthcare
Dr Erez Yerushalmi, Senior Lecturer in Economics, contributed to a new . His study (with Sani Ziv) imputes the social value of public health care, which does not have a market and therefore cannot be monetized.
Similar to contingent valuation methods that use hypothetical markets, they incorporate a hypothetical health care market into a general equilibrium model. Social value is modelled as a byproduct of health care services and enters a well-being household function. The model is calibrated to their unique Health Social Accounting Matrix of Israel. Using a Monte-Carlo method, they impute the minimum social value at around 26% of public health care financing. They furthermore simulate health care scenarios that internalize the social value to show that when assessing the best type, policymakers should weigh the economic gains of deregulation against the lost social value. They show that well-being may decrease in some cases from over-privatization.
28 September 2020: CAFE Working Paper
We are happy to announce that our CAFE Working Paper series is now automatically indexed by and .
14 September 2020: New CAF脡 Working Paper that rethinks inequality in the the 21st century
Dr Hanna Szymborska, Senior Lecturer in Economics, contributed to a new CAF脡 working paper. Her study examines the relationship between household balance sheet complexity and inequality, integrating microeconomic insights into household asset and debt accumulation with macroeconomic processes of financial liberalization in the US economy. Based on simulations of a large-scale macroeconomic model, the paper finds that the proposed conceptualisation of household financial positions and macroeconomic variables replicates the empirically observed patterns of wealth and income inequality; and that homeownership has an equalising effect on wealth distribution between household. The findings of the paper advance our understanding of how to design better theoretical models to analyse the economy and inform appropriate policy responses to reduce inequality.
11 September 2020: New book published on supply chain management in African agriculture
Congratulations to Abdul-Razak Alhassan and his co-author on their new book publication published by palgrave macmillan: ''.
The book examines supply and value chains in African agriculture, providing a unique and cutting edge thorough analysis of existing and practical business models for future development. Africa is a net importer of food, despite its vast agriculture potential. The book explores commodity value chain structures; commodity clusters, arenas, linkages and business models; systematic constraints within commodity value chains; and value chain profiling in practice among others to promote strategies to empower the continent to gain self-sufficiency.
The book provides an insight into empowering the industry to meet the challenges, thus, the innovative approaches incorporated within the book are ideal to enable policy makers, practitioners and academics in the transformation of the African agriculture sector at large and serve as an instrument for poverty eradication.
The book is available on Amazon, Springer and Palgrave and you can purchase the complete book or by chapters.
13 August 2020: New publication that analyses the Brexit vote in the West Midlands
David Hearne recently published a new and interesting paper in that uses spatial econometric analysis of the Brexit vote. Recent years have seen an explosion in votes for populist parties, often running contrary to what is seen as voters鈥� economic interests. David uses a novel data set of the west midlands region, which has a very detailed level of information. He finds that there is substantial spatial autocorrelation, even after controlling for demographic factors. The proportion of the population employed in manufacturing (often taken as a proxy for regional economic decline, particularly in skilled 鈥榖lue collar鈥� work) is a statistically significant predictor of an area鈥檚 pro-Brexit vote. Whilst focussing on a particular region, the rise in populism globally gives these results a broader salience.
8 July 2020: Covid-19 Commentary
Dr Hanna Szymborska, Senior Lecturer in Economics, has published a well-articulated commentary for The Conversation on the . In the piece, she argues why COVID-19 is not the root cause of the deepest economic crisis in a century, and reflects on how different approaches to economic thinking will shape the type of recovery our societies will face.
7 July 2020: A presentation on blockchain and public administration
Dr Stefania Paladini, Reader in Economics & Global Security, presents her work on 鈥楤lockchain and its use in the public administration and public utilities鈥� at the workshop 鈥業nnovation intermediaries and emerging digital technologies: policy and practice鈥� co-organised by CIMR, Birkbeck and the University of Florence. This is part of her on-going research on Blockchain with Dr Erez Yerushalmi and others.
1 July 2020: We are sad to say goodbye to Diya
CAF脡 is really sad to say goodbye to Dr Diya Lulla who is leaving BCU鈥檚 Finance and Economic Teams. She has been a fantastic colleague and CAF脡 member. We wish her good luck in her new role.
6 July 2020: Covid-19 and a Basic Income in the UK
The current COVID-19 pandemic has brutally exposed the shortcomings of a flexible labour market combined with a limited welfare safety net in the UK. Centre for Brexit Studies Academics Professor Alex de Ruyter and David Hearne (also our CAF脡 member) have published their ongoing research into the concept of a Basic Income in the UK. The report, titled 鈥樷��, makes the case for the adoption of a Basic Income in the UK.
Identifying the potential for wealth taxes as addressing any funding shortfall, the Academics discussed in their about their research why a limited Basic Income fails to address the fundamental problem of the current system. As the UK struggles to cope with the pandemic and calls to re-open the economy gather pace, the team have analysed in their research whether a Basic Income could become an accepted part of the political landscape.
11 May 2020: CAFE researcher joins the COVID-19 expert database
Senior Lecturer in Economics Dr Hanna Szymborska has joined the COVID-19 expert database coordinated by the UK Parliament and the government. As part of the database, She provided expert advice to the Parliament about the short, medium and long-term concerns and issues relating to COVID-19 and its impacts on the economy and society.
Dr Szymborska has highlighted the need for the Parliament to scrutinise the government鈥檚 policy responses to the crisis to ensure that the measures taken are effective in supporting of the most financially vulnerable members of society (including low-paid workers, workers on insecure contracts, carers, women, BAME individuals, and the young). She has emphasised that both the macroeconomic policy responses (such as the fiscal stimulus and quantitative easing) and the more target measures (including the employee furlough and business lending) that had been adopted by the government carry implications for inequality in the short run and in the long term.
She has argued that a boost in government spending is likely to provide a more direct financial support to vulnerable workers and thereby mitigate inequality, while quantitative easing is more likely to contribute to higher inequality by increasing prices of financial assets, the ownership of which is concentrated among the richest members of society. Dr Szymborska continues to provide expert insight about the equity implications of the government鈥檚 exit strategy from the lockdown, as she sees inequality as a major factor that is likely to make the imminent economic crisis more long-lasting and severe by dampening demand levels in the economy.
5 May 2020: New publication that analyses the effects of Nocturia on productivity using General Equilibrium Modelling
Senior Lecturer in Economics Dr Erez Yerushalmi has published a that assess the burden of nocturia in the workplace, i.e., a condition whereby individuals wake up to urinate at least two times per night. This bothersome symptom negatively affects individuals鈥� health and productivity. A workplace survey of 92,129 individuals was conducted. The analysis finds that nocturia impairs work productivity by around 4% due to absenteeism and presenteeism.
15 April 2020: International Webinar: To Panic or鈥o Panic? Allow your Brain Guide you on how to Embrace Crisis and Lead People
Prof. Alexandros Psychogios delivered a highly successful webinar on Leadership & Covid19 Crisis. Prof. Psychogios argued that as any other large-scale crisis, the COVID-19 one is characterised by enormous levels of uncertainty due to overload of information that generates complexity. This complexity in turn can enhance fear and of course panic at both individual and collective level. However, beyond your personal, family and social safety that is a priority, there is another threat in the air.
People management is under threat. Our ability to lead people for various projects and processes through this crisis is very important. Our actions as leaders will highly affect the level of the outcome. In this respect, this webinar explored questions like: Where can we find the strength to lead our people? How Neuroscience can help us understand what to do? How can we boost our brain capability to guide others? Prof. Psychogios by drawing on brain science and leadership practices, informed and explained to professionals, managers and informal leaders on how to adjust with crisis and use brain approaches to lead people through it.
22 January: New journal publication on the link between wackiness and event spaces
Dr Lucia Aquilino has recently published a new paper in . This paper considers the ways in which wackiness is central to event spaces within the town of Llanwrtyd Wells, Wales. Based on a social constructivist approach, this work sheds light on aspects of the concept development, planning and organisation of events within a particular locale. It shows how wackiness is an important element of the event management development in the town and a key part of wider rural tourism development.
20 January 2020: New publication that explores Corporate Governance and Firm Performance in Pakistan: dynamic panel estimation
Congratulations to Senior Lecturer in Finance Dr Muhammad Akbar and co-authors on their new paper in . Their research analyses the association between corporate governance and firm performance. Using a dynamic penal estimation, they quantify the impact of CEO duality on board characteristics and its relationship with firm performance. Findings are based on a sample of 191 listed non-financial firms over the period 2004-2014.
They show that corporate governance plays a pivotal role in determining financial performance of firms operating in Pakistan, and that there are statistical variations among the sampled firms (large and small size). Furthermore, CEO duality compromises the efficiency of board independence, and that there are non-linear relationship of managerial ownership with performance.
30 November 2019: New book analyses Sustainable Economy and Emerging Market
Dr Stefania Paladini co-edited the book by Routledge. This edited volume provides a snapshot of the different dimensions of sustainability and analyses how they interact and configure themselves, case by case, in selected emerging economies. The parameters of economic growth in developing economies are explored in the context of systems, climate change, and environmental challenges.
21 November 2019: New publication on a Malaria Vaccine for children using General Equilibrium Modelling
Senior Lecturer in Economics Dr Erez Yerushalmi and co-authors have published a new paper in that estimates the benefits of a new experimental malaria vaccine for children. The paper uses a dynamic computable general equilibrium (CGE) calibrated to Ghana. They find that a vaccine for children would raise GDP growth by 0.5% per year, even though children are not yet in the labour market.
1 September 2019: Dr Hanna Szymborska joins BCU and CAF脡
CAF脡 welcomes Dr Hanna Szymborska, Senior Lecturer in Economics as a new member of the Economics Team at BCU and a new member in CAF脡. Hanna focuses on economics of inequality and financialisation, gender and racial inequality, among other social-economic topics. She was previously a lecturer of economics in the Open University and holds a PhD from University of Leeds.