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University of Leicester

UOA 34 - Economics and Econometrics

RA5a: Research environment and esteem

The Department of Economics at Leicester is a large international centre of research excellence in all the main areas of economics. It is an exciting, energetic and collegial community, with a balanced mix of senior staff (nine professors, two readers and one senior lecturer) and younger staff (14 lecturers), united by a strong belief in the fundamental importance of research of the highest international quality.
Research strategy
The success achieved in RAE 2001 allowed the Department to develop a strategy of sustainable growth aimed at building research excellence in all areas of the discipline. Having submitted 16 FTE staff in 2001, we are now in a position to enter 25.2 FTE staff, and the next stage of the strategy is to consolidate and further develop the success achieved so far. This will involve deepening our strength by increasing the number of researchers in each area, increasing organically the graduate teaching offering and the PhD programme, and ensuring all staff continue to have the opportunity to work in an environment where excellence is sought, nurtured and rewarded. Our expectation is that all colleagues will strive to continue to produce work of international quality, that current senior staff will remain, and junior staff will become, leaders in their fields.
Research Structure
The Department encourages collegiality, discussion and collaboration between staff in different areas of the discipline. There are two weekly seminar series, one with internal and one with external speakers. They are regularly attended by all staff members and PhD students, irrespective of the speaker’s field. Within such a culture of cross-fertilization, the department's research is loosely organised around four informally defined research groups, each with the critical mass and focus to achieve results of the highest quality: Macroeconomics, Theoretical and Applied Econometrics, Applied Microeconomics and Public Policy, and Microeconomic Theory. Staff and research students are associated with at least one of the research groups, although several members naturally belong to more than one.
The Macroeconomics group centres around the work of al-Nowaihi, Andrianova, Charemza, Demetriades, Dhami, Hall, Lee, Makris, Pollock, Valente and Zhang.   This group's contributions have had their focus in the areas of  
  • Business cycles and macroeconometric modelling (Hall, Makris, Lee, Pollock, Zhang).
  • Finance, development and transition (Andrianova, Charemza, Demetriades, Hall).
  • Expectation formation and risk analysis (Lee, Hall, Valente, Zhang).
  • Monetary policy (al-Nowaihi, Demetriades, Dhami, Charemza, Hall, Lee).

The Theoretical and Applied Econometrics group includes Baltagi, Charemza, Hall, Kedir, Lee, Manzan, Moscone, Pollock and Valente. This group has contributed to:
  • Applied microeconometric analysis of consumption, health and labour markets (Moscone, Lemos, Kedir).
  • Microeconometric methods (Baltagi, Moscone).
  • Time series analysis (Charemza, Manzan, Pollock,Valente).
  • Forecast evaluation (Hall, Lee and Valente).

The Applied Microeconomics and Public Economics group includes al-Nowaihi, Carrillo Tudela, De Fraja, Dhami, Fraser, Garino, Lemos, Kedir, Makris and Martinez Mora. Their current research covers:
  • Redistribution and public provision of private goods and private provision of public goods (De Fraja, Fraser, Makris, al-Nowaihi and Dhami).
  • Theoretical (De Fraja, Martinez-Mora) and applied (Kedir, Lemos, De Fraja) analyses of educational provision.
  • Savings and immigration (Lemos, Garino).
  • Theoretical analyses of labour markets (Carrillo Tudela and Garino).

The Microeconomic Theory group  includes al-Nowaihi, Andrianova, Bose, Carillo Tudela, De Fraja, Dhami, Fraser, Garino, Makris,  Mutuswami, Renou, Zanchettin, and Zimper. Topics on which members of the group have made substantial contributions include: 

  • Behavioural economics ( al-Nowaihi, Dhami, Renou, Zimper).
  • Corruption and reputation formation (Andrianova, al-Nowaihi and Dhami).
  • Search and matching (Carrillo Tudela).
  • Mechanism design (Bose, De Fraja, Mutuswami, Renou, Makris and Zimper).
  • Oligopoly, imperfect competition and patent races (Zanchettin).

The department has a multi-layered formal and informal research structure, promoting collaboration among its members and with outside researchers. The Department’s Research Committee consists of several members from each group and is responsible for strategic decision-making, identifying new initiatives and opportunities for collaboration and prioritising the allocation of resources for the promotion of research activity. It also influences study leave, which is organised partly through a University-wide study leave system and partly by internal departmental arrangements, reallocation of duties, and so on, and contributes to the staffing policy. The Research Committee also monitors the activities of each member of staff through analysis of their returns on the University Research Expertise Database and the Department’s own regular research questionnaires. It gives support, advice and guidance on publication plans and research grant applications (e.g., Hall is a former ESRC Grants Board member and provides advice on raising research income; a number of staff members with journal editorial experience provide advice on the publication process). The Committee members also provide research leadership through direct collaboration with colleagues, and by providing advice on submission and revision strategies (from initial preparation of the manuscript to responding to referees’ and editors’ comments) in informal one-to-one confidential meetings. The Department’s aim to strive for a diffuse research culture has been successfully achieved, to the extent that we are including over 90% of our academic staff in the present submission.
The Department’s long-term strength and health is shown also by the fact that the research culture and performance have been maintained throughout the assessment period although seven staff have left to take up professorships in other institutions (Caglayan, Koop, Pudney, Brown, Fielding, Mezzetti, McCrorie). While a strong senior staff base has been retained from before 2001 (Charemza, Demetriades, Fraser, Lee), guaranteeing continuity in the Department’s research culture, 21 of the Department’s current 28 staff have been recruited since 2001. The Department is proud of its achievements in fostering the development of its staff and considers its ability to attract leading researchers and rising stars and their sustained productivity to be signs of the strength of its research infrastructure.
Collaboration with the international research community has been pursued very actively and, over the review period, members of the department have had collaborative research links with researchers at numerous UK, European, North American and other international institutions. This is attested, for example, by most staff members having several co-authors and collaborators from other national and international institutions.
Research students and research studentships
The Department recognises the contribution that a vibrant group of PhD students can make to its research ethos and devotes considerable resources to its MSc/PhD programme (which has ESRC Research Training recognition) in order to provide an environment to undertake graduate research equal to the best in the United Kingdom. Eleven Graduate Teaching Assistantships are available currently, awarded in open competition to students studying for a PhD. Assistantships provide a maintenance grant and cover fees at home/EU level, and give students teaching experience. PhD students are housed in dedicated office accommodation within the Department and have everyday access to staff. There is a strict monitoring system to ensure that supervision works effectively and a regular PhD Students’ Seminar series (also attended by staff) where each student is required to present his or her work. Each PhD student has the use of a networked computer and ancillary equipment, and his/her own desk space and research resources, such as data sets, library access, access to Graduate School research training programmes, etc. They are encouraged to attend national and international conferences, and are supported financially to do so.   
The students on the PhD programme organise an extremely successful bi-annual PhD Conference in the Department. The conference, which started in 2002, is attended by PhD students from the UK, Europe, the USA, and other international universities. Staff members of the Department act as discussants and keynote speakers. In 2006, 32 papers were presented, mostly in parallel sessions.
The PhD programme in Leicester has been successful for a number of years and has moved into a more mature phase over the last five years. The programme uses our ESRC recognized MSc in Economics as one of its recruitment bases and has a high international profile,
including a joint doctoral programme with the University of Milan. There are currently twenty-six students registered on the PhD programme and this number has been steadily increasing; we expect this trend to continue. Our PhD graduates are very successful in the international job market. First academic destinations of the students who have been registered since 2001 have included the Universities of Aston, Bath, Birmingham, Cardiff, City, Cranfield, UCL, Oxford (two graduates), SOAS, Nottingham and Warwick in the UK and Universities in Chicago, Nigde (Turkey), Cyprus and Putra (Malaysia). Outside academia, our students have also taken up posts in the Ministries of Finance in Greece and Jordan and at the European Central Bank.
The success and productivity of the research environment for junior academics has been recognised by the ESRC. For example, the ESRC has recently awarded Postdoctoral Fellowships to three former students (Sebastian Torres, Gregory James and Mikhail Karoglou), with their research being based in the Leicester Department.  
Research Income
The total income returned on RA4 is £679,058. This includes several ESRC awards in the area of finance and development, including a large ongoing grant under the World Economy and Finance Programme (Demetriades ESRC RS10036), a related conference grant from the Programme Director, and the three ESRC post-doctoral fellowships won by Leicester PhD students, of which two are ongoing (James and Torres). These awards have enabled a number of staff members (Andrianova, Baltagi, Demetriades, Lee) and several former Leicester PhD students to co-operate actively on a structured research programme and, as a result, have helped to nurture a new generation of Leicester researchers. In addition, they have served as a platform for new research collaborations with researchers outside Leicester, including Stijn Claessens (Amsterdam and IMF), Sourafel Girma (Nottingham) and Chenggang Xu (LSE), and have helped to enhance the Department's national and international profile. Although these awards have been made post-2005, RA2 already includes one output from them (“Government Ownership of Banks, Institutions and Financial Development,” under Andrianova), while ongoing work has been presented at prestigious international conferences, including one organised by the International Monetary Fund in April 2007.

In addition, RA4 includes several smaller grants that have furthered the work of individual members of staff, principally in the areas of macroeconometrics and applied microeconometrics.

Our staff’s funded research projects within the period have been notably successful. For example, Valentes joint ESRC Research Project, Puzzles in Exchange Rate Economics: An Asset Allocation Perspective was graded “outstanding”, as was Charemzas 2000 – 2003 INTAS project, Nonlinear Structural VAR Modelling of East European Economies, which featured in the INTAS Bulletin.
Staffing Policy
Research accomplishment is the main element in all staffing decisions, including recruitment, promotion and appraisal. All junior staff members are assigned a mentor among the senior staff. The role of the mentor is to foster and advise on their research progress. The Department and University devote considerable resources to the development of junior staff. Newly appointed staff at their first teaching appointment benefit from a reduced teaching and administrative workload in their first three years (approximately 40%, 30% and 20%).
Junior staff are encouraged and supported to visit, on a short-term basis, centres of excellence abroad (recently, these have included the Universities of Amsterdam, Cergy-Pontoise, Duke, Otago and Pennsylvania). The aim is to allow junior staff to expand their network and to gain international exposure.
Generous support is also provided to attend conferences and workshops.  
The University has launched a scheme for “New Blood” lecturers,
under which colleagues benefit from reduced teaching during the first four years of employment in order to facilitate continued high-quality research. In the first year, the scheme involves no teaching and administration, allowing the lecturer to devote all his/her time to research. In the second year, the load is 1/3 of a normal departmental teaching load. In the third year, it is 2/3 of a normal teaching load. In the fourth year it is 1/3 of the normal teaching load, with the possibility of applying for further study leave. There is also University funding for research travel for four years. The Department has been successful in making the strong appointment of Renou (from Adelaide) and Zhang (from Memphis) under this New Blood scheme.
Research Infrastructure
The Department offers its members, including the PhD students, excellent secretarial and administrative support and office, library, and computing facilities. The Department has two regular seminar series plus ad hoc workshops in macro and micro economics. The weekly external seminar series provides a window to research carried out by research leaders in other centres of excellence in economics. Each year, there are between 25 and 30 speakers from the UK and other international universities and research centres. (Examples, in the last two years only, include Adelaide, Amsterdam, Bocconi, Brown, Carlos III Madrid, Duke, European Central Bank, Federal Reserve Bank of New York, Helsinki, INSEAD, Melbourne, Paris 1 and 9, Pennsylvania, Princeton, Pompeu Fabra, Roma Tor Vergata, Vanderbilt, and Zurich). Members of staff present their work in the weekly internal seminar series. PhD students also present their work in a regular PhD seminar series. Seminars are attended by all staff and research students and the departmental culture encourages lively participation.
Other research support includes:
  1. 1.An incentive scheme which assigns an additional credit to the research budget of staff members for each external research grant application.
  2. 2.Explicit recognition of research activity in the department’s workload allocation matrix.
  3. 3.A travel budget for attending national and international conferences.
  4. 4.Sponsoring of conferences and workshops. (Taking 2007 as a typical year, the department hosted: two meetings of the Midlands Game Theory Workshop, one of which, organised prior to the Prize announcement, had Nobel Laureate Eric Maskin among the presenters; a meeting of the Public Economics Conference; a special meeting of the Money, Macro and Finance study group).
  5. 5.Department study leave arrangements, to encourage and facilitate short visits abroad to visit other research centres.
  6. 6.A University policy of a one semester study leave every seven semesters for all research active staff.
  7. 7.Academic visitors are encouraged, via Honorary Fellowships and Honorary Professorships appointments. We ensure that the environment they find is conducive to research, with full Library and PC network access, private office space of similar quality and location to staff members and active participation in seminar and other research activities.
We have excellent computing (provided partly by the general University Computing Centre and partly by the Faculty) and library facilities. IT Services provide a campus network connecting around 10,000 devices, a 1GB/s connection to the JANET network, wireless hotspots across campus, 1000 computers in Open Access Areas, a storage area network for general file and e-mail storage, and a service desk and responsive user support.  The Library holds over a million volumes and resources for new purchases are selected to ensure that the collections are aligned with research priorities. The University is currently investing £32 million in a major extension and refurbishment of the Library, which is due to be completed at the end of 2007. The Library’s catalogue records have recently been accepted for inclusion on both COPAC (the consortium of research libraries combined catalogue of research-intensive universities) and SUNCAT (the national combined catalogue of periodicals), a mark of the quality of the collection. The library also provides access to 16,750 high-quality academic journals and the growing Digital Library is presented in a disciplinary context through an interlinked set of discipline-specific portals supported by expert information librarians. The Library has also developed and successfully launched the Leicester Research Archive, which will act as an open access publishing vehicle for research outputs, as required by funding bodies, and the repository for doctoral theses authored at Leicester, as part of the EThOSnet Consortium Project that includes many of the research-intensive universities as partners.
Future Plans
To build on our current strength in macroeconomics and in theoretical and applied microeconomics, we plan to establish two formal research centres, in International Macroeconomics and Central Banking and in Microeconomic Theory and Applications. Each of these centres will enhance the co-ordination and support for our existing expertise in these areas. They will also serve as vehicles to extend co-operation between Department members, to encourage more co-operation with outside academics, and to focus the work of the Department on research of the highest international standard. We shall also use the centres, our other existing expertise, and new hires to improve our ability to attract externally-funded research projects to support the research activity of the Department.
In addition to the two centres
, we are also an important part of a new cross-departmental Institute of Finance (involving the Management School, the Mathematics Department and Economics) that will co-ordinate teaching and research in the Finance area across the University. Valente will be the Director of this new Institute, which will start in the Spring of 2008.
The planned growth along a sustainable path of expansion has already begun with the appointment, to start just after the RAE census date, of two new lecturers, Maria Gil-Molto and Dimitrios Varvarigos (with papers in Economics Letters, Economic Theory and  Economica already). In addition, three further lectureships and a number of new Professorships (to strengthen the areas of Applied Microeconomics and Finance) are being established, with the aim of having appointees in place by the beginning of the Academic Year 2008/2009.


Esteem indicators
The Department’s excellence and research achievements have been recognised by the academic and user communities in many ways, as outlined below.
External Links
Our staff’s research standing is reflected in their participation and involvement in a wide variety of invited research positions offering advice and expertise. Indicators of esteem in this area include the following:
  • The ESRC has invested £5.5 million in a five year research programme in the area of World Economy and Finance developed by Demetriades, in consultation with leading academics and policy makers nationally and internationally, including the chief economists of the IMF, the World Bank, the European Central Bank, the Bank of England and HM Treasury. The work on this programme is now ongoing and 26 projects around the UK have been funded by the programme, including one at Leicester, "National and International Aspects of Financial Development," of which Demetriades is principal investigator.
  • Staff members have held visiting appointments and been awarded fellowships at many UK and international institutions, including: the Federal Reserve Bank of St. Louis (Valente), University of Pretoria (Hall), Hong Kong Institute for Monetary Research (Valente), the Rheinisch-Westfalisches Institut fur Wirtschaftsforschung in Essen (Hall),  the Hong Kong Monetary Authority (Valente), Queens University Belfast (Hall), The Judge Institute, Cambridge University (Valente), the National Institute of Economic and Social Research (Hall), the University of Rome Tor Vergata (De Fraja), the University of Gondar, Ethiopia (Kedir and Martinez Mora), the University of Bologna (Zanchettin), the LUISS, Rome (Garino), the University of Verona (Makris), the University of Melbourne (Lee, Renou), the Universite Cergy-Pontoise (Renou), Duke University (Renou), the National Bank of Poland (Lee), the University of Otago, New Zealand (Andrianova and, as Williams Evans Visiting Professor, Demetriades), the University of Pennsylvania (Carrillo Tudela) and the African Economic Research Consortium, Nairobi, Kenya (Kedir). Hall has been a research Associate of the Centre for International Macroeconomics, Oxford University. Kedir is an Honorary Research Associate of the Institute for Social and Economic Research (ISER), University of Essex, and an External Research Fellow of the Centre for Finance and Credit markets (CFCM) at the University of Nottingham. Lee is an External Fellow at CFCM, a Member of the Advisory Board of the Centre for Macroeconomics at the University of Melbourne, and a Fellow of the Euro Area Business Cycle Network. Lee was also an Honorary Research Associate, Department of Applied Economics, University of Cambridge (1995-2005). Renou is a Board Member of the Economic Design Network, Australia, and Fraser is an Associate of the European Science Foundation networking programme on Public Goods, Public Projects and Externalities.
  • Staff members have been consultants and given policy advice to a variety of national and international bodies and institutions. A representative sample includes: the Central Bank of Greece, the Central Bank of Poland, the Governing Body of the Macroeconomics and Data Research Centre, University of Gdansk, the Governing Body of Econometric Research South Africa, Oxford Economic Forecasting, the Governing Body of the Romanian Centre of Economic Modelling, the European Economic Expertise service of the European Union to the Ministry of Economics in Russia, the Ministry of Finance of Japan, HM Customs and Excise, the Office of National Statistics, Insight Investment, the Central Bank of Angola, the World Bank, DFID-UK, the African Economic Research Consortium, the German Ministry of Labour and Social Affairs, the Hong Kong Institute for Monetary Research, the German Federal Employment Service, the Department of Work and Pensions, the National Assembly for Wales Economic Research Advisory Panel, the OECD/ECMT, the World Bank Institute, The European Central Bank, the National Institute of Economic and Social Research, the United nations Project LINK, the United Nations University WIDER, H.M. Treasury and the International Monetary Fund.
  • Charemza has been the Principal Economic Advisor to the Governor of the Central Bank of Poland.
  • Hall has given evidence to the House of Lord’s Commission on the Conduct of Monetary policy. Hall has also been a member of the organising committee of the United Nations Project LINK, which formulates the UN’s World Forecast that form the basis of the submission by the UN to the G7 negotiating round.
  • Charemza was a Leverhulme Visiting Research Fellow at the European University in St. Petersburg for 6 months.
  • Demetriades has been a member of the interim Governing Board of the Cyprus University of Technology, which oversees the establishment of the University, He is the board member with special responsibility to oversee the establishment of the School of Management and Economics.
  • Demetriades was the external assessor for the Review of the School of Economics and Related Studies at the University of York.
  • Fraser has been an external assessor for the Internal Review of the School of Business and Economics at Exeter University.
  • De Fraja has participated in the Confederation Working Group for Capital Funding in the NHS, and has been an assessor for the Italian Research Evaluation Exercise, CIVR, 2001-2003.
  • Lemos has advised the Department for Work and Pensions on immigration.
  • Lee has been a member of the ESRC Postdoctoral Fellowship Panel, the Board of Examiners for the ESRC Research Studentship Competition, and Subject Area Panel for Economics, the ESRC Recognition Exercise. He has also been external assessor for the reviews of the Economics departments at Keele, Melbourne and Nottingham, and was elected Member of the Executive Committee of the UK Council for Graduate Education, 2003-2009, and Member of the Advisory Board of the Centre for Macroeconomics at the University of Melbourne. He is also a member of the ESRC Training and Development Board.
  • Hall is an honorary member of the scientific council of the Institute for Economic Forecasting, Romania, and the Romanian Academy of Sciences.
  • Charemza has been the main organiser of the USAID project, ‘Timing of Monetary Policy and Inflation Monitoring in Poland and Russia’, and principal coordinator of two INTAS projects: “Incorporating Socio-economic Indicators into VAR models of NIS Economies” and “Nonstationary Multivariate and Nonlinear Econometric Models: Theory and Applications”.
  • Demetriades is the Treasurer of the ESRC and Bank of England-funded Money, Macro and Finance Research Group
  • Moscone contributed to the Wanless Social Care Review, Securing Good Care for Older People: Taking a Long-Term View, for the King’s Fund in 2006.
  • De Fraja is a Research Fellow at CEPR.

Research Achievements
Staff Research achievements are only partially reflected in the sample of papers in RA2, further indicators of research esteem include:
  • Many staff members have more than the required number of papers in the assessment period. Among the research outputs not included in RA2, there are papers in Journal of Regulatory Economics (De Fraja) Journal of Money, Credit and Banking (Valente) Journal of Applied Econometrics (Baltagi, Valente) Journal of Economics and Management Strategy (De Fraja), Economic Journal (De Fraja) Journal of Development Studies (Kedir), Economics Letters (Baltagi, Makris, Mutuswami, Hall), Journal of Public Economic Theory (Makris), Journal of Urban Economics (Makris), Public Choice (Makris), Economic Theory (Renou), Journal of International Money and Finance (Valente), IMF Staff Papers (Valente), Economic Inquiry (Valente), Journal of Banking and Finance (Valente), Theory and Decision (Zimper), Journal of Mathematical Psychology (Zimper), Journal of Econometrics (Baltagi), Journal of Business and Economic Statistics (Baltagi), Applied Economics (Charemza), Southern Economic Journal (Bose), International Journal of Finance and Economics (Demetriades), International Journal of Forecasting (Hall), Journal of Public Economics (De Fraja)
  • Lee's book Global and National Macroeconometric Modelling; A Long-Run Structural Approach (O.U.P., with Garratt, Pesaran and Shin) has received international critical acclaim and Hall has recently published a new book, Applied Econometrics (Palgrave, with Asteriou).
  • Hall won the Dae-Yang Prize for the best paper published in the Journal of Economic Integration in 2005.
  • Carrillo Tudela was awarded the 2005 Young Economist Award by the European Economic Association for his work on “Wage-Tenure Contracts, Experience and Employment Status”.  
  • Makris won the 2005 Eleftherios Venizelos award for the best paper by a young Greek economist.  
  • Renou was awarded the 2005's Louis-Andre Gerard-Varet Prize by ASSET (Association of Southern European Economic Theorists).
  • Staff members have given invited and contributed talks at over 200 national and international conferences, including: the American Economic Association, CEPR-ESSET Gerzensee, European Economic Association, Royal Economic Society, EARIE, Population Association of America, European Association of Labour Economists 2002, Econometric Society (World Congress, USA Winter Meetings and Summer Meetings, European Meetings, South and South-East Asia Meetings, Australasian Meetings), African Econometric Society meetings, the Austrian Central Bank,  International Vilnius Conference on Probability Theory and Mathematical Statistics, European Public Choice Society, European Society for Population Economics, Society for Advancement in Economic Theory (Madison, Wisconsin), Game Theory Society, Stony Brook Festival of Game Theory (USA), International Conference for Public Economic Theory, IZA-World Bank Conference, United Nations/WIDER Conference, EcoMod, Midwest Finance Association (USA), Midwest Econometrics Group Meeting (USA), Midwest Theory Meetings (USA), Midwest Macroeconomics Meetings (USA), Society for Nonlinear Dynamics and Econometrics, NBER/NSF Time Series Conference (USA), Society for Computational Economics, American Statistical Association, EC2 European Econometric Conference, Society of Economic Dynamics Conference, Midlands Game Theory Workshop, Annual Meeting of the Southern Economic Association, Macromodels (Poland), SUERF Colloquium, Tallinn Estonia.
  • Staff members have given about 200 academic staff seminars in all continents (including: all the top UK universities and the Bank of England; Amsterdam, Autonoma and Pompeu Fabra Barcelona, Bank of Italy, Bocconi, Bochum, Carlos III Madrid, Catholic University of Louvain, Cyprus, Dortmund, European University Institute Florence, European University at St. Petersburg, Free University Berlin, Helsinki, Mannheim, Paris I-Pantheon-Sorbonne, Tilburg and Toulouse in Europe; California Institute of Technology, Carnegie-Mellon, Duke, McGill Montreal, Ohio State, Pennsylvania, Pittsburgh and Texas A&M in North America; ITAM (Mexico) and Pontificia Universidade Catolica (Brazil) in Central and South America; National University of Singapore, Chinese University of Hong Kong and Indian Statistical Institute in Asia; Melbourne, Australian National, and Auckland, in Australia and New Zealand; AERC Nairobi in Africa.

Contribution to journal and conference organisationThe research standing of staff is also demonstrated by the number of invitations received to help judge, promote and disseminate the discipline. Indicators of esteem include:

  • Staff members have acted as referees for over 100 national and international journals, including all of the top international journals.
  • They have been on the editorial boards of several journals, including: Applied Financial Economics (Hall and Valente as co-editor), Applied Financial Economic Letters (Valente as co-editor), Econometric Reviews (Baltagi), Empirical Economics (Baltagi as co-editor), International Journal of Finance and Economics (Hall), Journal of Applied Econometrics (Baltagi as replication editor), Journal of Econometrics (Baltagi as associate editor), Economic Change and Restructuring (formerly Economics of Planning, as managing editor, Charemza), Bulletin of Economic Research (as managing editor, De Fraja); GE Diritto ed Economia dello Stato Sociale (De Fraja), Romanian Journal of Economic Forecasting (Hall) Economics of Education Review (De Fraja); South African Journal of Economics (Hall), Ekonomia (Charemza and, as editor, Demetriades), Economic Modelling (Charemza and, as managing editor, Hall), Applied Economics (Demetriades, Lee), e-conomics (De Fraja).
  • Staff members have also been editors of special issues of several journals, including Manchester School (Demetriades), Studies in Nonlinear Dynamics & Econometrics (Manzan), the National Institute’s Economic Review (Hall), and the Economic Journal Conference Volume 2002 (Lee).
  • Baltagi is the editor for the Elsevier series, Contributions to Economic Analysis, and the Blackwell series, Texts in Applied Econometrics. From 1991-2003 Hall was editor of the John Wiley series of books in Financial Economics and Quantitative Analysis.
  • Staff members have organized over 20 national and international conferences, including: United Nations LINK meetings; several CEPR conferences; ESRC-IFS-HMRC Public Economics Weekend; ESRC-WEF Conference on Finance & Development; Joint International Conference of the Journal of Finance and Economics and the Hong Kong Monetary Authority on Financial Markets and the Macroeconomy; the Finance Association/Financial Management Association Meeting 2007; Association for Public Economic Theory; European Economic Association; ECOMOD; Applied Simulation and Modelling (IASTED); Bank of Finland Workshop on Macroeconomics in Transition Countries; MMF Conference; the Annual Workshop of Decision Theorists(RUD 2005) Heidelberg; two workshops for ERSA(Economic Research South Africa) on decision theory and the theory of the firm.
  • Staff members have been in the programme committee of a variety of national and international meetings and conferences of learned societies, including: the MMF (2005 in Crete), the Econometric Society (European and Far Eastern Meetings) and the Royal Economic Society.
  • Staff members have given Plenary/Keynote addresses at several major conferences, including: the annual conference of the Development Economics section of the German Economic Society (Demetriades); the 17th International Symposium "Benefiting from Globalisation: Transport Sector Contribution and Policy Challenges”, organised by the OECD/ECMT Transport Research Centre (Demetriades); Macromodels-Warsaw (Hall); the African Econometric Society (Hall); the United Nations Link meetings (Hall); the Quantitative Methods for Applied Sciences Meeting (De Fraja); the Conference on Evaluation of University Research (De Fraja).
  • Staff members have reviewed research proposals for several funding agencies, including: DFID; ESRC; Economic Design Network, Australia; National Science Foundation, USA; Leverhulme Trust; Ford Foundation; Nuffield Foundation; Norwegian Research Council; Belgian Science Office; Thyssen Foundation, Engineering and Physical Sciences Research Council (EPSRC); Economic Education and Research Consortium, Russia.  
  • Demetriades organised a series of workshops in the Department in 2006 and 2007 as part of his ESRC project ‘National and International Aspects of Financial Development’ involving a number of outsiders, including Danny Cassimon, Bjorn Van Campenhout, Stijn Claessens and Geoffrey Underhill.
  • Demetriades organised an international conference on finance and development at the LSE in June 2007, in collaboration with the Financial Markets Group, which was funded by the ESRC's World Economy and Finance Programme Director's budget. Keynote speakers were Steve Haber(Stanford) and Peter Rousseau (Vanderbilt).  The conference included several papers from the World Economy and Finance project that is centred in the Department, with several speakers and discussants from the Department (Andrianova, Baltagi, Demetriades, Lee) as well as other members of the project, including Claessens (Amsterdam and IMF), Girma (Nottingham), Underhill (Amsterdam) and Xu (LSE).
  • De Fraja is a founding member of PEUK (Public Economics UK).
  • Andrianova is a founder of the Midlands Game Theory Workshop that meets twice a year, since 2002, and involves several economics departments in the Midlands.