Bringing together researchers across economic disciplines Bringing together researchers across economic disciplines

The Applied Econometrics and Finance group brings together researchers active in various economic disciplines within the School, with a wide range of research interests.  The research areas include, Financial Econometrics, Macroeconomics, Development Economics, Economic Growth, Banking Economics, Environmental and Resource Economics, Labour and Population Economics, and several more.

A key focus of the research group is on collaboration with researchers from other disciplines to encourage the fertilisation of ideas and reflect the diversity of the potential impact of our research.  The research group has particularly close links to researchers in the Norwich Business School , the School of International Development, and the Health Economics Group within the School of Medicine.

The dominant theme of the research group is research in financial econometrics and macroeconomics, with group members Peter Moffatt, Arnold Polanski, Alasdair Brown, Fuyu Yang, Marta Wisniewska and Bahar Ghezelayagh recently being joined by Martin Bruns, Gustavo Fruet Dias and Andrea Calef.

Research of this group is regularly presented in two seminar series: Applied and Financial Economics workshops and Accounting Finance and Governance workshops (the latter jointly with Norwich Business School).

Our expertise links creatively in media economics through the media@UEA group. We are active in the Centre for Copyright and New Business Models in the Creative Economy (CREATe), an RCUK interdisciplinary research centre helping UK cultural and creative industries become innovation leaders within the global digital economy.

Our researchers work in partnership with organisations including the British Horse Racing AuthorityBritish Medical Associations, Defra, the European Commission Directorate-General for ResearchNorwich City Football Club, the supermarket chain Sainsbury's, Anglian Water and Archant.

Faculty staff

Ruth Badru ProfileRuth Badru’s research interests are mainly in the areas of macroeconomics, public finance, applied econometrics and quantitative methods. Her current research is focused on the empirical evaluation of the effect of gender inequality on the time path of economic growth and the impact of public finance on the gender distribution of well-being.

Oana Borcan photoOana Borcan’s main research interests lie in political economy, development economics and applied microeconomics. She uses empirical methods, such as quasi-experiments and field experiments to analyze policy-relevant issues related to corruption, voting and education. A part of her work investigates the long-run determinants of economic prosperity, focusing on state history from antiquity to the present.

Mike Brock PortraitMichael Brock's current research interests explore the relationships between behavioural economics and environmental attitudes. More specifically, he is interested in discovering how we can examine the decision-making and preference construction of individuals regarding public, collective and environmental goods. From this, his work seeks to illustrate the ways in which we are able to identify and then direct people’s behavioural choices in a way which should enhance the collective well-being for society and/or the environment. 

Alasdair Brown has research interests in financial economics, particularly in behavioural finance and market microstructure.  He has used betting market data to look at the role that information processing constraints (or, more generally, limited cognition) play in asset mispricing. He is currently working on evaluating market designs that promise to mitigate the speed advantages of algorithmic traders.

Christa Brunnschweiler is an applied economist with research interests in the areas of economic growth and development, particularly in resource economics and conflict studies. She has studied various aspects of the natural resource curse and is currently looking at causes of violent and non-violent conflict, as well as policies for conflict prevention

Martin Bruns' research focuses on Econometrics and Macroeconomics, in particular multivariate time series analysis and Bayesian inference. His recent projects investigate approaches to identify structural vector-autoregressive (VAR) models in various contexts.


Andrea Calef’s research is in the areas of banking and international finance.  He is particularly interested in the causes of systemic banking crises.


Joel Clovis a Lecturer in Macroeconomics; Money and Banking and in Econometrics. Research interests are in applied macro-econometrics topics; eg, financial sector econometrics; banking risk; financial sector innovation & infrastructure development; also some economic development topics, such as economic growth in developing countries, modelling macroeconomic volatility, inflation and real business cycles.

Peter Dawson researches the economics of sport, and has recent publications on the impact of refereeing conventions on match outcomes, and on the role of sport in improving health.



Corrado Di Maria has broad research interests that span the economics of growth and development, environmental and natural resource economics, energy economics and the economics of technological change. The key feature of his work is an emphasis on both theoretical and empirical aspects, as well as its policy relevance.

Gustavo Fruet-Dias is an econometrician specialising in time series models for financial data.  His current research includes volatility modelling, price discovery and volatility discovery, market microstructure models, continuous time models, long-memory time series and forecasting with rich datasets and Big Data.


Yuan Gao researches on technological innovation, cross-border knowledge diffusion, online business and the gig economy. 




Bahar Ghezelayagh joined the School of Economics as a PhD student in October 2009. Her research interests are in the area of Financial Econometrics, Intra Day Volatility, and Wavelet Methodology.


Liliana Harding PhotoLiliana Harding is interested in applied research, with a focus on migration and labour economics, as well as exploring policy implications and government intervention in the labour market.  Her recent work has simulated the dynamics of unemployment in an open economy with immigration, and assessed the contribution of foreign workers towards tax revenues.  She is currently extending her research to explore specific factors driving local and urban economies, considering the role of arts and culture towards an innovative economy and the public wellbeing. 

Laura Harvey's area of study is applied econometrics, with an emphasis on inequality and econometric methods. Her research agenda involves taking innovative empirical approaches to better understand the structure of income inequality. In particular, Laura is interested in inter-generational and social mobility, effects of demographic changes, and the interrelationships between poverty, inequality and economic growth.

Ayobami Ilori Profile PhotoAyobami Ilori analyses the transmission and propagation of macroeconomic shocks within business cycle models.  He estimates the theoretical model using Bayesian method, or empirically within structural macroeconometric models. In a recent paper, he analyses the international transmission of fiscal shocks in Europe within a structural VAR model identified using DSGE-based sign restrictions.

Michael Kummer ProfileMichael Kummer's research applies econometric methods and Empirical IO to study on the Economics of Digitization and ICT, Networks and Online Markets. 



Emiliya Lazarova has done applied work in development and migration using macroeconomic data and in adoption of new products using individual level data. Her most recent applied projects include a study on the impact of disability on the decision to pursue further education using UK LFS data and an investigation of price-setting mechanisms based on US coal procurement contract data.

Peter Moffatt studies individual risk attitude using survey data, with recent papers on spousal correlation in risk attitude, and on the impact of financial and macroeconomic factors on individual risk attitude. In another recent paper he studies the determinants of risk attitude using field data on the choices of borrowers between fixed and variable rate mortgages.

Georgios Papadopoulosresearch interests are in microeconometric applications in the fields of labour and population economics.



Arnold Polanski's research in financial economics focuses on financial networks, tail interdependence and (multidimensional) risk. His recent projects include estimation and forecasting of the multidimensional value at risk, measuring interdependence of extreme events and work on shadow banking in China and elsewhere. 

Jibonayan Raychaudhuri PhotoJibonayan Raychaudhuri has research interests in international trade, financial economics and environmental economics.  His current research has used data on firms to study how financial constraints (at the sectoral level) affect export performance. He has also used scanner data to study the effect of labels on the purchase of (so called) “ethical” products. 

Marta Wisniewska's research is on financial markets, with particular interest in market inefficiences and trading.



Fuyu Yang's research interests include Bayesian inference of models with high dimensional latent variables, and model selection with the use of information flow. Currently, she is working on a project sponsored by the British Academy, which examines the relationship between the size of bank balance sheets and GDP growth.

Research Students

Haifa PortraitHaifa Al Hamdani is a research student in the School of Economics. Her research program focuses on the impacts, determinants and consequences of inflows of foreign direct investment, the implication of productivity growth, spillovers and economic performance. 


Aayushi Awasthy’s PhD project is on analysis of electrification in India. This includes analysis of variables leading to successful and failed electrification and subsequently the impact on developmental indicators such as health, employment, entrepreneurship etc. Aayushi has seven years of work experience in the field energy modelling and climate change. 

Thanh portrait

Thanh Doan gained his master degree in Industrial Economics at UEA. His research interest is Industrial Organizations, especially the multisided markets and platforms. Thanh is supervised by Dr Franco Mariuzzo and Dr Emiliya Lazarova.

Tong Li is a research student whose research interests lie in Finance. Her current research explores peer to peer lending.



Fei Liu is a second-year PhD student. My research interests are financial econometrics, behaviour economics and finance, option pricing. I currently focus on option market.



Xuerui Ma (Poppy) is a research student in the School of Economics, working on price dynamic of alternative investment.


Samuel Obeng is a PhD student in the School of Economics. His doctoral dissertation is being supervised by Dr. Christa Brunnschweiler and Dr. Edward Anderson. He is looking at determinants of government spending (both local and national spending) in developing countries and the extent to which democracy and globalization influence government spending in developing countries. Samuel’s research interests are in political economics, public sector economics, public finance, international trade, international finance, monetary economics, foreign aid, globalization, and democracy. 


Ginika Okpala investigates the relationship between competition in the banking sector and the performance of banks.  Bank performance is measured by the incidence of non-performing loans.  She uses panel data models with both country-level and bank-level data.


Aleksandr Pereverzin is a research student in the School of Economics. He holds MSc Finance and Economics degree from the University of East Anglia. He has started his PhD studies at UEA in September 2017 and works in the crossroads of financial econometrics and machine learning applied to financial risk management and time series modelling.

Wengxue PortraitWenxue Wang is currently a PhD student in the School of Economics at UEA. She is interested in energy markets, specifically, crude oil, and shale oil in the U.S. Wenxue's current research involves the volatility study, portfolio strategy of such products, and the interaction between the products in energy market

Ritchie PortraitRitchie Woodard is a research student in the School of Economics whose main interest is in Sports Economics. He is currently working on his PhD thesis which investigates the effects of pay dispersion and cultural diversity within sports teams. Throughout his studies Ritchie has kept his interests relatively broad, and is also interested in Financial, Behavioural, Experimental and Industrial Economics.

Zheng Zhang portraitZheng Zhang is a PhD student in the School of Economics. He started his PhD in 2016, under the supervision of Dr Joel Clovis and Prof Peter Moffatt. Zheng's research focuses around Finance and Macroeconomics. He is particularly interested in the banking sector, such as, the bank’s and individual’s risk-taking behaviour under a specific monetary policy.