Panicos O. Demetriades

Panicos Demetriades
Governor of the Central Bank of Cyprus
In office
3 May 2012 – 10 April 2014
Succeeded by Chrystalla Georghadji
Personal details
Born (1959-01-19) 19 January 1959
Nationality Cypriot
Alma mater University of Cambridge (Ph.D. 1987),
University of Essex (B.A. 1981), (M.A. 1983)
Awards Stephenson Prize in Economics

Panicos Onisiphorou Demetriades (Greek: Πανίκος Ο. Δημητριάδης; born 19 January 1959) in Limassol, Cyprus, is a Cypriot economist, currently Professor of Financial Economics at the University of Leicester. During 3 May 2012 - 10 April 2014, Demetriades was a European Central Bank Governing Council member and the Governor of the Central Bank of Cyprus.[1] According to RePEC he is in the top 2% of economic authors in Europe.

Biography

From 1978 to 1981, he studied economics at the University of Essex where he graduated with first-class honours. He continued his studies at Essex where in 1982 he completed his MA in economics, graduating with distinction. Between 1982 and 1987 he studied for a PhD at Cambridge University under the supervision of Frank Hahn and Hashem Pesaran. The title of his thesis was "Essays on the Costs of Inflation". During his studies at Cambridge Demetriades won the Stephenson Prize in Economics, awarded in recognition of his work on the relationship between the level and variability of inflation. In 2011, Demetriades was elected Fellow of the Academy of Social Sciences of the United Kingdom (FAcSS).[2]

Career

After obtaining his PhD he worked for 5 years in the Economic Research Department at the Central Bank of Cyprus. In 1990 he left the Central Bank and joined the Department of Economics at Keele University where in 1996 he became Reader in Economics. In 1997 he left Keele and joined South Bank University as Professor of Financial Economics and remained there for 3 years. In 2000 he was appointed to his current post as Professor of Financial Economics at the University of Leicester.

Demetriades was appointed to a five-year term as governor of the Central Bank of Cyprus on 3 May 2012 . The post involves membership of the European Central Bank's Governing Council, the independent body responsible for monetary policy in the euro area. Demetriades, resigned from this post in April 2014, following tensions with the government of Nicos Anastasiades, which was elected to handle the country's bailout in March 2013.[3] His early departure from office was viewed as a blow to central bank independence in Europe.[4]

Academic research

Demetriades’s academic work focuses on the relationship between finance and growth as well as the interactions between public and private capital and productivity.[5] His early work on finance and growth challenged the view that growth in the financial system is, by itself, sufficient to deliver more economic growth and emphasised the importance of good institutions.[6] Moreover, he has shown that, where present, the contribution of the banking sector to growth is more significant than that of equity finance through the stock market. More recent work has challenged widely held views about government owned banks by showing that, far from acting as an obstacle to growth, such banks can actually enhance both financial and economic development.[7] His work on public capital contradicts the ‘crowding out’ argument often used by mainstream economists to justify cuts in public spending and reduce the size of government. Specifically, he shows that public investment can actually promote the productivity of the private sector and stimulate trade, employment and long run growth. In this sense, his work has a distinctly Keynesian flavour, influenced by new Keynesians such as Joseph Stiglitz.[8] Although his work can be classified as macroeconomics, he also utilises both micro-data and micro-econometrics. His academic work has been influential, as evidenced by nearly 6,900 citations in Google Scholar.[9] According to the RePEc rankings, he is ranked among the top 2% of the world’s most widely read economists as well as the top 5% of economic authors worldwide based on criteria like average rank score, number of works number of distinct works, number of citations etc.[10]

Selected academic articles

References

  1. ↑ "bbc news". bbc.com.
  2. ↑ "Leicester University-Panicos Demetriades". http://www2.le.ac.uk/. Retrieved 2016-09-01. External link in |website= (help)
  3. ↑ "Cyprous Central bank Independence Attacked. Officials says". Bloomberg. Retrieved 2016-09-01.
  4. ↑ "A blow against independence". The Economist. ISSN 0013-0613. Retrieved 2015-09-11.
  5. ↑ Demetriades, P.; Law, S. (2006). Finance, institutions and economic development (PDF). International Journal of Finance and Economic.
  6. ↑ Demetriades, P.; Philip, A. (2009). Finance and Growth: Institutional Considerations, Financial Policies and Causality. NBER.
  7. ↑ "There should be no rush to privatise government owned banks". voxeu.org. Retrieved 2016-09-01.
  8. ↑ Demetriades, P.; Spiros Bougheas , (1998). International Aspects of Public Infrastructure Investment. Canadian Journal of Economics.
  9. ↑ "Google scholar citations". scholar.google.com. Retrieved 2016-09-01.
  10. ↑ "Economist Rankings at IDEAS". ideas.repec.org. Retrieved 2016-09-01.
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