Professor Panicos Demetriades

Professor of Financial EconomicsPanicos photo 2012

Tel: +44 (0)116 252 2835


Office: AC112

Office hours: Thursdays 2.00pm - 4.00pm (term time only) otherwise by appointment

Personal details

Following a two year absence from the University, during which I served as Governor of the Central Bank of Cyprus and member of the Governing Council of the European Central Bank, I returned to my position as Professor of Financial Economics on 1st May 2014.

I hold a PhD in Economics from the University of Cambridge and BA and MA degrees, also in Economics, from the University of Essex. My academic career spans a period of 25 years, the last twelve of which have been with the University of Leicester. I have published extensively, primarily in the area of finance and growth and also in other areas of economics.

I'm a Fellow of the Academy of Social Sciences (FAcSS).

You can view a copy of my CV online. (PDF)


  • IDEAS page:



  • Finance and growth

Research papers can be downloaded via RePEc.


  • Finance and growth
  • European monetary policy
  • Banking union in Europe


  • “Why Do African Banks Lend So Little?” (2015) S. Andrianova, B. Baltagi, P. Demetriades and D. Fielding, Oxford Bulletin of Economics and Statistics, Vol. 77, pp. 339 – 359.
  • (2013) "Financial Restraints and Private Investment: Evidence From A Nonstationary Panel", Economic Inquiry, Western Economic Association International, vol. 51(1), pages 248-259, 01 (with Mauro Costantini, Gregory A. James and Kevin C. Lee).

  • (2012) "Information, Institutions and Banking Sector Development In West Africa", Economic Inquiry, Western Economic Association International, vol. 50(3), pages 739-753, 07 (with David Fielding).

  • (2012) "Sources and Legitimacy of Financial Liberalization", European Journal of Political Economy, Elsevier, vol. 28(2), pages 147-161 (with Brian Burgoon and Geoffrey Underhill).

  • (2012) "Government Ownership of Banks, Institutions and Economic Growth", Economica, London School of Economics and Political Science, vol. 79(315), pages 449-469, 07 (with Svetlana Andrianova and Anja Shortland).

  • (2011) "Finance and Growth in Africa: The Broken Link", Economics Letters, Elsevier, vol. 113(3), pages 263-265 (with Gregory James).

  • (2011) "Political Economy Origins of Financial Markets in Europe and Asia", World Development, Elsevier, vol. 39(5), pages 686-699, May (with Svetlana Andrianova and Chenggang Xu).

  • (2011) "Government, Openness And Finance: Past And Present", Manchester School, University of Manchester, vol. 79(s2), pages 98-115, 09 (with Peter Rousseau).

  • (2009) "Financial Development and Openness: Evidence from Panel Data", Journal of Development Economics, Elsevier, vol. 89(2), pages 285-296, July (with Badi Baltagi and Siong Hook Law).

Selected earlier publications:

  • (2010) "Creditor Protection and Banking System Development in India" (with S. Deakin and G. James), Economics Letters, vol. 108, 19-21, (available online at Science Direct).

  • (2009) 'Financial Development and Openness: Evidence from Panel Data' (with B. Baltagi and S.H. Law), Journal of Development Economics, vol. 89, 285-296, (available online at Science Direct).

  • (2008) 'Government Ownership of Banks, Institutions and Financial Development' (with Svetlana Andrianova and Anja Shortland), Journal of Development Economics, vol. 85, 218-252, (available online at Science Direct).

  • (2001) 'Financial Development and Economic Growth: The Role of Stock Markets' Journal of Money, Credit and Banking, 33, 16-41 (with P. Arestis and K. Luintel).
  • (2000) "Intertemporal Output and Employment Effects of Public Infrastructure Capital: Evidence from 12 OECD Economies" (with T. Mamuneas), The Economic Journal, Vol. 110, No. 465, 687-712.
  • (1997) "The Direct Costs of Financial Repression: Evidence from India" (with K. Luintel), The Review of Economics and Statistics, Vol. 79, No. 2, 311-320.

Further publications are available on my Google scholar citations profile.

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