Professor Panicos Demetriades

Professor of Financial Economics

Contact details

Panicos photo 2012

  • Tel: +44 (0)116 252 2835
  • Email:
  • Office: Room 2.09, Second Floor, Mallard, Brookfield
  • Office hours: Thursday 10.30 am - 12.30 pm

Personal details

My academic career spans over 25 years, of which the last 15 have been at the University of Leicester. I have published extensively, particularly in the area of financial development with some of my work focusing on Asian and African economies. My early work challenged mainstream views about the causality between finance and growth and emphasized the importance of good institutions, including rule of law and financial regulation. More recently, I have been working on the causes and consequences of financial fragility, using new measures of fragility for over 100 countries. Much of my research has been funded by ESRC grants.

During 3 May 2012 - 10 April 2014, I served as Governor of the Central Bank of Cyprus (Euro system) and member of the Governing Council of the European Central Bank.  As Governor of the Central Bank of Cyprus, I oversaw a major restructuring and recapitalization of the Cypriot banking system using modern bank recovery and resolution tools.  I also participated in the discussions that led to the establishment of the Single Supervisory Mechanism in the euro area. My insights into the banking crisis in Cyprus have been published by Palgrave Macmillan in my book entitled Diary of the Euro crisis in Cyprus: lessons for bank recovery and resolution. Further information on my book is available on this website.

I hold a PhD in Economics from the University of Cambridge, where I won the Stevenson Prize in Economics, and BA and MA degrees from the University of Essex.

In 2011, I was elected Fellow of the Academy of Social Sciences.

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


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


Svetlana Andrianova and Panicos O. Demetriades (2018) “Financial Fragility and Financial Development: Two Sides of the Same Coin?”, Comparative Economic Studies 60(1), March, pages 54-68. Invited Paper to a Symposium on Finance and Growth.

Panicos Demetriades (2017) "A Diary of the Euro Crisis in Cyprus: Lessons for Bank Recovery and Resolution", Palgrave-Macmillan: Cham Switzerland.

Panicos O. Demetriades (2017) “Political Economy of a Euro Area Banking Crisis”, Cambridge Journal of Economics, Vol. 41(4), July, pages 1249-1264.

Svetlana Andrianova, Badi H. Baltagi, Panicos Demetriades and David Fielding (2017). “Ethnic Fractionalisation, Governance and Loan Defaults in Africa”, Oxford Bulletin of Economics and Statistics, Vol. 79 (4), August, pages 435–462.

Political economy of a euro area banking crisis: Keynote Address at ‘Politics, Finance and Growth’ Conference Reserve Bank of South Africa, Pretoria, (2016), forthcoming in Cambridge Journal of Economics

"Ethnic fractionalisation, governance and loan defaults in Africa" (2016),  Svetlana Andrianova, Badi Baltagi, Panicos Demetriades and David Fielding, forthcoming in Oxford Bulletin of Economics and Statistics

"The changing face of financial development" (2016) Panicos Demetriades and Peter L. Rousseau. Economics Letters, Vol. 141, pp 87–90.

“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.

More publications are available on my Google scholar citations profile.



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