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Professor Keith Pilbeam

Professor of Economics

School of Arts and Social Sciences Department of Economics

Contact details

Address

Professor Keith Pilbeam D315, Rhind Building
City, University of London
Northampton Square
London EC1V 0HB
United Kingdom

About

Overview

Keith Pilbeam is a Professor of International Economics and Finance at City, University of London.

He obtained his PhD from the European University Institute in Florence and has worked for NatWest Bank and the Royal Bank of Scotland. He has also done extensive consultancy work for a number of City financial institutions.

He is President of the International Economics and Finance Society (www.iefs.org.uk) and also Secretary General to the European Economics and Finance Society (www.eefs-eu.org). He is Associate Editor of Economic Modelling (Elsevier) and former Co-Editor of the Journal of Economic Asymmetries (Elsevier).

His research relates mainly to foreign exchange and financial markets with research papers published in leading academic journals including Oxford Economic Papers, the Journal of Banking and Finance, Journal of Economic Behavior & Organization, Economic Inquiry, International Journal of Finance and Economics, the Annals of Finance, Economic Modelling, Empirical Economics, Open Economies Review and the Journal of Policy Modelling.

He is the author of two well-known textbooks, International Finance (2013) and Finance and Financial Markets (2018) both published by Palgrave. He has also published the research monograph: Exchange Rate Management: Theory and Evidence with Macmillan.

Qualifications

  1. PhD, European University Institute, Italy
  2. Diplôme des hautes études européennes, College of Europe, Belgium
  3. BA Economics, University of Leeds, United Kingdom

Employment

  1. Associate Editor, Economic Modelling, Aug 2020 – present
  2. General Secretary, European Economics and Finance Society, Jun 2015 – present
  3. External Examiner, Kings College London, Jan 2015 – present
  4. President, International Economics and Finance Society, Aug 2010 – present

Memberships of professional organisations

  1. General Secretary, Euorpean Economics and Finance Society
  2. President, International Economics and Finance Society (UK)

Publications

Featured publications

  1. Asteriou, D., Pilbeam, K. and Tomuleasa, I. (2021). The impact of corruption, economic freedom, regulation and transparency on bank profitability and bank stability: Evidence from the Eurozone area. Journal of Economic Behavior and Organization, 184, pp. 150–177. doi:10.1016/j.jebo.2020.08.023.
  2. Huang, R., Pilbeam, K. and Pouliot, W. (2021). Do actively managed US mutual funds produce positive alpha? Journal of Economic Behavior and Organization, 182, pp. 472–492. doi:10.1016/j.jebo.2019.03.006.
  3. Litsios, I. and Pilbeam, K. (2019). The Role of National Debts in the Determination of the Yen-Dollar Exchange Rate. Economic Inquiry, 57(2), pp. 1182–1195. doi:10.1111/ecin.12735.

Publications by category

Books (5)

  1. Pilbeam, K. (2018). Finance and Financial Markets. Palgrave. ISBN 978-1-137-51562-9.
  2. Pilbeam, K. and Beckmann, J. (2017). Internationale Wirtschaft. ISBN 978-3-7910-3335-8.
  3. Pilbeam, K. (2013). International Finance. Palgrave MacMillan. ISBN 978-0-230-36289-5.
  4. Pilbeam, K. (2010). Finance & Financial Markets. Palgrave MacMillan. ISBN 978-0-230-23321-8.
  5. Pilbeam, K. (1991). Exchange Rate Management: Theory and Evidence The UK Experience. Palgrave. ISBN 978-1-349-11744-4.

Internet publication

  1. Pilbeam, K., Asteriou, D. and Tomuleasa, I. The Impact of Economic Freedom, Business Regulation and Corruption on Bank Profitability and Bank Stability: Evidence from Europe.

Journal articles (41)

  1. Pilbeam, K., Asteriou, D. and Listios, I. (2021). DSGE Modelling for the UK Economy 1974-2017. Bulletin of Economic Research, 72(2), pp. 295–323. doi:10.1111/boer.12255.
  2. Asteriou, D., Pilbeam, K. and Pratiwi, C.E. (2021). Public debt and economic growth: panel data evidence for Asian countries. Journal of Economics and Finance, 45(2), pp. 270–287. doi:10.1007/s12197-020-09515-7.
  3. Pilbeam, K. (2019). Brexit and its Impact on the Pound in the Foreign Exchange Market. The Economists’ Voice, 16(1). doi:10.1515/ev-2019-0026.
  4. Asteriou, D., Pilbeam, K. and Sarantidis, A. (2019). The Behaviour of Banking Stocks During the Financial Crisis and Recessions. Evidence from Changes-in-Changes Panel Data Estimations. Scottish Journal of Political Economy, 66(1), pp. 154–179. doi:10.1111/sjpe.12191.
  5. Pilbeam, K. and Preston, H. (2019). An Empirical Investigation of the Performance of Japanese Mutual Funds: Skill or Luck? International Journal of Financial Studies, 7(1), pp. 6–6. doi:10.3390/ijfs7010006.
  6. Pilbeam, K., Glycopantis, D. and Beckmann, J. (2018). The dollar-euro exchange rate and monetary fundamentals. Empirical Economics, 54(4), pp. 1389–1410. doi:10.1007/s00181-017-1335-1.
  7. Benbouzid, N., Mallick, S. and Pilbeam, K. (2018). The housing market and the credit default swap premium in the UK banking sector: A VAR approach. Research in International Business and Finance, 44, pp. 1–15. doi:10.1016/j.ribaf.2017.01.009.
  8. Gabrieli, T., Pilbeam, K. and Wang, T. (2018). Estimation of bubble dynamics in the Chinese real estate market: a State space model. International Economics and Economic Policy, 15(2), pp. 483–499. doi:10.1007/s10368-017-0398-y.
  9. Gabrieli, T., Pilbeam, K. and Shi, B. (2017). The impact of shadow banking on the implementation of Chinese monetary policy. International Economics and Economic Policy pp. 1–19. doi:10.1007/s10368-017-0397-z.
  10. Pilbeam, K. and Litsios, I. (2017). The long-run determination of the real exchange rate. Evidence from an intertemporal modelling framework using the dollar-pound exchange rate. Open Economies Review, 28(5), pp. 1011–1028. doi:10.1007/s11079-017-9467-7.
  11. Litsios, I. and Pilbeam, K. (2017). An empirical analysis of the nexus between investment, fiscal balances and current account balances in Greece, Portugal and Spain. Economic Modelling, 63, pp. 143–152. doi:10.1016/j.econmod.2017.02.003.
  12. Asteriou, D., Masatci, K. and Pılbeam, K. (2016). Exchange rate volatility and international trade: International evidence from the MINT countries. Economic Modelling, 58, pp. 133–140. doi:10.1016/j.econmod.2016.05.006.
  13. Begiazi, K., Asteriou, D. and Pilbeam, K. (2016). A multivariate analysis of United States and global real estate investment trusts. International Economics and Economic Policy, 13(3), pp. 467–482. doi:10.1007/s10368-016-0349-z.
  14. Belke, A. and Pilbeam, K. (2016). Exports, growth and financial stability in the euro area and beyond. International Economics and Economic Policy, 13(3), pp. 339–343. doi:10.1007/s10368-016-0354-2.
  15. Beckmann, J., Czudaj, R. and Pilbeam, K. (2015). Causality and volatility patterns between gold prices and exchange rates. The North American Journal of Economics and Finance, 34, pp. 292–300. doi:10.1016/j.najef.2015.09.015.
  16. Pilbeam, K. and Langeland, K.N. (2015). Forecasting exchange rate volatility: GARCH models versus implied volatility forecasts. International Economics and Economic Policy, 12(1), pp. 127–142. doi:10.1007/s10368-014-0289-4.
  17. Pilbeam, K., Bris, A., Alcidi, C., Barslund, M., De Groen, W.P. and Gros, D. (2015). Currency Interventions: Effective Policy Tool or Shortsighted Gamble? Intereconomics, 50(2), pp. 64–81. doi:10.1007/s10272-015-0528-0.
  18. Belke, A. and Pilbeam, K. (2015). Macroeconomic and financial adjustment in globalised economies - The state-of-play. International Economics and Economic Policy, 12(1), pp. 1–4. doi:10.1007/s10368-014-0282-y.
  19. Belke, A. and Pilbeam, K. (2015). Macroeconomic and financial adjustment in globalised economies - The state-of-play. International Economics and Economic Policy, 12(1), pp. 1–4. doi:10.1007/s10368-014-0282-y.
  20. Pilbeam, K. and Oboleviciute, N. (2012). Does Foreign Direct Investment Crowd In or Crowd Out Domestic Investment? Evidence from the European Union. The Journal of Economic Asymmetries, 9(1), pp. 89–104. doi:10.1016/j.jeca.2012.01.005.
  21. Olmo, J. and Pilbeam, K. (2011). Uncovered interest parity and the efficiency of the foreign exchange market: A re-examination of the evidence. International Journal of Finance and Economics, 16(2), pp. 189–204. doi:10.1002/ijfe.429.
  22. Pilbeam, K. and Olmo, J. (2011). The forward discount puzzle and market efficiency. Annals of Finance, 7(1), pp. 119–135. doi:10.1007/s10436-010-0159-1.
  23. Olmo, J., Pilbeam, K. and Pouliot, W. (2011). Detecting the presence of insider trading via structural break tests. Journal of Banking and Finance, 35(11), pp. 2820–2828. doi:10.1016/j.jbankfin.2011.03.013.
  24. Pilbeam, K. and Olmo, J. (2009). The profitability of carry trades. Annals of Finance, 5(2), pp. 231–241. doi:10.1007/s10436-008-0098-2.
  25. Olmo, J. and Pilbeam, K. (2009). Uncovered Interest Parity: Are Empirical Rejections of It Valid? Journal of Economic Integration, 24, pp. 369–384. doi:10.11130/jei.2009.24.2.369.
  26. Pilbeam, K. and Nagle, F. (2009). High-tech IPOs in the USA, UK and Europe after the dot-com bubble. Int. J. of Financial Services Management, 4(1), pp. 64–75. doi:10.1504/IJFSM.2009.026637.
  27. Pilbeam, K. and Noronha, R. (2008). Risk budgeting and Value-at-Risk. Int. J. of Monetary Economics and Finance, 1(2), pp. 149–161. doi:10.1504/IJMEF.2008.019219.
  28. Pilbeam, K. (2005). The relative effectiveness of sterilized and non sterilized foreign exchange market interventions. Journal of Policy Modeling, 27(3), pp. 375–383. doi:10.1016/j.jpolmod.2005.01.003.
  29. Andriesz, E., Asteriou, D. and Pilbeam, K. (2005). The linkage between financial liberalization and economic development: empirical evidence from Poland. Journal of Economic Integration, 20(2), pp. 383–399. doi:10.11130/jei.2005.20.2.383.
  30. Pilbeam, K. (2004). The stabilization properties of fixed and floating exchange rate regimes. International Journal of Finance and Economics, 9(2), pp. 113–123. doi:10.1002/ijfe.235.
  31. Pilbeam, K. (2001). The profitability of central bank foreign exchange market intervention. Journal of Policy Modeling, 23(5), pp. 523–530. doi:10.1016/S0161-8938(01)00065-5.
  32. Pilbeam, K. (2001). Economic Fundamentals and Exchange Rate Movements. International Review of Applied Economics, 15(1), pp. 55–64. doi:10.1080/02692170120013349.
  33. Pilbeam, K. (2001). The East Asian financial crisis: getting to the heart of the issues. Managerial Finance, 27(1/2), pp. 111–133. doi:10.1108/03074350110767538.
  34. Pilbeam, K. (1997). New directions in trade theory. Economic Journal, 107(443), pp. 1234–1236.
  35. Pilbeam, K. (1995). Exchange Rate Models and Exchange Rate Expectations - An Empirical Investigation. Applied Economics, 27(11), pp. 1009–1015. doi:10.1080/00036849500000082.
  36. Pilbeam, K. (1995). Surveys in International Trade. Economic Journal, 105(432), pp. 1289–1290. doi:10.2307/2235423.
  37. Pilbeam, K. (1995). The profitability of trading in the foreign exchange market: Chartists, fundamentalists, and simpletons. Oxford Economic Papers, 47(3), pp. 437–452. doi:10.1093/oxfordjournals.oep.a042180.
  38. Pilbeam, K. (1993). Private Lending to Sovereign States - A Theoretical Autopsy. Economic Journal, 103(416), pp. 255–256. doi:10.2307/2234362.
  39. Pilbeam, K. (1992). Speculation and the Dollar - the Political Economy of Exchange Rates. Economic Journal, 102(414), pp. 1261–1263. doi:10.2307/2234397.
  40. Pilbeam, K. (1992). The Economics of the Dollar Cycle. Economic Journal, 102(414), pp. 1261–1263. doi:10.2307/2234397.
  41. Boonman, T., Litsios, I., Pilbeam, K. and Pouliot, W. Modelling the Trade Balance between the Northern and Southern Eurozone Using an Intertemporal Approach. Journal of International Money and Finance.

Scholarly edition

  1. Pilbeam, K. and Litsios, I. (2015). An Empirical Analysis of the Nexus between Investment, Fiscal Balances and Current Account Balances in Greece, Portugal and Spain.

Working papers (4)

  1. Pilbeam, K. and Litsios, I. (2018). Long-run determination of the nominal exchange rate in the presence of national debts: Evidence from the yen-dollar exchange rate. London, UK: Department of Economics, City, University of London.
  2. Pilbeam, K. and Litsios, I. (2015). The long-run determination of the real exchange rate. Evidence from an intertemporal modelling framework using the dollar-pound exchange rate. London, UK: Department of Economics, City, University of London.
  3. Olmo, J., Pilbeam, K. and Pouliot, W. (2009). Detecting the Presence of Informed Price Trading Via Structural Break Tests. London, UK: City, University of London.
  4. Olmo, J. and Pilbeam, K. (2007). A resolution of the forward discount puzzle. London, UK: City, University of London.

Professional activities

Editorial activity (19)

  1. Journal of Economic Asymmetries, Co-Editor, Jan 2013 – Sep 2017.
  2. Applied Financial Economics, Referee.
  3. Applied Economics, Referee.
  4. Economic Journal, Referee.
  5. International Journal of Forecasting, Referee.
  6. International Review of Applied Economics, Referee.
  7. British Review of Economic Issues, Referee.
  8. Oxford Economic Papers, Referee.
  9. World Economy, Referee.
  10. Economic Inquiry, Referee.
  11. Journal of Economic Behaviour and Organisation, Referee.
  12. Journal of International Money and Finance, Referee.
  13. International Journal of Forecasting, Referee.
  14. Journal of Policy Modelling, Referee.
  15. Research in International Business and Finance, Referee.
  16. Scottish Journal of Political Economy, Referee.
  17. International Review of Economics and Finance, Referee.
  18. Economics Modelling, Referee.
  19. Economic Modelling, Associate Editor.