Research

Development macroeconomics, Remotely-sensed data.

• How important are climate change risks for predicting clean energy stock prices? Evidence from machine learning predictive modeling and interpretation (with Perry Sadorsky). Forthcoming in Journal of Climate Finance, December 2024.

• Economic vulnerability amidst COVID-19: A district-level analysis of Bangladesh using satellite nightlight data (with Syed Rafsan Ali and Zaeem-Al Ehsaan). Forthcoming in Asia-Pacific Journal of Regional Science, October 2024.

• An empirical investigation of Bangladesh’s inflation dynamics: Evaluating persistence and identifying structural breaks (with Mujtaba Rafid Rafa). Humanities and Social Sciences Communications 11, Article 1508, 2024.

• Do climate change risks affect the systemic risk between the stocks of clean energy, electric vehicles, and critical minerals? Analysis under changing market conditions (with Perry Sadorsky). Energy Economics, Vol. 138, October 2024, Article 107832.

• Jobless growth: Evidence from Bangladesh (with Asaf Ibne Salim). Journal of Social and Economic Development, Vol 26, 2024, pp. 641-662.

• Bangladesh's export diversification: A survey. Journal of Bangladesh Studies. Vol. 25, No. 2, 2023, pp. 54-61.

• Regional convergence in Bangladesh using night lights (with Salim Rashid and Mohammad Riad Uddin). Applied Economics Letters, Vol. 30, No. 18, 2023, pp. 2581-2588.

• Do students perform better in online delivery of education? Evidence from Bangladesh (with Nazmul Hoque and A.K. Enamul Haque). Bangladesh Development Studies, Vol. 45, 2022, pp. 55-85.

• The impact of mobile money on long-run poverty: Evidence from Bangladesh (with A.T.M. Hasibul Islam and A.K. Enamul Haque). Journal of Social and Economic Development, Vol. 24, 2022, pp. 436-455.

• Forecasting bitcoin price direction with random forests: How important are interest rates, inflation, and market volatility? (with Perry Sadorsky). Machine Learning with Applications Vol. 9, September 2022, 100355.

• Technology-push, demand-pull, and endogenous drivers of innovation in the renewable energy industry (with Sam Aflaki and Andrea Masini). Clean Technologies and Environmental Policy, vol. 23, No. 5, July 2021, pp. 1563-1580.

• Public policy lessons from the Covid-19 outbreak: How to deal with it in the post-pandemic world? (with A.K. Enamul Haque). Journal of Social and Economic Development, Vol. 23 (Suppl 2), 2021, pp. S234-S247 

• Exchange rates of oil exporting countries and global oil price shocks: A nonlinear smooth-transition approach (with Alfred Haug). Applied Economics, vol. 51, no. 48,  2019, pp.  5282-5296. 

• Oil subsidies and the risk exposure of oil-user stocks: Evidence from net oil producers (with Abdulrahman Alhassan and M. Kabir Hassan). Resource Policy, vol. 61, June 2019, pp. 461-472.

• The misuse of net present value in energy efficiency standards (with David Raboy). Renewable & Sustainable Energy Reviews, vol. 96, November 2018, pp. 218-225.

• Is your valley as green as it should be? Incorporating economic development into environmental performance indicators (with Sam Aflaki and Andrea Masini). Clean Technologies and Environmental Policy, vol. 20, no. 8, October 2018, pp. 1903-1915,

• The impact of oil-market shocks on stock returns in major oil-exporting countries (with Alfred Haug and Perry Sadorsky). Journal of International Money and Finance, vol. 86, September 2018, pp. 264-280.

• Quantifying the impact of Ramadan on global raw sugar prices (with Kazi Abrar Hossain and A.K. Enamul Haque). International Journal of Islamic and Middle Eastern Finance and Management, vol. 11, no. 4, November 2018, pp. 510-528.

• Bank capital and portfolio risk among Islamic banks (with Lawrence M. Kessler and Murat K. Munkin). Review of Financial Economics, vol. 34, September 2017, pp. 1-9.

• On the global determinants of visiting home (with Faruk Balli, Rosmy Jean Louis, and Ahmed Saber Mahmud). International Journal of Tourism Research, vol. 19, no. 1, January/February 2017, pp. 1-12.

• The oil cycle, the Federal Reserve and the monetary and exchange rate policies in Qatar (with Khalid Alkhater). Middle East Development Journal, vol. 8, no. 1, June 2016, pp. 127-155.

• Hedging emerging market stock prices with oil, gold, VIX and bonds: A comparison between DCC, ADCC and GO-GARCH (with Perry Sadorsky). Energy Economics, vol. 54, February 2016, pp. 235-247.

• The impact of oil shocks on exchange rates: A Markov-switching approach (with Alfred Haug and Perry Sadorsky). Energy Economics, vol. 54, February 2016, pp. 11-23.

• Time series properties of the renewable energy diffusion process: Implications for energy policy design and assessment (with Andrea Masini and Sam Aflaki). Renewable & Sustainable Energy Reviews, vol. 52, December 2015, pp. 1680-1692.

• An analysis of returns and volatility spillovers and their determinants in emerging Asian and Middle Eastern countries (with Faruk Balli, Hassan Hajhoj, and Hassan Ghassan). International Review of Economics and Finance, vol. 39, September 2015, pp. 311-325.

• Regional initiative in the Gulf Arab states: The search for a common currency. International Journal of Islamic and Middle Eastern Finance and Management, vol. 8, no. 2, 2015, pp. 185-202.

• Loan loss provisioning in OIC countries: Evidence from conventional vs. Islamic banks (with M. Kabir Hassan and Ali Ashraf). Journal of King Abdulaziz University: Islamic Economics, vol. 28, no. 1, 2015, pp. 23-59.

• Investigating long-run demand for broad money in the Gulf Arab countries (with Stefano Fachin). Middle East Development Journal, vol. 6, no. 2, 2014. pp. 199-214.

• Price volatility and the political economy of resource-rich nations (with Ahmed Saber Mahmud). Economics of Governance, vol. 15, no. 3, 2014, pp. 253-279.

• The determinants of the volatility of returns on cross-border asset holdings (with Faruk Balli and Faisal Rana). Journal of International Money and Finance, vol. 44, June 2014, pp. 1-23.

• Pre- versus post-crisis central banking in Qatar (with Elsayed Elsamadisy and Khalid Alkhater). Journal of Policy Modeling, vol. 36, no. 2, March-April 2014, pp. 330-352.

• More efficient production subsidies for emerging agriculture in micro Arab states: A conceptual model (with David Raboy, Ishrat Hossain, and Simeon Kaitbie). Review of Middle East Economics and Finance, vol. 9, no. 3, December 2013, pp. 293-319.

• The long-run relationship between savings and investment in oil-exporting developing countries: A case study of the Gulf Arab states (with Stefano Fachin). OPEC Energy Review, vol. 37, no. 4, December 2013, pp. 429-446.

• Deconstructing shocks and persistence in OECD real exchange rates (with Josep Llus Carrion-i-Silvestre). B.E. Journal of Macroeconomics, vol. 13, no. 1, January 2013, pp. 187-212.

• Understanding challenges to food security in dry Arab micro-states: Evidence from Qatari micro-Data (with David Raboy, Simeon Kaitibie, and Ishrat Hossain). Journal of Agricultural & Food Industrial Organization, vol. 11, no. 1, May 2013, pp. 31-49. 

• Sectoral equity returns and portfolio diversification opportunities across the GCC region (with Faruk Balli and Rosmy Jean Louis). Journal of International Financial Markets, Institutions & Money, vol. 25, July 2013, pp. 33-48.

• Risk sharing in the Middle East and North Africa: The role of remittances and factor incomes (with Faruk Balli and Rosmy Jean Louis). Economics of Transition and Institutional Change, vol. 21, no. 1, January 2013, 135-155.

• Channels of risk-sharing among Canadian provinces: 1961-2006 (with Faruk Balli and Rosmy Jean Louis). Empirical Economics, vol. 43, no. 2, October 2012, pp. 763-787.

• Country heterogeneity and long-run determinants of inflation in the Gulf Arab states (with Elsayed Elsamadisy). OPEC Energy Review, vol. 36, no. 2, June 2012, pp. 170-203.

• Oil prices, exchange rates and emerging stock markets (with Alfred Haug and Perry Sadorsky). Energy Economics, vol. 34, no. 1, January 2012, pp. 227-240.

• Measuring persistence in U.S. city prices: New evidence from robust tests (with Josep Llus Carrion-i-Silvestre). Empirical Economics, vol. 41, no. 3, December 2011, pp. 739-745.

• Linear or nonlinear cointegration in the purchasing power parity relationship? (with Alfred Haug). Applied Economics, vol. 43, no. 2, 2011, pp. 185-196.

  • • Gauss code

• Panel cointegration and the monetary exchange rate model (with Joakim Westerlund). Economic Modelling, vol. 26, no. 2, March 2009, pp. 506-513.

  • • Gauss code

• Price level convergence, purchasing power parity and multiple structural breaks in panel data analysis: An application to US cities (with Josep Llus Carrion-i-Silvestre). Journal of Time Series Econometrics, vol. 1, no. 1, Article 3, April 2009.

• The long-term decline of internal migrations in Canada: The case of Ontario (with Stefano Fachin). Letters in Spatial and Resource Sciences, vol. 1, no. 2, December 2008, pp. 171-181.

• Per-capita income gaps across US states and Canadian provinces (with Nils-Petter Lagerloef). Journal of Macroeconomics, vol. 30, no. 3, September 2008. pp. 1173-1187.

  • • An earlier and longer version with more geography instruments is here.

• Testing for convergence in carbon dioxide emissions using a century of panel data (with Joakim Westerlund). Environmental and Resource Economics, vol. 40, no. 1, May 2008, pp. 109-120.

• Mixed signals among tests for panel cointegration (with Joakim Westerlund). Economic Modelling, vol. 25, no. 1, January 2008, pp. 128-136.

• Is there really a unit root in the inflation rate? More evidence from panel data models (with Joakim Westerlund). Applied Economics Letters, vol. 15, no. 3, 2008, pp. 161-164.

• Time-varying volatility and equity returns in Bangladesh stock market (with M. Kabir Hassan and Anisul M. Islam). Applied Financial Economics, vol. 17, no 7, 2007, pp. 1393-1407.

• Can panel data really improve the predictability of the monetary exchange rate model? (with Joakim Westerlund). Journal of Forecasting, vol. 26, no. 5, August 2007, pp. 365-383.

• Mixed oligopoly under demand uncertainty (with Mahmudul Anam and Shin-Hwan Chiang). B.E. Journal of Theoretical Economics, vol. 7, no. 1, Topics: Article 24, 2007.

• Oil price risk and emerging stock markets (with Perry Sadorsky). Global Finance Journal, vol. 17, no. 2, December 2006, pp. 224-251.

• Day-of-the-week effects in emerging stock markets (with Perry Sadorsky). Applied Economics Letters, vol. 13, no. 10, 2006, pp. 621-628.

• A macroeconometric model of the Bangladesh economy and its policy implications (with M. Kabir Hassan, Neal Maroney, and Ihsan Isik). Journal of Developing Areas, vol. 38, no. 1, 2004, pp. 135-49.

• PPP tests in cointegrated panels: Evidence from Asian developing countries (with Mohammed Mohsin). Applied Economics Letters, vol. 11, no. 3, 2004, pp. 163-66.

• The money supply process in Bangladesh: An error-correction approach (with M. Kabir Hassan and Muhammad Mustafa). Indian Journal of Economics, vol. 83, 2003, pp. 443-58.

• Regional cooperation in trade, finance and investment among SAARC countries: The Bangladesh perspective (with M. Kabir Hassan and Rock-Antoine Mehanna). Thoughts on Economics, vol. 12, 2002, pp. 7-32. 

• The enduring significance of Bangladesh’s war of independence: An analysis of economic costs and consequences (with Saud Choudhry). Journal of Developing Areas, vol. 36, no. 1, Autumn 2002, pp. 41-55.

  • • A Bengali translation is published in Bangla Journal, vol. 4, 2002, pp. 9-29.

• Real exchange rate behavior and exchange rate misalignment in Bangladesh: A single equation approach (with Atiqur Rahman). Bangladesh Development Studies, vol. 27, no. 2, June 2001, pp. 69-93.

• Nonstationary panels and purchasing power parity: A survey, June 2025.

• Retaliatory tariffs in the age of trade wars (with Muhammad Nazmul Khan), June 2025.

• An update of jobless growth in Bangladesh (with Asaf Ibne Salim), June 2025.

• Forecasting economic activity using hierarchical night lights data: Evidence from Bangladesh (with Perry Sadorsky), March 2025.

• Regulatory burdens, corruption, and informal competition: Determinants of incorporation in Bangladesh (with Asaf Ibne Salim and Muhammad Nazmul Khan), December 2024.

• Bangladesh's external debt dynamics: The recent evidence, October 2024.

• Estimating district-level GDP using night lights: The case of Bangladesh (with Zaeem Al Ehsan, Salim Rashid, and Mohammad Riad Uddin), March 2023.

• BOOK CHAPTER: Oil prices and other energy commodities in Routledge Handbook of Energy Economics Edited by Ugur Soytas and Ramazan Sari, 2019. 

• BOOK REVIEW of The limits of the market: The pendulum between government and market, by Paul De Grauwe, Oxford University Press, 2017. Economic Record, vol. 93, no. 303, December 2017, pp. 653-655. 

• BOOK CHAPTER: Stock markets and energy prices. Reference Module in Earth Systems and Environmental Sciences, 2014.

• BOOK REVIEW of Breaking the mould: An institutionalist political economy alternative to the neoliberal theory of the market and the state, by Ha-Joon Chang. United Nations Research Institute for Social Development, 2001. Journal of Developing Areas, vol. 37, no. 1, Autumn 2003, pp. 180-181.

• BOOK REVIEW of Fiscal decentralization in developing countries: A review of current concepts and practice, by Paul Smoke. United Nations Research Institute for Social Development, 2001. Journal of Developing Areas, vol. 37, no. 1, Autumn 2003, pp. 178-179.

• BOOK REVIEW of Entrepreneur and economic development: The remarkable story of garment exports from Bangladesh, by Munir Quddus and Salim Rashid. University Press Limited, 2000. Journal of Bangladesh Studies, vol. 2, 2000, pp. 65-66. 

• Losing a gold mine? (with Salim Rashid and Mohammad Riad Uddin), July 2022.

• Ramadan in a pandemic: Some reflections from Bangladesh. Ramadan Research Society, 2020

• The impact of economic policy uncertainty and commodity prices on CARB country stock market volatility (with Alfred Haug and Perry Sadorsky), October 2019.

• Risk-sharing in federations: Theory and evidence, with Ahmed Saber Mahmud, Faruk Balli and Sumit Joshi, November 2015.

• Has the non-oil sector decoupled from oil sector? A case study of Gulf Cooperation Council countries, Unpublished, March 2010.

Essays on Mixed Oligopoly 

Supervised by Prof. Mahmudul Anam, Porf. Shin-Hwan Chiang, and Prof. Alfred Haug

Department of Economics, York University, 2006