The Capital Markets, Emerging Economies and Commodities Cluster (CMEEC)

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The Capital Markets, Emerging Economies and Commodities (CMEEC) cluster is a vibrant research community composed of academic researchers working across the departments of the Faculty of Management at Bournemouth University.

The cluster covers a wide range of topics in the area of finance, economics, international business and commodity markets reflecting the background of its membership. While the cluster puts a strong emphasis on research leading to publication in refereed academic journals, the members research over a broad spectrum of issues in relation to the functioning of financial markets, labour markets, innovation, emerging-transition economies, strategy, commodities and food, international trade as well as global and corporate governance.


The cluster members have published books and articles in major refereed journals, including:



  • Ambroziak, A.A. and Hartwell, C.A., 2017. The impact of investments in special economic zones on regional development: the case of Poland. Regional Studies, 1-10.
  • Hartwell, C.A., 2017. Identity and the Evolution of Institutions: Evidence from Partition and Interwar Poland. Forum for Social Economics, 1-2.
  • Hartwell, C.A., 2017. Bringing the benefits of David to Goliath: special economic zones and institutional improvement. Regional Studies, 1-13.
  • Hartwell, C.A., Soukiazis, E., Muchová, E. and Horváth, R., 2017. European integration in the aftermath of the debt crisis. Journal of Economic Policy Reform, 1-3
  • Hartwell, C.A., 2017. The effect of political volatility on capital markets in EU accession and neighborhood countries. Journal of Economic Policy Reform, 1-21.
  • Hartwell, C.A., 2017. Special issue on Financialization and the future of central banking: Institutions, processes and consequences. Competition and Change, 21 (2), 159-161.
  • Hartwell, C.A., 2017. Determinants of property rights in Poland and Ukraine: The polity or politicians? Journal of Institutional Economics, 13 (1), 133-160
  • Hartwell, C.A., 2017. If You’re Going Through Hell, Keep Going: Nonlinear Effects of Financial Liberalization in Transition Economies. Emerging Markets Finance and Trade, 53 (2), 250-275.
  • Hartwell, C., 2017. The Coevolution of Finance and Property Rights: Evidence from Transition Economies. Journal of Economic Issues, 51 (1), 73-97.
  • Hartwell, C.A., 2016. The institutional basis of efficiency in resource-rich countries. Economic Systems, 40 (4), 519-538.
  • Disegna, M., D’Urso, P. and Durante, F., 2017. Copula-based fuzzy clustering of spatial time series. Spatial Statistics, 21 (Part A), 209-225
  • Degiannakis, S., Filis, G. and Palaiodimos, G., 2017. Investments and uncertainty revisited: the case of the US economy. Applied Economics, 1-9.
  • Antonakakis, N., Chatziantoniou, I. and Filis, G., 2017. Energy Consumption, CO2 Emissions, and Economic Growth: An Ethical Dilemma. Renewable & Sustainable Energy Reviews, 68, 808-824.
  • Bwire, T., T. Lloyd and O. Morrissey, 2017. ‘Fiscal Reforms and the Fiscal Effects of aid in Uganda’ Journal of Development Studies Vol 53(7), pp. 1019-1036.
  • Hassani, H., Silva, E.S., Antonakakis, N., Filis, G. and Gupta, R., 2017. Forecasting Accuracy Evaluation of Tourist Arrivals. Annals of Tourism Research.
  • Lloyd, T., 2017. ‘Presidential Address: Forty Years of Price transmission Research in the Food Industry: Insights, Challenges and Prospects’ Journal of Agricultural Economics, Vol 68(1), pp.3-21.
  • Antonakakis, N., Chatziantoniou, I. and Filis, G., 2017. Oil shocks and stock markets: Dynamic connectedness under the prism of recent geopolitical and economic unrest. International Review of Financial Analysis.
  • Hölscher, J., Nulsch, N. and Stephan, J., 2017. State Aid in the New EU Member States. Journal of Common Market Studies.
  • Di Lascio, F.M.L. and Disegna, M., 2017. A copula-based clustering algorithm to analyse EU country diets. Knowledge-Based Systems, 132, 72-84.
  • Hassani, H., Silva, E.S. and Ghodsi, Z., 2017. Optimizing bicoid signal extraction. Mathematical Biosciences, 294, 46-56.
  • Ghodsi, Z. and Hassani, H., 2017. Evaluating the Analytical Distribution of bicoid Gene Expression Profile. Meta Gene.
  • Silva, E.S., Ghodsi, Z., Ghodsi, M., Heravi, S. and Hassani, H., 2017. Cross country relations in European tourist arrivals. ANNALS OF TOURISM RESEARCH, 63, 151-168.
  • Ghodsi, Z., Huang, X. and Hassani, H., 2017. Causality analysis detects the regulatory role of maternal effect genes in the early Drosophila embryo. Genomics Data, 11, 20-38.
  • Hassani, H., Ghodsi, Z., Gupta, R. and Segnon, M., 2017. Forecasting Home Sales in the Four Census Regions and the Aggregate US Economy Using Singular Spectrum Analysis. Computational Economics, 49 (1), 83-97.


  • Hartwell, C.A., 2016. Single Markets: Economic Integration in Europe and the United States. JCMS-JOURNAL OF COMMON MARKET STUDIES, 54 (3), 763-764
  • Hartwell, C.A., 2016. Single Markets: Economic Integration in Europe and the United States, by M. P. Egan (Oxford: Oxford University Press, 2015, ISBN 9780199280506); xiv+240pp.,  JCMS: Journal of Common Market Studies, 54 (3), 763-764.
  • Hartwell, C.A., 2016. Improving competitiveness in the member states of the Eurasian Economic Union: a blueprint for the next decade. Post-Communist Economies, 28 (1), 49-71
  • Hartwell, C.A., 2016. Quantifying nontariff barriers in Ukraine: a comprehensive trade cost approach. Applied Economics Letters, 23 (1), 47-55.
  • D’Urso, P, Disegna, M., Massari, R. and Osti, L., 2016. Fuzzy segmentation of postmodern tourists. Tourism Management, 55, 297-308.
  • Chowdhury, M. and Mukherjee, A., 2016. Labour Market Integration and Innovation: The Implications on Consumers. Manchester School, 84 (6), 771-794.
  • Disegna, M. and Osti, L, 2016. Tourists’ expenditure behaviour: the influence of satisfaction and the dependence of spending categories. Tourism Economics, 22 (1), 5-30.
  • Stojcic, N. and Orlic, E., 2016. Foreign Direct Investment and structural transformation of exports. Ekonomska misao i praksa, 11 (2), 355-378.
  • Chowdhury, M., 2016. Migration policies and international labour market competition. Migration and Development.
  • Djalilov, K. and Holscher, J., 2016. Regulations, market power and stability in the banking sector of transition countries. LIMES Plus: Journal of Social Sciences and Humanities, 77-94.
  • Djalilov, K. and Piesse, J., 2016. Determinants of bank profitability in transition countries: What matters most? Research in International Business and Finance, 38, 69-82.
  • Djalilov, K. and Hölscher, J., 2016. Comparative analyses of the banking environment in transition countries. Economic Annals, 61 (208), 7-25.
  • Boldanov, R., Degiannakis, S. and Filis, G., 2016. Time-varying correlation between oil and stock market volatilities: Evidence from oil-importing and oil-exporting countries. International Review of Financial Analysis, 48, 209-220.
  • Davidson, J., Halunga, A., Lloyd, T., McCorriston, S. and Morgan, W., 2016. World Commodity Prices and Domestic Retail Food Price Inflation: Some Insights from the UK. Journal of Agricultural Economics, 67 (3), 566-583.
  • Alharbi, N., Ghodsi, Z. and Hassani, H., 2016. Noise correction in gene expression data: a new approach based on subspace method. Mathematical Methods in the Applied Sciences, 39 (13), 3750-3757.
  • Ghodsi, M., Amiri, S., Hassani, H. and Ghodsi, Z., 2016. An enhanced version of Cochran-Armitage trend test for genome-wide association studies. META GENE, 9, 225-229.
  • Hassani, H., Ghodsi, Z., Silva, E.S. and Heravi, S., 2016. From nature to maths: Improving forecasting performance in subspace-based methods using genetics Colonial Theory. Digital Signal Processing: A Review Journal, 51, 101-109.


  • Ghodsi, Z., Hassani, H. and McGhee, K., 2015. Mathematical approaches in studying bicoid gene. Quantitative Biology, 3 (4), 182-192.
  • Ghodsi, Z., Silva, E.S. and Hassani, H., 2015. Bicoid Signal Extraction with a Selection of Parametric and Nonparametric Signal Processing Techniques. Genomics, Proteomics and Bioinformatics, 13 (3), 183-191.
  • Hassani, H. and Ghodsi, Z., 2015. A glance at the applications of Singular Spectrum Analysis in gene expression data. Biomolecular Detection and Quantification, 4, 17-21.
  • Ghodsi, Z., 2015. The impact of disaggregation on the forecasting performance of natural gas price. INTERNATIONAL JOURNAL OF ENERGY AND STATISTICS, 3 (2).
  • Hartwell, C., 2015. Après le déluge: Institutions, the Global Financial Crisis, and Bank Profitability in Transition. Open Economies Review, 26 (3), 497-524.
  • Hartwell, C.A., 2015. Baudrillard Goes to Kyiv: Institutional Simulacra in Transition. Journal of Economic and Social Thought, 2 (2), 92-105.
  • Hartwell, C.A., 2015. Economic Crisis in Europe: What it Means for the EU and Russia, edited by J. DeBardeleben and Crina Viju (Basingstoke and New York, Palgrave Macmillan, 2013, ISBN 9781137005229); xvi+265 pp., £66.00 hb. JCMS: Journal of Common Market Studies, 53 (3), 694-695.
  • Hartwell, C.A., 2015. Economic Crisis in Europe: What it Means for the EU and Russia. JCMS-JOURNAL OF COMMON MARKET STUDIES, 53 (3), 694-695.
  • Asaturov, K., Teplova, T. and Hartwell, C.A., 2015. Volatility Spillovers and contagion in emerging Europe. Journal of Applied Economic Sciences, 10 (6), 929-945.
  • Hartwell, C.A. and Michael, B., 2015. A helping hand: examining the effect of foreign banks on the business environment. International Journal of Emerging Markets, 10 (4), 875-895.
  • D’Urso, P., Disegna, M., Massari, R. and Prayag, G., 2015. Bagged fuzzy clustering for fuzzy data: An application to a tourism market. Knowledge-Based Systems, 73 (1), 335-346.
  • Okafor, G., Piesse, J. and Webster, A., 2015. The motives for inward FDI into Sub-Saharan African countries. JOURNAL OF POLICY MODELING, 37 (5), 875-890.
  • Holscher, J., Perugini, C. and Collie, S., 2015. Inequality, credit and financial crises. Cambridge Journal of Economics, 1-31.
  • Jens Hӧlscher and Horst Tomann (Eds.): Palgrave Dictionary of Emerging Markets and Transition Economics, London and New York, Palgrave (Macmillan’s Global Publishing), 2015.
  • Prayag, G., Disegna, M., Cohen, S.A. and Yan, H.G., 2015. Segmenting Markets by Bagged Clustering: Young Chinese Travelers to Western Europe. Journal of Travel Research, 54 (2), 234-250.
  • Khorana, S., Ferguson-Boucher, K. and Kerr, W.A., 2015. Governance Issues in the EU’s e-Procurement Framework. Journal of Common Market Studies, 53 (2), 292-310.
  • Lan, H., Lloyd, T. and Morgan, C.W., 2015. Supermarket Promotions and Food Prices: A Note. Journal of Agricultural Economics, 66 (2), 555-562.
  • Homberg, F., McCarthy, D. and Tabvuma, V., 2015. A Meta-Analysis of the Relationship between Public Service Motivation and Job Satisfaction. PUBLIC ADMINISTRATION REVIEW, 75 (5), 711-722.
  • Afrifa, G., Tauringana, V. and Tingbani, I., 2015. Working capital management and performance of listed SMEs. Journal of Small Business & Entrepreneurship, 27 (6).
  • Hassani, H., Webster, A., Silva, E.S. and Heravi, S., 2015. Forecasting U.S. Tourist arrivals using optimal Singular Spectrum Analysis. Tourism Management, 46, 322-335.


  • Connolly, R. and Hartwell, C.A., 2014. Developments in the Economies of Member States Outside the Eurozone. Journal of Common Market Studies, 52 (SUPPL.1), 202-218.
  • Hartwell, C.A., 2014. Capital controls and the determinants of entrepreneurship. Finance a Uver – Czech Journal of Economics and Finance, 64 (6), 437-457.
  • Hartwell, C.A., 2014. Capitalism and (versus?) democracy: stock markets and democratization in transition. Applied Economics Letters, 21 (14), 979-983.
  • Hartwell, C.A., 2014. Do (successful) stock exchanges support or hinder institutions in transition economies? Cogent Economics
  • Khorana, S. and Garcia, M., 2014. Procurement liberalization diffusion in EU agreements: Signalling stewardship? Journal of World Trade, 48 (3), 481-500.
  • Brida, J.G., Disegna, M. and Scuderi, R., 2014. Segmenting visitors of cultural events: The case of Christmas Market. Expert Systems with Applications, 41 (10), 4542-4553.
  • Khorana, S., Mishra, N. and Kerr, W.A., 2014. Transforming Vietnam: A quest for improved efficiency and transparency in central government procurement. Policy and politics, 42 (1), 109-129.
  • Lloyd, T.A., McCorriston, S., Morgan, C.W., Poen, E. and Zgovu, E., 2014. Retail price dynamics and retailer heterogeneity: UK evidence. Economics Letters, 124 (3), 434-438.
  • Hassani, H. and Ghodsi, Z., 2014. Pattern Recognition of Gene Expression with Singular Spectrum Analysis. Medical Sciences, 2 (3), 127-139.
  • Ghodsi, Z. and Hardi Nabi, O., 2014. Forecasting energy data using Singular Spectrum Analysis in the presence of outlier(s). International Journal of Energy and Statistics.


Externally funded projects

Recent and On-going projects with external funding:



‘Seeking a better understanding of food price transmission: Modelling Retail Food Price Inflation’ (Investigator Professor Tim Lloyd) Department of Environment, Food and Rural Affairs. Staus: Awarded.


‘Objective-Based Forecast Evaluations for Crude Oil Volatility’ (Investigator Professor G. Filis). Funded by the European Union’s Horizon 2020 research and innovation programme, under the Marie Sklodowska-Curie Fellowship (H2020-MSCA-IF-2016). Status: Awarded.


‘Supermarket Promotions, Obesity and Food Demand’ (Investigators Prof. Tim Lloyd and Dr, Marta Disegna). BU-SRUC Matched Funded Ph.D. Studentship (2016-2019). Partner: Scotland’s Rural College, Edinburgh. Status: Awarded.

‘Public Procurement Initiative’ (Investigator Prof. Sangeeta Khorana). Directorate-General for Development and Cooperation – EuropeAid. Status: Awarded.


TTIP Negotiations: Caught between Myth and Reality? (Investigator Prof. Sangeeta Khorana) Council for Europe through CIDOB. Status: Complete.


‘Access to Finance for SMEs’, ESRC project ES/M002462/1 (Investigator Prof. Jens Hӧlscher). Status: Completed

GIFTA: Governance and Economic Integration through Free Trade Agreements (Investigator Prof. Sangeeta Khorana). ESRC. Status: Awarded


Professor Tim Lloyd
Cluster Lead


Our PhD students

  • Amre Arslan
  • Frazer Ball
  • Spencer Barnett
  • Danquah Boakye
  • Joseph Chenchehene
  • Thanh Chu
  • Jan Cormans
  • Salem Gheit
  • Peter Howard-Jones
  • Wansu Hu
  • Renata Konadu
  • Hong-Thai Le
  • Man Ngugen
  • Noah Nzeribe
  • Azadeh Pazouki
  • Olivia Placzek
  • Yu Trang
  • Onyedikachi Uwakwem
  • Fang Yang
  • Mehmet Yarlik


Tagged:Capital marketsCommoditieseconomyEmerging economiesfinance

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