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Personal profile


Mustafa Graduated from Bogazici University, Istanbul, Turkey and gained BSc in Electrical Engineering in 1987. He then started studying MSc in Economics at Bogazici and later joined Boston College (MA) in 1990, USA, to pursue his PhD. Completing his PhD, he worked at Tufts University Fletcher School of Law and Diplomacy (MA, USA), Koc University (Istanbul, Turkey), University of Liverpool, University of Leicester. He took up a Chair in Economics at the University of Glasgow in 2005 and later joined the University of Sheffield as a Professor of Economics. Mustafa joined the School of Management and Languages in January 2013 as a Professor of Finance.

Research interests

Mustafa's research interests lie in the areas of financial economics, international finance and applied macroeconomics. His recent research concentrates on firm investment and cash holding behaviour; international trade flows and exchange rate movements; corruption; the role of financial dept; bank lending; firm leverage and inventories; and price dynamics. See Mustafa's recent working papers (downloadable from RePec) for examples of research areas. Mustafa is interested in supervising PhD students in above areas.

Mustafa  has published several research articles in field and general journals including The American Economic Review, European Economic Review, Economic Inquiry, Economics Letters, Journal of Banking and Finance, Journal of Applied Econometrics, Journal of International Money and Finance, Oxford Economic Papers, Southern Economic Journal, The Manchester School and The World Development

Fingerprint Dive into the research topics where Mustafa Caglayan is active. These topic labels come from the works of this person. Together they form a unique fingerprint.

Uncertainty Business & Economics
Trade flows Business & Economics
Firm investment Business & Economics
Bank lending Business & Economics
Financial depth Business & Economics
Lending Business & Economics
Macroeconomic uncertainty Business & Economics
Exchange rates Business & Economics

Co Author Network Recent external collaboration on country level. Dive into details by clicking on the dots.

Research Output 2008 2019

Dollarization, Pass-through, and Domestic Lending: Evidence from Turkish Banking

Caglayan, M., Pham, T. & Talavera, O., 6 Nov 2019, In : Emerging Markets Finance and Trade. p. 1-12 12 p.

Research output: Contribution to journalArticle

Exchange rates
Trade flows
Real exchange rate
Product category
Loan loss provisions
Financial institutions
Economic policy
Non-performing loans

Capital Structure Adjustments: Do Macroeconomic and Business Risks Matter?

Baum, C. F., Caglayan, M. & Rashid, A., Dec 2017, In : Empirical Economics. 53, 4, p. 1463–1502 40 p.

Research output: Contribution to journalArticle

Open Access
Capital structure
Business risk
Model risk

Financial Depth and the Asymmetric Impact of Monetary Policy

Caglayan, M., Kandemir Kocaaslan, O. & Mouratidis, K., 2 Nov 2017, In : Oxford Bulletin of Economics and Statistics. 79, 6

Research output: Contribution to journalArticle

Open Access
Financial depth
Monetary policy shocks
Monetary policy
Real output