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 Fingerprint is based on mining the text of the person's scientific documents to create an index of weighted terms, which defines the key subjects of each individual researcher.

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Research Output 2008 2016

Asymmetric Monetary Policy Rules for an Open Economy: Evidence from Canada and the Uk

Caglayan, M., Jehan, Z. & Mouratidis, K. Jul 2016 In : International Journal of Finance and Economics. 21, 3, p. 279–293 15 p.

Research output: Contribution to journalArticle

Monetary policy

Capital Structure Adjustments: Do Macroeconomic and Business Risks Matter?

Baum, C. F., Caglayan, M. & Rashid, A. 2 Sep 2016 (Accepted/In press) In : Empirical Economics.

Research output: Contribution to journalArticle


Inflation Volatility Effects on the Allocation of Bank Loans

Caglayan, M. & Xu, B. Jun 2016 In : Journal of Financial Stability. 24, p. 27-39 13 p.

Research output: Contribution to journalArticle

Open Access

R&D expenditures and geographical sales diversification

Baum, C. F., Caglayan, M. & Talavera, O. Mar 2016 In : Manchester School. 84, 2, p. 197-221 25 p.

Research output: Contribution to journalArticle


Regime dependent effects of inflation uncertainty on real growth: a markov switching approach

Caglayan, M., Kocaaslan, O. K. & Mouratidis, K. May 2016 In : Scottish Journal of Political Economy. 63, 2, p. 135-155 21 p.

Research output: Contribution to journalArticle