Kate Phylaktis

Prior to joining the City University Business School, Kate Phylaktis worked at the International Monetary Research Project at the London School of Economics and at the Economics Office of the National Commercial Banking Group (now Royal Bank of Scotland). She has held visiting appointments at the Research Department of the International Monetary Fund, University of Bordeaux, The Athens Laboratory of Business Administration and at the Warsaw University.

She has published extensively in the fields of foreign exchange markets, financial markets and financial structures with specific reference to emerging markets. She is Director of Emerging Markets Group. She has written three books, 'Financial Data of Banks and Other Institutions', (Pergamon, 1987) sponsored by the Economic and Social Research Council: 'International Finance and the Less Developing Countries', (Macmillan Press, 1990) and 'The Banking System of Cyprus: Past, Present and Future', (Macmillan Press, 1995). She has been a Guest Editor of three Special Issues of the Journal of International Money and Finance (2006, 2009, 2012) on "Emerging Markets Finance". She served as an Associate Editor of the Journal of International Money and Finance(2002- 2013), International Journal of Financial Analysis(2013-),Emerging Markets Review(2002-present), Pacific-Basin Finance Journal(2006-present), Financial Review(2004-2010), Multinational Finance Journal(2002-2008), Greek Economic Review(2002-2008) and Ekonomia(2000-present).

Her current research interests include Emerging Markets Finance, Foreign Exchange Markets, Microstructure of financial markets, Capital Market Integration and capital structure. She has acted as a consultant to various companies and public bodies including the Commonwealth Secretariat, Crown Agents, the Cyprus Popular Bank, the Bank of Cyprus, the Ministry of Education of Greece, the Ministry of Education and Culture of Cyprus,the Hellenic Capital Market Commission and the MLP Corporate University Academic Board in Germany.

Qualifications

BSc (Brunel), MSc (London) and PhD (City).

Visiting Appointments

• Visiting Consultant, Hellenic Capital Markets Commission, Greece, Jan 2003 – Jan 2005
• Visiting Consultant, Ministry of Education and Culture, Cyprus, Jan 1998 – Jan 2011
• Visiting Consultant, Research Department, International Monetary Fund, Jul – Aug 1994

Fellowships

Fellow, Higher Education Academy, Aug 2000 – present

Memberships of Committees

• Member, Western Finance Association, programme Committee, 2008 – 2012
• Member, Financial Management Association, programme Committee of the annual meeting, 2008 – 2011

Memberships of Professional Organisations

• Member of Programme, Western Finance Association, Jan 2008 – Aug 2014
• Fellow, Higher Education Academy, Jan 2000 – Aug 2014
• Member, European Finance Association, Jan 2000 – Aug 2014

Awards

• Cass Business School Research Prize (2005) Research Prize
• Research Prize in recognition of the work that I have done to enhance the School's reputation through the development of research relationships and networks.
• Asian Pacific Finance Association/PACAP and Chinese Finance Association (1996) Best 6 out of 300 papers to be included in PBFJ
• "Capital Market Integration in the Pacific Basin Countries: An Analysis of Read Interest Rate Linkages” was presented at the Asian Pacific Finance Association/PACAP and Chinese Finance Association, in Taipei, 1996 and was selected amongst the best 6 out of 300 papers to be included ina special issue of the Pacific Basin Finance Journal
• European Financial Management Association (1995) Best 7 out of 180 papers included in EFM
• The article “Stock Prices and the Flow of Information in an Emerging Capital Market”, presented at the European Financial Management Association Meeting, London, UK, 28-30 June 1995, was selected amongst the best 7 out of 180 papers submitted to the conference and published in a special issue of the journal of the European Financial Management

Languages

• Greek, Modern (1453-).

Expertise

Primary Topics

International Finance

Additional Topics

• Asset Pricing
• General Financial Markets
• Information & Market EfficiencyI
• nternational Financial Markets

Industries/Professions

financial services

Geographic Areas

• Africa
• Europe - Central
• Americas - South
• Europe
• Asia - Southeast
• Americas - Latin
• Middle East
• Africa - Eastern
• Asia - East
• Europe - Eastern

Research

• 1. Impact of global liquidity on the real estate market worldwide
• 2. Microstructure issues of FX market
• 3. Determinants of foreign ownership
• 4. international capital flows and the global financial crisis

Research Topics

• Foreign Ownership Foreign Ownership and Capital structure
• Global Liquidity Global Liquidity and house prices
• Corporate Governance Investor Protection and Asset pricing
• International capital Flows Speculative Flows and Financial markets
• Foreign Ownership Determinants of Foreign Ownership

Books (3)

• Phylaktis, K. (2017). Financial Data and Other Institutions. Pergamon.
• Phylaktis, K. (1994). The Banking System of Cyprus: Past, Present and Future. Palgrave MacMillan.
• Phylaktis, K. (Ed.), (1990). International Finance and the Less Developed Countries. Macmillan Press.

Chapters (9)

• Castañeda, J.E., Mayes, D.G. and Wood, G. (2016). Banking union in Europe. European Banking Union: Prospects and Challenges (pp. 1–22). ISBN 978-1-317-44302-5.
• Phylaktis, K. (2016). The Cyprus debacle: implications for the European banking union. In Castañeda, J.E., Mayes, D.G. and Wood, G. (Eds.), European Banking Union Prospects and challenges Routledge. ISBN 978-1-138-90650-1.
• Phylaktis, K. and O'Connor, T. (2013). Cross-Listing Behaviour. In Baker, H. and Riddick, L.A. (Eds.), International Finance: A Survey (pp. 248–274). USA: OUP. ISBN 978-0-19-975465-6.
• Phylaktis, K. and Xia, L. (2011). Equity Market Contagion and Comovement: Industry Level Evidence. In Kolb, R.W. (Ed.), Financial Contagion: The Viral Threat to the Wealth of Nations (pp. 357–364). John Wiley & Sons. ISBN 978-0-470-92238-5.
• Phylaktis, K. and Xia, L. (2011). Equity Market Contagion and Co-Movement: Industry Level Evidence. Sovereign Debt: From Safety to Default (pp. 369–378). ISBN 978-0-470-92239-2.
• Phylaktis, K. and March, I. (2003). International Monetary Fund: Past, Present and Future. In Mullineux, V. and Murinde, V. (Eds.), Handbook of International Banking (pp. 699–720). Edward Elgar. ISBN 978-1-84064-093-9.
• Phylaktis, K. (1997). Financial Liberalization and Stabilization Policies: The Experience of Chile. In Gupta, K. (Ed.), Experiences with Financial Liberalisation (pp. 131–153). Springer Netherlands. ISBN 978-94-010-6257-2.
• Phylaktis, K. (1995). Exchange Rate Policies in Developing Countries. In Ghatak, S. (Ed.), Monetary Economics for Developing Countries (pp. 224–242). Macmillan Press.
• Phylaktis, K. and Kassimatis, Y. (1993). The Long-Run Purchasing Power Parity: Evidence From Eight Pacific Basin Countries. In Bos, T. and Fetherston, T. (Eds.), Rising Asian Capital Markets: Empirical Studies JAI Press.

Journal Articles (55)

• Hearn, B., Phylaktis, K. and Piesse, J. (2017). Expropriation risk by block holders, institutional quality and expected stock returns. Journal of Corporate Finance, 45, pp. 122–149. doi:10.1016/j.jcorpfin.2017.04.016.
• Yan, C., Phylaktis, K. and Fuertes, A.M. (2016). On cross-border bank credit and the U.S. financial crisis transmission to equity markets. Journal of International Money and Finance, 69, pp. 108–134. doi:10.1016/j.jimonfin.2016.06.014.
• Bussière, M. and Phylaktis, K. (2016). Emerging markets finance: Issues of international capital flows – Overview of the special issue. Journal of International Money and Finance, 60, pp. 1–7. doi:10.1016/j.jimonfin.2015.09.007.
• Fuertes, A.-.M., Phylaktis, K. and Yan, C. (2016). Hot money in bank credit flows to emerging markets during the banking globalization era. Journal of International Money and Finance, 60, pp. 29–52. doi:10.1016/j.jimonfin.2014.10.002.
• Banti, C. and Phylaktis, K. (2015). FX market liquidity, funding constraints and capital flows. Journal of International Money and Finance, 56, pp. 114–134. doi:10.1016/j.jimonfin.2014.11.002.
• Muradoǧlu, Y.G., Onay, C. and Phylaktis, K. (2014). European integration and corporate financing. International Review of Financial Analysis, 33, pp. 138–157. doi:10.1016/j.irfa.2014.02.002.
• Phylaktis, K. and Manalis, G. (2013). Futures trading and market microstructure of the underlying security: A high frequency experiment at the single stock future level. Borsa Istanbul Review, 13(4), pp. 79–92. doi:10.1016/j.bir.2013.10.012.
• Phylaktis, K. and Aristidou, A. (2013). Margin Changes and Futures Trading Activity: A New Approach. European Financial Management, 19(1), pp. 45–71. doi:10.1111/j.1468-036X.2012.00565.x.
• Duffuor, K., Marsh, I.W. and Phylaktis, K. (2012). Order flow and exchange rate dynamics: An application to emerging markets. International Journal of Finance and Economics, 17(3), pp. 290–304. doi:10.1002/ijfe.451.
• Phylaktis, K. (2012). Guest editorial, emerging markets finance: Overview of the special issue. Journal of International Money and Finance, 31(4), pp. 673–679. doi:10.1016/j.jimonfin.2012.01.004.
• Brun-Aguerre, R., Fuertes, A.-.M. and Phylaktis, K. (2012). Exchange rate pass-through into import prices revisited: What drives it? Journal of International Money and Finance, 31(4), pp. 818–844. doi:10.1016/j.jimonfin.2012.01.009.
• Phylaktis, K. (2012). Guest editorial, emerging markets finance: Overview of the special issue. Journal of International Money and Finance, 31(4), pp. 673–679.
• Banti, C., Phylaktis, K. and Sarno, L. (2012). Global liquidity risk in the foreign exchange market. Journal of International Money and Finance, 31(2), pp. 267–291. doi:10.1016/j.jimonfin.2011.11.010.
• Phylaktis, K. and Manalis, G. (2011). Futures Trading and Market Microstructure of the Underlying Security: A high Frequency natural Experiment at the Single Stock Future Level. European Journal of Finance .
• Korczak, P. and Phylaktis, K. (2010). Related securities and price discovery: Evidence from NYSE-listed Non-U.S. stocks. Journal of Empirical Finance, 17(4), pp. 566–584. doi:10.1016/j.jempfin.2010.04.006.
• Phylaktis, K. and Chen, L. (2010). Asymmetric information, price discovery and macroeconomic announcements in FX market: Do top trading banks know more? International Journal of Finance and Economics, 15(3), pp. 228–246. doi:10.1002/ijfe.391.
• Phylaktis, K. and Xia, L. (2010). Equity Market Comovement and Contagion: A Sectoral Perspective. CFA Digest, 40, pp. 109–111.
• Phylaktis, K. and Chen, L. (2009). Price discovery in foreign exchange markets: A comparison of indicative and actual transaction prices. Journal of Empirical Finance, 16(4), pp. 640–654. doi:10.1016/j.jempfin.2009.02.001.
• Phylaktis, K. and Xia, L. (2009). Equity market comovement and contagion: A sectoral perspective. Financial Management, 38(2), pp. 381–409. doi:10.1111/j.1755-053X.2009.01040.x.
• Phylaktis, K. (2009). Emerging-Markets Finance: Overview of the special issue. Journal of International Money and Finance, 28(4), pp. 549–553. doi:10.1016/j.jimonfin.2009.01.001.
• Phylaktis, K. and Aristidou, A. (2007). Security transaction taxes and financial volatility: Athens stock exchange. Applied Financial Economics, 17(18), pp. 1455–1467. doi:10.1080/09603100600972426.
• Phylaktis, K. and Xia, L. (2006). The changing roles of industry and country effects in the global equity markets. European Journal of Finance, 12(8), pp. 627–648. doi:10.1080/13518470500460202.
• Phylaktis, K. (2006). Emerging markets finance: Overview of the special issue. Journal of International Money and Finance, 25(3), pp. 349–357. doi:10.1016/j.jimonfin.2006.03.002.
• Phylaktis, K. and Xia, L. (2006). Sources of firms' industry and country effects in emerging markets. Journal of International Money and Finance, 25(3), pp. 459–475. doi:10.1016/j.jimonfin.2006.02.001.
• Phylaktis, K. (2006). Spreading the Risk. The Hedgefund Journal, 2006(16 (April 2006)), pp. 34–36.
• Phylaktis, K. and Xia, L. (2006). The Changing Role of Industry and Country Effects in Global Equity Markets. European Journal of Finance, 12, pp. 627–648.
• Phylaktis, K. and Ravazzolo, F. (2005). Stock prices and exchange rate dynamics. Journal of International Money and Finance, 24(7), pp. 1031–1053. doi:10.1016/j.jimonfin.2005.08.001.
• Phylaktis, K. and Ravazzolo, F. (2005). Stock market linkages in emerging markets: Implications for international portfolio diversification. Journal of International Financial Markets, Institutions and Money, 15(2), pp. 91–106. doi:10.1016/j.intfin.2004.03.001.
• Phylaktis, K. and Manalis, G. (2005). Price transmission dynamics between informationally linked securities. Applied Financial Economics, 15(3), pp. 187–201. doi:10.1080/0960310042000306970.
• Phylaktis, K. and Ravazzolo, F. (2004). Currency risk in emerging equity markets. Emerging Markets Review, 5(3), pp. 317–339. doi:10.1016/j.ememar.2004.04.002.
• Phylaktis, K. and Ravazzolo, F. (2002). Measuring financial and economic integration with equity prices in emerging markets. Journal of International Money and Finance, 21(6), pp. 879–903. doi:10.1016/S0261-5606(02)00027-X.
• Phylaktis, K. and Girardin, E. (2001). Foreign exchange markets in transition economies: China. Journal of Development Economics, 64(1), pp. 215–235. doi:10.1016/S0304-3878(00)00130-9.
• Phylaktis, K. and Kavussanos, M. (2001). An Examination of the Relationship between Stock Returns and Trading Activity under Different Trading Systems. Greek Economic Review, 21(1), pp. 19–36.
• Moore, M. and Phylaktis, K. (2000). Black and official exchange rates in the Pacific Basin: Some tests of dynamic behaviour. Applied Financial Economics, 10(4), pp. 361–369.
• Phylaktis, K. (1999). Capital market integration in the Pacific Basin region: An impulse response analysis. Journal of International Money and Finance, 18(2), pp. 267–287.
• Phylaktis, K., Kavussanos, M. and Manalis, G. (1999). Price Limits and Stock Market Volatility in the Athens Stock Exchange. European Financial Management, 5(1), pp. 69–84.
• Phylaktis, K. and Kassimatis, Y. (1997). Black and official exchange rate volatility and foreign exchange controls. Applied Financial Economics, 7(1), pp. 15–24.
• Phylaktis, K. (1997). Capital market integration in the Pacific-Basin region: An analysis of real interest rate linkages. Pacific Basin Finance Journal, 5(2), pp. 195–213.
• Phylaktis, K. (1997). Black Market for Foreign Currency: A Survey of Theoretical and Empirical Issues. Financial Markets, Institutions and Instruments, 6, pp. 102–124.
• Phylaktis, K., Kavussanos, M.G. and Manalis, G. (1996). Stock prices and the flow of information in the Athens Stock Exchange. European Financial Management, 2(1), pp. 113–126.
• PHYLAKTIS, K. (1995). DEBT, DEFICITS AND EXCHANGE-RATES - REISEN,H. MANCHESTER SCHOOL OF ECONOMIC AND SOCIAL STUDIES, 63(1), pp. 116–116.
• Phylaktis, K. (1995). Capital Market Integration in the Pacific Basin Countries: An Analysis of Real Interest Rate Linkages. IMF Discussion Paper .
• Phylaktis, K. and Kassimatis, Y. (1994). Does the real exchange rate follow a random walk? The Pacific Basin perspective. Journal of International Money and Finance, 13(4), pp. 476–495. doi:10.1016/0261-5606(94)90051-5.
• Phylaktis, K. and Kassimatis, Y. (1994). Black and official exchange rates in the Pacific Basin countries: An analysis of their long-run dynamics. Applied Economics, 26(4), pp. 399–407. doi:10.1080/00036849400000086.
• Phylaktis, K. and Blake, D. (1993). The fisher hypothesis: Evidence from three high inflation economies. Weltwirtschaftliches Archiv, 129(3), pp. 591–599. doi:10.1007/BF02708004.
• Phylaktis, K. and Taylor, M.P. (1993). Money demand, the Cagan model and the inflation tax: some Latin American evidence. Review of Economics & Statistics, 75(1), pp. 32–37.
• Phylaktis, K. (1992). Purchasing power parity and cointegration: The Greek evidence from the 1920s. Journal of International Money and Finance, 11(5), pp. 502–513. doi:10.1016/0261-5606(92)90015-P.
• Phylaktis, K. and Taylor, M.P. (1992). The Monetary Dynamics of Sustained High Inflation: Taiwan, 1945-1949. Southern Economic Journal, 58(3), pp. 610–610. doi:10.2307/1059829.
• Phylaktis, K. (1991). The black market for dollars in Chile. Journal of Development Economics, 37(1-2), pp. 155–172. doi:10.1016/0304-3878(91)90086-B.
• Phylaktis, K. (1988). Banking in a British Colony: Cyprus 1878–1959. Business History, 30(4), pp. 416–431. doi:10.1080/00076798800000077.
• PHYLAKTIS, K. (1988). THE CHASE - THE CHASE-MANHATTAN-BANK-NA 1945-1985 - WILSON,JD. BUSINESS HISTORY, 30(2), pp. 260–261. doi:10.1080/00076798800000048.
• PHYLAKTIS, K. (1988). PROTECTIONISM, EXCHANGE-RATES AND THE MACROECONOMY - FORD,JL, SEN,S. ECONOMICA, 55(217), pp. 133–134. doi:10.2307/2554257.
• Phylaktis, K. (1988). Capital controls: The case of Argentina. Journal of International Money and Finance, 7(3), pp. 303–320. doi:10.1016/0261-5606(88)90033-2.
• Phylaktis, K. (1985). Exchange Controls Cannot be Enforced. Economic Affairs, 5(2), pp. 12–13. doi:10.1111/j.1468-0270.1985.tb01058.x.
• PHYLAKTIS, K. (1983). Services for Freer Trade. Economic Affairs, 3(4), pp. 231–235. doi:10.1111/j.1468-0270.1983.tb01514.x.

Course Directorship

• 1999 - 2001, Department of Banking and Finance, Director
• 1982 - 1986, Undergraduate Studies, Director

Subject/Academic Leadership

• Emerging Markets Group, Subject: International Financial Markets, Emerging Markets Finance, Director

Editorial Activities (11)

• Journal of International Money and Finance, Special Editor, 2015 – 2016.
• International Review of Financial Analysis, Member of Editorial Board, 2012 – present.
• Journal of International Money and Finance, Special Editor, 2011 – 2012.
• Journal of International Money and Finance, Special Editor, 2008 – 2009.
• Pacific Basin Finance Journal : 2006-, Associate Editor, 2006 – present.
• Journal of International Money and Finance, Special Editor, 2005 – 2006.
• Financial Review, Associate Editor, 2004 – 2010.
• Journal of International Money and Finance, Associate Editor, 2003 – 2013.
• Multinational Finance Journal, Associate Editor, 2002 – 2008.
• Emerging Markets Review, Associate Editor, 2002 – present.
• Ekonomia, Associate Editor, 2000 – present.