Professor Shanti P. Chakravarty

Division: Financial Studies

Telephone: 01248 38 277



Emeritus Professor of Economics

Former 'Centre for Systems Science' Fellow at the University of Rochester and then research fellow on the Southampton Econometric Model Building Unit. Subsequently worked on the construction of an econometric model for Wales. Recently visiting professor at the University of Frankfurt and the guest lecturer at Central Institute of Finance, Beijing.

Qualifications/Memberships of professional bodies

BSc, George Washington
MSc, PhD Rochester


Corporate governance, development economics, elections and coalition games, and political economy.

Recent Publications

  • Edmund Phelps on Productivity Slowdown: Limits to Utilitarian Economics, Homo Oeconomicus: Journal of Behavioral and Institutional Economics, vol 33 No 1 Aug 2016: 1-9
  • Growth, deregulation and rent seeking in post-war British economy (with D. D. Thomakos and K. I. Nikolopoulos) Applied Economics vol 48 no 18 Nov 2015: 1719-1729
  • Reflections on Thirty Years of Financial Liberalisation, FindEcon Conference, University of Lodz, Poland, May 2014 (
  • "Are There Arbitrage Gaps in the UK Gilt Strips Market?" (with S. Armitage, L. Hodgkinson and J. Wells), Journal of Banking and Finance vol 36, no 11, Nov 2012:3080-3090 (
  • Banking Industry Liberalisation in Ghana (with Elves Adjei), Review of Development Finance, vol 2 issue 2 April-June 2012:93-99. DOI information: 10.1016/j.rdf.2012.01.006
  • Inequality Adjusted Growth Rates in Latin America (with A. Angeriz and P. Arestis), Cambridge Journal of the Regions and Society (special issue on Persistence of Inequality), vol 4(1):29-48, 2011
  • Inequality in a Market Economy Section 7.5 (pp 177-179) in Rhys Davies et al An Anatomy of Economic Inequality in Wales: A Report Prepared on Behalf of the Wales Equality and Human Rights Commission, 2011, Cardiff. PDF download
  • Public Perception and Police Delivery (with Y. Altunbas and M. Feilzer). PDF download
  • Inequality Adjusted Growth Rates in Latin America (with A. Angeriz and P. Arestis). PDF download
  • Neo-Conservative or Neo-Liberal?, Homo Oeconomicus, Special Festival Issue, vol 25 (3/4), 2008, pp 381-97
  • Changing Patterns of UK Poverty 1997-2004 (with Alvaro Angeriz), Cambridge Journal of Economics, 31 (6), 2007, 995-1006.. ISSN 0309-166X
  • Do credit markets have faith in IMF imprimatur? (with Y. Altunbas and A. Kara), Journal of World Economic Review, 1 (2), 219-237. ISSN 0973-4368, 2006
  • Regional variation in banking services and social exclusion, Regional Studies, 40 (4), 415-428. ISSN 0034-3404, 2006
  • How significant is the alleged unfair advantage enjoyed by State-owned banks in Germany? (with J. Williams), Cambridge Journal of Economics, 30 (2),  219-226. ISSN 0309-166X, 2006
  • Ethnic nationalism and income distribution: a case for the Chinese in Malaysia (with A. Roslan), European Journal of Development Research, 16 (2), 270-288  ISSN 0957-8811, 2004
  • Shareholders and corporate elections (with J. Goddard and L. Hodgkinson), Journal of Management and Governance, 8 (2), 187-197 ISSN 1385-3457, 2004
  • Comment on minimizing frustration versus median voters' equilibria: a reasonable choice procedure (with P. Skott), Jahrbuch fǘr Neue Politische Őkonomie, Special Edition on Power and Fairness, 20, 51-56 ISSN 0722-5369, 2002
  • Economic aspects of police stops and searches: a critique, European Journal of Political Economy, 18 (3), 597-605. ISSN 0176-2680, 2002
  • A note on the electoral rules for the Welsh assembly (with Y. Altunbas and F. Steffen), Public Choice, 111 (1&2), 185-193 ISSN 0048-5829, 2002
  • Corporate governance and shareholder franchise (with L. Hodgkinson), Journal of Management and Governance, 5 (1), 83-97 ISSN 1385-3457, 2001
  • Frontier cost functions and bank efficiency (with Y. Altunbas), Economics Letters, 72 (2), 233-240, 2001 ISSN 0165-1765, 2001
  • Counting the Poor Paper 2003-07 (with A. Angeriz), Welsh Economy and Labour Market Research Centre, University of Wales, Swansea, September 2003

Short Essays


Visiting appointments:
Welsh Economy and Labour Market Research Centre, University of Swansea (2004-2006).

Editorial board membership:
Homo Oeconomicus, Open Environmental Journal.

Other editorships:
Editorial board of EURAS Yearbook, published by the European Academy of Standardization.

PhD external examinations:
Cranfield, Liverpool, Southampton, Ulster, Hamburg

Keynote addresses, and other prestigious guest presentations:
Invited guest speaker – Deutsche Bundesbank (2002), inaugural Research Seminar at Liverpool Business School (2003).

Organisation of conferences, learned societies and consortia:
Member of the Scientific Committee of the European Public Choice Society, 2004.

Other indicators of the impact of research:
An article in the European Journal of Political Economy (2002) is quoted in The University of Chicago Law Review (2004), and is cited in the Guidelines for Poststop Analysis issued by the Office of Community Policing Services of the US Department of Justice 2006. 

Policy advice:
Member of the Vision and Strategy Group for Manufacturing, Welsh Assembly Government.