Abdur Chowdhury Ph.D

                                                     CURRICULUM VITA: ABDUR CHOWDHURY


Business:    Department of Economics, Marquette University, Milwaukee, WI 53201, USA
                   Tel. (262) 853 8759: Email:  abdur.chowdhury@marquette.edu,  abdur@cmarkc.com


    Ph.D., Economics, 1983 at University of Kentucky.
    M.A., Economics, 1981 at University of Kentucky.
    M.A., Economics, 1977 at University of Dhaka, Bangladesh.
    B.A., (Honors), Economics, 1976 at University of Dhaka, Bangladesh.


  Positions Held

    Chairman, Department of Economics, Marquette University, Milwaukee, Wisconsin, USA, 2010-13.
    Professor of Economics, 2002-, Marquette University. 
    Chief Economist, Capital Market Consultants, Milwaukee, Wisconsin, USA, 2008-
    Member, Academic Advisory Council, Federal Reserve Bank of Chicago, 2010-
    Director, and Chief  Economist, Economic Analysis Division and Director, Technical Cooperation Unit (Sept. 2003 – January     2008), United Nations Economic Commission for Europe, Geneva, Switzerland.
    Senior Researcher, Institute for Transition Economies (BOFIT), Bank of Finland, Helsinki, Finland, 2002-2003.
    Associate Professor, 1989-2002, Marquette University.
    Consultant, Food and Agriculture Organization, United Nations, Rome, 1998-99.
    Visiting Researcher , World Institute for Development Economics Research (WIDER), United Nations, Helsinki, 1998;                 2001.
    Senior Fulbright Scholar, Faculty of Economics, Thammasat University, Bangkok, Thailand, 1995-96.
    Visiting Professor, School for Advanced International Studies, Johns Hopkins University, Washington, DC, 1996, (taught at       the Hopkins-Nanjing Center, Nanjing University, Nanjing, China).
    Program Director, Masters of Science in Applied Economics, 1991-1995, Marquette University.        
    Assistant Professor, 1983-1989, Bentley College, Waltham, Massachusetts, USA.

  Areas of Specialization

    U.S. and Global Economy, Macroeconomics, Development Economics.

Other Employment

Research Officer, 1978-1979, Planning Commission, Ministry of Planning and Finance, Government of Bangladesh.
Research Officer, 1977-1978, World Bank Resident Mission, Dhaka, Bangladesh.


  Refereed Journal Articles: In Print

"Terms of Trade Shocks and Private Savings in the Developing Countries" Forthcoming, Journal of Comparative Economics, 2015.

“Conflict and Fiscal Capacity,” Forthcoming, Defense and Peace Economics, 2015 (with Mansoob Murshed).

“The Impact of Output and Exchange Rate Volatility on Fixed Private Investment: Evidence from Selected G7 Countries,” Forthcoming, Applied Economics, 2015 (with Mark Wheeler).

“Factoring Emerging Markets into the Relationship Between Global Liquidity and Commodities", Forthcoming, Journal of Economic Studies 2015 (with Steven Landgraf)

“Are Capitalization Rates Mean Reverting? Implications for the Real Estate Sector”, Forthcoming, Applied Economic Letters, 2015.

“Curbing Corruption, Financial Development and Income Inequality: Commonwealth Perspectives", Progress in Development Studies January 2015, Vol. 15(1) (with Sourav Batabyal) pp. 1–24.
 “The Puzzle of Heterogeneity in Support for Free Trade,” Business and Politics, October 2014, Vol. 16(3), (with Jeffrey Drope) pp. 453-479.

“Virtual Curency and the Financial System: The Case of Bitcoin,” Investments and Wealth Monitor, March/April, 2014 (with Barry Mendelson), pp. 46-54.

 “Inflation and Inflation-Uncertainty in India: The Policy Implications of the Relationship”, Journal of Economic Studies, Vol. 41(1), 2014, pp. 71-86.

“The Political Investment Cycle within China: The Next Transition and its Investment Implications” Investment and Weatlh Monitor, September-October 2013, pp. 30-34 (with Barry Mendelson).

“A Note on War and Fiscal Capacity in Developing Countries,” Peace Economics, Peace Science and Public Policy, Vol. 19(3), 2013, pp. 431-35 (with Mansoob Murshed)

“Til Recession Do Us Part: Booms, Busts, and Divorce in the United States,” Applied Economics Letters, Vol. 20(3), 2013, pp. 255-261.

Does the Stock Market’s Equity Risk Premium Respond to Consumer Confidence or Is It the Other Way Around?” Journal of Investment Consulting, 13(1), 2012, pp. 39-44 [with Barry Mendelson].

 “The Geographical Dimension of the Development Effects of Natural Resources,” Environmental; and Resource Economics, Vol. 52(4), 479-498, 2012 [with Fabrizio Carmignani].

“Four Scenarios of Development and the Role of Economic Policy”, Journal of Development Studies, March 2011, Vol. 47, No. 3, pp. 519-532 [with Fabrizio Carmignani].

“Does Real Exchange Rate Volatility Affect Foreign Direct Investment? Evidence from four Developed Countries”, 
      The International Trade Journal, Vol. 22, No. 2, Summer 2008 [with Mark Wheeler].
“Substitution between Money and Near Monies in Switzerland,” Journal of Quantitative Economics, 2007, pp. 133-154 [with S. Sharma, M. Kandil, and T. Parker].

“FDI and Growth: What Causes What?” The World Economy, 29(1), January 2006, pp. 9-20 [with George Mavrotas].

“Private Savings in Transition Economies: Are There Terms of Trade Shocks?” Comparative Economic Studies, 46(4), December 2004, pp. 487-514.

"What Determines Public Education Expenditures in Russia?"  The Economics of Transition, 12(3), September 2004, pp. 489-508 [with Inna Verbina].

"Money Demand Stability Under Currency Substitution: Some Recent Evidence," Applied     Financial Economics, 14(1), January 2004, pp. 19-27 [with Santi Chaisrisawatsuk and Subhash Sharma].
    “Economic Policies in Transition,” Economics of Planning, Vol. 36, 2003, 77-79 [with Iikka Korhonen].

“Banking Reform in Russia: Winds of Change?”  The Journal of Policy Reform, Vol. 6(2), 2003, pp. 89-104.

“Information Technology and Productivity Payoff in the Banking Industry: Evidence from the Emerging Markets,” Journal of International Development, 15, 2003, pp. 693-708.

"The Long-Run Dynamics and Short-run Behavior of Savings in Morocco," Savings and Development, July 2003, No. 2 [with Mina Baliamoune].

"Speculative Attacks or Economic Fundamentals: Evidence from the Asian Currency Crisis," East Asian 
    Economic Perspectives, Vol. 11, March, (2000), pp. 86-108.

“Mean Reverting Behavior of Stock Returns: Evidence from a Panel of Asian and Pacific Basin         Countries,” The Asia Pacific Journal, Vol. 4, No. 3, (1999), pp. 431-445.

“The Behavior of U.S. M2 in the 1990s: Some Further Evidence,” Applied Economics, September, (1999), pp. 1137-1145 [with Mark Wheeler].

“The Asian Currency Crisis: Origins, Lessons, and Future Outlook,” Research for Action 47, World     Institute for Development Economics Research (WIDER),  United Nations, February, (1999).

“The Financial Structure and the Demand for Money in Thailand,” Applied Economics, Vol. 29, (1997), pp. 401-409.

“Margin Requirement and Stock Market Volatility in Thailand,” Applied Economics Letters, Vol. 4,     (1997), pp. 19-23.

“An Empirical Test of  the  Structure, Conduct-Performance Paradigm in the Asian and Pacific Basin         Countries,” The Asia Pacific Journal, Vol. 1(2), (1996), pp. 203-221.

"Is Money More Productive in a Developing Economy?" Applied Economics Letters, Vol. 2, (1995), pp. 118-121 [with Yingqui Liu].

"The Demand for Money in a Small Open Economy: The Case of Switzerland," Open Economies Review, Vol. 6, April (1995), pp. 131-144.

"Monetary Policy, Output, and Inflation in Bangladesh: A Dynamic Analysis," Applied Economics Letters,    Vol. 2, March (1995), pp. 51-55 [with Minh Dao and Abu Wahid].

"The Behavior of Closed-end Country Fund Prices in the Asian NIEs," Applied Economics Letters, Vol. 1, (1994), pp. 219-222.

    "Stock Market Interdependencies: Evidence from the Asian NIEs," Journal of Macroeconomics, Vol. 16,         Fall (1994), pp. 629-651.

    "Interest Rate Variability and Manufacturing Industry Cash Flow: An Empirical Analysis," Mid Atlantic         Journal of Business, March (1994) [with Suzette Serwin]. 

    "Non-nested Tests for Three Competing Theories of Business Cycles," Applied Economics, Vol. 26, May         (1994), pp. 527-534 [with J. McGibany and F. Nourzad].    

    "Factors Determining the Income Velocity of Money in a Developing Economy," Applied Economics             Letters, Vol. 1, April (1994), pp. 62-66.

    "Advertising Expenditures and the Macroeconomy: Some Further Evidence," International Journal of             Advertising, Vol. 13, No. 1, (1994), pp. 1-14.
"Does Exchange Rate Variability Depress Trade Flows ? Evidence from Error Correction Models," Review of Economics and Statistics, Vol. 74, November (1993), pp. 700-706.

    "Political Surfing Over Economic Waves: Parliamentary Election Timing in India,"  American Journal of         Political Science, Vol. 37, No. 4 (November, 1993), pp. 1100-1118.

    "The Housing Market, Macroeconomic Activity, and Financial Innovation: An Empirical Analysis of U.S.         Data," Applied Economics, Vol. 25, (November, 1993), pp. 1385-1392 [With Mark Wheeler].

    "Fiscal Dependence on Trade Tax and the Level of Economic Development," Applied Economics, Vol. 25,         (November, 1993), pp. 1393-1397.

"Purchasing Power Parity in the Major EMS Countries: The Role of Price and Exchange Rate Adjustment." Journal of Macroeconomics, Vol. 15, No. 1, (Winter, 1993), pp. 25-45 [With Fabio Sdogati].

    "The Functional Form of the Money Demand Equation: Evidence from Selected OECD Countries."             Quarterly Review of Economics and Finance, Vol. 32, (Autumn 1992), pp. 16-30.

    "Inflation and its Variability: Reply," Applied Economics, Vol. 25, (January 1993), pp. 47-48.

    "Univariate Time Series Behavior of Merger Activity and its Various Components in the United States,"         Applied Financial Economics, Vol. 3 (March 1993), pp. 61-66.

    "Futures Market Efficiency: Evidence from Cointegration Tests," The Journal of Futures Markets, Vol.         11 (October, 1991), pp. 577-589.
    "The Relationship Between the Inflation Rate and its Variability: The Issues Reconsidered." Applied             Economics, Vol. 23 (June 1991), pp. 993-1003.

"A Causal Analysis of Defense Spending and Economic Growth." Journal of Conflict Resolution, Vol. 3 (March 1991), pp. 80-97.

"The Slowdown in Soviet Defense Expenditures." Southern Economic Journal, Vol. 57, No. 2 (October 1990), pp. 533-537.

"Money in the Yugoslavian Economy." Journal of Post Keynesian Economics, Vol. 12, No. 4 (Summer, 1990), pp. 636-646. [With Steve Grubaugh and Andrew Stollar]

"Financial Innovations and the Interest Elasticity of Money Demand in Canada." in Economic Letters, 1989, 31, 43-48.

"Monetary and Fiscal Policy as a Stabilization Tool: The Case of Korea and Turkey." The Quarterly Review of Economics and Business, Vol. 29, No. 1 (Spring 1989), pp. 33-48.

"Changes in R&D Expenditure and Productivity Growth: A Causal Analysis." Arkansas Business and Economic Review, Vol. 21, No. 2 (1988), pp. 19-27. [With Mawdudur Rahman]

"Expenditures and Receipts at the State and Local Government Level: Comment." Public Choice, Vol. 59 (December 1988), pp. 277-285.

"Velocity and the Variability of Money Growth: Some International Evidence." Economic Letters, Vol. 27 (November 1988), pp. 355-360.

"The Infant Mortality-Fertility Debate: Some International Evidence." Southern Economic Journal, Vol. 54 (January 1988), pp. 666-674.

"Monetary Policy, Fiscal Policy and Aggregate Economic Activity: Some Further Evidence." Applied Economics, Vol. 20 (January 1988), pp. 63-71.

"Monetary Aggregates as a Target Variable: A Comment." Southern Economic Journal, Vol. 54 (July 1987), pp. 227-231.

"Are Causal Relationships Sensitive to Causality Tests?" Applied Economics, Vol. 19 (April 1987), pp. 459-465.

"Monetary Policy, Fiscal Policy, and Aggregate Economic Activity in Korea." Asian Economics, Vol. 58 (September 1986), pp. 47-54.

    "Monetary and Fiscal Impacts on Economic Activity in Bangladesh: A Note," The Bangladesh             Development Studies, Vol. 14 (March 1986), pp. 101-106.

"A Note on Dominant Influence of Fiscal Actions." Eastern Economic Journal, Vol. 12 (January-March 1986), pp. 61-62.

"Monetary Policy, Fiscal Policy, and Investment Spending: An Empirical Analysis." Southern Economic Journal, Vol. 52 (January 1986), pp. 794-806.  [With James Fackler and W. Douglas McMillin].

Contribution to Book: 
“Does Financial Openness Promote Economic Integration?” in Basudeb Guha-Khasnobis and George Mavrotas eds. Financial Development, Institutions, Growth and Poverty Reduction, London: Oxford University Press, 2008 (with Fabrizio Carmignani).

“The Impact of Financial Openness on Economic Integration: Evidence from Europe and the CIS” in L. Vinhas des Souza and O. Havrylyshyn (eds.) Growth Resumption in the CIS, London: Elsevier, 2006 (with Fabrizio Carmignani).

“Financing Reconstruction” in Gerd Junne and Willemijn Verkonen (eds.) Post Conflict Development: Meeting New Challenges , Boulder, CO: Lynne Rienner Publishers (with Tony Addison and Mansoob Murshed), 2005.

“A Global Lottery and a Global Premium Bond,” in A.B. Atkinson (ed.) New Sources of Development Finance. London: Oxford University Press (with Tony Addison), October 2005.

“External Debt, Growth and the HIPC Initiative: Is the Country Choice too Narrow?” in T. Addison, H. Hansen and F. Tarp (eds.) Debt Relief  for Poor Countries, London: Palgrave Macmillan, 2004.

“The Fiscal Dimensions of Conflict and Reconstruction” in Tony Addison and Alan Roe (eds.) Fiscal Policy for Development: Poverty, Reconstruction and Growth, London: Palgrave Macmillan (with Tony Addison and Mansoob Murshed), May 2004.

    "The Contributions of James Tobin," in Abu Wahid (ed.) The Nobel Laureates on the Frontiers of             Economics: A Popular Reading, (Greenwood Press, 1999).

    "The Economic Impact of U.S. Direct Foreign Investment on the Asia Pacific Region," in K. S. Nathan         (ed.) North America and the Asia-Pacific Towards the 21st Century: Facing the Challenges of                            Promoting Cooperative Security and Prosperity, London: ASEAN Academic Press, 1999.

"Money, Monetary Policy, Productivity and Inflation: A Dynamic Analysis" in Abu Wahid & Charles Weis  (ed.) The Economy of Bangladesh: Problems and Prospects (Praeger, 1996).

  Other Publications: In Print
“Foreign Aid, Economic Integration and Subsidiarity: Lessons from Europe,” Center for Social and Econopmic Research, Warsaw, Studies and Analysis No. 346, June 2007 (with Paolo Garonna).

“Does Financial Openness Promote Economic Integration?” WIDER Research Paper RP 2005/74, December 2005 (with Fabrizio Carmignani).

“Do Asymmetric Terms of Trade Shocks Affect Private Savings in a Transition Economy?” Bank of Finland Institute for Economies in Transition (BOFIT), Discussion Paper No. 3, 2003; and The William Davidson Institute, University of Michigan Working Paper No. 572, May 2003.

“WTO Accession: What’s in it for Russia?” BOFIT Online No. 10, 2003; and The William Davidson Institute, University of Michigan Working Paper No. 595, July 2003.

“Banking Reform in Russia: Winds of Change?” BOFIT Online No. 5, 2003.
“Reforming Russia's Educational System," Russian Economy: The Month in Review, Bank of Finland, February 2003 and reprinted in Transition, The World Bank, Vol. 14(1-3) Jan-Mar 2003. (with Inna Verbina).

"What Determines Public Expenditures in a Transition Economy?" Discussion Paper 2002/60, World Institute for Development Economic Research (WIDER), June 2002 [with Inna Verbina].

    "By How Much Does Conflict Reduce Financial Development?" Discussion Paper 2002/48, WIDER, May         2002 [with Tony Addison and S. Mansoob Murshed].
"External Indebtedness and Economic Growth: A Sensitivity Analysis" Discussion Paper 2001/95,     WIDER, September 2001.
    "Private Savings in a Developing Country," Discussion Paper 2001/78, WIDER, September 2001.

    "Review of International Business: Competing in the Global Marketplace." Journal of Global Business,         Vol. 11, No. 21, (Fall, 2000).

    "Review of Monetary Economics." Southern Economics Journal, (January, 1996).

    "Review of Macroeconomics." Southern Economic Journal, (July, 1995).

    "Review of Business Cycles: Theory, History, Indicators, and Forecasting." Southern Economic             Journal, (October, 1993).

    "Review of the Awakening of the Soviet Union." Southern Economic Journal, (July 1991).

"Review of Perestroika and the Economy:  New Thinking on Soviet Economics." Southern Economic Journal, (July, 1990).

"Review of Money, History, and International Finance:  Essays in Honor of Anna J. Schwartz."  Southern Economic Journal, (April 1990).

"Review of Prices, Wages and the Business Cycle." Southern Economic Journal, (April 1985).

"Review of Advances in Monetary Economics." Southern Economic Journal, (January 1987).

"Bangladesh: A Macro-Model for Projection and Policy Analysis." World Bank Research Report, 1978. [With Ram Agarwala and Zafar Ahmed]

  Other Scholarly Activities

    Manuscript Referee for
        South-Western Publishing Company, Macmillan Publishing Company
        Prentice-Hall, Inc, Blackwell Publishers, Addison Wesley

    Refereed Articles for
        American Economic Review, Journal of Econometrics, Asian Development Review, 
        Journal of Development Economics, Journal of International Money and Finance
        Journal of Finance, Journal of the Futures Markets, Open Economies Review
        The Review of Economics and Statistics, Journal of Macroeconomics
        Journal of Money, Credit and Banking, Southern Economic Journal, World Development
        American Political Science Review.

  Professional Association Memberships and Offices Held

    American Economic Association, European Economic Association
    Southern Economic Association, East Asia Economic Association

  Guest Editor, Economics of Planning, Vol. 36(2), 2003.
  Assistant Editor, Journal of Economics, 1993-97.

  Consulting, Testimony, and Business Presentations

    Consultant, Food and Agricultural Organization, United Nations, Rome, 1998-99.

Consultant to the United States Agency for International Development (USAID) on 'Agricultural Pricing Policy in Bangladesh,' 1987-89.

    Member, Academic Advisory Committee, Civic Education Project, Inc., Yale University.

    Member, Consultative Committee, BEN Environmental Network.