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Elias Papaioannou

Professor of Economics

PhD (London), MPA (Columbia), LLB Bachelor’s in Law, Academic Director, Business for Development Institute

Professor Elias Papaioannou’s focuses his research on: international finance; political economy; applied econometrics; macro aspects of regulation; law and finance; and growth and development. His research has been recognised with the inaugural 2013 European Investment Bank Young Economist Award; the European Economic Association’s Young Economist Award, 2005; and the Royal Economic Association’s Austin Robinson Memorial Prize, 2008.

He is also a research affiliate of the CEPR (Centre for Economic Policy Research) and the NBER (National Bureau of Economic Research), the leading research institutes in Europe and the United States, respectively.

After the completion of his doctorate in 2005, he worked for two years at the Financial Research Division of the European Central Bank (ECB) in Frankfurt, Germany. From 2007 to 2012, he served as Assistant Professor of Economics at Dartmouth College (NH, USA). Between 2010 and 2012 he was a Visiting Assistant Professor at the Economics Department of Harvard University (MA, USA).

He has published in many leading peer-refereed journals, such as the Quarterly Journal of Economics, Journal of Finance, Econometrica, The Economic Journal, The Review of Economics and Statistics, Journal of Development Economics, The Journal of the European Economic Association and The Journal of International Economics, among others. His work has also appeared in numerous edited book volumes.

Professor Papaioannou consults regularly with international organisations, major investment banks, hedge funds, and institutional investors on macroeconomic developments in the EU and Greece.


The long economic and political shadow of history : volume 1

Michalopoulos S; Papaioannou E

VOX e-book


Ethnic inequality

Papaioannou E; Alesina A; Michalopoulos S

Journal of Political Economy 2016 Vol 124:2 p 428-488

Greece : a new way forward

Papaioannou E; Portes R; Reichlin L

London Business School conference on Greece, May 2015

Needed: a European institution union

Papaioannou E

in Baldwin R and Giavazzi F, How to fix the Eurozone, views of leading economists, VOX e-book, 2016

The institutionalized injustice of the Greek legal system

Papaioannou E; Karatza S

In Meghir C et al, eds., Beyond austerity: reforming the Greek economy, MIT Press, 2016

The long-run effects of the scramble for Africa

Michalopoulos S; Papaioannou E

American Economic Review 2016 Vol 106:7 p 1802-1848

The scramble for Africa and its legacy

Papaioannou E; Michalopoulos S

in The New Palgrave Dictionary of Economics, Palgrave McMillan, 2016


Eurozone's original sin? Nominal rather than institutional convergence

Papaioannou E

in Baldwin R and Giavazzi F, The Eurozone crisis: a consensus view of the causes and a few possible solutions, VOX e-book, 2015

Greece : seeking a way forward

Papaioannou E; Portes R; Reichlin L

VoxEU 2015

Greece’s imperfect imperative

Reichlin L; Papaioannou E; Portes R

Project syndicate 2015

On the ethnic origins of African development: traditional chiefs and pre-colonial political centralization

Papaioannou E; Michalopoulos S

Academy of Management Perspectives 2015 Vol 29:1 p 32-71


National institutions and subnational development in Africa

Michalopoulos S; Papaioannou E

Quarterly Journal of Economics 2014 Vol 129:1 p 151-213


Pre-colonial ethnic institutions and contemporary african development

Michalopoulos S; Papaioannou E

Econometrica 2013 Vol 81:1 p 113-152

Financial regulation, financial globalization, and the synchronization of economic activity

Kalemli-Ozcan S; Papaioannou E; Peydro J L

Journal of Finance 2013 Vol 68:3 p 1179-1228

Global banks and crisis transmission

Kalemli-Ozcan S; Papaioannou E; Perri F

Journal of International Economics 2013 Vol 89:2 p 495-510


What lies beneath the Euro's effect on financial integration? Currency risk , legal harmonization, or trade?

Kalemli-Ozcan S; Peydro-Alcalde J L; Papaioannou

Journal of International Economics 2010 May Vol 81:1 p 75-88

The international role of the Euro: A status report

Portes R; Papaioannou E

Book Chapter: In Buti M et al., eds., The Euro: The First Decade, CUP, 2010


Human capital, the structure of production, and growth

Ciccone A; Papaioannou E

Review of Economics and Statistics 2009 February Vol 91:1 p 66-82

What drives international financial flows? Politics, institutions and other determinants

Papaioannou E

Journal of Development Economics 2009 March Vol 88:2 p 269-281


Democratization and growth

Siourounis G ; Papanioannou E

Economic Journal 2008 October Vol 118:10 p 1520-1551

Economic and Social Factors Driving the Third Wave of Democratization

Papaioannou E; Siourounis G

Journal of Comparative Economics 2008 September Vol 36:3 p 365-387

Financial development and intersectoral investment

Papaioannou E; Ciccone A

In Bank of Spain Annual Research Conference 2008


Red Tape and Delayed Entry

Ciccone A; Papaioannou E

Journal of European Economic Association 2007 Vol 2:2-3 p 444-458

Economic and Social Factors Driving the Third Wave of Democratization

Siourounis G; Papaioannou E

Journal of Computational and Graphical Statistics 2007 Vol 36:3 p 365-387


Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar

Portes R; Siourounis G; Papaioannou E

Journal of the Japanese and International Economics 2006 Vol 20:4 p 508-547


Spatial patterns of development: a Meso approach

Michalopoulos S; Papaioannou E

CEPR Discussion Paper


Regional transfers

Corbi R; Papaioannou E; Surico P

NBER Working Paper

The European trust crisis and the rise of populism

Algan Y; Guriev S; Papaioannou E; Passari E

CEPR working paper


Corporate control around the world

Aminadav G; Papaioannou E

NBER Working Paper

Land mines and spatial development

Chiovelli G; Michalopoulos S; Papaioannou E


  • Business Government and Society, SUM15

  • World Economy, AUT14, Dubai, SPR15, SUM15

  • Emerging Markets, SPR15

  • Nobel Thinking, SUM15

Research Interests

  • Political economy
  • Economics of growth and development
  • International finance
  • African development
  • European integration