Professor Keith Pilbeam
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About
Overview
Keith Pilbeam is a Professor of International Economics and Finance at City, University of London.
He is Editor-in-Chief of the International Journal of Finance and Economics (Wiley) which has an Academic Journal Quality Guide (2024) 3* ranking.
He obtained his PhD from the European University Institute in Florence and has worked for NatWest Bank and the Royal Bank of Scotland. He has also done extensive consultancy work for a number of City financial institutions.
He is President of the European Economics and Finance Society (www.eefs-eu.org).
He is Associate Editor of Economic Modelling (Elsevier) and former Co-Editor of the Journal of Economic Asymmetries (Elsevier).
He is a Fellow of the Higher Education Academy
His research relates mainly to foreign exchange and financial markets with research papers published in leading academic journals including Oxford Economic Papers, Journal of Banking and Finance, Journal of International Money and Finance, Journal of International Financial Markets, Institutions and Money, Journal of Economic Behavior & Organization, Economic Inquiry, International Journal of Finance and Economics, Annals of Finance, Economic Modelling, Empirical Economics, Open Economies Review and the Journal of Policy Modelling.
He is the author of two well-known textbooks, International Finance ( 5th edition 2023) and Finance and Financial Markets (2018) both published by Palgrave. He has also published the research monograph: Exchange Rate Management: Theory and Evidence with Macmillan.
Qualifications
- Fellow of Higher Education Academy, Higher Education Academy, United Kingdom
- PhD, European University Institute, Italy
- Diplôme des hautes études européennes, College of Europe, Belgium
- BA Economics, University of Leeds, United Kingdom
Employment
- President, European Economics and Finance Society, United Kingdom, June 2022 - present
- President, European Economics and Finance Society, United Kingdom, June 2022 - present
- Editor in Chief, International Journal of Finance and Economics, Wiley Publishing, Oxford UK, November 2021 - present
- Associate Editor, Economic Modelling, Elsevier, United Kingdom, August 2020 - present
- External Examiner, Kings College London, UK, January 2015 - present
- President, International Economics and Finance Society, United Kingdom, August 2010 - present
- President, International Economics and Finance Society, United Kingdom, August 2010 - present
Memberships of professional organisations
- General Secretary, Euorpean Economics and Finance Society
- President, International Economics and Finance Society (UK)
Publications
Featured publications
- Cheng, T., Xing, S., Yan, C. and Pilbeam, K. (2026). Do active Chinese equity fund managers produce positive alpha? A comprehensive performance evaluation. Journal of International Financial Markets, Institutions and Money, 109, pp. 102312-102312. doi:10.1016/j.intfin.2026.102312
- Litsios, I. and Pilbeam, K. (2024). Explaining and correcting trade imbalances between the Northern and Southern Eurozone: An empirical investigation. International Journal of Finance & Economics, 29(1), pp. 1079-1096. doi:10.1002/ijfe.2722
- Pilbeam, K. (2023). International Finance. Bloomsbury Publishing. ISBN 9781350347090.
- Huang, R., Pilbeam, K. and Pouliot, W. (2022). Are macroeconomic forecasters optimists or pessimists? A reassessment of survey based forecasts. Journal of Economic Behavior & Organization, 197, pp. 706-724. doi:10.1016/j.jebo.2022.03.012
- Boonman, T., Litsios, I., Pilbeam, K. and Pouliot, W. (2022). Modelling the trade balance between the northern and southern eurozone using an intertemporal approach. Journal of International Money and Finance, 121, pp. 102508-102508. doi:10.1016/j.jimonfin.2021.102508
- Asteriou, D., Pilbeam, K. and Tomuleasa, I. (2021). The impact of corruption, economic freedom, regulation and transparency on bank profitability and bank stability: Evidence from the Eurozone area. Journal of Economic Behavior and Organization, 184, pp. 150-177. doi:10.1016/j.jebo.2020.08.023
- Huang, R., Pilbeam, K. and Pouliot, W. (2021). Do actively managed US mutual funds produce positive alpha? Journal of Economic Behavior and Organization, 182, pp. 472-492. doi:10.1016/j.jebo.2019.03.006
Publications by category
Books (5)
- Pilbeam, K. (2018). Finance and Financial Markets. Palgrave. ISBN 9781137515629.
- Pilbeam, K. and Beckmann, J. (2017). Internationale Wirtschaft. ISBN 9783791033358.
- Pilbeam, K. (2013). International Finance. Palgrave MacMillan. ISBN 9780230362895.
- Pilbeam, K. (2010). Finance & Financial Markets. Palgrave MacMillan. ISBN 9780230233218.
- Pilbeam, K. (1991). Exchange Rate Management: Theory and Evidence The UK Experience. Palgrave. ISBN 9781349117444.
Journal articles (47)
- Asteriou, D., Katsiampa, P., Pilbeam, K. and Tziamalis, A. (2026). Herding and Anti‐Herding Behaviour in the UK , French and German Stock Markets Before and During the Covid Pandemic. International Journal of Finance & Economics, 31(2), pp. 1780-1804. doi:10.1002/ijfe.70015
- Asteriou, D., Pilbeam, K. and Pouliot, W. (2026). Which GRS Statistic Is Appropriate for Cross‐Sectional Tests of Linear Multi‐Factor Pricing Models? International Journal of Finance & Economics. doi:10.1002/ijfe.70147
- Asteriou, D., Pilbeam, K., Litsios, I. and Pouliot, W. (2025). ESG Ratings and Investment Returns at the Country Level: Does Higher Mean Better? International Journal of Finance and Economics, 30(4), pp. 3761-3784. doi:10.1002/ijfe.3090
- Boonman, T.M., Litsios, I. and Pilbeam, K. (2025). The Impact of Changes in Real Income and the Real Effective Exchange Rate on Trade in Goods and Services. International Journal of Finance & Economics. doi:10.1002/ijfe.70087
- Asteriou, D., Pilbeam, K. and Pouliot, W. (2023). Does ESG investing pay-off? An analysis of the Eurozone area before and during the Covid-19 pandemic. International Journal of Finance & Economics. doi:10.1002/ijfe.2865
- Pilbeam, K., Beckmann, J., Kyriakou, I. and Liu, J. (2022). Celebrating the 27th anniversary of International Journal of Finance and Economics and shaping the future. International Journal of Finance & Economics, 28(1), pp. 5-8. doi:10.1002/ijfe.2743
- Pilbeam, K., Asteriou, D. and Listios, I. (2021). DSGE Modelling for the UK Economy 1974-2017. Bulletin of Economic Research, 72(2), pp. 295-323. doi:10.1111/boer.12255
- Asteriou, D., Pilbeam, K. and Pratiwi, C.E. (2021). Public debt and economic growth: panel data evidence for Asian countries. Journal of Economics and Finance, 45(2), pp. 270-287. doi:10.1007/s12197-020-09515-7
- Pilbeam, K. (2019). Brexit and its Impact on the Pound in the Foreign Exchange Market. The Economists’ Voice, 16(1). doi:10.1515/ev-2019-0026
- Litsios, I. and Pilbeam, K. (2019). The Role of National Debts in the Determination of the Yen-Dollar Exchange Rate. Economic Inquiry, 57(2), pp. 1182-1195. doi:10.1111/ecin.12735
- Asteriou, D., Pilbeam, K. and Sarantidis, A. (2019). The Behaviour of Banking Stocks During the Financial Crisis and Recessions. Evidence from Changes‐in‐Changes Panel Data Estimations. Scottish Journal of Political Economy, 66(1), pp. 154-179. doi:10.1111/sjpe.12191
- Pilbeam, K. and Preston, H. (2019). An Empirical Investigation of the Performance of Japanese Mutual Funds: Skill or Luck? International Journal of Financial Studies, 7(1), pp. 6-6. doi:10.3390/ijfs7010006
- Pilbeam, K., Glycopantis, D. and Beckmann, J. (2018). The dollar-euro exchange rate and monetary fundamentals. Empirical Economics, 54(4), pp. 1389-1410. doi:10.1007/s00181-017-1335-1
- Benbouzid, N., Mallick, S. and Pilbeam, K. (2018). The housing market and the credit default swap premium in the UK banking sector: A VAR approach. Research in International Business and Finance, 44, pp. 1-15. doi:10.1016/j.ribaf.2017.01.009
- Gabrieli, T., Pilbeam, K. and Wang, T. (2018). Estimation of bubble dynamics in the Chinese real estate market: a State space model. International Economics and Economic Policy, 15(2), pp. 483-499. doi:10.1007/s10368-017-0398-y
- Gabrieli, T., Pilbeam, K. and Shi, B. (2017). The impact of shadow banking on the implementation of Chinese monetary policy. International Economics and Economic Policy pp. 1-19. doi:10.1007/s10368-017-0397-z
- Litsios, I. and Pilbeam, K. (2017). An empirical analysis of the nexus between investment, fiscal balances and current account balances in Greece, Portugal and Spain. Economic Modelling, 63, pp. 143-152. doi:10.1016/j.econmod.2017.02.003
- Pilbeam, K. and Litsios, I. (2017). The long-run determination of the real exchange rate. Evidence from an intertemporal modelling framework using the dollar-pound exchange rate. Open Economies Review, 28(5), pp. 1011-1028. doi:10.1007/s11079-017-9467-7
- Asteriou, D., Masatci, K. and Pılbeam, K. (2016). Exchange rate volatility and international trade: International evidence from the MINT countries. Economic Modelling, 58, pp. 133-140. doi:10.1016/j.econmod.2016.05.006
- Begiazi, K., Asteriou, D. and Pilbeam, K. (2016). A multivariate analysis of United States and global real estate investment trusts. International Economics and Economic Policy, 13(3), pp. 467-482. doi:10.1007/s10368-016-0349-z
- Belke, A. and Pilbeam, K. (2016). Exports, growth and financial stability in the euro area and beyond. International Economics and Economic Policy, 13(3), pp. 339-343. doi:10.1007/s10368-016-0354-2
- Beckmann, J., Czudaj, R. and Pilbeam, K. (2015). Causality and volatility patterns between gold prices and exchange rates. The North American Journal of Economics and Finance, 34, pp. 292-300. doi:10.1016/j.najef.2015.09.015
- Belke, A. and Pilbeam, K. (2015). Macroeconomic and financial adjustment in globalised economies - The state-of-play. International Economics and Economic Policy, 12(1), pp. 1-4. doi:10.1007/s10368-014-0282-y
- Pilbeam, K. and Langeland, K.N. (2015). Forecasting exchange rate volatility: GARCH models versus implied volatility forecasts. International Economics and Economic Policy, 12(1), pp. 127-142. doi:10.1007/s10368-014-0289-4
- Pilbeam, K., Bris, A., Alcidi, C., Barslund, M., De Groen, W.P. and Gros, D. (2015). Currency Interventions: Effective Policy Tool or Shortsighted Gamble? Intereconomics, 50(2), pp. 64-81. doi:10.1007/s10272-015-0528-0
- Belke, A. and Pilbeam, K. (2015). Macroeconomic and financial adjustment in globalised economies - The state-of-play. International Economics and Economic Policy, 12(1), pp. 1-4. doi:10.1007/s10368-014-0282-y
- Pilbeam, K. and Oboleviciute, N. (2012). Does Foreign Direct Investment Crowd In or Crowd Out Domestic Investment? Evidence from the European Union. The Journal of Economic Asymmetries, 9(1), pp. 89-104. doi:10.1016/j.jeca.2012.01.005
- Olmo, J. and Pilbeam, K. (2011). Uncovered interest parity and the efficiency of the foreign exchange market: A re-examination of the evidence. International Journal of Finance and Economics, 16(2), pp. 189-204. doi:10.1002/ijfe.429
- Pilbeam, K. and Olmo, J. (2011). The forward discount puzzle and market efficiency. Annals of Finance, 7(1), pp. 119-135. doi:10.1007/s10436-010-0159-1
- Olmo, J., Pilbeam, K. and Pouliot, W. (2011). Detecting the presence of insider trading via structural break tests. Journal of Banking and Finance, 35(11), pp. 2820-2828. doi:10.1016/j.jbankfin.2011.03.013
- Pilbeam, K. and Olmo, J. (2009). The profitability of carry trades. Annals of Finance, 5(2), pp. 231-241. doi:10.1007/s10436-008-0098-2
- Olmo, J. and Pilbeam, K. (2009). Uncovered Interest Parity: Are Empirical Rejections of It Valid? Journal of Economic Integration, 24, pp. 369-384. doi:10.11130/jei.2009.24.2.369
- Pilbeam, K. and Nagle, F. (2009). High-tech IPOs in the USA, UK and Europe after the dot-com bubble. Int. J. of Financial Services Management, 4(1), pp. 64-75. doi:10.1504/IJFSM.2009.026637
- Pilbeam, K. and Noronha, R. (2008). Risk budgeting and Value-at-Risk. Int. J. of Monetary Economics and Finance, 1(2), pp. 149-161. doi:10.1504/IJMEF.2008.019219
- Pilbeam, K. (2005). The relative effectiveness of sterilized and non sterilized foreign exchange market interventions. Journal of Policy Modeling, 27(3), pp. 375-383. doi:10.1016/j.jpolmod.2005.01.003
- Andriesz, E., Asteriou, D. and Pilbeam, K. (2005). The linkage between financial liberalization and economic development: empirical evidence from Poland. Journal of Economic Integration, 20(2), pp. 383-399. doi:10.11130/jei.2005.20.2.383
- Pilbeam, K. (2004). The stabilization properties of fixed and floating exchange rate regimes. International Journal of Finance and Economics, 9(2), pp. 113-123. doi:10.1002/ijfe.235
- Pilbeam, K. (2001). The profitability of central bank foreign exchange market intervention. Journal of Policy Modeling, 23(5), pp. 523-530. doi:10.1016/S0161-8938(01)00065-5
- Pilbeam, K. (2001). The East Asian financial crisis: getting to the heart of the issues. Managerial Finance, 27(1/2), pp. 111-133. doi:10.1108/03074350110767538
- Pilbeam, K. (2001). Economic Fundamentals and Exchange Rate Movements. International Review of Applied Economics, 15(1), pp. 55-64. doi:10.1080/02692170120013349
- Pilbeam, K. (1997). New directions in trade theory. Economic Journal, 107(443), pp. 1234-1236
- Pilbeam, K. (1995). Exchange Rate Models and Exchange Rate Expectations - An Empirical Investigation. Applied Economics, 27(11), pp. 1009-1015. doi:10.1080/00036849500000082
- Pilbeam, K. (1995). Surveys in International Trade. Economic Journal, 105(432), pp. 1289-1290. doi:10.2307/2235423
- Pilbeam, K. (1995). The profitability of trading in the foreign exchange market: Chartists, fundamentalists, and simpletons. Oxford Economic Papers, 47(3), pp. 437-452. doi:10.1093/oxfordjournals.oep.a042180
- Pilbeam, K. (1993). Private Lending to Sovereign States - A Theoretical Autopsy. Economic Journal, 103(416), pp. 255-256. doi:10.2307/2234362
- Pilbeam, K. (1992). Speculation and the Dollar - the Political Economy of Exchange Rates. Economic Journal, 102(414), pp. 1261-1263. doi:10.2307/2234397
- Pilbeam, K. (1992). The Economics of the Dollar Cycle. Economic Journal, 102(414), pp. 1261-1263. doi:10.2307/2234397
Working papers (6)
- Pilbeam, K. and Litsios, I. (2018). Long-run determination of the nominal exchange rate in the presence of national debts: Evidence from the yen-dollar exchange rate. London, UK: Department of Economics, City, University of London
- Pilbeam, K. and Litsios, I. (2015). The long-run determination of the real exchange rate. Evidence from an intertemporal modelling framework using the dollar-pound exchange rate. London, UK: Department of Economics, City, University of London.
- Pilbeam, K. and Litsios, I. (2015). An Empirical Analysis of the Nexus between Investment, Fiscal Balances and Current Account Balances in Greece, Portugal and Spain. London, UK: Department of Economics, City University London
- Olmo, J., Pilbeam, K. and Pouliot, W. (2009). Detecting the Presence of Informed Price Trading Via Structural Break Tests. London, UK: City, University of London.
- Olmo, J. and Pilbeam, K. (2007). A resolution of the forward discount puzzle. London, UK: City, University of London.
- Andriesz, E., Asteriou, D. and Pilbeam, K. (2003). The linkage between financial liberalization and economic development: empirical evidence from Poland. London, UK: Department of Economics, City University London
Professional activities
Editorial activity (19)
- Journal of Economic Asymmetries, Co-Editor, January 2013 - September 2017.
- Applied Financial Economics, Referee.
- Applied Economics, Referee.
- Economic Journal, Referee.
- International Journal of Forecasting, Referee.
- International Review of Applied Economics, Referee.
- British Review of Economic Issues, Referee.
- Oxford Economic Papers, Referee.
- World Economy, Referee.
- Economic Inquiry, Referee.
- Journal of Economic Behaviour and Organisation, Referee.
- Journal of International Money and Finance, Referee.
- International Journal of Forecasting, Referee.
- Journal of Policy Modelling, Referee.
- Research in International Business and Finance, Referee.
- Scottish Journal of Political Economy, Referee.
- International Review of Economics and Finance, Referee.
- Economics Modelling, Referee.
- Economic Modelling, Associate Editor.