Professor Panicos Demetriades

Professor of Financial Economics

Panicos Demetriades

School/Department: Business, School of



Panicos Demetriades, Professor of Financial Economics at the University of Leicester School of Business, is a leading academic in the field of financial fragility with work spanning the economies of over 100 countries.

Professor Demetriades is well known for his tenure as Governor of the Central Bank of Cyprus from 2012-2014, during which time he guided the country through one of Europe’s worst financial crises and oversaw a major restructuring and recapitalization of the Cypriot banking system using modern bank recovery and resolution tools.

The medium- and long-term implications of COVID-19 on the global economy is not yet known, but with the academic and real-world expertise of academics such as Professor Demetriades there is an opportunity to mitigate against the most damaging financial impacts by supporting the responses of central banks.


Svetlana Andrianova and Panicos O. Demetriades (2018) “Financial Fragility and Financial Development: Two Sides of the Same Coin?”, Comparative Economic Studies 60(1), March, pages 54-68. Invited Paper to a Symposium on Finance and Growth.

Panicos Demetriades (2017) "A Diary of the Euro Crisis in Cyprus: Lessons for Bank Recovery and Resolution", Palgrave-Macmillan: Cham Switzerland.

Panicos O. Demetriades (2017) “Political Economy of a Euro Area Banking Crisis”, Cambridge Journal of Economics, Vol. 41(4), July, pages 1249-1264.

Svetlana Andrianova, Badi H. Baltagi, Panicos Demetriades and David Fielding (2017). “Ethnic Fractionalisation, Governance and Loan Defaults in Africa”, Oxford Bulletin of Economics and Statistics, Vol. 79 (4), August, pages 435–462.

Political economy of a euro area banking crisis: Keynote Address at ‘Politics, Finance and Growth’ Conference Reserve Bank of South Africa, Pretoria, (2016), forthcoming in Cambridge Journal of Economics

"Ethnic fractionalisation, governance and loan defaults in Africa" (2016),  Svetlana Andrianova, Badi Baltagi, Panicos Demetriades and David Fielding, forthcoming in Oxford Bulletin of Economics and Statistics

"The changing face of financial development" (2016) Panicos Demetriades and Peter L. Rousseau. Economics Letters, Vol. 141, pp 87–90.

“Why Do African Banks Lend So Little?” (2015) S. Andrianova, B. Baltagi, P. Demetriades and D. Fielding, Oxford Bulletin of Economics and Statistics, Vol. 77, pp. 339 – 359.

"Financial Restraints and Private Investment: Evidence From A Nonstationary Panel" (2013), Economic Inquiry, Western Economic Association International, vol. 51(1), pages 248-259, 01 (with Mauro Costantini, Gregory A. James and Kevin C. Lee).

"Information, Institutions and Banking Sector Development In West Africa" (2012), Economic Inquiry, Western Economic Association International, vol. 50(3), pages 739-753, 07 (with David Fielding).


  • EC2032 Intermediate Macroeconomics 2
  • EC7093 Principles of Banking
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