Cem Karayalçın
Department of Economics, Florida International University, Miami, Florida 33199
Telephone no: (305) 348-3285 (office), Fax no: (305) 348-1524,
E-Mail Address: karayalc@fiu.edu
CURRENT POSITION
Professor, Department of Economics, Florida International University
EDUCATION
1989 Ph.D. in Economics, Columbia University
1983 M.A. in Economics, Columbia University
1981 B.S. in Economics, Middle East Technical University, Ankara
SPECIALIZATION
Open-economy Macroeconomics, Political Economy, Development and Growth Theory
PUBLICATIONS
“The Role of Productivity, Transportation Costs, and Barriers to Intersectoral Mobility in Structural Transformation” (with M. Pintea), Economic Modelling, 108, 2022.
“Romes without empires: Urban concentration, political competition, and economic development” (with M.A. Ulubasoglu), European Journal of Political Economy, 63, 2020.
“Exports of primary goods and human capital accumulation,” (with Y. Hou), Review of International Economics, 27:1371-1408, 2019.
“Incomplete integration and contagion of debt distress in economic unions,” (with H. Onder), Economics & Politics, 31:194-215, 2019.
“Fiscal decentralization, fiscal reform, and economic growth in China,” (with Y. Ding and A. McQuoid), China Economic Review, 53: 152-167, 2019.
“Property Rights and the First Great Divergence: Europe 1500-1800” International Review of Economics and Finance, 42: 484-98, 2016.
“Trade and Cities” (with H. Yilmazkuday), World Bank Economic Review, 29: 523-49, 2014.
”State Owned Enterprises and Redistribution: An empirical Analysis” (with M. Ulubasoglu and V. Avsar), Economics & Politics, 25.3: 387-410, 2013.
"Habit formation, adjustment costs, and international transmission of fiscal policy" (with R. Gonzalez-Hernandez), Journal of International Money and Finance, 32: 341-359, 2013.
“Divided We Stand United We Fall: The Hume-North-John mechanism for the Rise of Europe,” International Economic Review, 49: 973-997, 2008.
“Exchange Rate Pass-Through and Relative Prices: An Industry-Level Empirical Investigation” (with Prasad S. Bhattacharya and Dimitrios D. Thomakos), Journal of International Money and Finance, 27: 1135-1160, 2008.
“Income distribution, sovereign debt and public investment” (with K. McCollister), Economics and Politics, 17: 351-65, 2005.
“Economic (dis)integration in the presence of evolutionary learning” (with D. Mitra and D. Mendez-Carbajo), Journal of Evolutionary Economics, 14: 463-481, 2004.
“Trade in Goods and Trade in Assets,” (with Andre Burgstaller) International Journal of Business and Economics, 2: 97-108, 2003.
“Habit Formation and Fiscal Policy in a Small Open Economy," Macroeconomic Dynamics 7: 407-423 (2003).
“Infrastructure, Returns to Scale and Sovereign Debt” (with K. McCollister and Devashish Mitra), Journal of International Trade and Economic Development 11:267-278 (2002).
“Multiple Equilibria, Coordination, and Transitional Growth,” (with Devashish Mitra) Journal of Development Economics 60, 297-316, 1999.
“Temporary and Permanent Government Spending in a Small Open Economy” Journal of Monetary Economics 43, 125-141, 1999.
“A Political Economic Model of the State Owned Enterprises," Topics in Middle Eastern and North African Economies, vol. 1, 1999.
"The Role of Stock Markets in International Economic Integration," Journal of Economic Integration, 11: 93-113, March 1996.
"Redistributive Taxation in a Small Open Economy," Canadian Journal of Economics, XXIX: 688-698, August 1996.
"Stockmarkets, Adjustment Costs, and International Transmission of Shocks" Economica 63, 599-610, 1996.
"Heterogeneous Households, the Distribution of Wealth, and the Laursen-Metzler Effect," Review of International Economics, 3, 86-103 (1995).
"Capital Income Taxation and Welfare in a Small Open Economy," Journal of International Money and Finance, 14: 785-800, December 1995.
"Government Spending and Cyclical Adjustment in a Small Open Economy," Journal of Economic Integration, 10: 454-474, December 1995.
"Temporary and Permanent Migration with and without an Immobile Factor," Journal of Development Economics 43, 197-215 (1994).
"Adjustment Costs in Investment, Time Preferences, and the Current Account," Journal of International Economics 37, 81-95 (1994).
"International Capital and Labor Mobility: Vent for Surplus Labor" (in Portuguese), Estudos Economicos, 24, 183-202 (1994).
REPORTS
“Allocation of Natural Resource Revenues: A Fiscal Framework for Strategic Decisions in Kurdistan Region of Iraq,” World Bank Report, 2015.
“Decision-Making Constraints on the Implementation of Viable Disaster Risk Reduction Projects: Some Perspectives from Economics”, (with P. Thompson) Global Assessment Report on Disaster Risk Reduction, United Nations, 2011
“Inclusive Growth in Azerbaijan: Growth and Employment,” World Bank Report, 2011.
“Domestic Conflict, Public Services, and Regional Integration,” (with H. Onder) Background paper, The Fallout of War, World Bank, Washington, DC.
WORKING PAPERS
“Distributional conflict, population, innovation.”
“Environmental policy under weak institutions,” (with Harun Onder) World Bank Policy Research Working Paper, 10719, March 2024
“The Fragility and Resilience of Nations,” (with Harun Onder) World Bank Policy Research Working Paper, 10362, March 2023
“Exports of Primary Commodities and Fertility,” (with Y. Hou)
“Habit Formation and Supply Shocks”
"Endogenous Growth, Endogenous Time Preference, and Social Status" (with Andre Burgstaller)
“International Capital Movements under Endogenous Growth” (with Andre Burgstaller)
PAPER PRESENTATIONS
"Growth and international labor migration in an overlapping generations model" in Second Annual Southeastern International Economics Meeting, Gainesville, October 1990.
”The asset market approach in the pure theory of international trade" (co-authored with Andre Burgstaller) in Mid-West International Economics Meeting, Evanston, IL., June 1991.
"Endogenous growth and the long-run distribution of wealth in a simple von Neumann model" (co-authored with Andre Burgstaller) in Eastern Economics Association Meeting, Washington, DC., March 1993.
"International capital movements under endogenous growth and endogenous time preference" (co-authored with Andre Burgstaller) in the Fifth Annual Southeastern International Economics Meeting, Durham, NC, October 1993.
"Habit Formation and Government Spending in a Small Open Economy" presented at the Eastern Economic Association's 21st Annual Convention in New York (March 17-19, 1995).
"International Capital Movements under Endogenous Growth," (with Andre Burgstaller) presented at the Boston meeting of the Economic Development Society, November 1996.
"Multiple Equilibria, Coordination and Bounded Rationality," (with Devashish Mitra) presented at the South Eastern Economic Theory and International Economics Conference, November 1997.
"A Political Economic Model of the State Owned Enterprises" presented at the New York ASSA Meetings, January 1999.
"Habit Formation and Supply Shocks in a Small Open Economy" presented at the South Eastern Economic Theory and International Economics Conference, November 2001.
“Economic (dis)integration in the presence of evolutionary learning,” (co-authored with D. Mitra and D. Mendez-Carbajo), invited presentation at the Central Bank of the Dominican Republic, March, 2004.
“United we fall, divided we stand: The Hume-Weber-Jones mechanism for the rise of Europe,” Lucca Conference on Economic Growth and Income Distribution, June 2004.
“Romes without Empires: Primate Cities, Political Competition, and Economic Growth,” invited presentation at Southern Methodist University, March 2006.
“Political Economy of Growth,” invited presentation at Wenzao College, Department of International Business, Taiwan, May 2007.
“The Political Economy of Crisis and Reform,” invited presentation at Crises Organisations and Development Conference, Deakin University, Australia, August 2009.
“Inclusive Growth in Azerbaijan: Growth and Employment,” invited presentation at the World Bank, Washington, DC, October 2011.
“Property Rights and The First Great Divergence: Europe 1500-1800,” presented at the 2012 American Economic Association Meeting, Chicago, January 2012.
“Property Rights and The First Great Divergence: Europe 1500-1800,” presented at the 2012 Latin American Chapter of the Econometric Society Annual Meeting, Lima Peru, November 2012.
“Political Economy of the Government Shutdown,” invited presentation at Tianjin University and Jinan Economics and Finance University, November, 2013.
“The Economic Consequences of the Government Shutdown,” presented at the Tianjin International Forum, May, 2014.
“Romes without Empires: Primate Cities, Political Competition, and Economic Growth,” invited presentation at EAFIT, Medellin, Colombia, October 2014.
“Incomplete Integration and Contagion of Debt Distress in Economic Unions” (with H. Onder), presented at the 2016 Latin American Chapter of the Econometric Society Annual Meeting, Medellin Colombia, November 2016.
“Exports of Primary Goods and Human Capital Accumulation in Latin America” (with Y. Hou) presented at the LACEA meetings in Buenos Aires, Argentina, November 2017.
“Economic resilience in developing countries,” The IMF, 2023
“The Fragility and Resilience of Nations,” (with Harun Onder), presented at Workshop in Applied and Theoretical Economics (WATE), FIU, November 2023.
“Distributional conflict, population, innovation,” presented at WATE, UF, November 2025.
EXPERIENCE
2005-present Professor, FIU
1995-2005 Associate Professor, FIU
1989-1995 Assistant Professor, FIU
1984-1989 Preceptor/Instructor, Columbia University
1987-1988 Instructor, Rutgers University
1982-1983 Instructor, Pace University
GRANTS
1990 Summer Research Award, Florida International University
HONORS AND AWARDS
1990-1992 President's Fellow, Columbia University
1995 TIP Award, Florida International University
COURSES TAUGHT
International Trade (Ph.D. level)
International Money (Ph.D. level)
Development Economics (Ph.D. level)
Macroeconomics (Ph.D. level)
Political Economy (PhD level)
Mathematical Economics (M.A. level)
Economic Policy Analysis (M.A. level)
International Trade (Undergraduate level)
International Money (Undergraduate level)
Money and Banking (Undergraduate level)
Intermediate Macroeconomics (Undergraduate level)
Applied Macroeconomics (Undergraduate level)
Macroeconomic Principles (Undergraduate level)
Microeconomic Principles (Undergraduate level)
GRADUATE STUDENT SUPERVISION
Major Professor for the Ph.D. Dissertations
Xiaowei Xu “International Transmission of Disturbances under Alternative Exchange Rate Regimes,” (1995-1996, Research Economist, NY)
Yuna Chen “Closing the Productivity Gap and Trade Policy,” (1996-1997, South Georgia College)
Ali Kocyigit “International Mobility and Saving-Investment Correlations,”(1996-1997, Malatya University, Turkey)
Carlos Moslares “Credit Rationing, Research and Development, and Growth,” (1996-1997, Universitat Ramon Llull, Barcelona, Spain)
Kathryn McCollister “The Political Economy of Sovereign Debt,”(1998-1999, University of Miami, Epidemiology Department)
Diego Mendez-Carbajo “Essays on Openness, Economic Integration, and Growth,” (1999-2000, Illinois Wesleyan University)
Prasad Bhattacharrya “Essays on International Macroeconomics.” ( 2004, Deakin University)
Claudia Wehbe “The Political Economy of Inequality and Growth: Essays on Sovereign Debt, Democracy and Saving,” (2008)
Ramon Gonzalez Hernandez “Essays in Open Economy Macroeconomics,” (2008, Lake Forest College)
Daniel Murgo “Essays On Political Economy” (2010)
Thomas Snyder “Essays on International Lending and Increasing Returns to Scale” (Summer 2010) (University of Central Arkansas)
Umut Unal “Essays in Open Economy Macroeconomics,” SESRIC, Ankara, Turkey (2012)
John Lucas, “Essays on City Size Distribution and Real Estate Bubbles”, City of Miami (2012)
Ece Guleryuz “Essays in Economic Growth, Political Economy and Institutions,” Franklin and Marshall College (2012)
Yi Ding “Three Essays on Taxation, Growth, and Consumption,” Tianjin Precious Metal Exchange, China (2014)
Michael Good “Essays on Migration: Nexus with Policy, Trade, and Development,” University of North Georgia (2014)
Bimal Soti “Essays on Intergovernmental Fiscal Relationships” (2015)
Alvin Chiang, “Three Essays in Economic Development, Growth, and Trade” (2017)
Yulin Hou, “Essays on Trade and Growth” (2018)
Yiming Liu, “Essays on migration, Entrepreneurship, and Hedging” (2021)
Maryam Aljahani, “Essays on Macroeconomics and financial economics” (2021)
Adir Dos Santos Mancebo Junior, “Essays on the Economic Effects of Income Inequality” (2022)
Nelson Sotomayor, “Essays in Emerging Markets Macroeconomics and Financial Markets” (2025)
REFEREEING
American Economic Review, European Economic Review,
Journal of Development Economics,
Journal of Macroeconomics,
International Economic Review,
Review of Economic Studies,
Review of International Economics, Economica,
Journal of International Money and Finance,
Japanese Economic Review,
Journal of Economic Dynamics and Control,
Journal of Money, Credit, and Banking, Economics & Politics, Economic Modelling.
OTHER SERVICE
Chair, Department of Economics, FIU (2010-2022)
Graduate Director, Department of Economics, FIU (2002-2008)
Editorial Board, International Journal of Business and Economics
(2003-2020)
Editorial Board, Economics & Politics
(2016-2023)
LANGUAGES
English, Turkish, reading knowledge of German, French, Spanish, Italian, and Portuguese.