I am a Senior Lecturer in Economics and joined Kingston University in February 2013. I previously taught at London Metropolitan University, London Guildhall University and Kingston University. My research is primarily in applied econometrics and I have published articles in the areas of bank competitiveness, bank efficiency, bank ratings, consumer behaviour, exchange rates, fund manager performance, firm performance, FDI determinants, herding among sovereign rating agencies, identity, the impact of inequality on house prices, SME shares, spurious correlation, unemployment hysteresis and wage inflation. My main areas of teaching are in econometrics and microeconomics.
Senior Lecturer
I have published over 40 papers in refereed academic journals including: Applied Economics, Decision Support Systems, Economics Letters, Economic Modelling, Empirica, Empirical Economics, Expert Systems with Applications, International Review of Financial Analysis, International Review of Applied Economics, Journal of Forecasting, Journal of International Money and Finance, Journal of Policy Modelling, The Manchester School, Review of International Economics, Small Business Economics and Socio-Economic Review. These papers have been entered in the last three RAEs and the last two REFs (Kingston University, 1996; London Guildhall University, 2001; London Metropolitan University, 2008; Kingston University, 2014 and 2021). I served as an assessor of REF outputs in Kingston University's internal mock REF exercises during the REF2020/21 cycle.
My current areas of research include:
Links to information on my research on selected public websites include:
Omay, Tolga, Shahbaz, Muhammad and Stewart, Chris (2021) Is there really hysteresis in the OECD unemployment rates? New evidence using a Fourier panel unit root test. Empirica, 48, pp. 875-901. ISSN (print) 0340-8744
Solarin, Sakiru Adebola and Stewart, Chris (2021) Is the reports-based measure of uncertainty stationary? Evidence from a new panel residual augmented least squares unit root test. Singapore Economic Review, ISSN (print) 0217-5908 (Epub Ahead of Print)
Goda, Thomas, Stewart, Chris and Torres Garcia, Alejandro (2020) Absolute income inequality and rising house prices. Socio-Economic Review, 18(4), pp. 941-976. ISSN (print) 1475-1461
Chanegriha, Melisa, Stewart, Chris and Tsoukis, Christopher (2020) Testing for causality between FDI and economic growth using heterogeneous panel data. Journal of International Trade & Economic Development, 29(5), pp. 546-565. ISSN (print) 0963-8199
Zankawah, Mutawakil M. and Stewart, Chris (2020) Measuring the volatility spill-over effects of crude oil prices on the exchange rate and stock market in Ghana. Journal of International Trade & Economic Development, 29(4), pp. 420-439. ISSN (print) 0963-8199
Chen, Zhonhgfei, Matousek, Roman, Stewart, Chris and Webb, Rob (2019) Do rating agencies exhibit herding behaviour? Evidence from sovereign ratings. International Review of Financial Analysis, 64, pp. 57-70. ISSN (print) 1057-5219
Matousek, R., Nguyen, T. N. and Stewart, C. (2018) Risk management of the banking system : an emerging market survey. Risk Governance and Control : financial markets and institutions, 8(3), pp. 7-20. ISSN (print) 2077-429X
Solarin, Sakiru Adebola, Shahbaz, Muhammad and Stewart, Chris (2018) Is the consumption-income ratio stationary in African countries? Evidence from new time series tests that allow for structural breaks. Applied Economics, 50(38), pp. 4122-4136. ISSN (print) 0003-6846
Matousek, Roman, Nguyen, Thao Ngoc and Stewart, Chris (2018) Market structure in the Vietnamese banking system : a non-structural approach. Journal of Financial Regulation and Compliance, 26(1), pp. 103-119. ISSN (print) 1358-1988
Matousek, Roman, Nguyen, Thao Ngoc and Stewart, Chris (2017) Note on a non-structural model using the disequilibrium approach : evidence from Vietnamese banks. Research in International Business and Finance, 41, pp. 125-135. ISSN (print) 0275-5319
Chanegriha, Melisa, Stewart, Chris and Tsoukis, Christopher (2017) Identifying the robust economic, geographical and political determinants of FDI : an Extreme Bounds Analysis. Empirical Economics, 52(2), pp. 759-776. ISSN (print) 0377-7332
Matousek, Roman, Nguyen, Thao Ngoc and Stewart, Chris (2016) Efficiency in the Vietnamese banking system : a DEA double bootstrap approach. Research in International Business and Finance, 36, pp. 96-111. ISSN (print) 0275-5319
Akinci, Dervis Ahmet, Matousek, Roman, Radic, Nemanja and Stewart, Chris (2013) Monetary policy and the banking sector in Turkey. Journal Of International Financial Markets Institutions & Money, 27, pp. 269-285. ISSN (print) 1042-4431
Goda, Thomas, Lysandrou, Photis and Stewart, Chris (2013) The contribution of US bond demand to the US bond yield conundrum of 2004–2007: An empirical investigation. Journal of International Financial Markets Institutions & Money, 27, pp. 113-136. ISSN (print) 1042-4431
Nguyen, Thao Ngoc and Stewart, Chris (2013) Concentration and efficiency in the Vietnamese banking system between 1999 and 2009: a structural model approach. Journal of Financial Regulation and Compliance, 21(3), pp. 268-283. ISSN (print) 1358-1988
Cerrato, Mario, de Peretti, Christian and Stewart, Chris (2013) Is the consumption-income ratio stationary? Evidence from linear and non-linear panel unit root tests for OECD and non-OECD countries. The Manchester School, 81(1), pp. 102-120. ISSN (print) 1463-6786
Caporale, Guglielmo Maria, Matousek, Roman and Stewart, Chris (2012) Ratings assignments: lessons from international banks. Journal of International Money and Finance, 31(6), pp. 1593-1606. ISSN (print) 0261-5606
Stewart, Chris (2011) A note on spurious significance in regressions involving I(0) and I(1) variables. Empirical Economics, 41(3), pp. 565-571. ISSN (print) 0377-7332
Bellotti, Tony, Matousek, Roman and Stewart, Chris (2011) A note comparing support vector machines and ordered choice models’ predictions of international banks’ ratings. Decision Support Systems, 51(3), pp. 682-687. ISSN (print) 0167-9236
Bellotti, Tony, Matousek, Roman and Stewart, Chris (2011) Are rating agencies’ assignments opaque? Evidence from international banks. Expert Systems with Applications, 38(4), pp. 4206-4214. ISSN (print) 0957-4174
Caporale, Guglielmo Maria, Matousek, Roman and Stewart, Chris (2011) EU banks rating assignments: is there heterogeneity between new and old member countries? Review of International Economics, 19(1), pp. 189-206. ISSN (print) 0965-7576
Alizadeh, Parvin and Stewart, Chris (2009) Formation of Islamic identity: A case study of university students. International Journal of Interdisciplinary Social Sciences, 3(12), pp. 1-14. ISSN (print) 1833-1882
Matousek, Roman and Stewart, Chris (2009) A note on ratings of international banks. Journal of Financial Regulation and Compliance, 17(2), pp. 146-155. ISSN (print) 1358-1988
Masood, Omar, Stewart, Chris and Sultan, Naif (2009) Determinants of Turkish fund managers' performance. International Journal of Monetary Economics and Finance, 2(1), pp. 26-43. ISSN (print) 1752-0479
Masood, Omar and Stewart, Chris (2009) Determinants of non-performing loans and banking costs during the 1999-2001 Turkish banking crisis. International Journal of Risk Assessment and Management, 11(1/2), pp. 20-38. ISSN (print) 1466-8297
Matousek, Roman and Stewart, Chris (2008) Predicting international banks’ ratings with financial ratios. Global Business & Economic Anthology, 2, pp. 34-41. ISSN (print) 1553-1392
Masood, Omar, Stewart, Chris and Sultan, Naif (2007) Determinants of returns and decision making of Turkish fund managers: survey evidence from four banks. International Review of Business Research Papers, 3(2), pp. 204-220. ISSN (print) 1837-5685
Salavrakos, Ioannis-Dionysios and Stewart, Chris (2006) Control mechanisms and firm performance in joint ventures: evidence from Greek joint ventures in Eastern Europe. Global Business and Economics Anthology, II, pp. 446-463. ISSN (print) 1553-1392
Salavrakos, Ioannis-Dionysios and Stewart, Chris (2006) Partner selection criteria as determinants of firm performance in joint ventures: evidence from Greek joint ventures in Eastern Europe. Eastern European Economics, 44(3), pp. 60-78. ISSN (print) 0012-8775
Stewart, Chris (2006) Spurious correlation of I(0) regressors in models with an I(1) dependent variable. Economics Letters, 91(2), pp. 184-189. ISSN (print) 0165-1765
Ghatak, Subrata, Mulhern, Alan and Stewart, Chris (2005) Regional development of small firms in Poland. Economic Change and Restructuring, 38(2), pp. 129-146. ISSN (print) 1573-9414
Sarantis, Nick and Stewart, Chris (2003) Liquidity constraints, precautionary saving and aggregate consumption: an international comparison. Economic Modelling, 20(6), pp. 1151-1173. ISSN (print) 0264-9993
Mulhern, Alan and Stewart, Chris (2003) Long-term decline of small and medium size enterprise share. Small Business Economics, 21(3), pp. 215-228. ISSN (print) 0921-898X
Ghatak, Subrata, Mulhern, Alan and Stewart, Chris (2003) Determinants of intended expansion of Polish small firms. Journal of Policy Modeling, 25(3), pp. 287-296. ISSN (print) 0161-8938
Stewart, Chris (2003) An international comparison of long-run consumer behaviour. European Research Studies Journal, VI(1-2), pp. 145-168. ISSN (print) 1108-2976
Sarantis, Nick and Stewart, Chris (2001) Unobserved components in an error-correction model of consumption for Southern European countries. Empirical Economics, 26(2), pp. 391-405. ISSN (print) 0377-7332
Sarantis, Nick and Stewart, Chris (2001) Saving behaviour in OECD countries: evidence from panel cointegration tests. The Manchester School, 69(s1), pp. 22-41. ISSN (print) 1463-6786
Sarantis, Nick and Stewart, Chris (2000) The ERM effect, conflict and inflation in the European Union. International Review of Applied Economics, 14(1), pp. 25-43. ISSN (print) 0269-2171
Mulhern, Alan and Stewart, Chris (1999) Long and short run determinants of small and medium size enterprise share: the case of Venezuelan manufacturing. Economics of Planning, 32(3), pp. 191-209. ISSN (print) 1573-9414
Sarantis, Nick and Stewart, Chris (1999) Is the consumption-income ratio stationary? Evidence from panel unit root tests. Economics Letters, 64(3), pp. 309-314. ISSN (print) 0165-1765
Stewart, C (1998) Reinterpreting the DHSY (1978) consumption function with hindsight. Applied Economics, 30(4), pp. 477-489. ISSN (print) 0003-6846
Sarantis, Nicholas and Stewart, Chris (1995) Structural, VAR and BVAR models of exchange rate determination: a comparison of their forecasting performance. Journal of Forecasting, 14(3), pp. 201-215. ISSN (print) 0277-6693
Sarantis, Nicholas and Stewart, Chris (1995) Monetary and asset market models for sterling exchange rates: a cointegration approach. Journal of Economic Integration, 10(3), pp. 335-371. ISSN (print) 1225-651X
Sarantis, Nick and Stewart, Chris (1993) Seasonality, cointegration and the long-run purchasing power parity: evidence for sterling exchange rates. Applied Economics, 25(2), pp. 243-250. ISSN (print) 0003-6846
Matousek, Roman and Stewart, Chris (2008) Determinants of international banks' ratings. In: Second International Credit Risk and Rating Conference; 8-10 May 2008, Ankara, Turkey.
Stewart, Chris (2023) Re-evaluating whether absolute or relative purchasing power parity is being tested when using price indices. (Discussion Paper) Kingston upon Thames, U.K. : Kingston University. (Economics Discussion Paper, no. 2023-1)
Zankawah, Mutawakil M. and Stewart, Chris (2019) Does the exogeneity of oil prices matter in the oil price-macro-economy relationship for Ghana? (Discussion Paper) Kingston upon Thames, U.K. : School of Law, Social and Behavioural Sciences. 47 p. (Economics Discussion Paper, no. 2019-2)
Zankawah, Mutawakil M. and Stewart, Chris (2019) Measuring volatility spill-over effects of crude oil prices on Ghana’s exchange rate and stock market between 1991 and 2015. (Discussion Paper) Kingston upon Thames, U.K. : School of Law, Social and Behavioural Sciences. 41 p. (Economics Discussion Papers, no. 2019-1)
Solarin, Sakiru Adebola, Shahbaz, Muhammad and Stewart, Chris (2018) Is the consumption-income ratio stationary in African countries? Evidence from new time series tests that allow for structural breaks. (Discussion Paper) Kingston, U.K. : School of Law, Social and Behavioural Sciences. 25 p. (Economics Discussion Papers, no. 2018-2)
Matousek, Roman, Nguyen, Thao Ngoc and Stewart, Chris (2016) Risk management of the Vietnamese banking system: A market research survey. (Discussion Paper) Kingston upon Thames, U.K. : Faculty of Arts and Social Sciences, Kingston University. 28 p. (Economics Discussion Paper, no. 2016-10)
Matousek, Roman, Nguyen, Thao Ngoc and Stewart, Chris (2016) Performance of the banking sector of a developing country: a non-structural model using the disequilibrium approach. (Discussion Paper) Kingston upon Thames, U.K. : Faculty of Arts and Social Sciences, Kingston University. 27 p. (Economics Discussion Papers, no. 2016-02)
Goda, Thomas, Stewart, Chris and Torres García, Alejandro (2016) Absolute income inequality and rising house prices. (Working Paper) Medellín, Colombia : Universidad EAFIT, Center for Research in Economics and Finance. 37 p. (Working Paper Series, no. 16-31)
Matousek, Roman, Nguyen, Thao and Stewart, Chris (2015) Performance of the banking sector of a developing country: A non-structural model using the disequilibrium approach. (Working Paper) Social Science Research Network. 27 p.
Matousek, Roman and Stewart, Chris (2015) Is there a lead-lag relationship for country ratings? (Working Paper) Kent, U.K. : University of Kent. 44 p. (Kent Business School Working Paper Series, no. 310) (Unpublished)
Chanegriha, Melisa, Stewart, Chris and Tsoukis, Chris (2014) Identifying the robust economic, geographical and political determinants of FDI: an extreme bounds analysis. (Discussion Paper) Kingston upon Thames, U.K. : Faculty of Arts and Social Sciences, Kingston University. 47 p. (Economics Discussion Paper, no. 2014-04)
Matousek, Roman, Nguyen, Thao Ngoc and Stewart, Chris (2014) Efficiency in the Vietnamese banking system: A DEA double bootstrap approach. (Discussion Paper) Kingston upon Thames, U.K. : Faculty of Arts and Social Sciences, Kingston University. 30 p. (Economics Discussion Paper, no. 2014-01)
Matousek, Roman, Nguyen, Thao Ngoc and Stewart, Chris (2013) Market structure in the banking sector: evidence from a developing economy. (Discussion Paper) Kingston upon Thames, U.K. : Faculty of Arts and Social Sciences, Kingston University. 23 p. (Economics Discussion Paper, no. 2013/01)
Kingston University, River House, 53–57 High Street, Kingston upon Thames, Surrey KT1 1LQ. Tel: +44 (0)20 8417 9000
Social media