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Dr Athanasios Vamvakidis

Visiting Professor

Department: Newcastle Business School

Athanasios Vamvakidis

Visiting Professor Athanasios Vamvakidis is a Managing Director and Global Head of Foreign Exchange Strategy in Bank of America Merrill Lynch, since 2010. He has been ranked top 3 for FX strategy in the Institutional Investor Survey in both Europe and in the US. He is a regular guest at CNN, BBC, CNBC, Bloomberg and other global media, and his research is frequently referenced in the Wall Street Journal and the Financial Times. 

He previously worked at the International Monetary Fund for 13 years, where he held a number of senior positions. He was one of the architects of the IMF-FSB Early Warning Exercise. His IMF career also included assignments in the European, Asian and Pacific, and Research departments, as well as serving as the IMF Resident Representative in Croatia.

He has a Ph.D. in economics from Harvard University. His research interests include a broad range of topics in international economics and macroeconomics, and he has published extensively in the major academic journals in his field.


  • Dancing Spreads: Market Assessment of Contagion from the Crisis in the Euro Periphery based on Distress Dependence Analysis, International Advances in Economic Research, 17, 2011 (with Ola Melander, Miguel Segoviano, and Malika Pant).
  • Are you Young Enough for the Nobel Prize?, Research Policy 10(40), 2011 (with John Baffes).
  •  China’s Economic Growth: International Spillovers, China & World Economy 19 (5), 2011 (with Vivek Arora).
  • Currency Mismatch, Systemic Risk and Growth in Emerging Europe, 2010, Economic Policy 25 (64), (with Romain Ranciere and Aaron Tornell).
  • The Efficiency of Emerging Europe’s Banking Sector before and after the Recent Economic Crisis,Financial Theory and Practice, 34(3), 2010 (with George Anayiotos and Hovhannes Toroyan).
  • South Africa in the African Economy: Growth Spillovers, Global Journal of Emerging MarketEconomies, 2(2), 2010 (with Vivek Arora).
  • Convergence in Emerging Europe: Sustainability and Vulnerabilities, Eastern European Economics, v47 (3), 2009.
  • Is There a “Reform Fatigue” in the Euro Area?, Economic Modeling, v26, 2009.
  • Regional Wage Differentiation and Wage Bargaining Systems in the EU, Financial Theory and Practice, v33, n1, 2009.
  • Forward Looking Inflation Targeting: A Model Applied to Aggregate European Data, Economic and Financial Modelling, v15, n3, 2008 (with Nicholas Apergis, Stephen M. Miller and Alexandros Panethimitakis).
  • External Debt and Economic Reform: Does a Pain Reliever Delay the Necessary Treatment?, Journal of Economic Policy Reform, v11, n3, 2008.
  • The relationship between foreign direct investment and economic growth: evidence from transition Countries, Transition Studies Review, v15, n1, 2008 (with Nicholas Apergis and Katerina Lyroudi).
  • Economic Growth in Croatia: Potential and Constraints, Financial Theory and Practice, v32, n1, 2008 (with David Moore).
  • How much do Trading Partners Matter for Economic Growth?, IMF Staff Papers, v52, n1 (April), 2005 (with Vivek Arora).
  • The Implications of South African Economic Growth for the Rest of Africa, South African Journal of Economics, v73, n2 (June), 2005 (with Vivek Arora).
  • Foreign Direct Investment and Economic Growth in Transition Economies, South Eastern Europe Journal of Economics, v2, n1 (Spring), 2004 (with Katerina Lyroudi and John Papanastasiou).
  • Trade and Industrialization in Developing Economies, Journal of Development Economics, v75, n1 (October), 2004 (with Sergei Dodzin).
  • The Impact of US Economic Growth on Other Countries: How Much Does It Matter?, Journal of Economic Integration, v19, n1 (March), 2004 (with Vivek Arora).
  • Real Effective Exchange Rate and the Constant Elasticity of Substitution Assumption, Journal of International Economics, v60, n2 (August), 2003 (with Antonio Spilimbergo).
  • Cost Benefit of an Oral Cancer Early Detection Program Using High Risk Screening and Tolonium Chloride, Pharmacoekonomia, v15, 2003 (with A. Zavras, N. Andreopoulos, D. Zavras, V. Cartsos and N. Katsikeris).
  • How Robust is the Growth-Openness Connection: Historical Evidence, Journal of Economic Growth,v7, n1 (March), 2002.
  • Oral Cancer Treatment costs in Greece and the Effect of Advanced Disease, BMC Public Health vol.2, n15, 2002 (with A. Zavras, N. Andreopoulos, N. Katsikeris, D. Zavras, and V. Cartsos).
  • Healthcare Savings from Microbiological Caries Risk Screening of Toddlers: A cost Estimation Model, Journal of Public Health Dentistry, v60, n3, 2000 (with A. Zavras and B. Edelstein).
  • Regional Trade Agreements or Broad Liberalization: Which Path Leads to Faster Growth?, IMF Staff Papers, v46, n1 (March), 1999.
  • Regional Integration and Economic Growth, World Bank Economic Review, v12, n2 (May), 1998.

Managing Director and Global Head of Foreign Exchange Strategy in Bank of America Merrill Lynch, London, 2010-present.

Deputy division chief and economist, International Monetary Fund, 1997-2010.

B.A. (Hons) Economics, University of Macedonia, Thessaloniki, Greece.

M.A. Economics, Harvard University, Cambridge, USA.

Ph.D. Economics, Harvard University, Cambridge, USA.

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