Professor Victor Murinde

 

Professor of Development Finance

The Department of Finance

murinde-victor

Contact details

Telephone +44 (0) 121 414 2294

Fax +44 (0) 121 414 6238

Email v.murinde@bham.ac.uk

Birmingham Business School
University House
Birmingham
B15 2TT

Qualifications

BA (Mak)
MSc (Wales)
PhD (Wales )
Doctoris Honoris Causa (Tallinn)

Biography

  • Lecturing experience at Makerere University, Cardiff Business School, Bradford University, Loughborough University and Manchester University.
  • Advisory services to government, companies and international organisations, including the World Bank, the United Nations, UNCTAD, Kuwait Institute of Scientific Research, African Development Bank, and the Caribbean Development Bank.
  • Held the distinguished Hallsworth Senior Research Fellowship at the Institute for Development Policy and Management, University of Manchester 2001-2002.
  • Has received generous research grants from the European Commission, DFID, the ESRC and the Leverhulme Trust.
  • Visiting Professor, Cardiff Business School & Professor Extraordinary, University of Stelln Bosch Business School.
  • Current research interests include: microstructure issues in emerging financial markets; capital structure and dividend policy; bank performance and risk; flow-of-funds, financial development and poverty reduction.

Other activities

College Head of Quality Assurance and Enhancement
Deputy Dean (Academic) for Arts and Social Sciences
Director of Corporate Finance Research Group
ESRC Finance for Development and Poverty Reduction

Publications

Selected Journal Articles

Murinde, V. and Mullineux, A.W. (2014), “Financial sector policies for enterprise development in Africa”, Review of Development Finance, Vol. 4, No. 2, December 2014, pp. 66-72.

Zhao, T., Matthews, K. and Murinde, V. (2013), “Cross-selling, switching costs and imperfect competition in British banks”, Journal of Banking & Finance, Vol. 37, No. 12, 2013, pp. 5452-5462.

Manos, R., Murinde, V. and Green, C.J. (2012), “Dividend policy and business groups: Evidence from Indian firms”, International Review of Economics and Finance, Vol. 21, No. 1, 2012, pp.42-56.

Murinde, V. (2012), “Financial development and economic growth: Global and African evidence”, Journal of African Economies, Vol. 21, No. 1, pp. i10-i56.

Murinde, V. and Zhao, T. (2011), “Bank performance and deregulation in Nigeria”, African Development Review, Vol. 23, Issue 1, pp. 30-43.

Brambila-Macias, J., Massa, I. and Murinde, V. (2011), “Cross-border bank lending versus FDI in Africa's growth story”, Applied Financial Economics, Vol. 21,  No. 16, pp. 1205-1213.

Al-Zubi, B. and Murinde, V. (2011), “Household portfolio behaviour: evidence from Middle East economies”, Applied Financial Economics, Vol. 21, No. 17, 2011, p. 1281-1289.

Green, C.J., Manos, R., Murinde, V., and Suppakitjarak, J. (2010), “Share liquidity and market microstructure reform: The case of screen-based trading in Mumbai”, Asia-Pacific Journal of Financial Studies, Vol. 39, 2010, pp. 323-357.

Green, C.J., Prasad, S. and Murinde, V. (2009), “Capital structure and ownership: A new approach with comparative evidence from Malaysia and Thailand”, The Journal of Financial Decision Making, Vol. 5, No. 1, 2009, pp. 43-65.

Ow-Yong, K. and Murinde, V. (2009), “Perception of risk and uncertainty and non-usage of discounted cash flow techniques by UK listed firms”, Journal of Investment Management and Financial Innovations, Vol. 6, Issue 3, 2009, pp. 94-105.

Green, C.J. and Murinde, V. (2008), “The impact of tax policy on corporate debt in a developing economy: a study of unquoted Indian companies”, European Journal of Finance, Vol. 14, No. 7 (October), 2008, pp. 583-607.

Kirkpatrick, C., Murinde, V. and Tefula, M. (2008). “The measurement and determinants of x-inefficiency in commercial banks in Sub-Saharan Africa”, European Journal of Finance, Vol. 14, No. 7 (October), 2008, pp. 625-639.

Murinde, V., Green, C.J., Kimuyu, P. and Manos, R. (2008), “How do small firms in developing countries raise capital? Evidence from a large-scale survey of Kenyan micro and small scale enterprises”, Advances in Financial Economics, Vol. 12, 2008, pp. 379-404.

Matthews, K., Murinde, V. and Zhao, T. (2007), “Competitive conditions among the major British banks”, Journal of Banking & Finance, Vol. 31, No. 7 (July), pp. 2025-2042.

Manos, R., Murinde, V. and Green, C.J. (2007), “Leverage and business groups: Evidence from Indian firms”, Journal of Economics and Business, Vol. 59, No. 5 (September-October), pp. 443-465.

Murinde, V. (2007), “Accounting, banking and corporate financial management in emerging economies”, Research in Accounting in Emerging Economies, Vol. 7, pp. 1-10.

Prasad, S., Green, C.J. and Murinde, V. (2007), “Company financial structures in emerging economies: Evidence from a comparative analysis of Thai and Malay companies”, Research in Accounting in Emerging Economies, Vol. 7, 2007, pp. 415-474.

Lensink, R. and Murinde V. (2006), "Does foreign bank entry really stimulate gross domestic investment?", Applied Financial Economics, Vol. 16, pp. 569-582.

Green, C.J., Kirkpatrick, C.H. and Murinde V. (2006), "Finance for small enterprise growth and poverty reduction in developing countries", Journal of International Development, Vol 18, pp. 1017-1030.

Green, C.J., Moore, T. and Murinde, V. (2006), “Financial sector reforms and stochastic policy simulations: A flow-of-funds model for India”, Journal of Policy Modelling, Vol. 28, pp. 319-333.

Lensink, R. and Murinde, V. (2006), “The inverted-U hypothesis for the effect of uncertainty on investment: Evidence from UK firms”, European Journal of Finance, Vol. 12, No. 2 (February), pp. 95-107.

Green, C.J., Moore, T. and Murinde, V. (2005), “Portfolio behaviour in a flow-of-funds model of the household sector in India”, Journal of Development Studies, Vol. 41, No. 4(May), pp. 675-702.

Murinde, V., Agung, J. and Mullineux, A.W. (2004), "Patterns of Corporate Financing and Financial System Convergence in Europe", Review of International Economics, vol. 12, no. 4(September), pp. 693-705.

Green, C.J., Murinde, V. and Suppakitjarak, J. (2004), "Corporate Financial Structures in India", South Asia Economic Journal, vol. 4, no. 2, pp. 245-273.

Green, C.J., Murinde, V. and Nikolov, I. (2004), "The Efficiency of Foreign Banks in Central and Eastern Europe: Evidence on Economies of Scale and Scope", Journal of Emerging Markets Finance, vol. 3, no. 2, pp. 175-205.

Murinde, V. and Ryan, C. (2003), "The Implications of Wto and Gats for the Banking Sector in Africa", The World Economy, vol. 26, no. 2 (February), pp. 181-207.

Green, C.J. and Murinde, V. (2003), "Flow of Funds: Implications for Research on Financial Sector Development and the Real Economy", Journal of International Development, vol. 15, pp. 1015-1036.

Ngugi, R.W., Murinde, V. and Green, C.J. (2003), "How Have the Emerging Stock Exchanges in Africa Responded to Market Reforms", Journal of African Business, vol. 4, no. 2, pp. 89127.

Murinde, V. (2003), “Open doors: Foreign participation in financial systems in developing countries”, Journal of Development Studies, Vol. 39, No. 5 (June), 2003, pp. 211-214.

Murinde, V. and Poshakwale, S. (2002), “Volatility in the emerging stock markets in Central and Eastern Europe: Evidence on Croatia, Czech Republic, Hungary, Poland, Russia and Slovakia”, European Research Studies, Vol. IV, Issue 3-4, 2002, pp. 73-101.

Ngugi, R., Murinde, V., and Green, C.J. (2002), “Does the revitalisation process really enhance stock market microstructure? Evidence from the Nairobi Stock Exchange”, The African Finance Journal, Vol. 4, Part 1, 2002, pp. 32-61.

Tefula, M. and Murinde, V. (2002), “Identifying problem banks in Sub-Saharan Africa”, The African Finance Journal, Vol. 4, Part 2, pp. 65-72.

Evans, A.D., Green, C.J. and Murinde, V. (2002), "Human Capital and Financial Development in Economic Growth: New Evidence Using the Translog Production Function", International Journal of Finance and Economics, vol. 7, pp. 123-140.

Murinde, V. and Poshakwale, S. (2001), "Modelling the Volatility in East European Emerging Stock Markets: Evidence on Hungary and Poland", Applied Financial Economics, vol. 11, pp. 445-456.

Green, C.J., Lensink, R. and Murinde, V. (2001), "Demand Uncertainty and the Capital-Labour Ratio in Poland", Emerging Markets Review, vol. 4. no. 2 (June), pp. 183-196.

Prasad, S., Green, C.J. and Murinde, V. (2001), "Company Financing, Capital Structure, and Ownership: A Survey, and Implications for Developing Economies", SUERF Studies, no. 12, pp. 1-104.

Green, C.J., Maggioni, P. and Murinde, V. (2000), "Regulatory Lessons for Emerging Stock Markets From a Century of Evidence on Transactions Costs and Share Price Volatility in the London Stock Exchange", Journal of Banking and Finance, vol. 24, pp. 577-601.

Lensink, R., Hermes, N. and Murinde, V. (2000), "Capital Flight and Political Risk", Journal of International Money and Finance, vol. 19, pp. 73-92.

Al-Deehani, T., Karim, R.A.A. and Murinde, V. (1999), "The Capital Structure of Islamic Banks Under the Contractual Obligation of Profit Sharing", International Journal of Theoretical and Applied Finance, vol. 2, no. 3, pp. 1-39.

Murinde, V. and Presley, J. (1999), “Modelling the linkages between the financial system and macroeconomic performance in Saudi Arabia. Middle East Business Review, Vol. 3, No. 2, 1999, pp. 20-40.

Green, C.J. and Murinde, V. (1998), "Modelling the Macroeconomic Policy Framework for an Emerging Market Economy", The Manchester School, vol. 66, no. 3, June, pp. 302-330.

Lensink, R., Hermes, N. and Murinde, V. (1998), "The Effect of Financial Liberalisation on Capital Flight", World Development, vol. 26, no. 7, July, pp. 1349 - 1368.

Fry, M.J. and Murinde, V. (1998), "International Financial Flows and Development: Editors' Preface", World Development, vol. 26, no. 7, July, pp. 1165 - 1168.

Murinde, V. and Kariisa-Kasa, J. (1997), "The Financial Performance of the East African Development Bank: A Retrospective Analysis", Accounting, Business and Financial History, vol. 7, no. 1, pp. 81-104.

Abdalla, I.S.A. and Murinde, V. (1997), "Exchange Rate and Stock Price Interactions in Emerging Financial Markets: Evidence on India, Korea, Pakistan, and the Philippines", Applied Financial Economics, vol. 7, February, pp. 25-35.

Eren, A. and Murinde, V. (1996), "Monetary and Corporate Sector Aspects of Inflation in Turkey 1972:1q -1990:4q", International Journal of Development Banking, vol. 14, no. 1, pp. 63-74.

Murinde, V., Hermes, N. and Lensink, R. (1996), “Comparative aspects of the magnitude and determinants of capital flight in six Sub-Saharan African economies”, Savings and Development Quarterly Review, Vol. XX, No. 1, pp. 61-78.

Murinde, V. and Rarawa, D. (1996), "Modelling the Potency of Stabilisation Policy for the Solomon Islands", Applied Economics, vol. 28, no. 3, pp. 309-319.

Evans, D. and Murinde, V. (1995), “The impact of monetary and fiscal policy on the stock market in Singapore”, Savings and Development Quarterly Review, Vol. XIX, No. 3, pp. 297-313.

Kariisa-Kasa, J. and Murinde, V. (1996), “Towards evaluating the financial performance of development banks: the East African Development Bank”, International Journal of Development Banking, Vol. 13, No. 2, pp. 13-28.

Murinde, V., Naser, K. and Wallace, R.S.O. (1995), "Is it Prudent for Islamic Banks to Make Investment Decisions Without the Interest Rate Instrument?", Research in Accounting in Emerging Economies, vol. 3, pp. 123-148.

Murinde, V. and Ngah, J.S. (1995), "Central Bank Financing of the Budget Deficits: The CFA Franc Zone Versus Eastern Africa", International Journal of Development Banking, vol. 13, no. 2, pp. 3-12.

Murinde, V. and Eng, F.S.H. (1995), "Financial Development and Economic Growth in Singapore: Demand-Following or Supply-Leading?" Applied Financial Economics, vol. 4, pp. 391-404.

Eng, S.H. and Murinde, V. (1994), “Financial restructuring and economic growth in Singapore”, Savings and Development Quarterly Review, Vol. XVIII, No. 2, 1994, 225-246 (with Fern S.H. Eng).

Lyons, S.H. and Murinde, V. (1994), "Cointegration and Granger-Causality Testing of Hypotheses on Supply-Leading and Demand-Following Finance", Economic Notes, vol. 23, no. 2, pp. 308-316.

Green, C.J. and Murinde, V. (1993), "The Potency of Stabilisation Policy in Developing Economies: Kenya, Tanzania and Uganda", Journal of Policy Modelling, vol. 15, no. 4, August, p.427 - 462.

Murinde, V. (1993), "Macroeconomic Policy Potency amid Structural Bottlenecks", World Development, vol. 21, no.5, May, p. 841-859.

Murinde, V. (1992a), “European banking: A review”, Journal of Finance, September, Vol. 47, No. 4, pp.1646-1648.

Murinde, V. (1992b), "The Application of Stochastic Simulation and Policy Sensitivity Techniques to a Macroeconomic Model", Applied Economics, vol. 17, January, pp. 1-17.

Books/research monographs

Green, C.J., Kirkpatrick, C.H. and Murinde, V. (2005), Finance and Development: Surveys of Theory, Evidence and Policy, Cheltenham: Edward Elgar.

Mullineux, A.W. and Murinde, V. (2003), Handbook of International Banking, Cheltenham: Edward Elgar.

Murinde, V. and Woldie, A. (2003), African Business Finance and Development Policy, New York: Haworth Press.

Murinde, V. (2001), The Free Trade Area of the Common Market for Eastern and Southern Africa, Aldershot: Ashgate.

Doukas, J., Murinde, V. and Wihlborg, C. (1998), Financial Sector Reform and Privatisation in Transition Economies, Amsterdam: Elsevier Science B.V. (North Holland).

Chanthunya, C. and Murinde, V. (1998) Trade Regime and Economic Growth, Aldershot: Ashgate.

Murinde, V. (1996), Development Banking and Finance, Aldershot: Ashgate.

Murinde, A. (1993), Macroeconomic Policy Modelling for Developing Countries, Aldershot: Avebury.

Refereed contributions to books / research monographs

Murinde, V., Ochieng, C. S., and Meng, Q. (2015), “Capital flight and flow of funds”. In: I. Ajayi and L. Ndikumana (eds.,) Capital Flight in Africa. Oxford: Oxford University Press (Chapter 5, pp. 113-129).

Murinde, V., Kasekende, L., Mlambo, K. and Zhao, T. (2009), “Restructuring for competitiveness: The financial services sector in Africa’s largest economies”. In: World Economic Forum (ed.), Africa Competitiveness Report 2009, Washington DC: The World Bank (Chapter 3, page 49-81).

Murinde, V. (2008a), “Finance and Economic Opportunity: A Comment”. In: J.Y. Lin and B. Pleskovic (eds.), Private Sector and Development – Annual World Bank Conference on Economics Global 2008, Washington DC: The World Bank (page 93-97).

Murinde, V. (2008b), “Capital Markets: Roles and Challenges”. In: L. Kasekende and O. Ajakaiye (eds.), Accelerating Africa’s Development Five Years into the 21st Century, Tunis: African Development Bank (Chapter 18, page 446-479).

Green, C.J., Kirkpatrick, C. and Murinde, V. (2005), “How does finance contribute to the development process and poverty reduction?”, in C. J. Green, C. H. Kirkpatrick and V. Murinde (eds.), Finance and Development: Surveys of Theory, Evidence and Policy, Cheltenham: Edward Elgar, Chapter 1, pp. 1-26.

Green, C.J. and Murinde, V. (2005), “Flow of funds: the relationship between finance and the macroeconomy”, in C. J. Green, C. H. Kirkpatrick and V. Murinde (eds.), Finance and Development: Surveys of Theory, Evidence and Policy, Cheltenham: Edward Elgar, Chapter 3, pp. 62-89.

Ngugi, R. W., Murinde, V. and Green, C. J. (2005), “Stock market development: What have we learned?”, in C. J. Green, C. H. Kirkpatrick and V. Murinde (eds.), Finance and Development: Surveys of Theory, Evidence and Policy, Cheltenham: Edward Elgar, Chapter 4, pp. 90-153.

Prasad, S., Green, C.J. and Murinde, V. (2005), “Company financial structure: a survey and implications for developing countries”, in C. J. Green, C. H. Kirkpatrick and V. Murinde (eds.), Finance and Development: Surveys of Theory, Evidence and Policy, Cheltenham: Edward Elgar, Chapter 12, pp. 356-429.

Murinde, V. and Mullineux, A.W. (2003a), "Financial Sector Convergence in Europe", in G. Tumpel-Gugerell and P. Mooslechner (ed.), Economic Convergence and Divergence in Europe: Growth and Regional Development in an Enlarged European Union, Cheltenham: Edward Elgar, pp. 322-343.

Murinde, V. and Mullineux, A.W. (2003b), "Financial Sector Policies for Enterprise Development", in G. Wignaraja (ed.), Competitiveness Strategy in Developing Countries, London: Routledge, pp. 198-235.

Murinde, V. and Mullineux, A.W. (2003c), "Globalization and Convergence of Banking Systems", in A.W. Mullineux and V. Murinde (ed.), the Handbook of International Banking, Cheltenham: Edward Elgar, pp. 3-26.

Murinde, V. Mullineux, A.W. and Pinijkulviwat, A. (2003a), "Financial Reform in Thailand", in M.J.B.Hall (ed.), The International Handbook on Financial Reform, Cheltenham: Edward Elgar, pp. 216-248.

Murinde, V. Mullineux, A.W. and Pinijkulviwat, A. (2003b), "Reforming the Traditional Structure of a Central Bank to Cope With the Asian Financial Crisis: Lessons From the Bank of Thailand", in A.W. Mullineux and V. Murinde (ed.), The Handbook of International Banking, Cheltenham: Edward Elgar, pp. 486-515.

Hermes, N., Lensink, R. and Murinde, V. (2003), "Capital Flight: The Key Issues", in A.W. Mullineux and V. Murinde (ed.), The Handbook of International Banking, Cheltenham: Edward Elgar, pp. 516-543.

Murinde, V. and Ryan, C. (2003), "Globalization, the WTO and GATS: Implications for the Banking Sector in Developing Countries", in A.W. Mullineux and V. Murinde (ed.), the Handbook of International Banking, Cheltenham: Edward Elgar, pp. 751-763.

Murinde, V. and Ryan, C. (2002), "The Implications of the General Agreement on Trade in Services (gats) for the Banking Sector in the Gulf Region", in C. Milner and R. Read (ed.), Trade Liberalisation, Competition & the WTO, Cheltenham: Edward Elgar, pp. 92-117.

Murinde, V. (2001), “Introductory Overview”, in V. Murinde (ed.), The Free Trade Area of the Common Market for Eastern and Southern Africa, Ashgate Publishing, Aldershot, 2001, pp. 1-12.

Chanthunya, C. and Murinde, V. (2001), “Export Promotion and Economic Growth: Evidence on African Economies”, in V. Murinde, (ed.), The Free Trade Area of the Common Market for Eastern and Southern Africa, Ashgate Publishing, Aldershot, 2001, pp. 111-133.

Murinde, V. and Ryan, C. (2001), “The Implications of WTO and GATS for the banking sector in Africa”, in Murinde, V. (Ed.), The Free Trade Area of the Common Market for Eastern and Southern Africa, Ashgate Publishing, Aldershot, 2001, pp. 135-169.

Murinde, V., Agung, J. and Mullineux, A.W. (2000), "Convergence of European Financial Systems: Banks or Equity Markets?", in M.M. Fischer and P. Nijkamp, (eds.), Spatial Dynamics of European Integration: Regional and Policy Issues at the Turn of the Century, Berlin: Springer-Verlag, 129-142.

Bahra, P., Green, C.J. and Murinde, V. (1999), "Financial Reform Simulation Experiments for Estonia and Poland", in: C.J. Green and A.W. Mullineux (eds.), Financial Sector Reform in Central and Eastern Europe: Capital Flows, Bank and Enterprise Restructuring, Cheltenham: Edward Elgar, pp. 227 - 304.

Hermes, N., Lensink, R. and Murinde, V. (1999), "The Magnitude and Determinants of Capital Flight in Eastern Europe", in: C.J. Green and A.W. Mullineux (eds.), Financial Sector Reform in Central and Eastern Europe: Capital Flows, Bank and Enterprise Restructuring, Cheltenham: Edward Elgar, pp. 243 - 255.

Murinde, V. and Mullineux, A.W. (1999), "Introductory Overview: Issues Surrounding Bank and Enterprise Restructuring in Central and Eastern Europe", in: C.J. Green and A.W. Mullineux (eds.), Financial Sector Reform in Central and Eastern Europe: Capital Flows, Bank and Enterprise Restructuring, Cheltenham: Edward Elgar, pp. 1-20.

Murinde, V. (1999), "Financial Institutions and the Mobilisation of Resources for Development", in: S. Kayizzi-Mugerwa (ed.), the African Economy: Policy, Institutions and the Future, London: Routledge, chapter 8, pp. 109 - 125.

Doukas, J., Murinde, V. and Wihlborg, C. (1998), "Introduction: the Main Issues in Financial Sector Reform and Privatisation in Transition Economies", in: J. Doukas, V. Murinde and C. Wihlborg (eds.), Financial Sector Reform and Privatisation in Transition Economies, Amsterdam: Elsevier Science B.V. (North Holland), pp. 1-17.

Green, C.J. and Murinde, V. (1998), "Flow-of-Funds and the Macroeconomic Policy Framework for Financial Restructuring in Transition Economies", in: J. Doukas, V. Murinde and C. Wihlborg (eds.), Financial Sector Reform and Privatisation in Transition Economies, Amsterdam: Elsevier Science B.V. (North Holland), pp. 239-277.

Bahra, P., Green, C.J. and Murinde, V. (1997), "Coping with Financial Sector Reforms in Transitional Economies: What Have We Learned?". in: Tadeusz Kowalski (ed.), Financial Reform in Emerging Market Economies: Quantitative and Institutional Issues, Poznan: Akademia Ekonomiczna W Poznaniu, chapter 1, pp. 11-39.

Green, C.J. and Murinde, V. (1996), "Symulcja Warunkow Dla Politytki Makroekonomicznej W Krajach Tworzacych Gospodarke Rynkowa: Model Wstepny". in: Alfred Janc and Tadeusz Kowalski (eds.) Reformy Finansowe W Krajach Tworzacych Gospodarke Rynkowa, Poznan: Akademic Ekonomiczna W Poznaniu, chapter 3.

Murinde, V. (1996), "Financial Markets and Endogenous Growth: An Econometric Analysis for Pacific Basin Countries", in: Niels Hermes and Robert Lensink (eds.) Financial Development and Economic Growth, London and New York: Routledge (Chapter 5, pages 94-114).

Green, C.J. and Murinde, V. (1992), "Potency of Budgetary and Financial Policy Instruments in Uganda", in: C.Milner and A.J.Rayner (eds.), Case Studies in Development Economics: Vol.1, Policy Problems in Africa, London: Macmillan, Chapter 8.

Murinde, V. (1991), "Microeconomic Policy in the Banking Industry: the Implications of a Policy Regime Change Involving Financial Restructuring", in: D.P. Doessel (ed.), Microeconomic Policy and Reform for International Competitiveness, Brisbane: The Economic Society of Australia (Queensland) Inc., pp. 465-476.

Back to top