Dr Yiannis Karavias

Dr Yiannis Karavias

The Department of Economics
Lecturer in Financial Economics

Contact details

Department of Economics
JG Smith Building
University of Birmingham
B15 2TT

Dr Ioannis Karavias joined the Department of Economics in September 2015 as a Lecturer in Financial Economics. Prior to comiing to Birmingham he held a post-doctoral research fellowship at the School of Economics in the University of Nottingham. He received his Ph.D. from the Athens University of Economics and Business. 

Dr Karavias' research area is econometrics, in particular panel data econometrics and their applications in economic growth, banking, financial stablity and corporate finance.

Methodological interests include nonlinear panel data and time series models, structural change, nonstationarity, optimal hypothesis testing and heteroscedasticity and autocorrelation robust inference.


  • Ph.D. in Economics: Athens University of Economics and Business, 2012
    Thesis title: Unit Root Tests and Structural Breaks in Panel Data 
  • M.Sc. in Financial Mathematics and Quantitative Methods: Athens University of Economics and Business, 2007 
  • B.Sc. in Mathematics: University of Athens, 2006 
  • Postgraduate Certificate in Academic Practice: University of Birmingham, 2017


  • Econometrics (2nd year B.Sc)
  • Mathematical Statistics (2nd year B.Sc)
  • Econometrics (M.Sc)
  • Advanced Research Training in Econometrics (PhD)


  • Primary: Econometric Theory, Dynamic Panel Data, Time Series 
  • Secondary: Macro-econometrics, Financial Econometrics



"Partially Heterogeneous Tests for Granger Non-causality in Panel Data" (with A. Juodis), 2019. Bank of Lithuania Working Paper Series,   https://www.lb.lt/uploads/publications/docs/21797_7c27621f48fa059220e314edb62ac957.pdf

"Generalized fixed‐T panel unit root tests" (with E. Tzavalis), 2019. Scandinavian Journal of Statistics, https://doi.org/10.1111/sjos.12392


"Higher Order Expansions for Error Variance Matrix Estimates in the Gaussian AR(1) Linear Regression Model" (with S. Symeonides and E. Tzavalis), 2018. Statistics and Probability Letters, https://doi.org/10.1016/j.spl.2017.11.016


"Local Power of Panel Unit Root Tests Allowing for Structural Breaks" (with E. Tzavalis), 2017. Econometric Reviews, http://dx.doi.org/10.1080/07474938.2015.1059722


"Inflation convergence in the EMU" (with M. Karanasos, P. Koutroumpis, A. Kartsaklas and  V. Arakelian), 2016. Journal of Empirical Finance, http://dx.doi.org/10.1016/j.jempfin.2016.07.004

"Size corrected significance tests in Seemingly Unrelated Regressions with autocorrelated errors" (with S. Symeonides and E. Tzavalis), 2016. Journal of Time Series Econometrics, https://doi.org/10.1515/jtse-2015-0014

"The impact of government size on economic growth: A threshold analysis" (with S. Asimakopoulos), 2016. Economics Letters, http://dx.doi.org/10.1016/j.econlet.2015.12.010

"A comparison of investors’ sentiments and risk premium effects on valuing shares" (with E. Tzavalis and S. Spillioti), 2016. Finance Research Letters, http://dx.doi.org/10.1016/j.frl.2015.10.017


“Optimal versus realized bank credit risk and monetary policy” (with M. Delis), 2015. Journal of Financial Stability, http://dx.doi.org/10.1016/j.jfs.2014.11.004

“Local power of fixed-T panel unit root tests with serially correlated errors and incidental trends” (with E. Tzavalis), 2015. Journal of Time Series Analysis, http://dx.doi.org/10.1111/jtsa.12144       

"Book Review: Almost All About Unit Roots: Foundations, Developments and Applications, by In Choi", 2015. Journal of Time Series Analysis, http://dx.doi.org/10.1111/jtsa.12164


“Testing for unit roots in short panels allowing for a structural break” (with E. Tzavalis), 2014. Computational Statistics and Data Analysis, http://dx.doi.org/10.1016/j.csda.2012.10.014

“A fixed-T Version of Breitung's Panel Data Unit Root Test” (with E. Tzavalis), 2014. Economics Letters, http://dx.doi.org/10.1016/j.econlet.2014.04.029