Dr. Nikolaos Antonakakis
Head of Department
Associate Professor of Economics
Area Coordinator for Economics
Country of Origin:
Courses Taught at Webster
- ECON 2020 Principles of Microeconomics
- ECON 2030 Principles of Macroeconomics
- ECON 3020 Intermediate Macroeconomics
- ECON 3200 Money & Banking
- ECON 3720 International Trade & Finance
- BUSN 6120 Managerial Economics
- BUSN 6140 Business Research Analysis
- FINC 5860 Institutions and Financial Markets
- Ph.D. in Economics (University of Strathclyde, 2010)
- M.Sc. in International and Financial Economics (University of Strathclyde, 2006)
- B.Sc. in Economics (Athens University of Economics and Business, 2005)
Backgrounds and Facts
Dr. Nikolaos Antonakakis is an Associate Professor of Economics and Head of Department of Business and Management at Webster Vienna Private University, as well as a Visiting Fellow at the University of Portsmouth. He had previously held a position of Assistant Professor of Economics at the Vienna University of Economics and Business (WU Wien) and at the Johannes Kepler University in Austria, and Senior Lecturer in Economics and Finance at the University of Portsmouth. He holds a Ph.D. in Economics and an MSc in International and Financial Economics from the University of Strathclyde, and a BSc in Economics from Athens University of Economics and Business (AUEB). He is an interdisciplinary researcher with a focus, among others, on International Macroeconomics and International Finance, European Integration, Applied Econometrics, Health Economics, Energy Economics and Tourism Economics. Nikolaos has been named by Thomson Reuters as in the top one per cent of scholars worldwide in 2016 for citations in economics. He has published articles in widely renowned journals, including Economics Letters, Journal of International Financial Markets, Institutions and Money, International Review of Financial Analysis, Energy Economics, The Manchester School, Southern Economic Journal, Physica A: Statistical Mechanics and its Applications, The Quarterly Review of Economics and Finance, Applied Economics, Economic Modelling, Applied Financial Economics, Social Science & Medicine, Annals of Tourism Research, Economic Systems, Social Indicators Research, Applied Economics Letters, International Finance, Journal of Real Estate and Portfolio Management, International Economic Journal, Economic Systems and Empirica. His research has received a lot of attention from internationally renowned media, such as The Guardian, Forbes Magazine, New York Post, CNBC, Newsweek Magazine, Russia Today, Daily Express, ORF Science, Die Presse, derStandard and the Irish Times. Nikolaos has received several awards such as, the Neil Rackham Best Research Dissemination Award (from the University of Portsmouth), 7 times the Top-Journal-Article-Award (from WU), the Research Excellence Framework (REF) Award from the UK higher Education and the Outstanding Reviewer Award (from the Energy Economics journal). Nikolaos has been a Scientific Advisor and Co-investigator in several OeNB projects totalling €300,000. He has been invited to various international conferences: i) as a ‘private expert’ at the 6th Eurostat Colloquium on “Modern Tools for Business Cycle Analysis: The Lessons from Global Economic Crisis”, ii) participated in a round table (panel discussion) as the main discussant about the “Future of the Euro” at the University of Linz, iii) in a panel discussion as main discussant about “Griechenland Ende oder Wende? (Greece - End or Turn?)” at WU, and iv) has been invited as a ‘young econometrician’ at the SIRE Econometrics Workshop on “Advanced Econometric Modelling for Finance” along with illustrious econometricians such as Hasem Pesaran, Paolo Zafaroni, Valentina Corradi and Rod McCrorie. He is also a regular reviewer in various international academic and respected peer-reviewed journals. Nikolaos is also an Associate Editor of Journal of Economic and Financial Modelling, Editorial Board Member of Journal of Empirical Economics, Tourism and Travelling and Editorial & Review Board Member of Marmara Journal of European Studies.
He is currently interested in the following fields:
- The transmission channels and the feedback mechanisms of the various types of uncertainty (e.g. macroeconomic, financial and policy uncertainty) and its effects on the global economic recovery, investments and exports.
- Global business cycle interdependencies.
- International trade synchronization dynamics.
- Sovereign bond yields and credit default swaps nexus.
- The effects of fiscal austerity on health.
- The dynamic relationship between energy consumption, CO2 emissions and economic growth.
- Tourism and economic growth interdependencies.
His research has generated strong interest in highly renowned media:
- “Austerity in Greece caused more than 500 male suicides, say researchers”, The Guardian, April 21, 2014.
- “Cyprus, Greece and Portugal urged to diversify tourism offering”, Travelweekly, December 2, 2014.
- “Austerity And Suicide: The Case of Greece”, Forbes, April 24, 2014.
- “Economic woes in Greece lead to rash of suicides”, New York Post, April 23, 2014.
- “Greek austerity triggered male suicide rise: Study”, CNBC, April 22, 2014.
- “Greek austerity has caused more than 500 male suicides – report”, RT, April 21, 2014.
- “Greece austerity caused over 550 male suicides, study finds”, The Irish Times, April 22, 2014
- “Euro will `destabilise' Europe as it struggles with financial shocks from weaker nations”, Daily Express, April 16, 2013.
- “Britain is not an economic island”, The Business, Summer Edition, 2013.
Journal Article Publications
- Antonakakis, N., Gupta, R. and Mwamba, J. W. M. (In Press) "Dynamic Comovements between Housing and Oil Markets in the US over 1859 to 2013: A Note." Atlantic Economic Journal. DOI: 10.1007/s11293-016-9508-4.
- Antonakakis, N. and Gupta, R. (In press) "Is Economic Policy Uncertainty Related to Suicide Rates? Evidence from the United States." Social Indicators Research. DOI: 10.1007/s11205-016-1384-4. [A].
- Antonakakis, N., Andr e, C. and Gupta, R. (In press) "Dynamic Spillovers in the United States: Stock Market, Housing, Uncertainty and the Macroeconomy." Southern Economic Journal. DOI: 10.1002/soej.12149.
- Antonakakis, N., Babalos, V. and Kyei, C. (2016) "Predictability of Sustainable Investments and the Role of Uncertainty: Evidence from a Non-Parametric Causality-in-Quantiles Test." Applied Economics 48 (48), 4655-4665. DOI: 10.1080/ 00036846. 2016.1161724.
- Antonakakis, N. and Badinger, H. (2016) "Economic Growth, Volatility, and Cross-Country Spillovers: New Evidence for the G7 Countries" Economic Modelling 52 (B), 352-365. DOI: 10.1016/j.econmod.2015.08.03
- Antonakakis, N., Gogas P., Papadimitriou, T. and Sarantitis, G. (2016) "International Business Cycle Synchronization since the 1870s: Evidence from a Novel Network Approach" Physica A: Statistical Mechanics and its Applications 447, 286-296. DOI: 10.1016/j.physa.2015.12.029.
- “Business Cycle Spillovers in the European Union: What is the Message Transmitted to the Core?” (with Ioannis Chatziantoniou and George Filis) The Manchester School, 2015, in press. DOI: 10.1111/manc.12101.
- “Business Cycle and Financial Cycle Spillovers in the G7 Countries” (with Johann Scharler), The Quarterly Review of Economics and Finance, 2015, in press. DOI: 10.1016/j.qref.2015.03.002.
- “Dynamic Spillover Effects in Futures Markets: UK and US Evidence” (with Christos Floros and Renatas Kizys), International Review of Financial Analysis, 2015, in press. DOI: 10.1016/j.irfa.2015.03.008.
- “Dynamic Spillovers between Commodity and Currency Markets” (with Renatas Kizys), International Review of Financial Analysis, 2015, in press. Special Issue on Gold. DOI: 10.1016/j.irfa.2015.01.016.
- “How Strong is the Linkage between Tourism and Economic Growth in Europe?” (with Mina Dragouni and George Filis), Economic Modelling 44C, 142-155, 2015. DOI: 10.1016/j.econmod.2014.10.018.
- “Tourism and Growth: The Times they are A-changing” (with Mina Dragouni and George Filis), Annals of Tourism Research 50, 165-169, 2015. DOI: 10.1016/j.annals.2014.11.008.
- “The Impact of Fiscal Austerity on Suicide: On the Empirics of a Modern Greek Tragedy” (with Alan Collins), Social Science & Medicine, 112, 2014, 39-50. DOI: 10.1016/j.socscimed.2014.04.019."
- “International Business Cycle Spillovers since the 1870s” (with Harald Badinger). Applied Economics 46 (30), 3682-3694, 2014. DOI: 10.1080/00036846. 2014.937040.
- “Dynamic Spillovers of Oil Price Shocks and Economic Policy Uncertainty” (with Ioannis Chatziantoniou and George Filis). Energy Economics 44, 433-447, 2014. DOI: 10.1016/j.eneco.2014.05.007.
- “Does Integration and Economic Policy Coordination Promote Business Cycle Synchronization in the EU?” (with Gabriele Tondl), Empirica 41 (3), 541-575, 2014. DOI: 10.1007/s10663-014-9254-2.
- “Sovereign Bond Yield Spillovers in the Euro Zone during the Financial and Debt Crisis” (with Konstantinos Vergos), Journal of International Financial Markets, Institutions & Money, 26, 2013, 258-272. DOI: 10.1016/ j.intfin.2013.06.004.
- “Dynamic Co-movements of Stock Market Returns, Implied Volatility and Policy Uncertainty” (with Ioannis Chatziantoniou and George Filis), Economics Letters, 120 (1), 2013, 87-92. DOI: 10.1016/j.econlet.2013.04.004.
- “Forecasting Volatility in Developing Countries' Nominal Exchange Returns” (with Julia Darby). Applied Financial Economics 23 (21), 1675-1691, 2013. DOI: 10.1080/09603107.2013.844323.
- “Oil Prices and Stock Market Correlation: A Time-varying Approach”. International Journal of Energy and Statistics 1 (1), 17-29, 2013. DOI: 10.1142/S2335680413500026.
- “Exchange Return Co-movements and Volatility Spillovers Before and After the Introduction of Euro”, Journal of International Financial Markets, Institutions & Money, 22 (5), 2012, 1091-1109. DOI: 10.1016/j.intfin.2012.05.009.
- “International Spillovers of Output Growth and Output Growth Volatility: Evidence from the G7 countries” (with Badinger, H.), International Economic Journal. 26 (4), 2012, 635-653. DOI: 10.1080/10168737.2011.631025.
- “The Great Synchronization of International Trade Collapse” Economics Letters, 117 (3), 2012, 608-614. DOI: 10.1016/j.econlet.2012.07.041.
- “Business Cycle Synchronization during US Recessions since the Beginning of the 1870s” Economics Letters, 117 (2), 2012, 467-472. DOI: 10.1016/j.econlet.2012.06.034.
- “Has Globalization Improved International Risk Sharing?” (with Johann Scharler) International Finance, 15 (2), 2012, 255-266. DOI: 10.1111/j.1468-2362.2012.01304.x
- “The Synchronization of GDP Growth in the G7 During US Recessions”, Applied Economics Letters 19 (1), 7-11. DOI: 10.1080/13504851.2011.564126.
Chapters in Book Publications
- “Efficiency, Proportionality and Member States' Power in the EU Council of Ministers” (with Harald Badinger and Wolf H. Reuter), in “Routledge Handbook of the Economics of European Integration”, forthcoming in 2016, Edited by Harald Badinger and Volker Nitsch. Routledge.
He has been a Co-Investigator in the following projects:
- “From Rome to Lisbon: Power of EU Member States and the EU's Capability to Act in Light: An Interdisciplinary Assessment.” Anniversary Fund, Austrian Central Bank (OeNB), project number: 14028, duration: 05/2011-11/2012. Amount: €120,000.00.
- “Does Integration and Economic Policy Coordination Promote Business Cycle Synchronization in the EU?” (joint with Gabriele Tondl). Study under the Consortium Project “The Impact of the Single Internal Market on Cohesion: Implications for Cohesion Policy, Growth and Competitiveness” (head: London School of Economics), funded by the European Commission, DG Regio. Project number 2010.CE.16.B.AT.006, local Principal Investigator: Gabriele Tondl. Duration: 2010-2011. Amount: €64,840.00.
- “Do Determinants of FDI to Developing Countries Differ among OECD Countries? Insights from a Bayesian Panel Data Approach“, study under the Consortium Project “EU Foreign Direct Investment in Latin America”, funded by the Austrian Central Bank (OeNB), project number: 11701, duration: 2006 – 2010. Principal Investigator: Gabriele Tondl. Amount €92,000.00.
And scientific advisor in:
- “Macroeconomic Imbalances and Business Cycle Synchronization in the EU." Anniversary Fund, Austrian Central Bank (OeNB), duration: 2014-2015. €20,000.00.
Nikolaos has been invited to various international conferences: i) as a ‘private expert’ at the 6th Eurostat Colloquium on “Modern Tools for Business Cycle Analysis: The Lessons from Global Economic Crisis”, ii) participated in a round table (panel discussion) as the main discussant about the “Future of the Euro” at the University of Linz, iii) in a panel discussion as main discussant about “Griechenland Ende oder Wende? (Greece - End or Turn?)”, at Vienna University of Economics and Business, and iv) has been invited as a ‘young econometrician’ at the SIRE Econometrics Workshop on Advanced Econometric Modelling for Finance along with illustrious econometricians such as Hasem Pesaran, Paolo Zafaroni, Valentina Corradi and Rod McCrorie.
Achievement and Recognition
Nikolaos has been awarded seven times the “Top-Journal-Article Award” by the Vienna University of Economics and Business since 2012 and is included in the 2014 Research Excellence Framework (REF). In 2014, He was awarded the ‘Neil Rackham Best Research Dissemination Award’ by the University of Portsmouth, Portsmouth Business School for his publication in Social Science & Medicine journal. Moreover, he has been the reviewer of the ‘Macroeconomics, Global Edition, Pearson’ and ‘Economics, Global Edition, Pearson’ textbooks by Daron Acemoglu, David Laibson and John List, and of various renowned international academic peer-reviewed journals.
Nikolaos is a Fellow at the Euro Area Business Cycle Network (EABCN), member of the International Association for Applied Econometrics (IAAE), Royal Economic Society (RES), European Economic Association (EEA), European Finance Association (EFA), Western Economic Association International (WEAI), Canadian Economics Association (CEA), Austrian Health Economics Association (ATHEA) and the World Economics Association (WEA).