Muhammad Shafiullah, PhD
Associate Professor
Dr Muhammad Shafiullah joined the Department of Economics and Social Sciences (ESS) as an Associate Professor in August 2022. He worked as an Assistant, and later as an Associate, Professor of Economics at the Malaysia Campus of the University of Nottingham from October 2016 to August 2022. He completed his PhD in Economics in 2015 from Griffith University, Australia, and a BSc in Economics in 2010 from North South University, Bangladesh.
Dr Shafiullah is an applied econometrician with a demonstrated capacity to conduct empirical research in various fields of economics—including micro- and macro-economic topics that relate to financial economics as well as environmental issues surrounding climate change, economic development, and public policy problems. He has a strong international research network and has published numerous high-quality research papers in general and field journals of economics. He continues to conduct research on various topics under the environmental and natural resources economics as well as financial economics fields. Besides, Dr Shafiullah has presented at several seminars and conferences in Australia, Bangladesh, Italy, Malaysia, Singapore, and Vietnam.
In addition to co-authoring high-quality research papers, Dr Shafiullah serves as an Editor of a Scopus-indexed journal—Cogent Economics & Finance (Publisher: Taylor & Francis)—from December 2019. He has also contributed to several (externally) funded projects, including a recent collaboration with United Nations Global Compact Malaysia & Brunei and a 3-year research project funded by the Malaysian Government. He engages with the wider community by contributing regular, unpaid, op-ed articles to the Financial Express Bangladesh newspaper since July 2015. Dr Shafiullah has also written for ‘WhiteBoard’—a Bangladeshi quarterly policy magazine which is the flagship publication of the Centre for Research and Information (CRI), a leading not-for-profit policy research organisation.
Address
Level: 5, Room: 5E25
Kha-224 Merul Badda
Dhaka 1212. Bangladesh
-
Education
+–BSc (Econ) North South University
PhD (Econ) Griffith University
-
Publications
+–Journals
Hasan, M. B., Rashid, M. M., Sarker, T., & Shafiullah, M. (2024). Exploring the determinants of green bond market development in Bangladesh. Eurasian Economic Review. https://doi.org/10.1007/s40822-023-00253-9
Karim, S., Shafiullah, M., & Naeem, M. A. (2024). When one domino falls, others follow: A machine learning analysis of extreme risk spillovers in developed stock markets. International Review of Financial Analysis, 93. https://doi.org/10.1016/j.irfa.2024.103202
Shafiullah, M., Senthilkumar, A., Lucey, B. M., & Naeem, M. A. (2024). Deciphering asymmetric spillovers in US industries: Insights from higher-order moments. Research in International Business and Finance, 70. https://doi.org/10.1016/j.ribaf.2024.102313
Rafiq, S., Paramati, S. R., Alam, M. S., Hafeez, K., & Shafiullah, M. (2024). Does institutional quality matter for renewable energy promotion in OECD economies? International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.2926
Naeem, M. A., Gul, R., Shafiullah, M., Karim, S., & Lucey, B. M. (2024). Tail risk spillovers between Shanghai oil and other markets. Energy Economics, 130, 107182. https://doi.org/10.1016/j.eneco.2023.107182
Shafiullah, M., Khalid, U., & Okafor, L. E. (2023). Do birds of a feather flock together? Analyzing environmental performance and tourist behavior using a gravity approach. Tourism Economics, 29(5), 1139–1163. https://doi.org/10.1177/13548166221097025
Karim, S., Naeem, M. A., Shafiullah, M., Lucey, B. M., & Ashraf, S. (2023). Asymmetric relationship between climate policy uncertainty and energy metals: Evidence from cross-quantilogram. Finance Research Letters, 54. https://doi.org/10.1016/j.frl.2023.103728
Shafiullah, M., Jiao, Z., Shahbaz, M., & Dong, K. (2023). Examining energy poverty in Chinese households: An Engel curve approach. Australian Economic Papers, 62(1), 149–184. https://doi.org/10.1111/1467-8454.12279
Miah, M. D., Shafiullah, M., & Alam, M. S. (2023). The effect of financial stress on renewable energy consumption: evidence from US data. Environment, Development and Sustainability. https://doi.org/10.1007/s10668-023-03747-3
Jiao, Z., Shafiullah, M., Khalid, U., Song, M., & Shahbaz, M. (2023). The economic growth–travel frequency nexus in China: Importance of the transport Kuznets curve. World Economy. https://doi.org/10.1111/twec.13452
Mensi, W., Shafiullah, M., Vo, X. V, & Kang, S. H. (2022). Asymmetric spillovers and connectedness between crude oil and currency markets using high-frequency data. Resources Policy, 77. https://doi.org/10.1016/j.resourpol.2022.102678
Mensi, W., Shafiullah, M., Vo, X. V., & Kang, S. H. (2022). Spillovers and connectedness between green bond and stock markets in bearish and bullish market scenarios. Finance Research Letters, 49. https://doi.org/10.1016/j.frl.2022.103120
Hasan, M. B., Rashid, M. M., Shafiullah, M., & Sarker, T. (2022). How resilient are Islamic financial markets during the COVID-19 pandemic? Pacific Basin Finance Journal, 74. https://doi.org/10.1016/j.pacfin.2022.101817
Shafiullah, M., Khalid, U., & Chaudhry, S. M. (2022). Do stock markets play a role in determining COVID-19 economic stimulus? A cross-country analysis. World Economy, 45(2), 386–408. https://doi.org/10.1111/twec.13130
Mensi, W., Rehman, M. U., Shafiullah, M., Al-Yahyaee, K. H., & Sensoy, A. (2021). High frequency multiscale relationships among major cryptocurrencies: Portfolio management implications. Financial Innovation, 7(1). https://doi.org/10.1186/s40854-021-00290-w
Shafiullah, M., Miah, M. D., Alam, M. S., & Atif, M. (2021). Does economic policy uncertainty affect renewable energy consumption? Renewable Energy, 179, 1500–1521. https://doi.org/10.1016/j.renene.2021.07.092
Shafiullah, M., Chaudhry, S. M., Shahbaz, M., & Reboredo, J. C. (2021). Quantile causality and dependence between crude oil and precious metal prices. International Journal of Finance and Economics, 26(4), 6264–6280. https://doi.org/10.1002/ijfe.2119
Khalid, U., & Shafiullah, M. (2021). Financial development and governance: A panel data analysis incorporating cross-sectional dependence. Economic Systems, 45(2). https://doi.org/10.1016/j.ecosys.2021.100855
Mensi, W., Shafiullah, M., Vo, X. V, & Kang, S. H. (2021). Volatility spillovers between strategic commodity futures and stock markets and portfolio implications: Evidence from developed and emerging economies. Resources Policy, 71. https://doi.org/10.1016/j.resourpol.2021.102002
Shafiullah, M., Khalid, U., & Shahbaz, M. (2021). Does meat consumption exacerbate greenhouse gas emissions? Evidence from US data. Environmental Science and Pollution Research, 28(9), 11415–11429. https://doi.org/10.1007/s11356-020-11331-9
Shafiullah, M., Papavassiliou, V. G., & Shahbaz, M. (2021). Is there an extended education-based environmental kuznets curve? An analysis of U.S. states. Environmental and Resource Economics, 80(4), 795–819. https://doi.org/10.1007/s10640-021-00610-9
Chaudhry, S. M., & Shafiullah, M. (2021). Does culture affect energy poverty? Evidence from a cross-country analysis. Energy Economics, 102. https://doi.org/10.1016/j.eneco.2021.105536
Chaudhry, S. M., Ahmed, R., Shafiullah, M., & Duc Huynh, T. L. (2020). The impact of carbon emissions on country risk: Evidence from the G7 economies. Journal of Environmental Management, 265. https://doi.org/10.1016/j.jenvman.2020.110533
Shahbaz, M., Shafiullah, M., Khalid, U., & Song, M. (2020). A nonparametric analysis of energy environmental Kuznets Curve in Chinese Provinces. Energy Economics, 89. https://doi.org/10.1016/j.eneco.2020.104814
Shafiullah, M., Islam, F., & Navaratnam, R. (2020). The Harberger–Laursen–Metzler effect: Evidence from five SAARC countries. Empirical Economics, 58(4), 1749–1777. https://doi.org/10.1007/s00181-018-1579-4
Khalid, U., Okafor, L. E., & Shafiullah, M. (2020). The effects of economic and financial crises on international tourist flows: A cross-country analysis. Journal of Travel Research, 59(2), 315–334. https://doi.org/10.1177/0047287519834360
Shahbaz, M., Shafiullah, M., & Mahalik, M. K. (2019). The dynamics of financial development, globalisation, economic growth and life expectancy in sub-Saharan Africa. Australian Economic Papers, 58(4), 444–479. https://doi.org/10.1111/1467-8454.12163
Shafiullah, M., Okafor, L. E., & Khalid, U. (2019). Determinants of international tourism demand: Evidence from Australian states and territories. Tourism Economics, 25(2), 274–296. https://doi.org/10.1177/1354816618800642
Shafiullah, M., Selvanathan, S., Naranpanawa, A., & Chai, A. (2019). Examining Dutch disease across Australian regions. World Economy, 42(2), 590–613. https://doi.org/10.1111/twec.12720
Mensi, W., Hamdi, A., Shahzad, S. J. H., Shafiullah, M., & Al-Yahyaee, K. H. (2018). Modeling cross-correlations and efficiency of Islamic and conventional banks from Saudi Arabia: Evidence from MF-DFA and MF-DXA approaches. Physica A: Statistical Mechanics and Its Applications, 502, 576–589. https://doi.org/10.1016/j.physa.2018.02.146
Shahbaz, M., Shafiullah, M., Papavassiliou, V. G., & Hammoudeh, S. (2017). The CO2–growth nexus revisited: A nonparametric analysis for the G7 economies over nearly two centuries. Energy Economics, 65, 183–193. https://doi.org/10.1016/j.eneco.2017.05.007
Bahmani-Oskooee, M., Shafiullah, M., & Islam, F. (2017). The Bilateral J-Curve in Australia: A nonlinear reappraisal. Australian Economic Papers, 56(3), 249–269. https://doi.org/10.1111/1467-8454.12099
Shafiullah, M., Selvanathan, S., & Naranpanawa, A. (2017). The role of export composition in export-led growth in Australia and its regions. Economic Analysis and Policy, 53, 62–76. https://doi.org/10.1016/j.eap.2016.11.002
Shafiullah, M., & Navaratnam, R. (2016). Do Bangladesh and Sri Lanka enjoy export-led growth? A comparison of two small South Asian Economies. South Asia Economic Journal, 17(1), 114–132. https://doi.org/10.1177/1391561415621825
Magazine / Newspaper Articles
Shafiullah, M., & Das, T. (2023, December 17). Diagnosing Bangladesh’s energy sector. WhiteBoard Magazine. https://whiteboardmagazine.com/4128/diagnosing-bangladeshs-energy-sector/
Ahmad, S. U., & Shafiullah, M. (2023, February 28). Insurance penetration, technology adoption, & economic growth in Bangladesh. The Financial Express. https://thefinancialexpress.com.bd/views/opinions/insurance-penetration-...
Shafiullah, M., & Hossain, B. (2023, March 17). Can slow fashion transform Bangladesh’s garment industry? WhiteBoard Magazine. https://whiteboardmagazine.com/3746/can-slow-fashion-transform-banglades...
Khondaker, S., & Shafiullah, M. (2023, September 23). How climate change impacts productivity and worsens inflation. The Business Standard. https://www.tbsnews.net/thoughts/how-climate-change-impacts-productivity...
Aresfin, N., & Shafiullah, M. (2023, October 27). Dhaka’s air pollution is worsening children’s mental health. The Business Standard. https://www.tbsnews.net/thoughts/dhakas-air-pollution-worsening-children...
Xin, L. Y., & Shafiullah, M. (2022, March 17). Can Bangladesh tackle violence against women through water and sanitation? WhiteBoard Magazine. https://whiteboardmagazine.com/2877/can-bangladesh-tackle-violence-again...
Shafiullah, M., & Islam, S. Z. (2020, July 3). Settling Bangladesh economy into the Covid-19’s new normal. The Financial Express. https://thefinancialexpress.com.bd/views/views/settling-bangladesh-econo...
Aresfin, N., & Shafiullah, M. (2020, October 18). Children’s mental health and well-being during the Covid-19. The Financial Express. https://thefinancialexpress.com.bd/views/views/childrens-mental-health-a...
Okafor, L. E., & Shafiullah, M. (2020, January 11). Dilemma of self-sufficiency or trade openness: A case of onion prices in Bangladesh. The Financial Express. https://thefinancialexpress.com.bd/views/analysis/dilemma-of-self-suffic...
Ahmed, N., & Shafiullah, M. (2020, November 11). Why need for piracy-free digital transformation is pressing. The Financial Express. https://thefinancialexpress.com.bd/views/views/why-need-for-piracy-free-...
Neelim, A., & Shafiullah, M. (2020, November 23). The tragic tale of tangled overhead internet cables of Dhaka. The Financial Express. https://today.thefinancialexpress.com.bd/27th-anniversary-issue-2/the-tr...
Shafiullah, M., & Islam, F. (2019, February 12). Economic growth vs environmental degradation: Bangladesh case. The Financial Express. https://thefinancialexpress.com.bd/views/reviews/economic-growth-vs-envi...
Khalid, U., & Shafiullah, M. (2019, January 9). Credit bureaus and registries for financial sector development. The Financial Express. https://thefinancialexpress.com.bd/views/views/credit-bureaus-and-regist...
Obaydullah, M., & Shafiullah, M. (2018, July 7). The eco-friendly way of farming. The Financial Express. https://thefinancialexpress.com.bd/views/analysis/the-eco-friendly-way-o...
Shafiullah, M., & Islam, F. (2017, January 30). Rural economy and agriculture - powerful drivers of poverty reduction. The Financial Express. https://thefinancialexpress.com.bd/views/reviews/rural-economy-and-agric...
Shafiullah, M., & Islam, F. (2017, January 29). Farmers adopt crop diversification schemes. The Financial Express. https://thefinancialexpress.com.bd/views/reviews/farmers-adopt-crop-dive...
Shafiullah, M., & Islam, F. (2016, March 29). Terms of trade and current a/c balance in BD. The Financial Express. https://thefinancialexpress.com.bd/views/reviews/terms-of-trade-and-curr...
-
Professional Activities
+–1. December 2019 – To Date, Editor, Cogent Economics & Finance (Publisher: Taylor & Francis; ABDC rank: B)
2. January 2021 – August 2022, Associate Professor, School of Economics, University of Nottingham Malaysia
3. October 2016 – December 2020, Assistant Professor, School of Economics, University of Nottingham Malaysia
4. July 2015 – September 2016 (15 months), Senior Economist, Policy Research Institute of Bangladesh (PRI-BD), Dhaka, Bangladesh -
Conferences, Talks, and Speaking Engagements
+–1. Co-opted Boards and Financial Statement Readability, presented at the Joint Conference of the BAFA Corporate Finance and Asset Pricing SIG and the Northern Area Group, United Arab Emirates University (College of Business & Economics, Accounting and Finance Department), Dubai, United Arab Emirates, 15 December 2023.
2. Session Chair, Session 5A: Sustainability Management, the Joint Conference of the BAFA Corporate Finance and Asset Pricing SIG and the Northern Area Group, United Arab Emirates University (College of Business & Economics, Accounting and Finance Department), Dubai, United Arab Emirates, 14 December 2023.
3. Is Renewable Energy a Luxury During Times of Financial Stress?, presented at the International Conference on Business and Finance 2021, the University of Economics Ho Chi Minh City (Institute of Business Research and CFVG) and the University of Leicester, United Kingdom, 27 September 2021.
4. Does Meat Consumption Exacerbate Green House Gas Emissions? Evidence from U.S.A. Data, presented at Nottingham-Renmin Joint Research Seminar in Economics, the University of Nottingham Malaysia, Kuala Lumpur, 18 August 2017.
5. Financial Development, Globalization and Life Expectancy in Sub-Saharan Africa: Evidence from a Nonlinear Analysis, presented at Nottingham Centre for Research on Globalisation and Economic Policy (GEP) and Centre for Finance, Credit and Macroeconomics (CFCM) Conference on Economic and Financial Integration in Asia and Beyond, the University of Nottingham Malaysia, Kuala Lumpur, 15 February 2017.
6. Inflation Dynamics in Bangladesh: Evidence from Nonparametric Cointegration and Causality Tests, presented at the Western Economic Association 12th International Conference, Nanyang Technological University, Singapore, 8 January 2016.
7. The Harberger-Laursen-Metzler Effect: Further Evidence from the SAARC Region, presented at the Western Economic Association International 12th Conference, Nanyang Technological University, Singapore, 8 January 2016.
8. Export-Led Growth in Australia: A Regional Examination, paper presented at
a. PhD Conference in Economics and Business, Monash University, Australia, 14 November 2014.
b. The Rimini Conference in Economics and Finance (RCEF) 2014, Rimini, Italy, 10 June 2014.
c. Economics and Business Statistics Seminar series, Griffith University, Australia, 2 May 2014.
9. Foreign Aid and Its Impact on Income Inequality, presented at the 4th Asian Business Research Conference, World Business Institute, Dhaka, Bangladesh, 24 December 2010. -
Research Areas/Interests
+–Financial Economics, Environmental and Natural Resource Economics, and Tourism and Transportation Economics