Cagatay Bircan


Cagatay Bircan is a Principal Economist at the EBRD. Prior to joining the EBRD, Cagatay worked as a Fixed Income Strategist and Economist at Bank of America Merrill Lynch.
Cagatay holds a PhD in Economics from University of Michigan and his main research areas are international trade, development and corporate finance. His current research focuses on the effects of trade liberalisation, private equity and funding of innovation.


2012 - Ph.D. Economics, University of Michigan
2009 - M.A. Economics, University of Michigan
2007 - B.A. Economics, German, Mathematics, Williams College

Research interests

  • Foreign Direct Investment
  • International Trade
  • Financial Development
  • Private Equity
  • Innovation Finance

Publications in journals

Ownership Structure and Productivity of Multinationals
Journal of International Economics, 116, pp 125-143, January 2019.
View journal article

Violent Conflict and Inequality
(joint with Tilman Brück and Marc Vothknecht)
Oxford Development Studies, 45 (2), pp 125-144, April 2017.
View journal article
View IZA Discussion Paper 4990

The Interest Group Theory of Financial Development: Evidence from Regulation
(joint with David Hauner and Alessandro Prati)
Journal of Banking and Finance, 37 (3), pp 895-906, March 2013.
View journal article
View EBRD WP 150

Working papers

Lending Cycles and Real Outcomes: Costs of Political Misalignment
(joint with Orkun Saka)
View LSE Systemic Risk Centre DP 85

The Limits of Lending: Banks and Technology Adoption Across Russia
(joint with Ralph de Haas)
View EBRD WP 178

Optimal Degree of Foreign Ownership under Uncertainty
View EBRD WP 166

Foreign Direct Investment and Wages: Does the Level of Ownership Matter?
View EBRD WP 157