Çağatay Bircan

Biography

Çağatay Bircan is a Lead Research Economist at the EBRD and Industrial Professor at the Institute for Finance and Technology at University College London (UCL).  Prior to joining the EBRD, Çağatay worked as a Fixed Income Strategist and Economist at Bank of America Merrill Lynch.  At EBRD, he worked both as a country economist and as research economist.

Çağatay holds a PhD in Economics from University of Michigan and his research focuses on topics at the intersection of international and organisational economics, finance, and development. His latest research is on knowledge work in teams and multinationals (with a focus on gender gaps), value creation in private equity, and how financial intermediation can help entrepreneurship in developing countries.

Contact: bircanc@ebrd.com
Visit personal website: cagataybircan.com
Twitter: @cagataybircan

Education

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

Research interests

• Entrepreneurial Finance
• International Trade & FDI
• Banking
• Organisations
• Innovation & Productivity

Publications in journals

• Lending Cycles and Real Outcomes: Costs of Political Misalignment
  The Economic Journal, 2021, 131(639): 2763-2796.
  (with O. Saka)
  View journal article – View EBRD WP 225


• The Limits of Lending? Banks and Technology Adoption Across Russia
  Review of Financial Studies, 2020, 33(2): 536-609.
  (with Ralph De Haas)
  View journal article - View EBRD WP 178 - Data
   
• Ownership Structure and Productivity of Multinationals
  Journal of International Economics, 2019, 116: 125-143.
  View journal article
   
• Violent Conflict and Inequality
  (with Tilman Brück and Marc Vothknecht)
  Oxford Development Studies, 2017, 45(2): 125-144.
  View journal article
  View IZA Discussion Paper 4990
   
• The Interest Group Theory of Financial Development: Evidence from Regulation
  (with David Hauner and Alessandro Prati)
  Journal of Banking and Finance, 2013, 37(3): 895-906.
  View journal article
  View EBRD WP 150

Working papers

• Blended Finance and Female Entrpreneurship
  (with H. I. Aydin and R. De Haas)
   
• Knowledge Teams, Careers, and Gender
  (with G. Friebel and T. Stahl)
   
• Creation and Diffusion of Knowledge in the Multinational Firm
  (with B. Javorcik and S. Pauly)
   
• Value Creation in Private  Equity
  (with Markus Biesinger and Alexander Ljungqvist)
  View latest version
  View EBRD WP 242
  View CEPR DP 14676
   
• 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

Policy writing and chapters in books

• Corporate Debt and Business Dynamism
  (with R. De Haas and H. Moreno)
  Chapter 4 of EBRD Transition Report 2022-23
   
• Fintech and Banks in Transition
  (with C. Aksoy, R. De Haas, V. Marino and K. Wacker)
  Chapter 4 of EBRD Transition Report 2021-22
   
• State Banks on the Rise
  (with R. De Haas, E. Isleyen, and V. Robinson)
  Chapter 3 of EBRD Transition Report 2020-21
   
• Jobs at Risk: Responses to Covid in Emerging Markets
  (with Z. Koczan and A. Plekhanov)
  in S. Djankov and U. Panizza (eds.), CEPR eBook Covid-19 in Developing Economies, 2020.


• Firm-level Governance
  (with Gian Piero Cigna, Pavle Djuric and Stefan Pauly)
  Chapter 3 of EBRD Transition Report 2019-20
   
• Elections and Economic Cycles: What Can We Learn from the Recent Turkish Experience?
  (with Orkun Saka)
  Chapter in I. Atiyas, I. Diwan and A. Malik (eds.), Crony Capitalism in Middle East, Oxford University Press, forthcoming.
   
• Firm Dynamics and Productivity
  (with Orkun Saka)
  Chapter 2 of EBRD Transition Report 2017-18
   
• The Middle Income Trap from a Schumpeterian Perspective
  (with Philippe Aghion)
  View EBRD WP 205
  View ADB Economics WP 521
   
• Trends and Value Creation in Private Equity
  (with Markus Biesinger)
  Chapter 3 of EBRD Transition Report 2015-16
   
• Private Equity as a Source of Growth
  (with Markus Biesinger)
  Chapter 4 of EBRD Transition Report 2015-16
   
• Finance for Innovation
  (with Ralph De Haas)
  Chapter 3 of EBRD Transition Report 2014