Cagatay Bircan


Cagatay Bircan is a Principal Economist at the European Bank for Reconstruction and Development in London. 

Cagatay holds a PhD in Economics from University of Michigan and his main research interests are foreign direct investment, international trade and financial development. 

Prior to joining the EBRD, Cagatay worked as a Fixed Income Strategist and Economist at Bank of America Merrill Lynch.

His current research focuses on the effects of trade liberalisation, ownership structures at multinational companies, and local banking competition and 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

Publications in journals

"Violent Conflict and Inequality" joint with Tilman Brück and Marc Vothknecht, Forthcoming, Oxford Development Studies.
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

"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