Cagatay Bircan

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Cagatay Bircan is a Senior Research Economist at the EBRD.  Prior to joining the EBRD, Cagatay worked as a Fixed Income Strategist and Economist at Bank of America Merrill Lynch.  At EBRD, he worked both as a country economist and research economist.

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, state-owned banks, and the funding of innovation.

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Twitter: cagataybircan


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

Research interests

  • International Trade
  • Foreign Direct Investment
  • Banking
  • Private Equity
  • Innovation
  • Productivity

Publications in journals

  • The Limits of Lending? Banks and Technology Adoption Across Russia
    Review of Financial Studies, forthcoming
    (with Ralph De Haas)
    View CEPR DP 13663 - 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

Work in progress

  • Value Creation and Persistence in Private  Equity
    (with Markus Biesinger and Alexander Ljungqvist)
  • Trade  Costs, Prices and Markups: Evidence from a Customs Union

Policy writing and chapters in books

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