Economics and Finance


Photo of Dr Nikolaos Antonakakis

Dr Nikolaos Antonakakis

  • Qualifications: PhD MSc BSc
  • Role Title: Senior Lecturer
  • Address: Richmond Building Portland Street Portsmouth PO1 3DE
  • Telephone: 023 9284 4261
  • Email:
  • Department: Economics and Finance
  • Faculty: Portsmouth Business School


I am a Senior Lecturer at the University of Portsmouth's Business School and an Assistant Professor at Vienna University of Economics and Business. Having previously held a position of Lecturer at the Vienna University of Economics and Business, and also at the Johannes Kepler University (JKU) in Linz, Austria. I earned my Ph.D. degree in Economics in 2010 at the University of Strathclyde. I lecture in a range of subjects including advanced macroeconomics, international banking and financial managements, financial economics and econometrics.

I am an active researcher in a number of fields. My research interests and areas of expertise include: International Macroeconomics, International Finance, International Economics, European Integration, Applied Econometrics, Health Economics, Tourism Economics and Energy Economics.

Teaching Responsibilities

My teaching interests include Macroeconomics, Financial Economics, International Banking and Financial Management, and Quantitative Methods/Econometrics.

Research Interests

I am currently interested in the following fields:

  • The transmission channels and the feedback mechanisms of the various types of uncertainty (e.g. macroeconomic, financial and policy uncertainty) and its effects on the global economic recovery, investments and exports.
  • Global business cycle interdependencies.
  • International trade synchronization dynamics.
  • Sovereign bond yields and credit default swaps nexus.
  • The effects of fiscal austerity on health.
  • The dynamic relationship between energy consumption, CO2 emissions and economic growth
  • Tourism and economic growth interdependencies

Selected media

My research has generated strong interest in highly renowned media:

• “Austerity in Greece caused more than 500 male suicides, say researchers”, The Guardian, April 21, 2014.
• “Economic woes in Greece lead to rash of suicides”, New York Post, April 23, 2014.
• “Greek austerity triggered male suicide rise: Study”, CNBC, April 22, 2014.
• “Greek austerity has caused more than 500 male suicides – report”, RT, April 21, 2014.
• “Greece austerity caused over 550 male suicides, study finds”, The Irish Times, April 22, 2014.
• “Euro will `destabilise' Europe as it struggles with financial shocks from weaker nations”, Daily Express, April 16, 2013.

Selected Publications

  1. “The Impact of Fiscal Austerity on Suicide: On the Empirics of a Modern Greek Tragedy” (with Alan Collins), Social Science & Medicine, 112, 2014, pp.39-50. DOI: 10.1016/j.socscimed.2014.04.019."
  2. “Sovereign Bond Yield Spillovers in the Euro Zone during the Financial and Debt Crisis” (with Konstantinos Vergos), Journal of International Financial Markets, Institutions & Money, 26, 2013, pp.258-272. DOI: 10.1016/ j.intfin.2013.06.004.
  3. “Dynamic Co-movements of Stock Market Returns, Implied Volatility and Policy Uncertainty” (with Ioannis Chatziantoniou and George Filis), Economics Letters, 120 (1), 2013, pp. 87-92. DOI: 10.1016/j.econlet.2013.04.004.
  4. Exchange Return Co-movements and Volatility Spillovers Before and After the Introduction of Euro”, Journal of International Financial Markets, Institutions & Money, 22 (5), 2012, pp. 1091-1109. DOI: 10.1016/j.intfin.2012.05.009.
  5. “International Spillovers of Output Growth and Output Growth Volatility: Evidence from the G7 countries” (with Badinger, H.), International Economic Journal. 26 (4), 2012, pp. 635-653. DOI: 10.1080/10168737.2011.631025.
  6. “The Great Synchronization of International Trade Collapse” Economics Letters, 117 (3), 2012, pp. 608-614. DOI: 10.1016/j.econlet.2012.07.041.
  7. “Business Cycle Synchronization during US Recessions since the Beginning of the 1870s” Economics Letters, 117 (2), 2012, pp. 467-472. DOI: 10.1016/j.econlet.2012.06.034.
  8. “Has Globalization Improved International Risk Sharing?” (with Scharler, J.) International Finance, 15 (2), 2012, pp. 255-266. DOI: 10.1111/j.1468-2362.2012.01304.x

View all publications on Parade…


I have been a Co-Investigator in the following projects:

  • From Rome to Lisbon: Power of EU Member States and the EU's Capability to Act in Light: An Interdisciplinary Assessment.” Anniversary Fund, Austrian Central Bank (OeNB), project number: 14028, duration: 05/2011-11/2012.
  • Does Integration and Economic Policy Coordination Promote Business Cycle Synchronization in the EU?” Study for the European Commission DG Regio under the Consortium Project “The Impact of the Single Internal Market on Cohesion: Implications for Cohesion Policy, Growth and Competitiveness”, under head of London School of Economics funded by the European Commission, DG Regio, duration: 2010-11. 
  • Do Determinants of FDI to Developing Countries Differ among OECD Countries? Insights from a Bayesian Panel Data Approach“, study under the Consortium Project “EU Foreign Direct Investment in Latin America”, funded by the Austrian Central Bank (OeNB), project number: 11701, duration: 2006 – 2008, prolonged until 2010.


I have been invited to various conferences including: i) EUROSTAT: as a private expert at the 6th Eurostat Colloquium on “Modern Tools for Business Cycle Analysis”, ii) participated in a round table (panel discussion) as a main discussant regarding the “Future of the Euro” at the University of Linz, and iii) has been invited as a ‘young econometrician’ at the SIRE Econometrics Workshop on Advanced Econometric Modelling for Finance along with illustrious econometricians such as Hasem Pesaran, Paolo Zafaroni, Valentina Corradi and Rod McCrorie.

Achievement and Recognition

I have been awarded twice the “Top-Journal-Article Award” by the Vienna University of Economics and Business in 2012 and is included in the 2014 Research Excellence Framework (REF). Moreover I have been a referee in various renowned international academic peer-reviewed journals.


I am a member of the Euro Area Business Cycle Network (EABCN), the Royal Economic Society (RES), the European Finance Association, and the World Economics Association (WEA). In addition, I am an Associate Editor of Journal of Economic and Financial Modelling since 2014 and a Member of the Editorial Board of Journal of Empirical Economics and Marmara Journal of European Studies since 2014 and 2011, respectively.