English (fluent), Hebrew (fluent)


CASE Fellow

CASE Fellow


  • International Finance and Economics
  • Venture Capital
  • Emerging Financial Markets
  • Economies of the Middle East
  • Monetary Systems
  • Banking and Financial Institutions
  • Applied Econometrics
  • Middle East Emerging Financial Markets
  • The Israeli Economy

Current Positions

  • CASE Fellow
  • Professor of Economics and Business, The City College of the City University of New York
  • The Graduate School and University Center of the City University of New York,
  • Guest Professor of Economics, The University of Pennsylvania


Previous Positions

  • The University of Pennsylvania, Department of Economics (1991-2016)
  • National University of Kiev – Mohyla Academy, Ukraine.  Economic Education and Research Consortium, Ukraine Economics MA Program, Macroeconomics, Advanced Money and Banking. Summer. (1999)
  • New Economic School, Russia: Macroeconomics and Graduate International Finance and International Economics. (1986)
  • University of Pennsylvania, Center for Analytic Research in Economics and the Social Sciences; University of Pennsylvania, Institute for Economic Research, Summers. (1995-2002)
  • Harvard University, Visiting Associate Professor, Cambridge, Massachusetts: International Finance and Commercial Policy; Money, Banking and Financial Institutions, summer. (1994)
  • Temple University, School of Business and Management, (1992, 1993)
  • Department of Finance, Philadelphia, Pennsylvania: Money and Credit, summers. (1995)
  • Bar-Ilan University, Department of Economics and Business Administration, Ramat Gan, Israel.  Graduate and undergraduate courses in International Trade and Finance, Advanced Macroeconomics. (1985-1994)
  • Visiting Assistant Professor of Mathematical Economics, Department of Mathematical Sciences at Indiana University / Purdue University School of Science, Indianapolis, summer. (1985)
  • Assistant Professor Indiana University, Department of Economics, Indianapolis, Indiana. (1984-1985)
  • Bar-Ilan University, Department of Economics and Business Administration, Ramat-Gan, Israel. (1983-1984)
  • Lecturer, Indiana University, Department of Economics, Indianapolis. (1982-1983)
  • Teaching Associate II, University of Minnesota, Department of Economics, Money and Banking, International Finance. (1977-1982)
  • Research and Teaching Assistant, Tel Aviv University School of Business and Department of Economics. (1973-1976)



Selected Publications:

“Finance Methodology of Free Cash Flow,” (With U. Yaari, A. Nikiforova, E. Kahyaa), Global Finance Journal, Volume 29, February 2016, Pages 1–11, (Lead Article), 2016.

“Economic Policy After the Financial Crisis,” (With A. Nowak and K. Ryc), in Global Financial Turbulence in the Euro Area: Polish Perspective, ed. A Nowak, Peter Lang GmbH, Internationaler Verlag der Wissenschaften, Frankfurt am Main, Pages 119 – 136, 2015.

“Alternative Method of Measuring Concentration,” (With Z. J. Zawistowski1, W. Szczesny, B. Borkowski1, R. Kozera1 AMIS, Applied Mathematics and Information Sciences, Volume 10, Number 1, Pages 11 -19, 2015.

“The Responses of the Prime Rate to a Change in Policies of the Federal Reserve,” (With J. Friedman), Journal of Economic Modelling, Volume 46, Pages 407 – 411, April 2015.

“Specified Purpose Acquisition Companies in Shipping,” (With M. Vulanovic), Global Finance Journal, Volume 26, Issue 1, Pages 64-79, 2015.

“The Risk of Holding Periods of International Stock Exchanges,” (With A. Nowak and T. Winkler-Drewsn), International Journal of Business, Vol. 20, No. 2, Forthcoming, pages 91 – 110 (Lead Article), 2015.

“Real Convergence as the Way to Heal the Eurozone,” (With A. Nowak and K. Ryc) Przeglad Ustawodawstwa Gospodarczego NR 4, pages 1 – 12, 2014, also published in Yearbook of Polish European Studies (Yearbook of Polish European Studies), issue: 16 / 2013, pages: 85-110, and on

“Institutional Changes of Specified Purpose Acquisition Companies (SPACs),” (With M. Lakicevic, and M. Vulanovic), North American Journal of Economics and Finance, Volume 28, pages 149–169, 2014.

“The Reaction of the U.S. and the European Monetary Union to Recent Global Financial Crisis," (with T. Kowalski), Global Finance Journal, Volume 25, Issue 1, pages 27-47, 2014.

“Financing Innovation: First Round of Financing by Venture Capital,” in Perspectives on Financing Innovation, coedited by James E. Daily Scott Kieff, and Arthur E. Wilmarth Routledge Publishers, C-LEAF Studies in Economic and Financial Law, pages 121 - 148, 2014

“Exports and Development Montenegro 2006-2012,” (With M. Kellman), Montenegrin Journal of Economics, Volume 9, No. 3, July, pp. 29-43, 2013.“Sustainable Effects of Technological Progress and Trade Liberalization,” (With U. Spiegel), Economic Modelling, Volume 33, pp. 956–964, 2013.“Impact of Volatility Estimation Method on Theoretical Option Values,” (With B. Borkowski and M. Krawiec), Global Finance Journal, Volume 24, Number 2, pp. 119-128, 2013.

“An Error of Collateral: Why Selling S&P 500 Index (SPX) Put Options May Not be Profitable,” (With E. Berkovich), The Journal of Derivatives, Spring, Volume 20, Number 3, pages 31-42, 2013.

“Zmiany struktury eksportu produktów rolnych w wybranych krajach UE w okresie 1980-2010,” in Polish (With  Binderman, Z., Borkowski B., and Szczesny W.), Quantitative Methods  in  Economics, Vol. XIII, Number 1, pages 36 - 48, 2012.

“Foreign Direct Investment among Latin American Custom Union Economies: An Economic Integration Analysis,” Chapter 10, (With Bengoa M., and Sanchez-Robles, PROPUESTAS DE POLÍTICA ECONÓMICA ANTE LOS DESAFÍOS ACTUALES, (University of Malaga Ed.), 2012, pp. 503-527.

“Evolving Sophistication of Trade Patterns in a Transition Economy – Machinery Exports of Poland 1980–2009,” (with M. Kellman), POZNAŃ UNIVERSITY OF ECONOMICS REVIEW, (Lead Article), Volume 12, Number 3, 2012, pp. 9-41.

“Economic Institutions and the Euro,” (with A. Nowak), Montenegrin Journal of Economics, (Lead Article), Volume 8, Number 2, 2012, pp. 7–24.

“Financial Crises and Economic institutions: An Institutional Account of the U.S.A. Financial Crisis,” Montenegrin Journal of Economics, Volume 8, Number 2, 2012, pp. 45-52.

“Economies, New: Africa, 1900-Present,” in Cultural Sociology of the Middle East, Asia, and Africa: An Encyclopedia, edited by Edward Ramsamy, Andrea L. Stanton, Peter J. Seybolt, and Carolyn Elliott, Volume 2; Africa, Volume 2, 2012, pp. 262-267, SAGE Publications Inc.


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