SOAS University of London

School of Finance and Management

Professor Victor Murinde

BA (Mak), MSc (Wales), PhD (Wales), Doctoris Honoris Causa (Tallinn)
  • Teaching
  • Research
  • Expertise
  • Publications


Victor Murinde
Inclusive Finance

Principal Investigator

Centre for Global Finance


School of Finance and Management

Head of School

Centre for Sustainable Finance


Executive Board

Head of Department, Finance and Management

Professor Victor Murinde
Email address:
020 7898 4057
SOAS University of London
Thornhaugh Street, Russell Square, London WC1H 0XG
Russell Square: College Buildings
Office No:
Academic Support Hours:
By email appointment


  • Principal Investigator of the DFID-ESRC Research Grant (ES/N013344/1) on “Inclusive Finance” for £2.01 million, for 2016-2020, leading a consortium of: SOAS University of London; Loughborough University; Institute for Development Studies (IDS); University of Birmingham; University of Nottingham; ODI London; University of Groningen; Laval University; University of Ghana, Legon; & the African Economic Research Consortium (AERC).
  • Chair, Africa Regional Standing Committee of the Econometric Society.
  • Previously, Director, African Development Institute at the African Development Bank (2011-2014).
  • Lecturing experience at Makerere University, Cardiff Business School, University of Bradford, Loughborough University and University of Manchester.
  • Advisory services to government, companies and international organisations, including the World Bank, the United Nations, UNCTAD, African Development Bank, and the Caribbean Development Bank.
  • Has received generous research grants from the ESRC, European Commission, DFID, and the Leverhulme Trust.
  • Current research interests include: inclusive finance; cross-border interbank market; introducing uncertainty and dynamics to a static flow-of-funds framework; microstructure issues in emerging financial markets; capital structure and dividend policy; bank performance and risk.


Modules Taught
PhD Students supervised
  • Anosi Ikimalo, Fellowship amongst peers: A network analysis of interbank lending markets
  • Julius Ejechi, Impact of financial technology on financial inclusion and economic growth in Africa


Mega Trends in Global Finance; Inclusive Finance; Financial Institutions, Markets and Instruments; Financial Modelling & Forecasting


For help in contacting SOAS academics and advice on services to business and the community, please contact SOAS Enterprise on +44(0)20 7898 4837 or email
For all press and media enquiries please call +44 (0)20 7898 4135 or email

Available for
  • TV
  • Radio
  • Press
  • Briefings
Regional Expertise
Country Expertise


Authored Books

Murinde, Victor (2001) The Free Trade Area of the Common Market for Eastern and Southern Africa. Aldershot: Ashgate.

Doukas, J. and Murinde, Victor and Wihlborg, C. (1998) Financial sector reform and privatisation in transition economies. Amsterdam: Elsevier.

Chanthunya, Charles and Murinde, Victor (1998) Trade Regime and Economic Growth. Aldershot: Ashgate.

Murinde, Victor (1996) Development Banking and Finance. Aldershot: Ashgate.

Murinde, Victor (1993) Macroeconomic Policy Modelling for Developing Countries. Aldershot: Avebury.


Demir, Ayse and Pesque-Cela, Vanesa and Altunbas, Yener and Murinde, Victor (2020) 'Fintech, financial inclusion and income inequality: A quantile regression approach'. The European Journal of Finance. [Forthcoming]

Adetutu, Morakinyo O. and Odusanya, Kayode A. and Ebireri, John E. and Murinde, Victor (2020) 'Oil booms, bank productivity and natural resource curse in finance'. Economics Letters, (186) 108517.

Lassou, Philippe J.C. and Hopper, Trevor and Tsamenyi, Mathew and Murinde, Victor (2019) 'Varieties of neo-colonialism: Government accounting reforms in Anglophone and Francophone Africa – Benin and Ghana compared'. Critical Perspectives on Accounting, (65) 102071.

Fosu, Samuel and Danso, Albert and Agyei-Boapeah, Henry and Ntim, Collins G. and Murinde, Victor (2018) 'How does banking market power affect bank opacity? Evidence from analysts' forecasts'. International Review of Financial Analysis, (60), pp 38-52.

Kedir, Abbi M. and Iftikhar, Syed Faizan and Murinde, Victor and Dia Kamgnia, Bernadette (2018) 'Bank fragility in Africa: GMM dynamic panel data evidence'. Transnational Corporations Review, (10) 2, pp 170-178.

Fosu, Samuel and Ntim, Collins G. and Coffie, William and Murinde, Victor (2017) 'Bank opacity and risk-taking: Evidence from analysts’ forecasts'. Journal of Financial Stability, (33), pp 81-95.

Green, Christopher and Bai, Ye and Murinde, Victor and Ngoka, Kethi and Maana, Isaya and Tiriongo, Samuel (2016) 'Overnight interbank markets and the determination of the interbank rate: A selective survey'. International Review of Financial Analysis, (44), pp 149-161.

Mullineux, Andy W. and Murinde, Victor (2014) 'Financial sector policies for enterprise development in Africa'. Review of Development Finance, (4) 2, pp 66-72.

Murinde, Victor (2013) 'Cross-selling, switching costs and imperfect competition in British banks'. Journal of Banking & Finance, (37) 12, pp 5452-5462.

Murinde, Victor (2012) 'Financial Development and Economic Growth: Global and African Evidence'. Journal of African Economies, (21) suppl 1, pp i10-i56.

Al-Zu'bi, Bashar and Murinde, Victor (2011) 'Household portfolio behaviour: evidence from Middle East economies'. Applied Financial Economics, (21) 17, pp 1281-1289.

Brambila-Macias, José and Massa, Isabella and Murinde, Victor (2011) 'Cross-border bank lending versus FDI in Africa's growth story'. Applied Financial Economics, (21) 16, pp 1205-1213.

Manos, Ronny and Murinde, Victor and Green, Christopher J. (2011) 'Dividend policy and business groups: Evidence from Indian firms'. International Review of Economics & Finance, (21) 1, pp 42-56.

Zhao, Tianshu and Murinde, Victor (2011) 'Bank Deregulation and Performance in Nigeria'. African Development Review, (23) 1, pp 30-43.

Green, Christopher J. and Manos, Ronny and Murinde, Victor and Suppakitjarak, Nathridee (2010) 'Share Liquidity and Market Microstructure Reform: The Case of Screen-based Trading in Mumbai*'. Asia-Pacific Journal of Financial Studies, (39) 3, pp 361-395.

Murinde, Victor and Prasad, S. and Green, C.J. (2009) 'Capital structure and ownership: A new approach with comparative evidence from Malaysia and Thailand'. The Journal of Financial Decision Making, (5) 1, pp 43-65.

Murinde, Victor and Ow-Yong, Kean (2009) 'Perception of risk and uncertainty and non-usage of discounted cash flow techniques by UK listed firms'. Investment Management and Financial Innovations,, (6) 3, pp 94-105.

Green, Christopher J. and Murinde, Victor (2008) 'The impact of tax policy on corporate debt in a developing economy: a study of unquoted Indian companies'. The European Journal of Finance, (14) 7, pp 583-607.

Kirkpatrick, C. and Murinde, Victor and Tefula, M. (2008) 'The measurement and determinants of x-inefficiency in commercial banks in Sub-Saharan Africa'. The European Journal of Finance, (14) 7, pp 625-639.

Manos, Ronny and Murinde, Victor and Green, Christopher J. (2007) 'Leverage and business groups: Evidence from Indian firms'. Journal of Economics and Business, (59) 5, pp 443-465.

Lensink, Robert and Murinde, Victor (2007) 'Does foreign bank entry really stimulate gross domestic investment?'. Applied Financial Economics, (16) 8, pp 569-582.

Matthews, Kent and Murinde, Victor and Zhao, Tianshu (2007) 'Competitive conditions among the major British banks'. Journal of Banking & Finance, (31) 7, pp 2025-2042.

Green, Christopher J. and Kimuyu, Peter and Manos, Ronny and Murinde, Victor (2007) 'How do Small Firms in Developing Countries Raise Capital? Evidence from a Large-Scale Survey of Kenyan Micro and Small-Scale Enterprises'. Advances in Financial Economics, (12), pp 379-404.

Murinde, Victor (2007) 'Accounting, banking and corporate financial management in emerging economies'. Research in Accounting in Emerging Economies, (7), pp 1-10.

Prasad, S. and Green, G.J. and Murinde, Victor (2007) 'Company financial structures in emerging economies: Evidence from a comparative analysis of Thai and Malay companies'. Research in Accounting in Emerging Economies, (7), pp 415-474.

Green, Christopher J. and Kirkpatrick, Colin H. and Murinde, Victor (2006) 'Finance for small enterprise growth and poverty reduction in developing countries'. Journal of International Development, (18) 7, pp 1017-1030.

Moore, Tomoe and Green, Christopher J. and Murinde, Victor (2006) 'Financial sector reforms and stochastic policy simulations: A flow of funds model for India'. Journal of Policy Modeling, (28) 3, pp 319-333.

Lensink, Robert and Murinde, Victor (2006) 'The Inverted-U hypothesis for the effect of uncertainty on investment: Evidence from UK firms'. The European Journal of Finance, (12) 2, pp 95-105.

Moore, Tomoe and Green, Christopher J and Murinde, Victor (2005) 'Portfolio Behaviour in a Flow of Funds Model for the Household Sector in India'. Journal of Development Studies, (41) 4, pp 675-702.

Murinde, Victor and Agung, Juda and Mullineux, Andy (2004) 'Patterns of Corporate Financing and Financial System Convergence in Europe'. Review of International Economics, (12) 4, pp 693-705.

Green, C. J. and Murinde, Victor and Ivaylo, Nikolov (2004) 'The Efficiency of Foreign and Domestic Banks in Central and Eastern Europe: Evidence on Economies of Scale and Scope'. Journal of Emerging Market Finance, (3) 2, pp 175-205.

Green, Christopher J. and Murinde, Victor (2003) 'Flow of funds: implications for research on financial sector development and the real economy'. Journal of International Development, (15) 8, pp 1015-1036.

Green, C. J. and Murinde, Victor and Suppakitjarak, J. (2003) 'Corporate Financial Structures in India'. South Asia Economic Journal, (4) 2, pp 245-273.

Murinde, Victor and Ryan, Cillian (2003) 'The Implications of WTO and GATS for the Banking Sector in Africa'. The World Economy, (26) 2, pp 181-207.

Ngugi, Rose W. and Murinde, Victor and Green, Christopher J. (2003) 'How Have the Emerging Stock Exchanges in Africa Responded to Market Reforms?'. Journal of African Business, (4) 2, pp 89-127.

Murinde, Victor (2003) 'Open doors: Foreign participation in financial systems in developing countries'. Journal of Development Studies, (39) 5, pp 211-214.

Dwyfor Evans, Alun and Green, Christopher J. and Murinde, Victor (2002) 'Human capital and financial development in economic growth: new evidence using the translog production function'. International Journal of Finance & Economics, (7) 2, pp 123-140.

Murinde, Victor and Poshakwale, S. (2002) 'Volatility in the emerging stock markets in Central and Eastern Europe: Evidence on Croatia, Czech Republic, Hungary, Poland, Russia and Slovakia'. European Research Studies, (4) 3-4, pp 73-101.

Ngugi, R. and Murinde, Victor and Green, C.J (2002) 'Does the revitalisation process really enhance stock market microstructure? Evidence from the Nairobi Stock Exchange'. African Finance Journal, (4) 1, pp 32-61.

Evans, A.D and Green, C.J and Murinde, Victor (2002) 'Identifying problem banks in Sub-Saharan Africa'. The African Finance Journal, (4) 2, pp 65-72.

Green, Christopher J. and Lensink, Robert and Murinde, Victor (2001) 'Demand uncertainty and the capital–labour ratio in Poland'. Emerging Markets Review, (2) 2, pp 184-197.

Poshakwale, Sunil and Murinde, Victor (2001) 'Modelling the volatility in East European emerging stock markets: evidence on Hungary and Poland'. Applied Financial Economics, (11) 4, pp 445-456.

Prasad, Sanjiva and Green, C.J. and Murinde, Victor (2001) 'Company financing, capital structure and ownership: a survey and implications for developing countries'. SUERF Studies, (12), pp 1-104.

Green, Christopher J. and Maggioni, Paolo and Murinde, Victor (2000) 'Regulatory lessons for emerging stock markets from a century of evidence on transactions costs and share price volatility in the London Stock Exchange'. Journal of Banking & Finance, (24) 4, pp 577-601.

Lensink, Robert and Hermes, Niels and Murinde, Victor (2000) 'Capital flight and political risk'. Journal of International Money and Finance, (19) 1, pp 73-92.

Al-Deehani, Talla and Karim, Rifaat Ahmed Abdel and Murinde, Victor (1999) 'The capital sturcture of Islamic banks unfrt the contractual obligation of profit sharing'. International Journal of Theoretical and Applied Finance, (2) 3, pp 243-283.

Murinde, Victor (1999) 'Modelling the linkages between the financial system and macroeconomic performance in Saudi Arabia'. Middle East Business Review, (3) 2, pp 20-40.

Lensink, Robert and Hermes, Niels and Murinde, Victor (1998) 'The effect of financial liberalization on capital flight in African economies'. World Development, (26) 7, pp 1349-1368.

Green, Christopher J. and Murinde, Victor (1998) 'Modelling the Macroeconomic Policy Framework for an Emerging Market Economy'. The Manchester School, (66) 3, pp 302-330.

Murinde, Victor and Kariisa-Kasa, Joram (1997) 'The financial performance of the East African Development Bank: a retrospective analysis'. Accounting, Business & Financial History, (7) 1, pp 81-104.

Abdalla, Issam S.A. and Murinde, Victor (1997) 'Exchange rate and stock price interactions in emerging financial markets: evidence on India, Korea, Pakistan and the Philippines'. Applied Financial Economics, (7) 1, pp 25-35.

Eren, A. and Murinde, Victor (1996) 'Monetary and Corporate Sector Aspects of Inflation in Turkey 1972:1q -1990:4q'. International Journal of Development Banking, (14) 1, pp 63-74.

Murinde, Victor and Hermes, N. and Lensink, R. (1996) 'Comparative aspects of the magnitude and determinants of capital flight in six Sub-Saharan African economies'. Savings and Development Quarterly Review, (20) 1, pp 61-78.

Murinde, Victor and Rarawa, Denton H. (1996) 'Modelling the potency of stabilization policy for the Solomon Islands 1978:1Q-1992:4Q'. Applied Economics, (28) 3, pp 309-319.

Kariisa-Kasa, J. and Murinde, Victor (1996) 'Towards evaluating the financial performance of development banks: the East African Development Bank'. International Journal of Development Banking, (13) 2, pp 13-28.

Evans, Dwyfor and Murinde, Victor (1995) 'The impact of monetary and fiscal policy on the stock market in Singapore'. Savings and Development Quarterly Review, (19) 3, pp 297-313.

Murinde, Victor (1995) 'Is it Prudent for Islamic Banks to Make Investment Decisions Without the Interest Rate Instrument?'. Research in Accounting in Emerging Economies, (3), pp 123-148.

Murinde, Victor and Ngah, J.S. (1995) 'Central Bank Financing of the Budget Deficits: The CFA Franc Zone Versus Eastern Africa'. International Journal of Development Banking, (13) 2, pp 3-12.

Murinde, Victor and Eng, S. H. (1994) 'Financial restructuring and economic growth in Singapore'. Savings and Development Quarterly Review, (18) 2, pp 225-246.

Lyons, S. H. and Murinde, Victor (1994) 'Cointegration and Granger-Causality Testing of Hypotheses on Supply-Leading and Demand-Following Finance'. Economic Notes, (23) 2, pp 308-316.

Green, Christopher and Murinde, Victor (1993) 'The potency of stabilization policy in developing economies: Kenya, Tanzania, and Uganda'. Journal of Policy Modeling, (15) 4, pp 427-462.

Murinde, Victor (1993) 'Budgetary and financial policy potency amid structural bottlenecks: Evidence from Uganda'. World Development, (21) 5, pp 841-859.

Murinde, Victor (1992) 'European banking: a review'. The Journal of Finance, (47) 4, pp 1646-1648.

Murinde, Victor (1992) 'Application of stochastic simulation and policy sensitivity techniques to a macroeconomic model of Uganda'. Applied Economics, (24) 1, pp 1-17.

Edited Books or Journals

Murinde, Victor, (ed.), (2012) Bank Regulatory Reforms in Africa. Houndmills, Basingstoke: Palgrave Macmillan. (Palgrave Macmillan Studies in Banking and Financial Institutions).

Green, C.J. and Kirkpatrick, C.H. and Murinde, Victor, (eds.), (2005) Finance And Development: Surveys of Theory, Evidence And Policy. Cheltenham: Edward Elgar.

Murinde, Victor and Woldie, Atsede, (eds.), (2003) African Business Finance and Development Policy. London: Routledge.

Mullineux, A.W. and Murinde, Victor, (eds.), (2003) Handbook of International Banking. Cheltenham: Edward Elgar.

Fry, Maxwell and Murinde, Victor, (eds.), (1998) Special Issue on “International financial flows and development”. World Development. (Vol. 26 No. 7).

Monographs and Working Papers

Kling, Gerhard and Volz, Ulrich and Murinde, Victor and Ayas, Sibel (2019) The Impact of Climate Vulnerability on Firms’ Cost of Capital and Access to Finance. London: SOAS Centre for Sustainable Finance.

Buhr, Bob and Volz, Ulrich and Donovan, Charles and Kling, Gerhard and Lo, Yuen and Murinde, Victor and Pullin, Natalie (2018) Climate Change and the Cost of Capital in Developing Countries. London and Geneva: Imperial College London; SOAS University of London; UN Environment.

Kling, Gerhard and Lo, Yuen C. and Murinde, Victor and Volz, Ulrich (2018) Climate Vulnerability and the Cost of Debt. .


This list was last generated on Saturday, 4th July 2020, 14:15 Europe/London.