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School of Business and Management

Professor Brigitte Granville


Professor of International Economics and Economic Policy; Head of Department of Business Analytics and Applied Economics

Telephone: +44 (0)20 7882 7446
Room Number: Room 4.25b, Francis Bancroft Building, Mile End Campus
Twitter: @brigranville
Office Hours: Wednesdays 3.00pm - 5.00pm





Follow Professor Granville: @brigranville




  • BUSM041: International Macroeconomics and Finance


Brigitte is a Fellow of the Higher Education Academy.


Research Interests:

Brigitte’s research focuses on macroeconomics and monetary policy. In her latest book ‘What ails France’ published by McGill-Queen’s in 2021, Brigitte Granville assesses the specific causes of the peculiarly French flavour of the general malaise of advanced industrial democracies stemming from the effects of globalization, technology and mass immigration. She applies her economist’s vision to the monetary and fiscal pathologies flowing from ideological-technocratic rule, reflected in Europe’s flawed monetary union, runaway indebtedness, and chronically high structural unemployment. Her previous book ‘Remembering Inflation’ was published by Princeton University Press in 2013.

Her career has included periods working in international financial institutions, investment banking and consultancy work on macroeconomic policy questions for governments. During the 1980-90s, Granville worked on consultancy assignments for: the World Bank in Washington DC, the United Nations Development Programme in Gabon, the Organisation for Economic Co-operation and Development in Paris, the Ministry of Finance of the Government of the Russian Federation in Moscow, as a member of a team of international economists under the direction of Jeffrey Sachs; the Government of Ukraine in Kyiv in a team directed by Anders Åslund as part of a programme financed by the UK government’s Know-How Fund; the Central Bank of Uzbekisan in Tashkent as part of a programme financed by USAID.

In 1994-97, she was a Senior Expert at the Russian European Centre for Economic Policy (RECEP) financed by the European Union’s Technical Aid to the Commonwealth of Independent States programme (TACIS), and then became Chief Macroeconomist for Russia at J P Morgan in 1997-98. From 1999-2003, Brigitte was Head of the International Economics Programme in the London think tank Chatham House. 

Concurrently with her present appointment in Queen Mary University, Brigitte is Head of Department of Business Analytics and Applied Economics in the same university.

BG Curriculum Vitae [DOC 60KB]

Centre and Group Membership:



Published articles

  • Weimar on the Volga: Causes and Consequences of Inflation in 1990s Russia Compared with 1920s Germany (with Niall Ferguson), Journal of Economic History, Vol.60, No 4, December 2000, Berkeley, USA: 1061-1087.
  • Information Technology and Economic Performance, Potential for Developing Countries (with Carol Leonard and Julian Manning), Tokyo Club Papers, N.14, 2001: 49-80.
  • Russia’s post-Communist Economy (with Peter Oppenheimer), World Economics, Volume 2, Number 1, published by NTC publication limited, Henley on Thames, January – March 2001: 149 - 168.
  • Sovereign Debt Crisis Resolution: The Benefits of the ‘uncertainty principle, The Business Economist, vol.33, no. 1, 2002: 23-35
  • Pharmaceuticals and Digital Deepening: How Discouraging is the Digital Divide for Development? (with Carol Scott Leonard), Tokyo Club Papers, N.15, 2002: 117-157.
  • The IMF and The Rouble Zone, Response to Odling-Smee and Pastor, Comparative Economic Studies, XLIV, no.4 (Winter 2002): 59-80
  • Does capital market reform boost savings? Evidence from the UK Pension Reforms (with Sushanta Mallick), Tokyo Club Papers, N.16, 2004: 7-36.
  • Global Price Transmission from China, (with Sushanta Mallick), Tokyo Club Papers, N.17, 2004:
  • Fisher Hypothesis: UK evidence over a century (with Sushanta Mallick), 2004, Applied Economic Letters, 11(2)/10 February: 87-90.
  • Pension Reforms and saving gains in the UK (with Sushanta Mallick), 2004, Journal of Policy Reform, 7(2), June: 123-136. ISSN 1384-1289
  • How best to link poverty reduction and debt sustainability in IMF-World Bank Models? (with Sushanta Mallick), 2005, International Review of Applied Economics, Vol.19, N.1, January:67-85. ISSN 0269-2171
  • Does Inflation or Currency Depreciation Drive Monetary Policy in Russia? (with Sushanta Mallick), Research in International Business and Finance, Vol.20, Issue 2, June 2006: 163-179.
  • The Rural Urban Wage Gap in the Industrialization of Russia, 1884-1910 (with Carol Scott Leonard and Leonid Borodkin), European Review of Economic History, Volume 12, Issue 1, April 2008.
  • Monetary and Financial Stability in the Euro Area: Pro-cyclicality versus Trade-off, (with Sushanta Mallick), Journal of International Financial Markets, Institutions & Money, (2009). doi: 10.1016/j.intfin.2008.11.002.
  • Do Informal Institutions Matter for Technological Change in Russia? The Impact of Communist Norms and Conventions, 1998–2004, (with Carol Scott Leonard) World Development (2010), 38(2): 155-169. doi:10.1016/j.worlddev.2009.10.010.
  • Monetary Policy in Russia: Identifying exchange rate shocks (with Sushanta Mallick), Economic Modelling, 2010, 27(1): 432-444. doi: 10.1016/j.econmod.2009.10.010.
  • Chinese Exchange Rate and Price Effects on G3 Import Prices (with Sushanta Mallick and Ning Zeng), Journal of Asian Economics, 2011, 22(6): 427-440. doi: 10.1016/j.asiaeco.2011.07.002.
  • Conflicting incentives for the public to support the EMU, (with Dominik Nagly), The Manchester School, 2015: 142-157. Doi: 10.1111/manc.12108.
  • Lessons from the collapse of the Ruble Zone and the transferable Ruble system, CESifo Forum, 2017, 17(4): 19-26.
  • Eurozone cycles: an analysis of phase synchronization, (with Sana Hussain), International Journal of Finance and Economics, 2017. 22: 83-114.
  • Withdrawal of Italy from the euro area: stochastic simulations of a structural macroeconometric model (with Alberto Bagnai and Christian A. Mongeau Ospina), Economic Modelling, 2017. 64: 524-538.
  • The euro is doomed, Inference, Volume 4, Issue 3, March 2019 In response to “One Euro, One Europe” (Vol. 4, No. 2).
  • Time variation in inflation persistence: new evidence from modelling US Inflation (with Ning Zeng), Economic Modelling, Volume 81, September 2019: 30-39,
  • The Impact of Economic Policy Uncertainty on Capital Structure: Evidence from Russia. (with Roman Matousek and Egor Sokolov), Journal of Corporate Finance Research 13(4), 2019: 7-19.
  • Bingo or Fiasco, The Global financial situation is not guaranteed,International Affairs, The Royal Institute of International Affairs, Vol. 75, number 4, October 1999: 713-728. Reprinted in The International Library of Writings on the New Global Economy, The Political Economy of Financial Crises, Ed. Roy E.Allen, 2004: 79-94. ISBN: 1 84376 106 8.
  • L’Echec de la Stabilisation Monétaire en Russie, Revue d’études comparatives Est-Ouest (CNRS), 1999 ; vol.30. n.2-3, numéro spécial: Les Economies post-socialistes: une décennie de transformations, Paris, France: 55-81,
  • Problemy stabilisazii denechnovo obrachenie v Roccii, in Voprocii Economikii, 1, Moscow, Russian Federation, January 1999: 13-32,
  • Sovremennaia Rocciia y Veimarskaia respoublika: visokaiaa inflatsia y politicheskii crisis, (with Niall Ferguson) in Voprocii Economikii, 5, Moscow, Russian Federation, May 1997: 53 – 70.
  • inflatia: vicokaia tsena i nikakoi otdachii, Voprocii Economikii, No 3, 1995, Moscow: 34-44.
  • La Politique monétaire en Russie ou la Fin d'un Empire, in Version Originale, Paris, 1993.
  • Russian Monetary Policy in 1992: The Threat to Stabilization,Business Strategy Review, Spring 1993, Vol.4, Number .1, London Business School, London: 29-44.
  • Price and Currency Reform in the CIS, Russian and East European Finance and Trade, Spring 1993, M.E. Sharpe, Armonk, USA: 3-67.
  • Convertibility and Exchange Rates in Poland: 1957 - 1990, Soviet and Eastern European Foreign Trade, winter 1991-92, M.E. Sharpe, Armonk, USA: 71-97.
  • Exchange Rate, Trade Regime and Systemic Changes in Poland (joint with J.M.C. Rollo), Tokyo Club Papers n.4, 1990: 101 – 120.



  • What ails France, McGill-Queen’s University Press, forthcoming 2021.
  • Remembering Inflation, Princeton University Press, 2013. ISBN: 9780691145402:
  • The processes and practices of fairtrade, trust, ethics and governance eds by Brigitte Granville and Janet Dine, Routledge, 2013. ISBN: 978-0-415-57566-9.
  • Delivering Essential Medicines: The Way Forward eds by Amir Attaran and Brigitte Granville, published by RIIA distributed by Brookings, November 2004. ISBN: 1 86203 150 9.
  • Sovereign Debt: Origins, Management, and Restructuring, eds byBrigitte Granville and Vinod Aggarwal, published by RIIA distributed by Brookings, March 2003. ISBN: 1 86203 146 0
  • The Economics of Essential Medicines, ed. by B.Granville, published by RIIA distributed by Brookings, June 2002. ISBN: 1 86203 143 6.
  • Russia’s post-Communist Economy, eds. by B. Granville and P. Oppenheimer, published by Oxford University Press, August 2001.ISBN: 0-19-829526-X:
  • Essays on the World Economy and its Financial System, Tokyo Club Papers 13, ed. by B.Granville, published by RIIA distributed by Brookings, October 2000. ISBN: 1 86203 104 5.
  • The Success of Russian Economic Reforms published by RIIA distributed by Brookings, 1995. ISBN: 1 899658 06 8.

Grants, Contracts and Awards:

  • Arts and Humanities Research Council (AHRC): “The Fair Trade Movement, legal support and social implications.” Principal investigator: Professor Brigitte Granville. Start date: 1 October 2006, 36 months, £401,712.
  • 5 Seminars on Essential Medicines; Bridging the Divide between Access and Innovation, September-December 2003: £30,000 by DFID and £60,000 by Accenture
  • Grant to organise a ‘Working Group on the mechanisms for restructuring of unsustainable sovereign debt’(Tuesday 10 December 2002): about £10,000 by participants which included both officials from the private and public sector.
  • Grant to attend Research Workshop – “Taxation of Domestic Financial Liberalization”, The World Bank, Washington DC, April 8-9 2002 and to write Taxation of Financial Intermediaries as a source of Budget Revenue: Russia in the 1990s in Taxation of Financial Intemediation, Theory and Practice for Emerging Economies, Patrick Honohan, The World Bank: US$ 5,000.
  • Book: Delivering Essential Medicines: The Way Forward (with Amir Attaran), 2002: £20,000 by Merck.
  • Conference on the Economics of Essential Medicines, 10 July 2001: £30,000 awarded by Merck, The Ashden Trust, The World Bank and the International Policy Network.
  • International Finance, Reform of the International Financial Architecture: Views, Priorities and Concerns of Governments and the Private Sector in the Western Hemisphere and Eastern Europe, March 2001. ( This study was commissioned by the UK Department for International Development (DFID) and was organised by the Institute of Development Studies at the University of Sussex, by Professor Stephany Griffith Jones. I was allocated a grant of about £10,000 to conduct the report on Russia entitled “Russia. International Financial Architecture: Case study” available on
  • Contractor of the Project: “Banking and Central Banking in Russia and Kazakhstan” financed by the TACIS-ACE 1995 programme. This project is in cooperation with Professor Emil Maria Claassen (University of Paris Dauphine), Lina Takla (london Business School), Alex Deviatov (New Economic School), E. Kostyukova (Central Bank of Russia), B. Zhamashev (Central Bank of Kazakhstan), J. Wermuth (ministry of Finance, Russia), January 1996 - March 1998: about £160,000.
  • Contractor of the project "High Inflation, Inequality, Poverty and Barriers to Growth" financed by the ACE-TACIS 1994 programme. This project was in cooperation with Dr Shapiro (Goldsmith College, University of London), Gerard Roland (ECARE, Universite Libre of Brussels, Vladimir Kosmarsky, CIST, Moscow and Evgenii Gontmaker, Ministry of Labor, Moscow), September 1995- September 1996: about £140,000.
  • Coordinator and contractor of the project "The Costs of inflation" financed by the ACE-TACIS 1991 programme. This project was in cooperation with Dr Shapiro (Goldsmith College, University of London), Gerard Roland (ECARE, Universite Libre of Brussels, Vladimir Kosmarsky, CIST, Moscow and Evgenii Gontmakher, Ministry of Labor, Moscow), September 1994- September 1995: about £130,000.


PhD Supervision Completions:

  • Jaume Martorell Cruz, 'One Money, Multiple Institutions: Diversity and Convergence across the Eurozone Varieties of Capitalism.' Awarded 2019. (Internal examiner: Dr Robert C. Hancké, The London School of Economics and Political Science (LSE); external examiner: Dr Carol Leonard, St Antony’s College, Oxford University.)
  • Vladislav Skovorodov, ‘Macroeconomic effects of monetary policy shocks. Credit and expectation transmission channels.’ Awarded 2019. (Internal examiner: Professor Haroon Muntaz, School of Economics and Finance, Queen Mary University of London; external examiner: Professor Peter Sinclair, Department of Economics, University of Birmingham.)
  • Sana Hussain, 'The nexus between financial depth, Business cycles and macroeconomic Volatility.' Awarded 2016. (Internal examiner: Professor John Driffill, Birbeck, University of London; external examiner: Dr George Bratsiotis, School of social sciences, university of Manchester.)
  • Shannon Sutton, 'Voice, choice, and governance: The case of Tanzania’s Fairtrade coffee co-operatives.' Awarded 2014. (Internal examiner: Dr Deborah Johnston, SOAS; external examiner: Professor Bob Doherty, York Management School.)
  • Alex Pietrus, 'The impact of FDI into the South African banking sector: spillover effects and efficiency.' Awarded 2013. (Internal examiner: Dr. Gül Berna Özcan, School of Management, Royal Holloway, U. of London; external examiner: Professor Suma Athreye, Brunel Business School, Brunel University)
  • Steven Telford, 'An economic enquiry into the welfare effects of fair-trade.' Awarded 2012. (Internal examiner: Dr Deborah Johnston, SOAS; external examiner: Professor Shanti Chakravarty, Bangor Business School)
  • Eshref Trushin, 'Evaluation of incentives for R&D in the pharmaceutical industry with applications for neglected diseases.' Awarded 2010. (Internal examiner: Professor Alistair McGuire, LSE; external examiner: Professor Bronwyn Hall, University of Berkeley.)
  • Ning Zeng, 'Inflation Persistence and Policy Consequences.' Awarded 2010 (Internal examiner: Dr Alvaro Angeriz, SBM; external examiner: Professor Phlip Arestis, University of Cambridge.)
  • Mariusz Jarmuzek, “Monetary Rules in Economies in Transition”, Awarded 2007. (Internal examiner: Dr Sushanta Mallick, external examiner: Dr Alan R. Roe, Oxford Policy Management.)


Public Engagement

Brigitte is a Trustee of Effective Intervention, a UK charity involved in research-focused projects on infant mortality and primary education in India and West Africa. This charitable activity reflects Brigitte's long-standing interest in development and healthcare economics. Brigitte is one of a group of economists from Eurozone member states who are signatories of the European Solidarity Manifesto (2013) advocating a controlled dismantlement of the Economic and Monetary Union.

She is member of various boards such as the REPEC committee on plagiarism, the scientific committee of A/simmetrie, the OMFIF Advisory Board and the editorial board of the Journal of Corporate Finance Research (JCFR).

In 2007, Brigitte was appointed a Chevalier in the Ordre des Palmes Académiques, a decoration awarded by the French government for services to education.


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