Dr Ahmed Khalid

Professor Ahmed Khalid earned his Ph.D. in economics from Johns Hopkins University, USA. He joined Universiti Brunei Darussalam in May 2015 as a Professor of Economics. He served as Dean of UBD School of Business and Economics (UBDSBE) from July 2016 to June 2021. Previously, he worked at the Bond Business School as Professor of Economics and Finance since 2001. He also worked at the National University of Singapore (NUS) from 1992-2000. Professor Khalid has also worked with the World Bank (visiting Consultant); the Planning Ministry of Pakistan (Advisor to the Minister) and Washington and Lee University (visiting Scholar). His visiting academic appointments include Nanyang Technology University, Singapore; Lahore University of Management Sciences (LUMS), and Pakistan; and Pakistan Institute of Development Economics (PIDE). He has also worked as a consultant for leading institutions in finance and economics including the Economic Research Institute for East Asia and ASEAN (ERIA), Limberg Institute of Financial Economic (LIFE), the Asian Development Bank (ADB), CitiGroup, Haans Seidel Foundation and the UNDP.

Professor Khalid is also a member of the U.K. based International Growth Centre (Macro Research Cluster – Pakistan Chapter). Professor Khalid's research interests are in applied macroeconomics and monetary economics, applied econometrics, financial crisis and financial sector reforms with particular reference to emerging economies in East- and South-Asia and globalization and financial market integration. He is Editor-in-Chief of the Journal of Business and Economic Analysis (JBEA; World Scientific), Associate Editor of Singapore Economic Review; member, Advisory Board, Jurnal Ekonomi Malaysia (Malaysian Journal of Economics); member of the editorial board of South Asian Journal of Global Business Research and a number of other regional journals. His published papers and books are widely cited in literature. His publications include five books published by international publishers including Edward Elgar Publishing Co. U.K., internationally refereed articles, chapters in books and numerous consultancy/project reports, technical reports, working papers and conference papers. He has recently published an edited book (Economic Integration among D-8 Muslim Countries by World Scientific; March 2023). He forthcoming publications include an edited book (Brunei’s economic transition in a shifting global Asia by Springer; December 2023).

EDUCATION

Ph.D. (Economics), the Johns Hopkins University, Baltimore, Maryland, USA (1993).
Dissertation Title: Ricardian Equivalence in Developing Economies: The Evidence Re-examined.
M.A. (Economics), the Johns Hopkins University, Baltimore, Maryland, USA. (1990).
M.Sc. (Economics), Quaid e Azam University, Islamabad, Pakistan (1980).
B.Sc. (Statistics & Mathematics), Punjab University, Lahore, Pakistan (1976).

RESEARCH INTERESTS

Applied Macroeconomics and Monetary Economics; Applied Econometrics; Financial Crisis and Financial Sector Reforms with particular reference to emerging economies in East- and South-Asia; Globalization and Financial Market Integration; Analysis of BRICS countries; ASEAN region

RECENT PUBLICATIONS

1. Antonio Marasco, Ahmed M Khalid (corresponding author), and Fatima Tariq (2023). Does technology shape the relationship between FDI and growth? A panel data analysis, Applied Economics, Taylor and Francis [ABDC-A; Q1].
https://doi.org/10.1080/00036846.2023.2192033.

2. Khalid, Ahmed M, J Ferguson, and N Asadullah (2023). Economic Integration Among D-8 Muslim Countries: Prospects and Challenges, Edited Book published under World Scientific-Economic Growth Centre ‘Contemporary Series in Modern Economy’. World Scientific Publishing Company, April 2023, 452p. https://doi.org/10.1142/12573.

3. Petsalakis, M, Ahmed M. Khalid (corresponding author) and G. Premaratne (2020). Evaluation of Monetary policy in EMU through Credit Channels Interconnectedness: Evidence Using BLS Data, Singapore Economic Review, World Scientific; [ADBC – B; Q3]. https://doi.org/10.1142/S0217590821500545.

4. Khalid, Ahmed M. and A. Marasco (2019). Do Channels of Financial Integration Matter for FDI’s Impact on Growth? Empirical Evidence Using a Panel, Applied Economics, Taylor and Francis, Pages 4025-4045; Published online: 28 Mar 2019. [ADBC - A; Q1]

5. Khalid, Ahmed M. and G. Rajaguru (2018). Investigating the determinants of domestic bonds: the role of socio-economic and institutional factors, Applied Economics, Taylor and Francis, Volume 50, Issue 1, 35-50. [ADBC - A; Q1]

TOP PUBLICATIONS

1. Antonio Marasco, Ahmed M Khalid (corresponding author), and Fatima Tariq (2023). Does technology shape the relationship between FDI and growth? A panel data analysis, Applied Economics, Taylor and Francis [ABDC-A; Q1]. https://doi.org/10.1080/00036846.2023.2192033.

2. Khalid, Ahmed M. and A. Marasco (2019). Do Channels of Financial Integration Matter for FDI’s Impact on Growth? Empirical Evidence Using a Panel, Applied Economics, Taylor and Francis, Pages 4025-4045; Published online: 28 Mar 2019. [ADBC - A; Q1]

3. Khalid, A. M. (1996). Ricardian Equivalence: Empirical Evidence from Developing Economies, Journal of Development Economics, vol. 51, pp: 413-432.

4. Khalid, A. M. and T.W. Guan (1999). Causality Tests of Budget and Current Account Deficits: Cross-Country Comparisons, Empirical Economics, vol 24, no.3, 389-402.

5. Khalid, A. M. and M. Kawai (2003). Was Financial Market Contagion the Source of Asian Financial Crisis? Evidence Using a Multivariate VAR Model, Journal of Asian Economics, 14, 133-159

6. Rajaguru, R, A. M. Khalid and F. Barbera (2015). It’s not Yen, Euro or Koala Bloc: Greenback is still dominant in East Asia, Australian Journal of Management, 1-23.

7. Khalid, A. M. and R. Rajaguru (2017). Investigating the determinants of domestic bonds: the role of socio-economic and institutional factors, Applied Economics, Taylor and Francis, In Print (published on-line 16 April 2017).

GRANT DETAILS

RESEARCH GRANTS AND AWARDS:

2009 VC’s Research Grant (A$5,500), Bond University (winner of the forth VC’s research grant)

2008 VC’s Research Grant (A$5,000), Bond University (winner of the third VC’s research grant)

Seed Funding for Symposium on ‘Analysing Reforms in Asia ($15,000), Business School, Bond University (with Mohamed Ariff).

Seed Funding to initiate Macro Research Cluster at LUMS ($10,000), Lahore University of Management Sciences, Lahore, Pakistan.

2007 VC’s Research Grant (A$3500), Bond University (winner of the second VC’s research grant)

2006 VC’s Research Grant (A$5685), Bond University (winner of the first VC’s research grant)

Bond University Research/Conference Funding, 2002-2008.

Citi-Group/CMER Research Grant (PR120, 000), 2004.

UNDP/TOKTEN Travel/Research Grant, 2002 (US$3,000).

NUS Research Grant (S$ 15,775), Trade Liberalization Project, 1998-2000.

NUS Research Grant (S$ 17,250), Financial Liberalization Project, 1996-99.

RESEARCH OUTPUTS (PATENTS, SOFTWARE, PUBLICATIONS, PRODUCTS)

PUBLICATIONS & TECHNICAL REPORTS:

A. Journal Publications (Published/Accepted):

1. Antonio Marasco, Ahmed M Khalid (corresponding author), and Fatima Tariq (2023). Does technology shape the relationship between FDI and growth? A panel data analysis, Applied Economics, Taylor and Francis [ABDC-A; Q1].
https://doi.org/10.1080/00036846.2023.2192033.

2. Petsalakis, M, Ahmed M. Khalid (corresponding author) and G. Premaratne (2020). Evaluation of Monetary policy in EMU through Credit Channels Interconnectedness: Evidence Using BLS Data, Singapore Economic Review, World Scientific; [ADBC – B; Q3]. https://doi.org/10.1142/S0217590821500545.

3. Petsalakis, M, Ahmed M. Khalid and G. Premaratne (2020). Peripheral Banking System Fragility and its Effect on EMU Monetary Policy Transmission Mechanism, Journal of Business and Economic Analysis, Volume 3, # 3, 197-227.

4. Khalid, Ahmed M. and A. Marasco (2019). Do Channels of Financial Integration Matter for FDI’s Impact on Growth? Empirical Evidence Using a Panel, Applied Economics, Taylor and Francis, Pages 4025-4045; Published online: 28 Mar 2019. [ADBC - A; Q1]

5. Khalid, Ahmed M. and G. Rajaguru (2018). Investigating the determinants of domestic bonds: the role of socio-economic and institutional factors, Applied Economics, Taylor and Francis, Volume 50, Issue 1, 35-50. [ADBC - A; Q1]

6. Khalid, Ahmed M (2017). Combining macroeconomic stability ad micro-based growth: The South East Asia/Asia Pacific experience, Lahore Journal of Economics, Vol 22, Special edition, September, 135-152. [ADBC – C]

7. Rajaguru, R, Ahmed M. Khalid and F. Barbera (2014). It’s not Yen, Euro or Koala Bloc: Greenback is still dominant in East Asia, Australian Journal of Management, Volume 39, Issue 4, PP: 549-571. [ADBC - A]

8. Malik, K.S, S.Z. Ali and Ahmed M. Khalid (2014). Intangible Capital in a Real Business Cycle Model, Economic Modelling, Vo. 39, 32-48. [ADBC – A; Q1]

9. Falvey, R, Ahmed M. Khalid and N. Foster (2013). Trade liberalisation and growth: A threshold exploration of channels, Journal of the Asia Pacific Economy, Vol. 18, No. 2, 230–252. [ADBC – A; Q1]

10. Badaruddin, Z. E, Ahmed M. Khalid and M. Ariff (2013). Post-Keynesian Money Endogeneity: Evidence in G-7 Economies, Journal of International Money and Finance, 33, 146-162. [ADBC – A; Q1]

11. Badaruddin, Z. E, M. Ariff and Ahmed M. Khalid (2012). Exogenous or endogenous money supply: Evidence from Australia, Singapore Economic Review, Volume 57, Number 4, 25:1-25:12. [ADBC - B]

12. Badaruddin, Z. E, M. Ariff and Ahmed M. Khalid (2011). Money Supply Endogeneity and Bank Stock Returns, Applied Financial Economics, 21 (14), 1035-1048. [ADBC – A; Q1]

13. Gaston, N and Ahmed M. Khalid (2010). Globalisation and Economic Integration, International Journal of Business and Globalisation, vol. 4, no. 4, 315-321. [ADBC - B]

14. Badaruddin, Z. E, M. Ariff and Ahmed M. Khalid (2009)Money supply behavior in Emerging Economies: A Comparative Analysis, Journal of the Asia Pacific Economy, 14(4), 331-50. [ADBC – A; Q1]

15. Khalid, Ahmed M. (2007). Bond Market Developments in Emerging Markets: Prospects and Challenges for Pakistan, Research, Bulletin, State Bank of Pakistan, 3(1), 43-62.

16. Khalid, Ahmed M. (2007). Bond Market Developments in Emerging Market Economies: Concluding Remarks, Research, Bulletin, State Bank of Pakistan, 3(1), 159-164.

17. Khalid, Ahmed M. and G. Rajaguru (2006). Financial Market Linkages and Shocks Spillover: Evidence from Pakistan, Pakistan Development Review, 45(4), 1041-1051. [ADBC - C]

18. Baharumshah, Lau and Ahmed M. Khalid (2006). Testing Twin Deficits Hypothesis: using VARs and Variance Decomposition, Journal of the Asian Pacific Economy, vol. 11, no. 3, 331-354. [ADBC – A; Q1]

19. Khalid, Ahmed M. (2006). Is Inflation Targeting the Best Policy Choice for Emerging Economies? A Survey of Emerging Market Experiences and Lessons for Pakistan, Research, Bulletin, State Bank of Pakistan, Vol. 2, no. 1, 145-165.

20. Khalid, Ahmed M. (2005). Economic Growth, Inflation and Monetary Policy in Pakistan: Preliminary Empirical Estimates, Pakistan Development Review, Vol 44, No. 4, 961-974. [ADBC - C]

21. Khalid, Ahmed M. and G. Rajaguru (2004). Financial Market Linkages in South Asia: Evidence Using a Multivariate GARCH Model, Pakistan Development Review, 43:4, 585-603. [ADBC - C]

22. Banerjee, D, J. Ahmed M. Khalid and E. Strum, (2005). Socio-Economic Development and Software Piracy: An Empirical Assessment, Applied Economics, 37(18), 2091-98. [ADBC – A; Q1]

23. Khalid, Ahmed M. and M. Kawai (2003). Was Financial Market Contagion the Source of Asian Financial Crisis? Evidence Using a Multivariate VAR Model, Journal of Asian Economics, 14, 133-159. [ADBC – A; Q2]

24. Khalid, Ahmed M. and H. Khan (2000). Social Expenditure and Economic Growth: Evidence from Japan Using Cointegration Techniques, Singapore Economic Review, vol. 45, no. 1. [ADBC - B]

25. Khalid, Ahmed M. and B. T. Cheng (1999). Imports, Exports, and Economic Growth, Cointegration and Causality Tests for Singapore, Singapore Economic Review, vol 42, no. 2, 32-39. [ADBC - B]

26. Khalid, Ahmed M. (1999). Modelling Money Demand for Open Economies Using ECM: The case of Selected Asian Countries, Applied Economics, Vol 31, 1129-1135. [ADBC – A; Q1]

27. Khalid, Ahmed M. and T.W. Guan (1999). Causality Tests of Budget and Current Account Deficits: Cross-Country Comparisons, Empirical Economics, vol 24, no.3, 389-402. [ADBC – A; Q1]

28. Khalid, Ahmed M. (1996). Ricardian Equivalence: Empirical Evidence from Developing Economies, Journal of Development Economics, vol. 51, pp: 413-432. [ADBC – A*; Q1]

29. Khalid, Ahmed M. and H. Ahmed (1996). Anticipated, Unanticipated Money Growth and Aggregate Output: Evidence from Malaysia, Malaysian Journal of Economic Studies, vol XXXIII, no. 2, 99-105.

30. Khalid, Ahmed M. (1995). Random Walk, Excess Sensitivity, and Cointegration: Testing the Robustness of RE/PIH for ASEAN Economies, Malaysian Journal of Economic Studies, Vol. XXXII, no. 2.

31. Khalid, Ahmed M. (1994). Empirical Tests of Rational Expectation/Permanent Income Hypothesis: Evidence from Pakistan, Pakistan Development Review, Vol. 33, no. 4. [ADBC – C]


B. Books (Published/Accepted):

1. Khalid, Ahmed M, J Ferguson, and N Asadullah (2023). Economic Integration Among D-8 Muslim Countries: Prospects and Challenges, Edited Book published under World Scientific-Economic Growth Centre ‘Contemporary Series in Modern Economy’. World Scientific Publishing Company, April 2023, 452p. https://doi.org/10.1142/12573.

2. Ariff, M, J. Farrar and Ahmed M. Khalid (2012). Regulatory Failure and the Global Financial Crisis – An Alternative Perspective, edited volume, Edward Elgar Publishing Co. London, 234p.

3. Gaston, N. and Ahmed M. Khalid (2010). Globalisation and Integration in Asia Pacific: Winners and Losers in the Asia-Pacific, edited the volume of papers, Edward Elgar Publishing Company, U.K., 293p.

4. Ariff, M. and Ahmed M. Khalid (2005). Liberalization and Growth in Asia: 21st Century Challenges, Edward Elgar Publishing Company, U.K. 399 p.

5. Ariff, M. and Ahmed M. Khalid (2000). Liberalization, Growth and Asian Financial Crisis: Lessons for Developing and Transitional Economies in Asia, Edward Elgar Publishing Co., London, 540 pages.


C. Books under Completion

1. Khalid, Ahmed M. and B. Jetin. Brunei’s economic transition in a shifting global Asia, Edited Book to be published by Springer - IAS Series, ‘Economies in Transition’. [forthcoming October 2023].



D. Chapter in Books:

1. Khalid, Ahmed M. (2023). Social Developments and Economic Integration in D-8 Countries, chapter in Economic Integration among D-8 Muslim Countries: Prospects and Challenges, edited by Ahmed M Khalid, J. Ferguson and N Asadullah and published under the World Scientific-Economic Growth Centre ‘Contemporary Series in Modern Economy’. World Scientific Publishing Company, April 2023.
https://doi.org/10.1142/9789811247811_0003

2. Asadullah, N, Ahmed M. Khalid, and J, Ferguson (2023). Current State and Future Prospects for D-8, chapter in Economic Integration among D-8 Muslim Countries: Prospects and Challenges, edited by Ahmed M Khalid, J. Fergusson and N Asadullah and published under the World Scientific-Economic Growth Centre ‘Contemporary Series in Modern Economy’. World Scientific Publishing Company, April 2023, PP: 3-26.

3. Ferguson, J, Ahmed M. Khalid and N. Asadullah (2023). D-8 Cooperation: Challenges and the Way Forward, chapter in Economic Integration among D-8 Muslim Countries: Prospects and Challenges, edited by Ahmed M Khalid, J. Fergusson and N Asadullah and published under the World Scientific-Economic Growth Centre ‘Contemporary Series in Modern Economy’. World Scientific Publishing Company, April 2023.

4. Khalid, Ahmed M. (2023). Does corruption hinder FDI and growth in Asia and elsewhere?: Revisiting grabbing-hand and helping-hand debate, chapter in Corruption and Illegality in Asian Investment Arbitration edited by Nobumichi Teramura, Bruno Jetin, Luke Richard Nottage by Springer, forthcoming 2023.

5. Khalid, Ahmed M. and B. Jetin. Economic Transition Towards Development, chapter in Brunei’s economic transition in a shifting global Asia, Edited Book by Springer - IAS Series, ‘Economies in Transition’. [forthcoming October 2023].

6. Jetin, Bruno and Ahmed M. Khalid (2023). Brunei in transition: A Way Forward, chapter in Brunei’s economic transition in a shifting global Asia, Edited Book by Springer - IAS Series, ‘Economies in Transition’. [forthcoming October 2023].

7. Muhammad, N., Masri, M. and Khalid, Ahmed M. (2019). Brunei Halal certification: a review and way forward, chapter published in Muslim Piety as Economy: Markets, Meaning and Morality in Southeast Asia, Edited by Johan Fischer and Jérémy Jammes, Routledge, Taylor and Francis Group, pp: 74-99.

8. Muhammad, N., Masri, M. and Khalid, Ahmed M. (2019). Case Study: Brunei Halal Certification process for fresh meat import, USIM book chapter.

9. Khalid, Ahmed M. Masri, N. Muhammad, and W. Pang (2018). Brunei Darussalam: Halal Meat and Meat Products Processing, Chapter published in “Reducing Unnecessary Regulatory Burdens in ASEAN: Country Studies” edited by Jeremy Gross and Ponciano Intal, Jr, Economic Research Institute for ASEAN and East Asia, 89-117.

10. Khalid, Ahmed M. and Lennard, P W L (2017). Brunei Economy – An Overview, Chapter submitted to the book “The Belt and Road Country Profiles (Brunei Darussalam)” edited by Siti Norkhalbi, [Translated and published in Chinese].

11. Khalid, Ahmed M. and A. Saeed (2015). Australia in Asian Century: Achieving Financial Stability through Financial Market Integration, in “The Australian ‘National Interest’ in the Asian Century: Trade, Investment and Security”, World Scientific. Singapore.

12. Falvey, R, Ahmed M. Khalid and N. Foster (2014). Trade liberalisation and growth: A threshold exploration of channels, in “Economic and Policy Developments in East Asia”, Taylor & Francis Books, London. [Also published as a special issue of JAPE.]

13. Khalid, Ahmed M. (2013). The Power of BRICS in the World Trade and Growth, Chapter submitted for a book on “The Rise of the BRICS in the Global Political Economy: Changing Paradigms?” edited by Vai Lo, Edward Elgar publishing company, London.

14. Khalid, Ahmed M. (2012). Global Financial Crisis - Consequences and Implication: Comparison of Developed and Emerging Economies, in Global Financial Crisis – An Alternative View, edited by M. Ariff, J. Farrar and A. Khalid, Edward Elgar Publishing Co. London, 104-126.

15. Gaston, N. and Ahmed M. Khalid (2010). Globalisation and Integration in Asia Pacific: Prospects and Risks, Introductory chapter in Globalisation and Integration in Asia Pacific: Prospects and Risks edited by N. Gaston and A. Khalid, Edward Elgar Publishing Company, U.K., 3-24.

16. Khalid, Ahmed M. and S. Anwar (2006). Corruption, Governance and Economic Development in Pakistan, in Corruption, Governance and Democracy in South Asia, edited by R.J. May and Binayak Ray, Towards Freedom, India, 126-162.

17. Khalid, Ahmed M. (2006). Twin Deficits in South Asian Economies: Observations and Empirical Evidence, in India and South Asia: Economic developments in the Age of Globalization, edited by Anjum Siddiqui, ME Sharpe Inc (USA), 93-116.

18. Khalid, Ahmed M. and A. Tyabji (2002). Financial Sector Developments: Strategies and Challenges, in “Singapore in the 21st Century: Prospects and Challenges”, McGraw-Hill Publishing Company, Singapore.

19. Khalid, Ahmed M. (1995). Financial Programming for the Economy, in “20th SEANZA Central Banking Course”, State Bank of Pakistan, Karachi.

20. Khalid, Ahmed M. and I.U. Mangla (1996). Monetary and Financial Reforms during Transition towards Market Economy: The Vietnam Experience, in "The Management and Transition towards a Market Economy: The Asian Perspective", edited by A. Chin & L. Ding, World Scientific, Singapore

CONSULTANCY

CONSULTANCY WORK:

2021: UBD Faculty Research Grant (B$12,070). “Money Supply Endogeneity, Bank Profitability and Financial Stability” (with Lutfi Abdul Razak as PI).

2021: ERIA/MOFAT project (US$5,000). “Development of Temburong Strategic Development Master Plan: Feasibility Study for International Biodiversity Laboratory” (with Dr Masairol and Dr Wardah Hakimah).

2020: ERIA/MOFAT project (US$5,000). “Enhancing the Utilisation of ASEAN MRAS In Facilitating Mobility Of Professionals; And The Impact Of IR 4.0 on ASEAN Professional Services And Their Mobility” (with Dr Masairol and Dr Nazlida).

2019: UBD Faculty Research Grant (B$12,070). “Economic Growth through Integration: Emerging Asian Experience” (with Gamini Premaratne and Lennard Pang Wei Loon).

2019: ERIA/MOFAT project (US$5,000). “Baseline Study on Regulatory Management Systems (RMS) in ASEAN” (with Dr Masairol and Dr Nazlida).

2018: UBD Faculty Research Grant (B$10,100 + A$12,000). “Symposium on Economic Integration and Global Governance in Emerging Muslim Economies: Prospects and Challenges for D-8 Muslim Countries” (with Niaz Asadullah and James Ferguson).

2018: ERIA/MOFAT project (US$12,000). “Study on International Regulatory Cooperation for ASEAN: Survey on International Regulatory Cooperation Persuasiveness and Pervasiveness in ASEAN” (with Dr Masairol and Dr Nazlida).

2017: ERIA/MOFAT project (US$10,000). ‘Value Chain Analysis of Halal Food Industry in Brunei’ (with Dr Masairol and Dr Nazlida).

2016: UBD Competitive Research Grant (B$27,100). “Explaining and Analysing Economic Growth in Emerging East Asia: With a Focus on ASEAN” (with Antonio Marasco and Pang Wei Loon, Lennard).

2015: ERIA/MOFAT project (US$24,000). “Reducing Unnecessary Regulatory Burdens on Business: Halal Meat and Meat Processing” (with Dr Masairol, Dr Nazlida and Dr Lennard).

2011: Honorarium paid by U.K. Department of International Development (DFID) under Oxford based International Growth centre in acknowledge of completing a report on New Growth Strategy for Pakistan.

SOCIAL, ECONOMIC, or ACADEMIC BENEFITS

National benefits