Mr Vusal Musayev

Supervised by


  • Royal Economic Society (RES), European Economic Association 

Educational background

Education and Qualifications

2010-2014     PhD Economics, University of London, Royal Holloway

  • Thesis title: Contingencies in Economic Growth and Development: An Empirical Investigation of Potential Sources of Exogenous Variation 
  • Supervisor: Prof. Andrew Mountford 

2009-2010     MSc Economics, University of London, Royal Holloway

  • Key Modules: Quantitative Methods (88%), Econometrics (87%), Macroeconomics (71%) and etc.
  • Overall grade: 70.3% (top 5% of the MSc Program)

2009-2010     BSc International Economic Relations, Azerbaijan State Economic University

  • Key Modules: International Economic Relations (5), Finance (5), Money, Credit and Banks (5) and etc.
  • Overall grade: 5 out of 5 (first class honours - top 5% of the BSc Program)
  • Entry score: 651 out of 700

Personal profile

2013-2014     Teaching Associate, University College London

2010-2014     Teaching Associate, University of London, Royal Holloway

  • Taught MSc Econometrics (2010-2013), BSc Financial Economics, Quantitative Methods, International Trade, Quantitative Economics and Econometrics, Economics of European Integration and Economic Workshops for more than 1000 students.

2008-2009     Baku Steel Casting Company, Baku, Azerbaijan

  • Deputy Manager in Import-Export department
  • Main responsibilities: purchasing and wholesale trading of Baku Steel Casting Company (consisting of 5 factories in total, with more than 2000 workers) products in a timely manner with more than 20 foreign companies mainly based in Europe, Turkey, India, Russia, Ukraine and Central Asia; analysing statistical data of company’s monthly performance and presenting it for senior management team.

Certificates and Awards

  • Macroeconomic Modelling and Forecasting, University of Cambridge, United Kingdom, July 2013
  • Economic Forecasting, University of Oxford, United Kingdom, July 2013
  • Associate Fellow of The Higher Education Academy, United Kingdom, January 2013
  • The Crossland Scholarship Award, United Kingdom, 2010-2013 – £15,000
  • The College Research Scholarship, United Kingdom, 2010-2013 – £10,500
  • Departmental Bursary (Department of Economics, RHUL), United Kingdom, 2010-2013 – £6,000
  • Departmental Assistantship (Department of Economics, RHUL), United Kingdom, 2010-2013 – £12,000
  • Scholarship nominated by Government of Azerbaijan according to the ‘Study abroad program of Azerbaijani students during 2007-2015”, Baku, Azerbaijan, 2009-2010 – £35,000
  • 1st Place Award in City Contest “Azerbaijanian and Literature”, Baku, Azerbaijan, May 2005
  • 1st Place Award in District Contest “Why do we study mathematics?”, Baku, Azerbaijan, May 2002

Further Skills

  • I.T. Proficiency: STATA, MATLAB, EVIEWS, LATEX, Microsoft Office (Word, Excel, Power Point)
  • Languages: English (fluent), Turkish (fluent), Russian (native), Azerbaijanian (native)

Conference and Seminars

  • ADRES 2015 Conference, Centre d’Economie de la Sorbonne, Paris, France, February 2015
  • LSE/UCL Economic Conference, University College London, London, United Kingdom, November 2014
  • Royal Economics Society, University of London, Royal Holloway, London, United Kingdom, April 2013
  • PhD Economic Conference, University of London, Royal Holloway, London, United Kingdom, April 2012


  • Economic Journal (Royal Economic Society), Economics Bulletin, European Association of Young Economists

Research interests

Research areas: Applied Macroeconomics, Economic Growth and Development, International Trade, Political and International Economics, Conflict Resolution, Natural Resource Management.

Areas of interest: Monetary, Financial, and Labor Economics

Thesis title: Contingencies in Economic Growth and Development: An Empirical Investigation of Potential Sources of Exogenous Variation

Research Projects:

Are Tariff Rates Good for Development? (2012)

This investigation empirically examines the effects of tariff rates on indicators of long run development by analysing the effects of tariff contingency on fertility, life expectancy, infant mortality and education. The analysis confirms previous findings of a differential effect of tariffs on economic growth, suggesting a detrimental impact of trade limitations for high income level countries, but not for low income level economies. In addition, the investigation contributes to the literature showing that for high income economies, tariffs are harmful not only for economic growth, but also for long run development. However, these effects are less clear for lower income economies. In particular, for developing countries there is a paucity of evidence for the effects of tariffs on indicators of long-run development. The paper also attempts to identify the channels through which tariffs might affect the economic growth for lower income economies, the results suggesting infrastructure as a potential driver.

Military Spending and Growth: An Empirical Exploration of Contingent Relationships (2013)

This analysis clarifies the ambiguous results from military spending and economic growth literature where the impact of military expenditure is frequently found to be non-significant or negative. Investigation re-examines effects of military spending on growth by analysing this relationship contingent on initial income per capita using recent advances in panel estimation methods and unique dataset on military expenditure. The findings reveal that while growth falls with higher levels of military spending, the marginal impact of military spending is increasing in initial income levels. In contrast to previous findings from the literature, this increase is consistent across different income groups and type of economies, and monotonic in direction going towards zero for sufficiently higher income level countries.

Externalities in Military Spending and Growth: Natural Resources as a Channel through Conflict (2013)

This analysis re-examines the relationship between military spending and economic growth using recent advances in panel estimation methods and a large panel dataset. The investigation is able to reproduce many of results of the existing literature and to provide a new analysis on the relationship between conflict, corruption, natural resources and military expenditure and their direct and indirect effects on economic growth. The analysis finds that the impact of military expenditure on growth is generally negative as in the literature, but that it is not significantly detrimental for countries facing either higher internal or external threats and for countries with large natural resource wealth once corruption levels are accounted for. (Published in the Journal of Defence and Peace Economics, 2015)

Commodity Price Shocks, Conflict, and Growth: The Role of Institutional Quality and Political Violence (2014)

This analysis empirically investigates the relationships between resource windfalls, political regimes, conflict and economic growth using recent advances in panel estimation methods and a distinctive commodity price shock measurement. The paper clarifies many of the ambiguous outcomes of the existing literature, particularly showing that resource windfalls have significant impact on conflict only in politically unstable autocracies, which itself is heterogeneous in the response conditional on a country’s initial political violence level. The findings also demonstrate that resource shocks are positively associated with economic performance in democracies and in politically stable autocracies, while significantly deteriorating growth for politically unstable autocracies.



Teaching Associate at University College London

BSc International Trade – ECON3004

  • with Hector Calvo (2013-2014)

BSc Quantitative Economics and Econometrics  – ECON2007

  • with Aureo de Paula (2013-2014)


Teaching Associate at University of London, Royal Holloway

MSc Econometrics – EC5040

  • with Jonathan Wadsworth and Jesper Bagger (2010-2013)

BSc Financial Economics – EC3314

  • with Vinay Nundlall and Pedro Bordalo (2013-2014)

BSc Quantitative Methods – EC1102

  • with Jesper Bagger and Melanie Luhrmann (2013-2014)

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