Chris Stewart

Kingston University United Kingdom


Chris Stewart is Senior Lecturer in Economics at Kingston University. He has published over 40 papers in refereed academic journals including: Applied Economics, Decision Support Systems, Economics Letters, Economic Modelling, Empirical Economics, Expert Systems with Applications, International Review of Applied Economics, , International Review of Financial Analysis, Journal of Forecasting, Journal of International Money and Finance, Journal of Policy Modelling, The Manchester School, Review of International Economics, Small Business Economics & Socio-Economic Review. His papers have been entered in the last 3 RAEs and last REF: Kingston University, 1996; London Guildhall University, 2001; London Metropolitan University, 2008; Kingston University, 2014. Recent publications include:

Goda, T, Stewart, C and Torres García, A (2019) ‘Absolute Income Inequality and Rising House Prices’, forthcoming in Socio-Economic Review.

Chen, Z, Matousek, R, Stewart, C, and Webb, R (2019) ‘Do rating agencies exhibit herding behaviour? Evidence from sovereign ratings’, International Review of Financial Analysis, 64, 57–70.

Solarin, S, A, Shahbaz, M, and Stewart, C (2018) ‘Is the Consumption–Income Ratio Stationary in African Countries? Evidence from New Time Series Tests That Allow for Structural Breaks’, Applied Economics, 50(38), 4122-4136.

Chanegriha, M, Stewart, C, and Tsoukis, C (2017) ‘Identifying the robust economic, geographical and political determinants of FDI: An extreme bounds analysis’, Empirical Economics, 52(2), 759–776.

Stewart, C, Matousek, R, and Nguyen, T N (2016) ‘Efficiency in the Vietnamese banking system: a DEA double bootstrap approach’, Research in International Business and Finance, 36, 96–111.


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Absolute income inequality and rising house prices

Abstract Income inequality and house prices have risen sharply in developed countries during 1975–2010. In line with theoretical models, we argue that this co-movement is no coincidence, but that inequality has driven up house prices on the grounds that it raises the aggregate demand for housing. Our results suggest that absolute inequality and house prices in most Organisation for Economic Co-operation and Development (OECD) countries were positively correlated and cointegrated, whereas relative inequality and mean income were not significant long-run determinants. This finding indicates that the surge in OECD house prices in part can be explained by a top-income-induced increase in housing demand, and that it is important to consider the interaction of rising mean income and its relative distribution when studying potential correlates of house prices. Moreover, our results confirm previous findings that the short-term real interest rate also is an important correlate of house prices.

Risk Governance and Control: Financial Markets and Institutions

Risk management of the banking system: An emerging market survey

The purpose of this paper is to examine risk management of the Vietnamese banking system. This is the first such study of the Vietnamese banking system. To be able to carry out a comparative analysis and provide policy recommendations for risk management, we carry out an original survey of Vietnamese commercial banks using a questionnaire. 42% of the interviewees are General/Deputy General Directors and 58% are Heads/Deputies of a risk management department. The Kruskal-Wallis, Pearson chi-square and other tests are employed to examine the relationship between risk management and bank efficiency. The survey results indicate that there is a difference between banks in terms of risk area identification, risk intensification methods prioritized, risk monitoring methods, efficiency improvement suggestions, awareness of other banks’ risk management systems and credit risk analysis.

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