Ray Swaray

Dr Raymond Swaray

Senior Lecturer (Associate Professor) in Economics

Faculty of Business, Law and Politics


01482 463545

Raymond Swaray specialises in applied international macroeconomics and finance with particular interest in commodity markets, energy economics, agricultural economics and applied econometrics.

He has also undertaken applied and evidence-based research into criminal justice interventions and education.

Raymond previously served as visiting lecturer of financial economics for the African Economic Research Consortium (AERC) and as a member of International Panel of Experts for Setting Comprehensive Examinations for the Collaborative PhD Programme in Economics.


Research Interests

  • International macroeconomics and finance

  • Energy economics

  • Commodity markets

  • Economics of crime and law

  • Applied econometrics


Salisu, A.A., Swaray, R. and   Oloko, T.F. (2018) Improving the predictability of the oil–US stock nexus: The role of macroeconomic variables, Economic Modelling, In press, DOI: https://doi.org/10.1016/j.econmod.2018.07.029.

Swaray, R.,  Salisu, A. A. (2018) A firm-level analysis of the upstream-downstream dichotomy in the oil-stock nexus, Global Finance Journal, Vol. 37, 2018,P. 199-218

Salisu, A and Swaray, R (2018) Forecasting the return volatility of energy prices: A GARCH-MIDAS approach, in  Handbook of Energy Finance: Theories, Practices and Simulations(Edited by Duc Nguyen), Forthcoming

Salisu, A.A.,  Swaray, R.  And  Oloko, T. F. (2017) U.S. stocks in the presence of oil price risk: Large cap vs. small cap, Economics and Business Letters, 6(4), 116-124.

Ahiakpor, F. and R. Swaray (2015) 'Parental expectations and school enrolment decisions: Evidence from rural Ghana', Review of Development Economics, Vol.19, No.1, pp. 132–142

Full list


Programmes taught on (2019)

Modules list

Current teaching

  • Econometrics (Level 6)

  • International & EU Economics (Level 6)

  • Economics for Business (Level 7)

  • Regulation of Competition, Trade and Industry (Level 7)

  • Economic Environment (overseas- Bahrain, Oman, Hong Kong & Singapore) (MBA, Level 7)

Modules previously taught

  • Financial Economics (Level 6)

  • Economic Policy (Level 6)

  • Advanced Business Economics (Level 7)

  • Monetary Policy (Level 7)

  • Current Issues in Business Economics (Level 7)

  • Theorising Development (Level 7)Business Environment (UK, Hong Kong & Singapore) (MBA, Level 7)

Research PhDs

Raymond has supervised several PhD researchers, as main supervisor, in areas including commodity market liberalisation and producer price dynamics; crude oil price volatility and investment; financial liberalisation and economic growth; optimal currency and East African Monetary Union; economic cycles and political budget cycles.

He has supervised more many MSc dissertations on a range of areas of economics.

Completed PhDs

First Supervisor

Seif Muba: Interaction between macroeconomic variables and stock markets of emerging markets: New evidence from East African Countries, 2017. 

Pascal Halbeisen: Electoral Economic Cycles and the Role of Political Institutions: Do Political Institutions influence the Political Budget Cycle? 2015.

Godfrey Nyamrunda:  An evaluation of economic integration in the proposed East African Federation. 2013.

Ambibola Babatubde: Financial Sector Development, Financial sector FDI and Economic growth: Evidence from the BRIMCs and some selected African countries.  Successfully completed in March 14, 2012.

Rayan S. Hammad: Modelling oil price behaviour of OPEC and non-OPEC oil producers. Successfully completed in December 2011.

Benedicto K. Lukanima: The Impact of Tanzanian Coffee Market Interventions on Producer Price Volatility and Interrelationships between Domestic Coffee Producer Prices and World Market Prices. Successfully completed in December 2008.

Second Supervisor

Cosmas Mbogela: Determinants of bi-lateral trade in Africa.  Successfully February 2015. 

Andwilile N Mwakibete: Factors Influencing Property Tax Collection in Tanzania: A Case Study of Kinondoni, Dodoma and Morogoro Municipalities, Successfully completed, November, 2015.

Current PhD supervisions 

Roberto Palacios-Rodriguez: The heterogeneity of consumption profiles in Mexico: consistencies, discrepancies and benefits of increasing consumption.

Chonlakan Benjasak: Econometric study of energy consumption and economic growth in ASEAN countries,  Second year.

Abdelatif Taloba: Oil and Sustainable Growth in Libya: Prospects and Limitations, Second year

Teaching awards and accolades

  • Fellow of the Higher Education Academy

Professional highlights

Academic qualifications

  • BSc (Hons) (USL)

  • DPhil (Econ) (York)

  • PG Cert HE (Hull)

External roles

  • Associate Editor: International Journal of Social Economics

  • Editorial Board Member: Managerial and Decision Economics;

  • Series Editor: Encyclopedia of Quality of Life and Well-Being Research (Michalos, Alex C. (Ed) in 2013;

  • Guest Editor: Special Issue of International Journal of Economic Research in 2009.

Professional highlights

He has written Op-Ed Columns for Hull Daily Mail (Listed firms manage to escape shockwave, March 19, 2008) The Yorkshire Post (Does Britain get any bonus from sky high pay incentives? June 23, 2008) and  gave live BBC Look North Television interview on Financial Crisis and Effect on Jobs in the North of England, November 13, 2008.