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The impact of commodities’ price changes on macroeconomic and financial aggregates of exporting countries (Advert Reference: RDF19/BL/EIS/CABRAS)

  • Full or part time
    Dr I Cabras
  • Application Deadline
    Friday, January 25, 2019
  • Funded PhD Project (Students Worldwide)
    Funded PhD Project (Students Worldwide)

Project Description

Commodities such as oil and its refined derivatives are crucial resources in the modern economy. Recent dramatic surges and declines in oil prices, before and after the global financial crisis, have been a catalyst for increased attention of the determinants and implications of oil price volatility. This is because commodities provide a valuable source of income for countries through exports. However, an increased dependence on commodity exports also increases any country’s vulnerability to price movements. Increases in the price of a given commodity can signal a period of prosperity for sectors of the economy, whilst crashes in price can lead to economic turbulence and hardship in many countries or regions worldwide in relatively short times (the so-called Dutch disease).

Using prices for oil and other commodities, this research project focuses on how price fluctuations for different types of commodities shape global economies and markets. The project will examine issues related to import/export of a different range of commodities worldwide, addressing aspects concerning market volatility, exchange rates and equity returns. The overall objective is to map and measure the impact of shocks created by price fluctuations within different financial markets, addressing and modelling for price change effects in developed and developing countries. The research project aims to generate a wider impact in terms of contribution to knowledge and practical uses.

In terms of methodology, we would expect applicants to outline one potential methodological approach, mainly quantitative and macro-econometric based, justifying its potential appropriateness to the study (including its strengths and limitations).
The Supervisory Team has a strong background in this field of research, in addition to substantial experience in supervising PhD students. They sit in the editorial boards of several journals, are engaged in international research networks and projects, and have strong links with business and industry.

Eligibility and How to Apply:

Please note eligibility requirement:

• Academic excellence of the proposed student i.e. 2:1 (or equivalent GPA from non-UK universities [preference for 1st class honours]); or a Masters (preference for Merit or above); or APEL evidence of substantial practitioner achievement.
• Appropriate IELTS score, if required.
• Applicants cannot apply for this funding if currently engaged in Doctoral study at Northumbria or elsewhere.

For further details of how to apply, entry requirements and the application form, see

Please note: Applications that do not include a research proposal of approximately 1,000 words (not a copy of the advert), or that do not include the advert reference (e.g. RDF19/BL/EIS/CABRAS) will not be considered.

Deadline for applications: Friday 25 January 2019
Start Date: 1 October 2019

Northumbria University is an equal opportunities provider and in welcoming applications for studentships from all sectors of the community we strongly encourage applications from women and under-represented groups.

Funding Notes

The studentship is available to Students Worldwide, and covers full fees and a full stipend, paid for three years at RCUK rates (for 2018/19, this is £14,777 pa).


Beidas-Ström, S., and Lorusso, M., (2018) “Are Low Oil Prices a Blessing in Disguise? The Diverse Tales of Three Exporters,” Paper presented at the World Economic Studies Division, International Monetary Fund.

Byrne, J., Lorusso, M., and Xu, B., (2018) “Oil Prices, Fundamentals and Expectations,” Energy Economics, forthcoming.

Cabras I. (2010) 'Use of e-procurement in local authorities' purchasing and its effects on local economies: evidence from Cumbria, UK', European Planning Studies, Vol.43 n.18, pp.1133-1151

Cabras I. (2011) "Mapping the spatial patterns of public procurement: a case study from a peripheral local authority in Northern England", International Journal of Public Sector Management, Vol. 24 n.3, pp.187 - 205 [Highly Commended Paper - Emerald Literati Network 2012 Award for Excellence]

Cabras I. and Mulvey G. (2012) ‘Restructuring of nuclear economies: impacts on local supply chains in West Cumbria’, European Planning Studies Vol. 20 n.4, pp. 707-724

Lorusso, M., and Pieroni,L., (2018) “Causes and Consequences of Oil Price Shocks on the UK Economy,” Economic Modelling, vol. 72(C), pp. 223-236.

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