2nd International Conference on Energy, Finance and the Macroeconomy (ICEFM)

October 24-26, 2018
Montpellier, France

Venue: Montpellier Business School

Call for Papers (PDF download)


The Montpellier Business School (MBS) is pleased to organize the 2nd International Conference on Energy, Finance and Macroeconomy (ICEFM) at its campus in Montpellier, France during the period of October 24-26, 2018. This nexus is currently receiving increasing attention in the literature due to the high connection between these areas. The aim of the conference is to bring together international scholars and policy makers to present and discuss research in the frontiers of knowledge in the three connected areas Energy, Finance and Macroeconomy.

The theme of this new conference is “Conventional and Renewable Energy, Technology, Uncertainty, and Financial Market Development”. The 1st ICEFM conference was a success by all measures and we look forward to more success with your participations.

Keynote Speaker:
Professor Thorsten Beck

Thorsten Beck is Professor of Banking and Finance at CASS Business School in London. He is also a research fellow at the Centre for Economic Policy Research (CEPR) and the CESifo. He was professor of economics from 2008 to 2014 at Tilburg University and the founding chair of the European Banking Center and served there from 2008 to 2013. Previously, he worked in the research department of the World Bank and had also worked as a consultant for – among others - the European Central Bank, the Bank of England, the BIS, the IMF, the European Commission, and the German Development Corporation. His research, academic publications and operational work have focused on two major questions: What is the relationship between finance and economic development? and What policies are needed to build a sound and effective financial system? Recently, he has concentrated on access to financial services, including SME finance, as well as on the design of regulatory and bank resolution frameworks. In addition to numerous academic publications in leading economics and finance journals, he has co-authored several policy reports on access to finance, financial systems in Africa and cross-border banking.  His country experience, both in operational and research work, includes Bangladesh, Bolivia, Brazil, China, Colombia, Egypt, Mexico, Russia and several countries in Sub-Saharan Africa. In addition to presentations at numerous academic conferences, including several keynote addresses, he is invited regularly to policy panels across Europe. He holds a PhD from the University of Virginia and an MA from the University of Tübingen in Germany. He is also Managing Co-Editor of Economic Policy and Co-Editor of The Review of Finance.

Professor Rick van der Ploeg

Rick van der Ploeg is Professor of Economics at the University of Oxford and Research Director of the Centre for the Analysis of Resource Rich Economies (OxCarre). Formerly, he was Professor of Economics at the European University Institute, Florence and he is also affiliated with the VU University of Amsterdam, and the Tinbergen Institute. He is a research fellow in international macroeconomics at the Centre for Economic Policy Research. He directs the public sector economics programme, and is Chair of the Scientific Council of CESifo. The Advanced Instigator Grant of the European Research Council on ‘Combating Climate Change: The Political Economy of Green Paradoxes’ with Cees Withagen (2001-16) allows him to research the economics of climate change. He is a former Chief Financial Spokesperson in the Dutch Parliament, State Secretary of Education, Science and Culture of the Netherlands and Elected Member of the Unesco World Heritage Committee, and has been on the board of various commercial and non-profit organizations. Previous academic experience includes Cambridge, LSE, Tilburg and Amsterdam universities.

His work involves macroeconomics and international finance and public economics, but in recent years focuses on problems that have to do with climate, energy and natural resources. He has been consultant to the IMF, the World Bank, the African Development Bank, the Asian Development Bank and various governments. He has published extensively on macroeconomics, public finance, political economy and resource economics, and also has an interest in the economics of culture. His publications include Foundations of Modern Macroeconomics with B. J. Heijdra (OUP, 2002), the edited Handbook of International Macroeconomics, and several other books.

Professor Brian M. Lucey

Brian M. Lucey has been Professor of Finance at the School of Business, Trinity College, Dublin, Ireland since 1992. Professor Lucey has worked as a statistician in the Department of Health and as an Economist in the Irish Central Bank (1987-92), prior to joining Trinity College Dublin, Ireland. He also worked as an Administrative Officer at the Department of Health (1985-1987), Ireland. He had pursued his graduate studies in Canada, Ireland and Scotland, and holds a PhD from the University of Stirling in 2003. His research interests are International Asset Market Integration and Contagion, Financial Market efficiency, particularly as measured by Calendar Anomalies, Psychology of Economics etc.

He is the Founding Editor of Journal of Behavioral and Experimental Finance. He is currently the Editor in-Chief of International Review of Finance Analysis (IRFA) and Finance Research Letters (FRL). He is a member of the Midwest Finance Association, Financial Management Association International and Eastern Finance Association. He has published 143 journal articles in good reputed journals such as Journal of Banking and Finance, Energy Economics, Journal of International Financial Markets, Institutions and Money, International Review of Financial Analysis, Journal of Behavioral and Experimental Finance, among others.

The conference welcomes submissions in the following areas and/or nexuses of them but not restricted to:

-    Renewable Energy, Technology and Risk;
-    Renewable Energy and Financial Development;
-    Energy Finance: Frontiers and Future Development;
-    Financialization and Energy Markets;
-    Blockchain Technology and Renewable Energy;
-    Renewable and Low Carbon Technology Policy;
-    Energy Efficiency and Conservation;
-    Energy Planning, Modelling and Forecasting;
-    Electricity Supply and Demand Functions;
-    Electricity Networks, Smart-Grids, Electricity Demand;
-    Returns to Scale in Electricity Generation;
-    Poverty and Environmental Impacts of Electricity Price Reforms;
-    Market Deregulation and Nuclear Safety;
-    Energy Demand and Food Prices;
-    Econometrics and Energy Markets;
-    Global and Regional Trade of Energy Products;
-    Effect of Globalization on Energy Footprint;
-    Portfolio Optimization Including Energy/Commodities Derivatives;
-    Markets for Energy Commodities and Derivatives;
-    Economic, Social, Energy and Environmental Aspects of Transportation;
-    Oil Markets and the Macroeconomy;
-    Regulations, Taxation and Subsidies in Energy Markets and the Macroeconomy;
-    Historical Energy Price Shocks and their Changing Effects on the Economy;
-    OPEC and Non-OPEC Oil Production and the Global Economy;
-    Energy and Environmental Issues;
-    Environment and Climate, Trade, Development, and Monetary Policy;
-    Energy Use and Climate, Energy and Environmental Aspects of Financial Development and Tourism, Health Issues;
-    The Environment, Energy Aspects of the Macroeconomy;
-    Energy and Environmental Cost of Urbanization and Industrialization;
-    China's Future Energy and Climate Policy Targets;
-    Global Oil Price Shocks and China’s Output;
-    Carbon Tax Policies in Developed Countries;
-    Renewable Energy and Macroeconomic Efficiency of OECD and Non-OECD Economies;
-    Energy Resources and Sustainable Development in Developing Economies;
-    Energy Prices and Income Inequality; and
-    State Regulations and Energy Governance

-    Energy Markets and Trading Strategies;
-    Energy Markets’ Financing, Mergers and Acquisitions;
-    Energy Economics of Managerial Accounting and Corporations;
-    Energy Companies’ Funding, Capital Structure and Privatization;
-    Nexus of Financial Economics and Econometrics;
-    Energy Risks: Assessment and Modeling;
-    Financial and Economic Analysis of Energy Markets;
-    Financial Regulation of Energy and Environmental Markets;
-    Finance and Investment in Renewable Energy;
-    Financial Issues Affecting Energy Security;
-    Blockchain, Energy and Green Issues;
-    The Development of Blockchain in Energy and Commodity Sectors;
-    Blockchain as a Solution for Renewable Energy Market;
-    The Efficiency of Energy Consumption of the Crypto World;
-    The Mass Energy Demands of Cryptocurrencies and the Environmental Costs;
-    The Crypto-governance and Green Energy;
-    Renewable Energy and Sustainable Crypto Business;
-    Cryptocurrencies, Oil and Renewable-energy Stocks and Risk Management Implications;
-    Pricing, Hedging, and Risk Analysis of Energy Markets;
-    Speculation and Energy Prices;
-    Energy/Commodities Derivatives Portfolio Optimization;
-    Variance Risk in Commodity Market;
-    Leaders, Followers, and Equity Risk Premiums in Booms and Busts;
-    Finance, Behavioral Finance and International Banking;
-    Exchange Rates Determination and the Macroeconomy in an Era of Globalization;
-    Globalization of Capital Markets and Financial Markets;
-    Monetary and Fiscal Policy and Internationalization;
-    Multi-fractal and Time-Varying Correlations among Financial Instruments and Monetary Policy
-    Policy Instruments, Oil Futures and Stock Market Correlations;
-    Pension Funds and Interest Rates;
-    Energy Market Mechanics and Shock Transmission;
-    Dependence and Contagion between Precious Metals and Energy Products;
-    Pricing Models for Energy Derivatives;
-    Religiosity and Cost of Debt;
-    Shareholder Activism of Public Pension Funds: The Political Facet;
-    Risk, Financial Stability and Banking;
-    Financial Regulation and Systemic Risk;
-    Credit Spreads with Dynamic Debt;
-    Riskiness-minimizing Spot-Futures Hedge Ratio; and
-    Financial Structure on the Cost of Solar Energy;

-    Energy and Economic Development;
-    Economic Growth and Renewable Energy Development;
-    Energy Consumption and Economic Growth;
-    Oil Price Volatility and the Macroeconomy;
-    Impacts of Carbon Taxes on CO2 Emissions and Macroeconomics;
-    Energy Prices and US Macroeconomic News;
-    Macroeconomics and Oil-Supply Disruptions;
-    Energy Price Shocks, Aggregate Supply and Monetary Policy:
-    Monetary Policy and Energy Price Shocks;
-    Global Financial Crisis and Forward Guidance as well as Macroeconomic Outcomes;
-    Unemployment, Economic Growth and Economic Uncertainty (Fluctuations);  
-    Financial Contagion, Globalization Era and Exchanges Rate Regimes;
-    Macroeconomic Effects of Monetary and Fiscal Policies;
-    Eurozone and Fiscal Spending;
-    Inadequate Scientific and Technological Resources;
-    Macroeconomics and Politics;
-    Trade and Payments Imbalances;
-    International Debt, Open Economy Macroeconomics and Exchange Determination; Macroeconomics of Income Inequality and Poverty;
-    Gender, Ethnic Discrimination and Income Distribution;
-    Macroeconomic Forecasting;
-    Sustainable Development Index Construction;
-    Pollution Externalities, Endogenous Health and Speed of Convergence in an Endogenous Economic Growth Models;
-    Environmental Tax Reform: Short-Term Versus Long-Term Macroeconomic Effects;
-    Short-Run and Long-Run Effects of Capital Taxation on Innovation and Economic Growth;
-    Labor Market Monopsony on Economic Growth;
-    Growing Income Inequality and Biased Technological Change
-    Business Cycles and  CO2 Emissions;
-    Business Uncertainty and Investment;
-    Inflationary Effects of Monetary Policies in Newly Industrialized Economies with Labor and Capital Immobility;
-    Time-varying Degree of Inflation Expectations Anchoring;
-    Output Gains from Accelerating Core Inflation
-    R&D Spillovers under Weak and Strong Cross-Sectional Dependence;
-    Total Factor Productivity and the Propagation of Shocks;
-    Nonlinearities and the Wage Phillips Curve;
-    Growth, Unemployment and Wage Inertia;
-    Government Spending Multipliers and the Zero Lower Bound;
-    Growth Impact of Discretionary Fiscal Policy Measures;
-    ECB’s Conventional and Unconventional Monetary Policies on Stock Markets;
-    Rules Versus Discretion in Monetary Policy;
-    Momentary Policy and Exchange Rates;
-    Jumps, Co-jumps, and Efficiency in the Spot Foreign Exchange Market;
-    Interest on Reserves, Settlement, and the Effectiveness of Monetary Policy;
-    Global Banking and the Conduct of Macro-prudential Policy in a Monetary Union;
-    Foreign Bank Presence Affect Interest Rate pass-through in Developing Countries;
-    Bank Liquidity Creation and Real Economic Output;
-    Real Exchange Rate and Productivity of Skilled and Unskilled Labor;
-    Financial Shocks, Financial Stability and Optimal Taylor Rules

Time Series Workshop, October 26, 2018.
Instructor: Prof. Dr. Tolga Omay

Professor Tolga Omay received his PhD in Economics from Hacettepe University. He joined the faculty of Cankaya University in 2005. He also worked at Türk Hava Kurumu (THK) University during the period 2015-2017. He is now at the faculty of Department of Economics, Atılım University at Ankara. He was a Postdoctoral Research Fellow at the Commerce Department of Massey University, New Zealand during the period 2006-2007. In addition, he received a number of prizes such as the Top Cited Article 2009-2011 “Testing unit root in nonlinear heterogeneous panels”   Economics Letters, 2012; a PhD. Thesis Award, Economic Research Foundation, 2006, and other best paper awards.

Dr. Tolga is the chief editor of Econometrics Letters and a member of the editorial board of the Review of Economics. He has also published on topics related to empirical macroeconomics and nonlinear econometrics including inflation threshold and growth nexus, the specification of monetary policy rules, the PPP, Fisher, RID, RIPH and other mostly used hypotheses in Economics. Finally, he has worked extensively on topics in nonlinear time series and panel time series econometrics with a special focus on unit root and cointegration tests. He has proposed 7 nonlinear unit root tests in time series and 5 tests in panel time series. He has also proposed 3 nonlinear panel cointegration tests. Besides, he also proposed different estimators in the nonlinear panel time series literature such as the nonlinear common correlated effect estimator in heterogeneous and homogeneous panels. Finally, Dr. Tolga has also proposed new econometrics models such as the Nonlinear Multivariate GARCH-M model and includes new tests to the identification process of the STAR-STARGARCH models. 

1.    Nonlinear Time Series i.e. Time-Varying ARDL;
2.    TAR, STAR and Markov Switching Models;
3.    Identification, Estimation and Misspecification Tests for STAR Models;
4.    Nonlinear Unit Root tests Theory and Application i.e. the SOR Unit Root Test;
5.    Nonlinear Cointegration Test: Residual Based and Error Correction Based;
6.    Nonlinear Causality Tests; and
7.    A Brief Introduction to Nonlinear Panel Time Series Tests and Models 

1.    Time series data: Energy consumption, GNP, PPP, and Interest rate; and
2.    Panel Data: Energy Consumption and GNP.

Regression analysis for time series RATS will be used with a brief instruction to programming

Special Sessions: The conference committee welcomes proposals from academics and policy-makers for special sessions, roundtables and panels. Please email  This e-mail address is being protected from spambots. You need JavaScript enabled to view it for further information.


Muhammad Shahbaz
Energy and Sustainable Development
Montpellier Business School
Montpellier, France

Associate Convener:
Aviral Kumar Tiwari
Associate Professor
Energy and Sustainable Development
Montpellier Business School
Montpellier, France

Scientific Committee:

Adonis Yatchew, University of Toronto, Canada
Alper Aslan, Nevsehir Hacı Bektas Veli University, Nevsehir, Turkey
Amine Lahiani, LEO–University of Orleans, France
Amjad Ali, University of the Punjab, Pakistan
Anthony Miloudi, La Rochelle Business School & CRIEF University of Poitiers, France
Ashfaq Ahmad, Beijing Institute of Technology, China
Aviral Kumar Tiwari, Montpellier Business School, Montpellier, France
Daniel Balsalobre, University of Castilla La Mancha, Spain
David Roubaud, Montpellier Business School, Montpellier, France
Gazi Salah Uddin, Linköping University, Sweden
Ilham Haouas, Abu Dhabi University, Abu Dhabi, UAE
Ilhan Ozturk, Cag University, 33800, Mersin, Turkey.
Jonathan A. Batten, Universiti Utara Malaysia, Malaysia
José María Cantos-Cantos, University of Castilla-La Mancha, Spain
Kazi Sohag, Accounting Reserach Institute, Universiti Teknologi Mara
Lutz Kilian, University of Michigan, USA
Mantu Kumar Mahalik, National Institute of Technology, India
Mehmet Balcilar, Eastern Mediterranean University, Turkey
Michael L.
Polemis, University of Piraeus, Greece
Mita Bhattacharya, Monash University, Australia
Mohammad Mafizur Rahman, University of Southern Queensland, Australia
Muhammad Nasir, Pakistan Institute of Development Economists, Islamabad, Pakistan
Muhammad Ali Nasir, Leeds Beckett University, United Kingdom
Muhammad Shafiullah, University of Nottingham Malaysia Campus, Selangor, Malaysia
Muhammad Shahbaz, Montpellier Business School, Montpellier, France
Naceur Khraief, Tunis Business School, Université de Tunis, Tunis
Ngoc-Sang Pham, Montpellier Business School, Montpellier, France
Nicholas Apergis, University of Piraeus, Greece
Nuno Carlos Leitão, Centro de Estudos e Formação Avançada em Gestão e Economia (CEFAGE-UE) Universidade de Évora, Portugal
Ramzi Benkraiem, Institute of Finance, Audencia Business School, France
Román Ferrer, University of Valencia, Spain
Sakiru Adebola Solarin, Multimedia University Malaysia, Melaka, Malaysia
Saleheen Khan, Minnesota State University, Mankato, USA
Sebastian Vollmer, University of Göttingen, Germany
Shaista Alam, Applied Economics Research Centre, University of Karachi, Pakistan
Shawkat Hammoudeh, Drexel University, United States
Thi Hong Van Hoang, Montpellier Business School, Montpellier, France
Vassilios G. Papavassiliou, University College Dublin, Dublin, Ireland
Victor Emilio Troster, Universitat de les Illes Balears, Palma de Mallorca, Spain
Walid Mensi, Al Imam Mohammad Ibn Saud Islamic University, Riyadh, Saudi Arabia
Zeynel Abidin Ozdemir, Gazi University, Ankara, Turkey

Organizing Committee:

Isabelle COUDROY
Chantal GARCIA

Registration and Fee Payment

The registration fee includes conference materials, coffee breaks, lunch buffets, and the gala dinner.

Early Bird Fee (Prior to Monday September 10, 2018)

- Academic Presenters: €350
- PhD Students: €250
- Participant: €250
- Poster Presenter: €250
- 50% Discount on Additional Paper(s)

Full Fee (Prior to Sunday September 30, 2018)

- Academic Presenter: €400
- PhD Student: €300
- Participant: €300
- Poster Presenter: €300
- 50% Discount on Additional Paper(s)

Full Fee (Prior to September 30
Click "return to merchant"

Discount on Additional Paper(s)

Submission and Important Dates:

Extended Abstract Submission Deadline: August 31, 2018
Notification of Acceptance: September 05, 2018
Conference Date: October 24-26, 2018
Time Series Workshop: October 26, 2018

Publication Opportunities

The best papers will be considered for publication in Special Issue of "Resources Policy" and Environmental Science and pollution Research and Regular Issue of “Journal of International Financial Markets, Institutions & Money”   and “Emerging Markets Review

Conference Venue

Montpellier Business School, 2300, Avenue des Moulins, 34185 Montpellier.

Travel and Accommodation
Taxis or Airport Shuttle is available at Montpellier–Méditerranée Airport

List of Recommended Hotels

285, boulevard de l’aéroport international, Montpellier, France
Tel : 04 67 20 63 63

Best Hotel Montpellier Euromédecine
861 Rue de la Croix Verte, 34000 Montpellier
Tel : 04 67 61 01 30

Hôtel Kyriad Montpellier Nord - Parc Euromédecine
35 Avenue des Orchidées, 34980 Saint-Clément-de-Rivière
Tel : 04 67 04 45 25

Hôtel Les Myrtes
10 Rue De La Cour Du Recteur, 34070 Montpellier, France
Tel : 04 67 42 60 11

Hotel Francois de Lapeyronie
80 Rue des Petetes, 34090 Montpellier
Tel : 04 67 52 52 20

Hôtel Les Troènes
17 Avenue Émile Bertin-Sans, 34090 Montpellier
Tel : 04 67 04 07 76

Quality Hotel du Golf Montpellier Juvignac
38 Avenue les Hameaux du Golf, 34990 Juvignac
Tel : 04 67 45 90 00

1292 Allée des Thermes, 34990 Juvignac, France
Tel : 04 67 41 04 20

Hotel du Parc-Montpellier
8 Rue Achille Bege, 34090 Montpellier
Tel : 04 67 41 16 49

BEST WESTERN Hotel Le Guilhem
18 Rue Jean Jacques Rousseau, 34000 Montpellier
Tel : 04 67 52 90 90

Hôtel des Arceaux
33-35 Boulevard des Arceaux, 34000 Montpellier
Tel : 04 67 92 03 03


- Muhammad Shahbaz ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it )
- Aviral Kumar Tiwari ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it )
- Isabelle Coudroy ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it )
- Chantal Garcia ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it )

Please send us an email for a query if any.

Authors are invited to submit their research papers (in English) in PDF file to the following address: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

About Montpellier Business School
Montpellier Business School (MBS), a French Grande École, is heir to a long tradition of teaching and research based on the needs of businesses and markets. Founded in 1897 by the Chamber of Commerce and Industry of Montpellier, the school has succeeded in continually refining its specialized instruction in management sciences over the years in order to adapt its programmes in changing local and global economic environments.

In order to respond effectively to an increasingly interconnected global community, MBS has adopted the core values of diversity, openness and global responsibility, all inspired by the school’s mission: “to train, through our higher education programs, managers that are strong in their diversity, aware of their global responsibility in carrying out their missions, and able to adapt to changes in local, national and international environments.” (By ‘global’, we understand societal, economic and environmental responsibility).

MBS pursues active research and its research centre promotes a spirit of collegial research, facilities research-based teaching, and fosters the valorization of research for practice and teaching. Our research activities cover all traditional themes of management science.

Over the last decade, MBS has developed strategic alliances to other management science research centres in France.

The historical cooperation with and contribution of MBS to the emergence of the Montpellier research cluster resulted in the creation of Montpellier Research in Management (MRM).

MRM is an example of cooperation between universities and between universities and business schools in France. This research centre is today one of France’s largest in Management Science, (including more than 150 researchers and 70 PhD students).

The quality of the school’s strategy and results is internationally recognized. The following distinctions attest to the school’s excellent international reputation: its triple international accreditation (AACSB, AMBA, EFMD/EPAS); its place among the TOP 50 best Master in Management programmes in the world; its ranking among the TOP 80 European Business Schools in 2013 according to the Financial Times; and its place in the national French rankings.

About Montpellier
The city of Montpellier, capital of the Hérault department, is located in Southern France. It was built 10 centuries ago and was the second largest city in France and an important economic and cultural capital. Nowadays, Montpellier is one of the largest and fastest growing cities in France. A third of its population are students from three universities and higher education institutions. Montpellier is the third largest French city located on the Mediterranean coast after Marseille and Nice.