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Department of Economics

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General Information

The Department of Economics in the EMU Faculty of Business and Economics, in addition to local students, is recruiting students every year from Turkey and elsewhere. In view of the international nature of its academic staff and student body, the program and its facilities are parallel to equivalent universities in Europe and North America.

In short, the Department of Economics is ready to teach modern economics and to produce competent individuals for the future with the help of experienced academics from different countries. 

Department's Mission

The aim of the Department of Economics is to equip students with up-to-date knowledge and skills to function effectively, both locally and in an increasingly competitive world. Our educational standards are equivalent to those offered in some of the best European and American universities, our professional qualifications are recognized in North Cyprus, Turkey and around the world, and our graduates have proved to be highly successful in a diverse range of careers.

General Education Concept

The primary objective of the Faculty of Business and Economics is:

  • To educate students in the concepts and approaches of banking, business, economics, European studies, finance, international relations, international trade, management information systems, political science and public administration in preparation for careers in which they make significant and lasting contributions to the contemporary world.
  • To offer programs of study consistent with its educational aim of preparing men and women to be leaders of enterprise; professionals with the individualism, insight, and strength of will to manage effectively, and with the sensitivity and understanding which makes teamwork possible.


Program NameDegreeDuration (Years)
EconomicsBachelor / B.S.4
Economics (with Thesis)Master / M.S.1 - 2
Economics (without Thesis)Master / M.S.1 - 1.5
Energy Economics and Finance (with Thesis)Master / M.S.1 - 2
Financial Economics (Turkish without Thesis)Master / M.S.1 - 1.5
Gender Studies (Turkish with Thesis)Master / M.A.1 - 2
Gender Studies (Turkish without Thesis)Master / M.A.1 - 1.5
Gender Studies (with Thesis)Master / M.A.1 - 2
Managerial Economics (Turkish without Thesis)Master / M.S.1 - 1.5
EconomicsPhD / Ph.D.3.5 - 5

Departmental Facilities

With the aim of bringing up globally competitive graduates, the Department offers courses in English and has the following resources/facilities;

  • Computer labs;
  • Multimedia rooms;
  • Fully equipped research center;
  • The Center for Economic Research, providing research and consultative services to all public and private agencies;
  • An annual economics symposium.

Career Opportunities

Graduates have a wide area of employment opportunities. Their knowledge and skills in economics as well as their good command of English and computer applications, as well as familiarity with global issues opens up employment opportunities in international organizations, multinational companies and public services and in private businesses.

Contact Information

Eastern Mediterranean University
Faculty of Business & Economics
Department of Economics
Famagusta, North Cyprus
Mersin 10 Turkey 

Tel: +90 392 630 1291
Fax: +90 392 365 1017

Academic Staff

Name SurnameDutyDepartmentOfficeTel
Prof. Dr. CEM EŞREF PAYASLIOĞLU Faculty Member Economics BE275 2734
Prof. Dr. GÜLCAY TUNA PAYASLIOĞLU Faculty Member Economics BE270 2115
Prof. Dr. HASAN GÜNGÖR Faculty Member Economics BE282 2731
Prof. Dr. MUSTAFA İSMİHAN Faculty Member Economics BE180 1321
Prof. Dr. SEVİN UĞURAL Faculty Member Economics BE179 1547
Prof. Dr. VEDAT YORUCU Chair Economics BE284 2431
Assoc. Prof. Dr. ÇAĞAY COŞKUNER Faculty Member Economics BE269 1273
Assoc. Prof. Dr. KAMİL SERTOĞLU Vice Chair Economics BE277 1411
Assist. Prof. Dr. YENAL SÜREÇ Vice Dean Economics BE283 2396

Part-time Academic Staff

Name SurnameDutyDepartmentOfficeTel
Dr. BERKAN TOKAR Senior Instructor Economics BE216 1411

Research Asistants

Name SurnameDutyDepartmentOfficeTel
ASİYE ORÇİN Research Assistant Economics BE278 3140
BABATUNDE SUNDAY EWEADE Research Assistant Economics
DİLAN KAYA Research Assistant Economics
İRFAN ESENDAĞLI Research Assistant Economics BE158 1543
LUDOVIC MBAKOP YOPA Research Assistant Economics
MÜMİNE ÖZÇELİK Research Assistant Economics BE281
NAZMİYE HANÇERLİ Research Assistant Economics BE281 2191
PRANVERA BACKLUND Research Assistant Economics BE156 1546
RAGHDA WAEL EZZELDIN HAMDY ALY Research Assistant Economics BE281 2191
RICHARD SOGAH Research Assistant Economics

Discussion P​aper Series

15.01 Forecasting Nevada Gross Gaming Revenue and Taxable Sales, Using Coincident and Leading Employment Indexes

Author(s): Mehmet Balcilar, Rangan Gupta, Anandamayee Majumdar, Stephen M. Miller

15.02 The Role of News-Based Uncertainty Indices in Predicting Oil Markets: A Hybrid Nonparametric Quantile Causality Method

Author(s): Mehmet Balcilar, Stelios Bekiros, Rangan Gupta

15.03 Identifying Periods of US Housing Market Explosivity

Author(s): Mehmet Balcilar, Nico Katzke, Rangan Gupta

15.04 Characterising the South African Business Cycle: Is GDP Difference-Stationary or Trend-Stationary in a Markov-Switching Setup?

Author(s): Mehmet Balcilar, Rangan Gupta, Charl Jooste, Omid Ranjbar

15.05 Do Precious Metal Prices Help in Forecasting South African Inflation?

Author(s): Mehmet Balcilar, Nico Katzke, Rangan Gupta

15.06 Comparing the Forecasting Ability of Financial Conditions Indices: The Case of South Africa

Author(s): Mehmet Balcilar, Rangan Gupta, Renee van Eyden, Kirsten Thompson  

15.07 International Stock Return Predictability: Is the Role of U.S. Time-Varying?

Author(s): Goodness C. Aye, Mehmet Balcilar, Rangan Gupta

15.08 Forecasting Core Inflation: The Case of South Africa

Author(s): Franz Ruch, Mehmet Balcilar, Mampho P. Modise

15.09 Analysing South Africa's Inflation Persistence Using an ARFIMA Model with Markov-Switching Fractional Differencing Parameter

Author(s): Mehmet Balcilar, Rangan Gupta, Charl Jooste

15.10 Risk Spillovers across the Energy and Carbon Markets and Hedging Strategies for Carbon Risk

Author(s): Mehmet Balcilar, Riza Demirer, Shawkat Hammoudeh, Duc Khuong Nguyen

15.11 Testing the Asymmetric Effects of Financial Conditions in South Africa: A Nonlinear Vector Autoregression Approach

Author(s): Mehmet Balcilar, Kirsten Thompson, Rangan Gupta, Renee van Eyden

15.12 The Role of Economic Policy Uncertainty in Forecasting US Inflation Using a VARFIMA Model

Author(s): Mehmet Balcilar, Rangan Gupta, Charl Jooste

15.13 The Impact of Oil price on South African GDP Growth: A Bayesian Markov Switching-VAR Analysis

Author(s): Mehmet Balcilar, Reneé van Eyden, Josine Uwilingiye, Rangan Gupta

15.14 The Relationship between Oil and Agricultural Commodity Prices: A Quantile Causality Approach

Author(s): Mehmet Balcilar, Shinhye Chang, Rangan Gupta, Vanessa Kasongo, Clement Kyei

15.15 Revisiting Herding Behavior in REITs: A Regime Switching Approach

Author(s): Vassilios Babalos, Mehmet Balcilar, Rangan Gupta, Nikolaos Philippas

15.16 House Values and Proximity to a Landfill: A Quantile Regression Framework

Author(s): Mario du Preez, Mehmet Balcilar, Aarifah Razak, Steven F. Koch, Rangan Gupta

15.17 The Growth-Inflation Nexus for the US over 1801-2013: A Semiparametric Approach

Author(s): Mehmet Balcilar, Rangan Gupta, Charl Jooste

15.18 Testing the Asymmetric Effects of Financial Conditions in South Africa: A Nonlinear Vector Autoregression Approach

Author(s): Mehmet Balcilar, Kirsten Thompson, Rangan Gupta, Renee van Eyden

15.19 Forecasting South African Inflation Using Non-Linear Models: A Weighted Loss-Based Evaluation

Author(s): Pejman Bahramian, Mehmet Balcilar, Rangan Gupta, Patrick T. Kanda

15.20 Are there Long-Run Diversification Gains from the Dow Jones Islamic Finance Index?

Author(s): Mehmet Balcilar, Charl Jooste,  Shawkat Hammoudeh, Rangan Gupta, Vassilios Babalos

15.21 Forecasting Aggregate Retail Sales: The Case of South Africa

Author(s): Goodness C. Aye, Mehmet Balcilar, Rangan Gupta, Anandamayee Majumdar

15.22  Housing and The Business Cycle in South Africa

Author(s): Goodness C. Aye, Mehmet Balcilar, AdélBosch, Rangan Gupta

15.23 Time-Varying Causality between Research Output and Economic Growth in the US

Author(s): Roula Inglesi-Lotz, Mehmet Balcilar, Rangan Gupta

15.24 Fiscal Policy Shocks and the Dynamics of Asset Prices: The South African Experience

Author(s): Goodness C. Aye, Mehmet Balcilar, Rangan Gupta, Charl Jooste, Stephen M. Miller, Zeynel Abidin Ozdemir

15.25 Are Labor Force Participation Rates Really NonStationary? Evidence from Three OECD Countries

Author(s): Zeynel Abidin Özdemir, Mehmet Balcilar, Aysit Tansel

15.26 Is the relationship between monetary policy and house prices asymmetric in South Africa? Evidence from a  Markov-Switching Vector Autoregressive model

Author(s): Beatrice D. Simo – Kengne, Mehmet Balcilar, Rangan Gupta Monique Reid, Goodness C. Aye

15.27 The Out-of-Sample Forecasting Performance of NonLinear Models of Regional Housing Prices in the US

Author(s): Mehmet Balcilar, Rangan Gupta, Stephen M. Miller ​

15.28 International Labour Force Participation Rates by Gender: Unit Root or Structural Breaks?

Author(s): Aysit Tansel, Zeynel Abidin Ozdemir, Mehmet Balcilar

15.29 Does speculation in the oil market drive investor herding in net exporting nations?

Author(s): Mehmet Balcilar,Rıza Demirer,Talat Ulussever

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