About

Dr. Ghulam Mustafa is an applied economist who is currently a Senior Lecturer at the University of Derby. Mustafa is a Visiting Senior Fellow at the Department of Social Policy at the London School of Economics. Mustafa obtained his PhD in Economics from the Middlesex University, UK.  Prior to joining the University of Derby in 2018, he gained extensive academic experience through research and teaching roles at several UK higher education institutions, including Queen Mary University of London and Middlesex University, as well as at leading universities in Pakistan. His research explores the intersections of education, inequality, and economic growth.

At the University of Derby, he leads the Applied Economics and Evaluation Cluster and has successfully run the Research Seminar Series for six consecutive years. Additionally, he serves as Programme Leader for the MSc International Business and Human Resource Management. He is also a Fellow of the Higher Education Academy (FHEA).

Research interests

Dr. Mustafa’s current research agenda aims to examine the effects of minimum wage policies on gender inequality; spatial income inequality and economic growth; the gender dimensions of food insecurity; workplace harassment; and the influence of macroeconomic conditions on firm-level productivity.

Recent publications

• The role of the COVID-19 pandemic in US market volatility: Evidence from the VIX index (with Nicholas Apergis and Shafaq Malik), 2023, Quarterly Review of Economics and Finance.
• COVID-19 pandemic, stock returns, and volatility: the role of the vaccination program in Canada (with Nicholas Apergis and Shafaq Malik), 2022, Applied Economics.
• Governance thresholds and the human capital–growth nexus (with Nicholas Apergis and Muhammad Khan, 2021), Journal of Economic Studies.
• An analysis of the impact of unconventional oil and gas activities on public health: New evidence across Oklahoma counties, (with Nicholas Apergis and Sayantan Ghosh Dastidar, 2021), Energy Economics.
• Fracking and Asset Prices: The Role of Health Indicators for House Prices Across Oklahoma’s Counties, (with Nicholas Apergis and Sayantan Ghosh Dastidar), 2020, Social Indicators Research.
• Growth in emerging economies: Is there a role for education? ( with Balint Lenkei and Michela Vecchi), 2018, Economic Modelling.
• Growth, human development, and trade: The Asian experience (with Marjan Rizov and David Kernohan), 2017.

Membership of professional bodies

•  Fellow of the Higher Education Academy (November 2020 - today)
•  Scottish Economic Society (2021-2022)

Professional interests

Cluster Lead, Applied Economics and Enterprise 

Since 2019, I've had the pleasure of organizing seminar series for the Applied Economics and Evaluation Cluster. These seminars serve as a vibrant platform to spotlight the cluster's ongoing research, within the dynamic framework of the University of Derby Economic Observatory. Over the years, our series has managed to attract internationally recognized experts who've eagerly presented and engaged in discussions about their cutting-edge research. Distinguished individuals affiliated with esteemed institutions like Politecnico di Torino- DIGEP in Italy, University of St Andrews in the UK, Universidad Loyola Andalucía in Spain, SKEMA Business School in Lille, France, City, University of London, and Kingston University have graced our series with their presence.

Research Projects:

Green Entrepreneurship Fund Evaluation (Derby City Council):
First, I led the assessment of the £2 million GEF as an Impact Evaluation Consultant. First, I led the GEF research evaluation team, alongside two other colleagues, to prepare a comprehensive research evaluation report. We designed and implemented a survey incorporating both quantitative and qualitative elements to capture business and organisational perspectives on the impact of GEF grants. The survey focused on carbon reduction outcomes and opportunities for green growth and development. Finally, I collaborated with a team of researchers to produce the final impact evaluation assessment of the GEF programme. 

URSS (Undergraduate Research Scholarship Scheme) - 2019 

Determinants of innovation in SMEs: An empirical analysis of the East Midlands

Qualifications

• PhD, Economics. Middlesex University, London, UK.
• MSc, Research Methods for Business and Management. Middlesex University, London, UK.
• MSc, Economics. Quaid-i-Azam University, Islamabad, Pakistan. 

I have won a number of scholarships during my studies for excellent academic performance.

Recent conferences

• 2024, Role of Gender in Food Security in Pakistan, 4th Development Economics Conference (DEC), University of Lincoln, UK
• 2022, Pandemic and fear: Are they colliding? Evidence from the VIX futures index and the role of the COVID-19 pandemic, The Finance and Accounting 2022 Annual Research Symposium, held online hosted by the School of Finance and Accounting, Westminster Business School, University of Westminster
• 2021, An analysis of the impact of unconventional oil and gas activities on public health: New evidence across Oklahoma counties, Scottish Economic Society Conference, held online hosted by the University of Glasgow
• 2019, Governance thresholds and human capital–growth nexus, third Development Economic Conference (DEC) conference, University of Lincoln, UK
• 2017, Governance thresholds and human capital–growth nexus, The Society for Institutional and Organizational Economics (SIOE) 2017 conference, New York, USA
• 2013, Human capital, governance and productivity in Asian economies, GPEN–CGR Annual Conference, Queen Mary University, London, UK
• 2013, The role of human capital accumulation in Productivity of Asian economies, Scottish Economic Society Conference, Perth Scotland
• 2011, Openness, economic growth, and human development: Evidence from South Asia, Economic and Social Data Services, International Annual Conference London, UK

Teaching responsibilities

Seeing my students succeed brings me immense happiness and pride.

Currently, I am supervising two PhD students and have successfully supervised numerous MSc and MBA students through to completion.

I am passionate about creating a friendly, student-centred learning environment. My teaching philosophy is grounded in fostering applied learning that integrates data, theory, business reporting, and academic research—including my own published work.

I place a strong emphasis on developing students’ data analysis and econometric skills. I support this through hands-on training in STATA and Excel, using real-time data sources such as Bloomberg and LSEG. I strive to bring my modules to life through a combination of guest speaker sessions, research-informed teaching, and innovative teaching.

Module Leader

• Econometrics - Level 6
• Corporate Governance – Level 6
• Data Analysis – Level 5