Projects 0
Publications 42
Awards 2

Biography

Arusha Cooray is a Professor of Finance and Head of Academic Group, Accounting and Finance, at the College of Business, Law and Governance. She completed her PhD at the University of New South Wales, Australia

Arusha is an applied macroeconomist, with research interests in the areas of macro-finance, international finance, open economy macroeconomics and development macroeconomics.

Prior to joining James Cook University, Arusha worked at many different universities including, the University of Wollongong, University of Tasmania, University of Nottingham Malaysia and the University of Colombo, Sri Lanka.

She is currently joint Editor-in-Chief of the Journal of International Development and Associatre Editor of the International Journal of Finance and Economics. She holds research positions at the United Nations University (UNU-WIDER), Centre for Poverty Analysis Sri Lanka, the Centre for Applied Macroeconomic Analysis, ANU, Global Labour Organisation and Centre for Development Economics and Sustainability, Monash University.

She has held visiting positions at the University of Oxford, United Nations Research Institute for Social Development (Geneva), Centre for Poverty, Equity and Growth in Developing Countries (Gottingen), Institute of Policy Studies (Sri Lanka), Australian National University and Macquarie University (Australia).

Arusha has also served as Sri Lanka’s Ambassador to Norway, Finland, and Iceland.

Arusha has published in journals including the Journal of Macroeconomics, Macroeconomic Dynamics, Industrial Relations: A Journal of Economy and Society, Regional Science and Urban Economics, Oxford Economic Papers among others.

Research

Research Interests

Research interests
Macro finance, International Finance, Applied macroeconomics, Development.

Impact and Rankings
Stanford/Elsevier’s Top 2% Scientist Rankings List 2020-2024;
Australia and Oceania top 7% of economists in region

Teaching

Taught Modules

Current JCU Research Students

Impact of Business Intelligence and Analytics on the Role of Management Accountants: Perceived Usefulness, Tensions and Satisfaction
Doctor of Philosophy (Management and Commerce)
An Examination of the Relationship between Corporate Reporting Transparency Quality and Firm Value: Evidence from Sri Lanka
Doctor of Philosophy (Management and Commerce)

Activities

Associations

Awards

Employment

Output

Cooray, Arusha; Nam, Young-Sook (2025) 'Public social spending, government effectiveness, and economic growth: an empirical investigation'. Applied Economics, 57 (1):52-66. [DOI]
Journal Publication Open Access ResearchOnline@JCU
Cooray, Arusha; Ozmen, Ibrahim (2024) 'The role of institutions on public debt: A quantile regression approach'. International Review of Economics & Finance, 93 (Part A):912-928. [DOI]
Journal Publication Open Access ResearchOnline@JCU
Caporin, Massimiliano; Cooray, Arusha; Kuziboev, Bekhzod; Yusubov, Inomjon (2024) 'New insights on the environmental Kuznets curve (EKC) for Central Asia'. Empirical Economics, 66 :2335-2354. [DOI]
Journal Publication Open Access ResearchOnline@JCU
Cooray, Arusha; Jha, Chandan; Sarangi, Sudipta (2024) 'Good governance in troubled times: What we know and what experts say'. Economic Modelling, 136 . [DOI]
Journal Publication ResearchOnline@JCU
Cooray, Arusha; Özmen, Ibrahim (2024) 'Institutions and carbon emissions: an investigation employing STIRPAT and machine learning methods'. Empirical Economics, 67 :1015-1044. [DOI]
Journal Publication Open Access ResearchOnline@JCU
Massimiliano, Caporin; Cooray, Arusha; Kuziboev, Bekhzod; Liu, Jie (2024) 'Chinese FDI outflows and host country environment'. Journal of Environmental Management, 366 . [DOI]
Journal Publication Open Access ResearchOnline@JCU
Cooray, Arusha; Gangopadhyay, Partha; Das, Narasingha (2023) 'Causality between volatility and the weekly economic index during COVID-19: The predictive power of efficient markets and rational expectations'. International Review of Financial Analysis, 89 . [DOI]
Journal Publication Open Access ResearchOnline@JCU
Vadlamannati, Krishna Chaitanya; Cooray, Arusha; de Soysa, Indra (2023) 'Can bigger health budgets cushion pandemics? An empirical test of COVID-19 deaths across the world'. Journal of Public Policy, 43 (1):33-58. [DOI]
Journal Publication Open Access ResearchOnline@JCU
Cooray, Arusha; Jha, Chandan; Panda, Bibhudutta (2023) 'Corruption and assortative matching of partners in international trade'. European Journal of Political Economy, 77 . [DOI]
Journal Publication ResearchOnline@JCU
Apergis, Nicholas; Cooray, Arusha; Rehman, Mobeen Ur (2023) 'US partisan conflict uncertainty and households' access to bank credit: Evidence from UK survey data'. Global Finance Journal, 56 . [DOI]
Journal Publication ResearchOnline@JCU
Aziz, Nusrate; Chowdhury, Murshed; Cooray, Arusha (2022) 'Why do people from wealthy countries migrate?'. European Journal of Political Economy, 73 . [DOI]
Journal Publication ResearchOnline@JCU
Apergis, Nicholas; Rehman, Mobeen Ur; Cooray, Arusha (2021) 'Do fiscal shocks explain bond yield in high- and low-debt economies?'. Journal of Economic Studies, 48 (2):468-494. [DOI]
Journal Publication ResearchOnline@JCU
Aziz, Nusrate; Cooray, Arusha; Teo, Wing Leong (2021) 'Do immigrants’ funds affect the exchange rate?'. The World Economy, 44 (2):560-585. [DOI]
Journal Publication ResearchOnline@JCU
Vadlamannati, Krishna Chaitanya; Cooray, Arusha; de Soysa, Indra (2021) 'Health-system equity, egalitarian democracy and COVID-19 outcomes: an empirical analysis'. Scandinavian Journal of Public Health, 49 (1):104-113. [DOI]
Journal Publication Open Access ResearchOnline@JCU
Apergis, Nicholas; Chatziantoniou, Ioannis; Cooray, Arusha (2020) 'Monetary policy and commodity markets: unconventional versus conventional impact and the role of economic uncertainty'. International Review of Financial Analysis, 71 . [DOI]
Journal Publication ResearchOnline@JCU
Apergis, Nicholas; Cooray, Arusha (2020) 'How do human rights violations affect poverty and income distribution?'. International Economics, 161 :56-65. [DOI]
Journal Publication ResearchOnline@JCU
Cooray, Arusha; Khraief, Naceur (2019) 'Money growth and inflation: new evidence from a nonlinear and asymmetric analysis'. Manchester School, 87 (4):543-577. [DOI]
Journal Publication ResearchOnline@JCU
Apergis, Nicholas; Cooray, Arusha; Khraief, Naceur; Apergis, Iraklis (2019) 'Do gold prices respond to real interest rates? Evidence from the Bayesian Markov Switching VECM model'. Journal of International Financial Markets, Institutions and Money, 60 :134-148. [DOI]
Journal Publication ResearchOnline@JCU
Apergis, Nicholas; Cooray, Arusha; Rehman, Mobeen Ur (2018) 'Do energy prices affect U.S. investor sentiment?'. Journal of Behavioral Finance, 19 (2):125-140. [DOI]
Journal Publication ResearchOnline@JCU
Vadlamannati, Krishna Chaitanya; Cooray, Arusha; Brazys, Samuel (2018) 'Nothing to hide: commitment to, compliance with, and impact of the special data dissemination standard'. Economics and Politics, 30 (1):55-77. [DOI]
Journal Publication ResearchOnline@JCU
Apergis, Nicholas; Cooray, Arusha (2018) 'Asymmetric real exchange rates and poverty: the role of remittances'. Emerging Markets Review, 35 :111-119. [DOI]
Journal Publication ResearchOnline@JCU
Cooray, Arusha; Dzhumashev, Ratbek (2018) 'The effect of corruption on labour market outcomes'. Economic Modelling, 74 :207-218. [DOI]
Journal Publication ResearchOnline@JCU
Paudel, Ramesh C.; Cooray, Arusha; (2018) 'Export performance of developing countries: does landlockedness matter?'. Review of Development Economics, 22 (3):e36-e62. [DOI]
Journal Publication ResearchOnline@JCU
Apergis, Nicholas; Cooray, Arusha (2018) 'The behaviour of interest rate spreads prior to and after the financial crisis: evidence across OECD countries'. Manchester School, 86 (5):559-585. [DOI]
Journal Publication ResearchOnline@JCU
Cooray, Arusha; Schneider, Friedrich (2018) 'Does corruption throw sand into or grease the wheels of financial sector development?'. Public Choice, 177 :111-133. [DOI]
Journal Publication Open Access ResearchOnline@JCU
Cooray, Arusha; Marfouk, Abdeslam; Nazir, Maliha (2018) 'Public opinion and immigration: who favours employment discrimination against immigrants?'. International Migration, 56 (6):5-23. [DOI]
Journal Publication ResearchOnline@JCU
Cooray, Arusha; Dutta, Nabamita; Mallick, Sushanta (2017) 'The right to be free: is media freedom good news for women's rights?'. Journal of Institutional Economics, 13 (2):327-355. [DOI]
Journal Publication ResearchOnline@JCU
Apergis, Nicholas; Cooray, Arusha (2017) 'Economic Freedom and Income Inequality: Evidence from a Panel of Global Economies— A Linear and a Non-Linear Long-Run Analysis'. Manchester School, 85 (1):88-105. [DOI]
Journal Publication ResearchOnline@JCU
Dzhumashev, Ratbek; Cooray, Arusha (2017) 'The Feldstein-Horioka hypothesis revisited'. B.E. Journal of Macroeconomics, 17 (1). [DOI]
Journal Publication ResearchOnline@JCU
Vadlamannati, Krishna Chaitanya; Cooray, Arusha (2017) 'Transparency pays? Evaluating the effects of the Freedom of Information laws on perceived government corruption'. Journal of Development Studies, 53 (1):116-137. [DOI]
Journal Publication ResearchOnline@JCU
Cooray, Arusha; Dzhumashev, Ratbek; Schneider, Friedrich (2017) 'How does corruption affect public debt? An empirical analysis'. World Development, 90 :115-127. [DOI]
Journal Publication ResearchOnline@JCU
Hassan, Gazi; Cooray, Arusha; Holmes, Mark (2017) 'The effect of female and male health on economic growth: cross-country evidence within a production function framework'. Empirical Economics, 52 (2):659-689. [DOI]
Journal Publication ResearchOnline@JCU
Cooray, Arusha; Dutta, Nabamita; Mallick, Sushanta (2017) 'Trade openness and labor force participation in Africa: the role of political institutions*'. Industrial Relations, 56 (2):319-350. [DOI]
Journal Publication ResearchOnline@JCU
Cooray, Arusha; Schneider, Friedrich (2016) 'Does corruption promote emigration? An empirical examination'. Journal of Population Economics, 29 (1):293-310. [DOI]
Journal Publication ResearchOnline@JCU
Apergis, Nicholas; Cooray, Arusha (2016) 'Debt uncertainty and economic growth: evidence from five highly indebted Eurozone countries'. Applied Economics Letters, 23 (3):171-174. [DOI]
Journal Publication ResearchOnline@JCU
Apergis, Nicholas; Cooray, Arusha (2016) 'Old wine in a new bottle: Trade openness and fdi flows-are the emerging economies converging?'. Contemporary Economic Policy, 34 (2):336-351. [DOI]
Journal Publication ResearchOnline@JCU
Cooray, Arusha (2016) 'Do International Flows Increase Enrollment Rates?'. Macroeconomic Dynamics, 20 (4):1051-1072. [DOI]
Journal Publication ResearchOnline@JCU
Cooray, Arusha; Dutta, Nabamita; Mallick, Sushanta (2016) 'Does female human capital formation matter for the income effect of remittances? Evidence from developing countries'. Oxford Development Studies, 44 (4):458-478. [DOI]
Journal Publication ResearchOnline@JCU
Vadlamannati, Krishna Chaitanya; Cooray, Arusha (2016) 'Do freedom of information laws improve bureaucratic efficiency? An empirical investigation'. Oxford Economic Papers, 68 (4):968-993. [DOI]
Journal Publication ResearchOnline@JCU
Brazys, Samuel; Cooray, Arusha; Kolås, Åshild; Vadlamannati, Krishna (2021) 'Editorial: New conversations in development studies' Journal of International Development, 33 (6) :947-952. [DOI]
Journal Contribution ResearchOnline@JCU
Cooray, Arusha (2023) 'Corruption and the Financial Sector: An examination of the literature' In: Cooray, Arusha (2023) Corruption and the Financial Sector: An examination of the literature. In: Jha, Chandan Kumar, Mishra, Ajit, and Sarangi, Sudipta, (eds.) The Political Economy of Corruption. Routledge Frontiers of Political Economy . Routledge, Abingdon, Oxon, UK, pp. 87-99(Eds.). The Political Economy of Corruption. Abingdon, Oxon, UK : Routledge. [DOI]
Wacker, Konstantin M.; Cooray, Arusha; Gaddis, Isis (2017) 'Globalization and female labor force participation in developing countries: An empirical (Re-)assessment' In: Wacker, Konstantin M., Cooray, Arusha, and Gaddis, Isis (2017) Globalization and female labor force participation in developing countries: An empirical (Re-)assessment. In: Christensen, Bent Jesper, and Kowalczyk, Carsten, (eds.) Globalization: Strategies and Effects. Springer Nature, Berlin, Germany, pp. 545-583(Eds.). Globalization: Strategies and Effects. Berlin, Germany : Springer Nature. [DOI]