Heimonen Kari, Professor / Professori

Heimonen Kari, Professor / Professori


Professor Kari Heimonen is vice dean in School of Business and Economics. He is also head of the economics department. As a vice dean he is the head of faculty research council, member of the University of Jyväskylä research council, member of the JSBE faculty board. Professor Kari Heimonen did his doctoral studies in FDPE and was a visiting resercher in LSE, became a doctor in the Jyväskylän university, has been a visiting scholar in the MIT, Bank of Finland. He has been an expert adviser and co-coordinator of the International Economics and Political Economy Seminar Group of the FDPE.

Areas of Interest

Macro finance: exchange rates, capital flows, currency substitution, monetary policy issues in open economy.  Empirical open economy macroeconomics, applied time-serie analysis.

Research Areas

Macro finance

Recent Publications

  • Heimonen, K., Miyagawa, S., & Morita, Y. (2015). The financial crisis of the 1990s in Finland and Japan. In Y. Tanaka, T. Tamaki, J. Ojala, & J. Eloranta (Eds.), Comparing Post War Japanese and Finnish Economies and Societies : Longitudinal perspectives (pp. 132-153). Routledge Studies in the Modern World Economy (135). Routledge.
  • Lehkonen, H. & Heimonen, K. (2015). Democracy, political risks and stock market performance. Journal of International Money and Finance, 59, 77-99.
  • Nieminen, M., Heimonen, K. & Mangeloja, E. (2015). Culture and current account balancesApplied Economics Letters, 22(11), 886-890.
  • Lehkonen, Heikki and Heimonen, Kari (2014) Time-scale dependent stock market comovement: BRICs vs. developed Markets. Journal of Empirical Finance 28, September, 90-103.
  • Heimonen Kari (2010) Money and Equity Returns in the Euro-zone, Global Finance Journal, Vol. 21, pp.152-169.
  • Heimonen Kari (2009) The Euro-Dollar Exchange Rate and Equity Flows, Review of Financial Economics, Vol.18. pp.202-209.
  • Heimonen Kari (2008) Substituting a Substitute Currency, International Review of Economics and Finance, Vol 17, pp 66-84.
  • Heimonen Kari (2006) Nonlinear Adjustment in PPP- Evidence from Threshold Cointegration, Empirical Economics, Vol.31, pp.479-495.

Teaching (list of courses)


  • KTTA620 Theory of International Trade
  • KTTP615 Economics of European Integration
  • KTTA150 Macroeconomics I
  • KTTS631 Economics of Exchange Rates

The current work is dealing among others, with stock market integration, dynamics of the real exchage rate and equity market, preformance of the emerging market stock market, the stability of exchange rate and economic performance.