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Prof. Dr. Christopher Hartwell

Prof. Dr. Christopher Hartwell

Prof. Dr. Christopher Hartwell

ZHAW School of Management and Law
International Management Institute
Theaterstrasse 17
8400 Winterthur

+41 (0) 58 934 60 72

Personal profile

Management role

Director of Institute, International Management Institute

Expertise and research interests

The intersection of politics and business, especially the financial sector; trade and growth; environmental policy; transition economics

Educational background

PhD, Economics, Warsaw School of Economics (SGH), 2011
MPP, International Trade and Finance, Harvard University Kennedy School, 1997
BA, Economics and Political Science, University of Pennsylvania, 1995

Professional milestones

2021 - Head of the International Management Institute, Zurich University of Applied Sciences (ZHAW)
2018 – 2021 Professor, Bournemouth University, UK
2014 – Present Associate Professor (2014-2018) and Professor (2018-present), Kozminski University, Warsaw, Poland
2014 – Present President (2014-2018), Fellow (2018-present), and Director for Macro and Trade (2019), CASE – Center for Social and Economic Research, Warsaw, Poland
2010 – Present Head of Global Markets and Institutional Research, Institute for Emerging Market Studies (IEMS) at Moscow School of Management - SKOLKOVO, Moscow, Russia (2012-2014); Visiting Research Fellow, Institute for Emerging Market Studies, Beijing, China & Moscow, Russia (2010-2012, 2014-2015, 2019-present).
2011-2012 Business Environment and Private Sector Development Specialist, Cardno Emerging Markets
2011 Private Sector Development Specialist, USAID Local Development Project, Kyrgyzstan
2011 Administrative Barriers Expert, USAID Competitiveness and Trade Project, Azerbaijan
2010 – 2011 Senior Business Environment Expert, International Finance Corporation, Tonga, Vanuatu, Solomon Islands, Papua New Guinea
2008 – 2010 Country Representative and Investment Climate Advisor, International Finance Corporation, Tonga
2008 Business Environment Expert, UNDP, Armenia
2007 – 2008 Deputy Chief of Party, USAID Social Protection Strengthening Project, Armenia
2006 Strategic Planning Expert, World Bank, Armenia
2006 Wine Industry Expert, USAID Kosovo Cluster Business Project, Kosovo
2006 Public Administration Expert, USAID Public Administration Reform Project, Georgia
2006 SME Development Expert, The Services Group, Afghanistan
2006 Public Administration Expert, The Services Group, Afghanistan
2005 Public Administration Expert, The Services Group, Bosnia
2004 – 2005 Deputy Chief of Party, USAID Fiscal Reform in Support of Trade Liberalization (FRST) Project, Washington, DC
2002 – 2004 International Economist, U.S. Department of the Treasury, Washington, DC, USA; Coverage of Estonia, Hungary, Kosovo, and Macedonia
2000 – 2002 Senior Analyst, Emerging Markets Partnership – Financial Advisors, Washington, DC, USA
1998 – 2000 Policy Analyst, Reason Public Policy Institute, California, USA
1997 – 1998 Research Assistant to Jeffrey Sachs, John Gallup, and Ashok Rai, Harvard Institute for International Development, Massachusetts, USA
1996 – 1997 Consultant, Bundesministerium für Wirtschaft, Germany
1994 – 1995 Research Assistant to Yochanan Shachmurove, University of Pennsylvania, Pennsylvania, USA


Articles in scientific journal, peer-reviewed
Publications before appointment at the ZHAW


Two Roads Diverge: The Transition Experience of Poland and Ukraine (Cambridge: Cambridge University Press), 2016, ISBN 978-110-7112-01-8.

Institutional Barriers in the Transition to Market: Examining Performance and Divergence in Transition Economies (Basingstoke: Palgrave Macmillan), 2013. ISBN 978-113-7323-70-5.

Russia in the Middle East and North Africa: Continuity and Change, editor (with Valeria Talbot, Eleonora Taforo, and Aleksandra Chmielewska), Routledge, May 2020. ISBN 978-036-7251-28-4.

Refereed Journal Articles

1. “Institutions and Trade-Related Inequality,” Early View, International Journal of Finance & Economics, (2020).

2. “Shooting for the Tsars: Heterogeneous political volatility and institutional change in Russia,” Terrorism and Political Violence, Online First, (2020).

3. “The Eurasian Economic Union: Integration Without Liberalization?” (with Rilka Dragneva), Post-Communist Economies, online first, (2020).

4. “Burning the Rechtsstaat: Legal Institutions and Protection of the Rule of Law” (with Mateusz Urban), Journal of Institutional Economics, Vol. 17 no1. 1 (2021), pp. 105-131.

5. “Identity and the Evolution of Institutions: Evidence from Partition and Interwar Poland,” Forum for Social Economics, Vol. 50 no. 1 (2021),, pp. 61-82.

6. “¿Queda espacio para crecer? Oportunidades para el comercio agroalimentario en el contexto de la modernización del acuerdo de asociación entre la UE y Chile [Room to Grow? Opportunities in Agri-food Trade in a Modernised EU-Chile Association Agreement]” (with Bruno Henry de Frahan and Alberto Valdes), Estudios Publicos, vol. 158 (2020, June), pp. 61-91.

7. “Join the Club: The Reaction of Eurozone Stock Markets to New Members” (with Žana Grigaliūnienė and Dmitrij Celov), Journal of International Financial Markets, Institutions & Money, 66 (2020),

8. “Varieties of Populism: The Rise of Populism and the Challenge for Global Business Strategy” (with Timothy Devinney), Global Strategy Journal, Vol. 10 no. 1 (2020), pp. 32-66.

9. “Complexity, Uncertainty, and Monetary Policy: Can the ECB Avoid the Unconventional Becoming the ‘New Normal’?” The Economists’ Voice, vol 16 no. 1 (2019),

10. “Informal institutions and firm valuation” (with Anna Malinowska), Emerging Markets Review, 40 (2019),

11. “Democratic Institutions, Natural Resources, and Income Inequality” (with Roman Horvath, Eva Horvathova, and Olga Popova), Comparative Economic Studies, Vol. 61 no. 4 (2019), pp. 531-550.

12. “Short Waves in Hungary, 1923 and 1946: Persistence, Chaos, and (Lack of) Control,” Journal of Economic Behavior and Organization, 163 (2019), pp. 532-550.

13. “On the Impossibility of Central Bank Independence: Four Decades of Time- (and Intellectual) Inconsistency,” Cambridge Journal of Economics, Vol. 43 no. 1 (2019), pp. 61-84.

14. “The Effect of Political Volatility on Capital Markets in EU Accession and Neighborhood Countries,” Journal of Economic Policy Reform, Vol. 21 no. 4 (2018), pp. 260-280.

15. “Bringing the Benefits of David to Goliath: Special Economic Zones and Institutional Improvement,” Regional Studies, Vol. 52, no. 10 (2018), pp. 1309-1321.

16. “The Impact of Investments in Special Economic Zones on Regional Development: The Case of Poland,” (with Adam Ambroziak), Regional Studies, Vol. 52 no. 10 (2018), pp. 1322-1331.

17. “The Hierarchy of Institutions Reconsidered: Monetary Policy and Rule of Law in Interwar Poland,” Explorations in Economic History, Volume 68 (2018), pp. 37-70.

18. “Old wine and new bottles: A critical appraisal of the middle-income trap in BRICS countries,” Russian Journal of Economics, Vol. 4 no. 2 (2018), pp. 133-154.

19. “Institutional and Financial Volatility in Transition Economies,” Journal of Comparative Economics, Vol. 46 no. 2 (2018), pp. 598-615.

20. “Firm-level and institutional determinants of corporate capital structure in Poland: New evidence from the Warsaw Stock Exchange,” (with Anna Malinowska), Czech Journal of Economics and Finance, Vol. 68 no.2 (2018), pp. 120-143.

21. “Foreign Banks and the Business Environment in Transition: A Cointegration Approach,” Post-Communist Economies, Vol. 30 no. 1 (2018), pp. 19-35.

22. “Understanding ‘Development:’ Insights from Some Aspects of Complexity Theory,” Homo Oeconomicus, Vol. 34, no. 2 (2017), pp. 165-190.

23. “Determinants of Property Rights in Poland and Ukraine: The Polity or Politicians?” Journal of Institutional Economics, Vol. 13, no. 1 (2017), pp. 133-160.

24. “The Co-Evolution of Finance and Property Rights: Evidence from Transitional Economies,” Journal of Economic Issues, Vol. 51, no. 1 (2017), pp. 73-97.

25. “If You’re Going Through Hell, Keep Going: Non-linear Effects of Financial Liberalization in Transition Economies," Emerging Markets Finance and Trade, Vol. 53, no. 2 (2017), pp. 250-275.

26. “The Institutional Basis of Efficiency in Resource-Rich Countries,” Economic Systems, Vol. 40, no. 4 (2016), pp. 519-536 (lead article).

27. “Improving Competitiveness in the Member States of the Eurasian Economic Union: A Blueprint for the Next Decade,” Post-Communist Economies, Vol. 28, no. 1 (2016), pp. 49-71.

28. “Quantifying Non-Tariff Barriers in Ukraine: A Comprehensive Trade Cost Approach,” Applied Economics Letters, Vol. 23 no. 1 (2016), pp. 47-55.

29. “Volatility Spillovers and Contagion in Emerging Europe” (with Konstantin Asaturov and Tamara Teplova), Journal of Applied Economic Sciences, Volume X Issue 6 (2015), pp. 929-945.

30. “A Helping Hand: Examining the Effect of Foreign Banks on the Business Environment,” (with Bryane Michael), International Journal of Emerging Markets, Vol. 11 no. 4 (2015), pp. 875-895.

31. “Wealth Management and Private Banking Services in Developing Markets” (with Bryane Michael and Gary Ho), Journal of Investment Consulting, Vol. 16 no. 1 (2015), pp. 10-19.

32. “Après le déluge: Institutions, the Global Financial Crisis, and Bank Profitability in Transition,” Open Economies Review, Vol. 26 no. 3 (2015), pp. 497-524.

33. “Baudrillard Goes to Kyiv: Institutional Simulacra in Transition,” Journal of Economic and Social Thought, Vol. 2 no. 2 (2015), pp. 92-105.

34. “Revisiting the Environmental Rewards of Economic Freedom” (with Don L. Coursey), Economics and Business Letters, Vol. 4 no. 1 (2015), pp. 36-50.

35. “Capital Controls and the Determinants of Entrepreneurship,” Czech Journal of Economics and Finance, Vol. 64 no. 6 (2014), pp. 434-456.

36. “Do (Successful) Stock Exchanges Support or Hinder Institutions in Transition Economies?” Cogent Economics & Finance, Vol. 2 No. 1 (2014),

37. “Developments in the Economies of Member States Outside the Eurozone,” (with Richard Connolly), JCMS: Journal of Common Market Studies, Volume 52, Issue S1 (2014), pp. 202-218.

38. “Capitalism and (versus?) Democracy: Stock Markets and Democratization in Transition,” Applied Economics Letters, Volume 21, no. 14 (2014), pp. 979-983.

39. “Institutional Deterioration in Transition Economies: Playing Follow-the-Leader during the Global Financial Crisis?” Transition Studies Review, Vol. 20 no. 2 (2013), pp. 131-147.

40. “A Eurasian (or a Soviet) Union? Consequences of Further Economic Integration in the CIS,” Business Horizons, Vol. 56 no. 4 (2013), pp. 411-420.

41. “The Role of Central Banks in Maintaining Monetary Stability during the Global Financial Crisis,” Banks and Bank Systems, Vol. 7 no. 3 (2012), pp. 51-69.

42. “Employment Protection Legislation and the Labour Market: Assessing the Effects of Armenia’s Labour Code,” European Journal of Comparative Economics, Vol. 7, no. 2 (2010), pp. 413-445.

43. “Simplifying Permitting in the United States,” Strategic Planning for Energy and the Environment, Vol. 19 no. 2 (Fall 1999), pp. 57-79.

Book Chapters
“Managing Around Populism” (with Tim Devinney), in Van Tulder, R. and Verbeke, A. (eds.), Progress in International Business Research, Vol. 15 (Bingley, UK: Emerald), 2021.

“Adapting to Populism’s Moment: Political Uncertainty and Business Strategy” (with Tim Devinney), in Park, S. & Perez M.A.G. (eds.), The Palgrave Handbook of Sustainability in the Digital Era (Basingstoke: Palgrave Macmillan), 2021.

“Central Banks and Institutional Evolution in Transition,” in Yagci, M. (ed.), The Political Economy of Central Banking in Emerging Economies (New York: Routledge), 2020, pp. 39-55, ISBN 978-0-367420-99-4.

“Russia in the MENA Region: A Familiar Tale of Economic Means to Political Ends,” in Talbot, V. et al. (eds.), Russia in the Middle East and North Africa: Continuity and Change (New York: Routledge), pp. 104-126, ISBN 978-0-367251-28-4.

“At the Heart of Europe: the Czech Republic and Economic Integration with the EU,” in Felmery, Z. (ed.), Economic Integration and Interdependence in Central and Eastern Europe (Budapest: Dialog Campus Publishing), 2020, pp. 89-112.

“Special Economic Zones and the Political Economy of Place-Based Policies,” in Fischer, M.M. & Nijkamp, P. (eds.), Handbook of Regional Science (Berlin: Springer),

“Poland,” with Katarzyna Sidło, chapter in Europa Publications (ed.), Central and South-Eastern Europe 2020 (London: Routledge), 2019, ISBN 978-0-367175-07-8.

“Poland,” with Katarzyna Sidło, chapter in Europa Publications (ed.), Central and South-Eastern Europe 2019 (London: Routledge), 2018, ISBN 978-1-857439-38-0.

“Poland,” with Katarzyna Sidło, chapter in Europa Publications (ed.), Central and South-Eastern Europe 2018 (London: Routledge), 2017, ISBN 978-1-857438-76-5.

“Poland,” with Katarzyna Sidło, chapter in Europa Publications (ed.), Central and South-Eastern Europe 2017 (London: Routledge), 2016, ISBN 978-1-857438-44-4.

“TTIP and Social Protection,” with Jan Teresiński, chapter in Francois (ed.), TTIP and the EU Member States (Bern: World Trade Institute), January 2016. ISBN 978-3-9524597-0-6.

“Sustainable Public Budgets,” with Marcello Signorelli, chapter in Hölscher and Tomann (eds.), Palgrave Dictionary of Emerging Markets and Transition Economics (Basingstoke: Palgrave Macmillan), November 2015. ISBN 978-113-7371-37-9.

“Institutional Reform,” chapter in Hölscher and Tomann (eds.), Palgrave Dictionary of Emerging Markets and Transition Economics (Basingstoke: Palgrave Macmillan), November 2015. ISBN 978-113-7371-37-9.

“Property Rights,” chapter in Hölscher and Tomann (eds.), Palgrave Dictionary of Emerging Markets and Transition Economics (Basingstoke: Palgrave Macmillan), November 2015. ISBN 978-113-7371-37-9.

“The Impact of Liberalization on Financial Volatility: The Case of Transition Economies,” chapter in Karkowska (ed.), Challenges to Financial Stability – Perspective, Models and Policies Volume 1 (Bucharest: ASERS Publishing), January 2015, pp. 121-142. ISBN 978-606-8689-01-2.

“Eastern Europe: Different Paths to Transition,” chapter in Burki and Erikson (eds.), Transforming Socialist Economies (New York: Palgrave Macmillan), 2005. ISBN: 978-140-3936-62-2.