Connel Fullenkamp
  • Connel Fullenkamp

  • Professor of the Practice of Economics
  • Economics
  • 329D Soc Sci Bldg, Durham, NC 27708
  • Campus Box 90097
  • Phone: (919) 660-1843
  • Curriculum Vitae
  • Overview

    Professor Fullenkamp specializes in the investigation of financial market development and regulation of financial markets. His projects often involve the exploration of such variables as immigrant worker remittances, economic policy, and the development of countries. His completed papers have appeared in various leading academic journals, including The Cato Journal, the Journal of Banking and Finance, the Review of Economic Dynamics, and the Review of Economics and Statistics. Titles of his publications include, “Capital Trading, Stock Trading, and the Inflation Tax on Equity” with Scott Baier, Charles Carlstrom, Ralph Chami, Thomas Cosimano, and Timothy Fuerst; “Assessing Individual Risk-Attitudes Using Field Data from Lottery Games” with Rafael Tenorio and Robert Battalio; “Are Immigrant Remittance Flows a Source for Capital Development” with Ralph Chami and Samir Jahjah; and more. Professor Fullenkamp is currently focusing his studies on the impact of immigrant remittances on economic growth and the framework for financial market development.
  • Bio

    Connel R. Fullenkamp is Professor of the Practice and Director of Undergraduate Studies in the Economics Department at Duke University. He joined the Duke faculty in 1999. Along with his professorship, he has also served as consultant for the Duke Center for International Development since 2003. He has also been a visiting scholar and consultant at the IMF Institute of the International Monetary Fund in Washington, D.C. since 1999. In this role, he has designed training courses in financial regulation for the IMF Institute and then taught these courses to groups of government officials around the world, working alongside IMF economists. Professor Fullenkamp earned his B.A. from Michigan State University in 1987 and his M.A. from Harvard University in 1989. He also earned his Ph.D. from Harvard University in 1992, after which he became an assistant professor in the Department of Finance and Business Economics at the University of Notre Dame until 1999.

    Professor Fullenkamp specializes in economic policy, financial market development, and regulation of financial markets. He has conducted his recent research on creating a framework for financial market development as well as improving the structure and conduct of financial market regulation. He has also done significant research on migrant worker remittances, especially the impact of immigrant remittances on macroeconomic performance such as economic growth. A common theme throughout his research has been to study how risks are shared and managed, and how to design policies that improve the management of risk, particularly in the financial markets. His work has been published in a number of prestigious academic journals, including the Journal of Economic Policy Reform, Review of Economic Dynamics, The Cato Journal, the Journal of Banking and Finance, and The IMF Staff Papers.

    For his excellent work as a teacher and researcher, Professor Fullenkamp has received numerous honors. He was given the Alumni Distinguished Undergraduate Teaching Award in 2005 by the Duke University Alumni Association and was nominated for the award each year from 2000-2004. He also earned the Outstanding Teacher Award from the University of Notre Dame College of Business in 1998. Before beginning his teaching career, he received the Harry S. Truman Scholarship in 1985 and the National Science Foundation Graduate Fellowship in 1988.
  • Specialties

    • Financial Economics
    • 8715
    • Economic Growth and Technological Change
    • Macroeconomics
  • Working Papers

    • C.R. Fullenkamp, Adolfo Barajas, Ralph Chami, Michael T. Gapen, and Peter Montiel.
    • (2009).
    • Do Workers’ Remittances Promote Economic Growth?.
    • IMF Working Papers
    • .
    • C.R. Fullenkamp, Ralph Chami and Sunil Sharma.
    • (2004).
    • “Toward a Framework for Financial Market Development.
    • IMF Institute - mimeo.
    • C.R. Fullenkamp, Saleh Nsouli.
    • (2004).
    • Six Puzzles in Electronic Money and Banking.
    • IMF Working Paper 04-19
    • .
    • C.R. Fullenkamp, Thomas Cosimano and Richard Sheehan.
    • (2004).
    • An Examination of Deposit Rate Setting by Large Financial Institutions.
    • .
    • (currently under revision at the Journal of Financial Intermediation)
    • C.R. Fullenkamp, Ralph Chami and Thomas Cosimano.
    • (March, 1999).
    • The Stock Market Channel of Monetary Policy.
    • IMF Working Paper.
  • Current Projects

    Impact of immigrant remittances on economic growth, Framework for financial market development
  • Areas of Interest

    financial market development
    regulation of financial markets
  • Education

      • Ph.D.,
      • Economics,
      • Harvard University,
      • 1992
      • M.A.,
      • Economics,
      • Harvard University,
      • 1989
      • B.A.,
      • Economics,
      • Michigan State University,
      • 1987
  • Awards, Honors and Distinctions

      • Alumni Distingushed Undergraduate Teaching Award,
      • Duke University Alumni Association,
      • September 2005
      • Duke University Alumni Distinguished Undergraduate Teaching Award nominee,
      • 2000-2004
      • Harry S. Truman Scholarship,
      • 1985
      • National Science Foundation Graduate Fellowship,
      • 1988
      • University of Notre Dame College of Business Outstanding Teacher Award,
      • 1998
  • Recent Publications

      • R Chami and C Fullenkamp.
      • (2013).
      • Beyond the household.
      • Finance and Development
      • ,
      • 50
      • (3)
      • ,
      • 48-51.
      • R Chami, C Fullenkamp and S Sharma.
      • (2010).
      • A framework for financial market development.
      • Journal of Economic Policy Reform
      • ,
      • 13
      • (2)
      • ,
      • 107-135.
      • [web]
      Publication Description

      A framework for examining the process of financial market development is proposed. The framework is anchored in studying the incentives facing the key players in financial markets - borrowers, lenders, liquidity providers, and regulators - whose actions determine whether and how markets develop. While different financial instruments embody different concessions by borrowers and lenders, the framework emphasizes two main compromises: the tradeoffs between maturity and collateral, and between seniority and control in the sequencing of market development. © 2010 Taylor & Francis.

      • CR Fullenkamp, R Chami, A Barajas and A Garg.
      • (2010).
      • The Global Financial Crisis and Workers’ Remittances to Africa: What’s the Damage?.
      • Journal of African Development
      • ,
      • 12
      • (1)
      • ,
      • 59-78.
      • R Chami and C Fullenkamp.
      • (2009).
      • Development a wobbly crutch.
      • Finance and Development
      • ,
      • 46
      • (4)
      • ,
      • 31-.
      • R Chami, A Barajas, T Cosimano, C Fullenkamp, M Gapen and P Montiel.
      • (2008).
      • Macroeconomic consequences of remittances.
      • IMF Occasional Papers
      • ,
      • 1-84.
      • International Monetary Fund.
      • [web]
      Publication Description

      Two main issues that are of interest to policymakers with regards to remittances include how to manage macroeconomic effects and how to harness development potential in developing countries. A global study of the comprehensive macroeconomic effects of remittances on the economies that receive them addresses the above questions by reporting results. The study also draws summary policy implications for countries that receive significant flows of remittances. Based on the study, remittances improve households' welfare by lifting families out of poverty and insuring them against income shocks. However, the study also yields a number of caveats and policy considerations that have been overlooked: measurement, fiscal policy, debt sustainability, fiscal discipline, economic growth, dutch disease effects, governance and incentives, and role of international financial institution. The main challenge for policymakers is to design policies that promote remittances and increase benefits while mitigating adverse side effects.

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  • Teaching

    • ECON 373.01
      • CORPORATE FINANCE
      • Social Sciences 119
      • MW 11:45 AM-01:00 PM
    • ECON 378.01
      • FINANCIAL RISK MANAGEMENT
      • Social Sciences 124
      • MWF 01:25 PM-02:15 PM
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