Asli Leblebicioglu

Asli Leblebicioglu

Assc Professor

Marxe School of Public and International Affairs

Department: Public Affairs

Areas of expertise: International and Macroeconomics

Email Address: asli.leblebicioglu@baruch.cuny.edu

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Dr. Leblebicioglu is the Marxe Chair in International Economics. Her research program is centered around issues in international macroeconomics, with a special focus on financial frictions, trade policy, and economic growth. She has published theoretical and empirical studies analyzing how international trade and financial linkages affect investment decisions, growth and economic fluctuations in emerging markets, as well as the U.S. economy. She previously held appointments at North Carolina State University, and the University of Texas at Dallas. Dr. Leblebicioglu holds a PhD from Boston College.

Education

Ph.D., Economics, Boston College

M.A., Economics, Boston College

B.A., Economics, Bogazici University Istanbul

Books

Kaya, A., & Leblebicioglu, A. (2026). World Bank's Climate Finance as a Global Public Good: Allocation Dynamics, Catalytic & Greening Impacts.

Journal Articles

Kandilov, I., & Leblebicioglu, A. (2026). Trade Secrets Protection and Foreign Direct Investment. Economic Inquiry,

(2026). Policy Uncertainty and Foreign Investors’ Entry ModeChoice: Greenfield vs. Cross-Border M&A. Journal of International Economics, In Progress.

Kaya, A., & Leblebicioglu, A. (2026). The Catalytic Impact of the World Bank's Climate Finance in Emerging Markets. World Bank Economic Review, In Progress.

(2025). The Not So Uniform Effects of Trade Secret Protection on Business Entry. American Economic Journal: Economic Policy, 17(4). 192-227.

(2025). Understanding The World Bank’s Role in Climate Finance. Climatic Change, 178.

Leblebicioglu, A., & Weinberger, A. (2021). Openness and Factor Shares: Is Globalization Always Bad for Labor?. Journal of International Economics, 128(January 2021).

Leblebicioglu, A., & Weinberger, A. (2020). Credit and the Labor Share: Evidence from U.S. States. The Economic Journal, 130(630). 1782-1816.

Kandilov, I., Leblebicioglu, A., & Manghnani, R. (2019). Trade Liberalization and Investment in Foreign Capital Goods: A Look at the Intensive Margin. Emerging Markets Finance and Trade, 1-24.

Kandilov, I., Leblebicioglu, A., & Petkova, N. (2017). Cross-Border Mergers and Acquisitions: The importance of Local Credit and Source Country Finance. Journal of International Money and Finance, 70. 288-318.

Kim, K. S., & Leblebicioglu, A. (2017). The Impact of Multinational Presence on Domestic Investment: Firm-level Evidence from South Korea. Southern Economic Journal, 84(2). 525-547.

Kandilov, I., Leblebicioglu, A., & Manghnani, R. (2017). Deregulation and Firm Investment: Evidence from the Dismantling of the License System in India. Applied Economics Letters, 24. 1031-1034.

Kandilov, I., Leblebicioglu, A., & Petkova, N. (2016). The Impact of Banking Deregulations on Inward Foreign Direct Investment: Transaction-level Evidence from the United States. Journal of International Economics, 100. 138-159.

Leblebicioglu, A., & Madariaga, J. (2015). Financial Flows, Composition of Capital and Growth. IMF Economic Review, 63(2). 325-352.

Hernandez, K., & Leblebicioglu, A. (2012). A Regime Switching Analysis of Exchange Rate Pass-through. Review of World Economics (Weltwirtschaftliches Archiv), 148(3). 523-552.

Kandilov, I., & Leblebicioglu, A. (2012). Trade Liberalization and Investment: Firm-level Evidence from Mexico. World Bank Economic Review, 26(2).

Guerron-Quintana, P., Grennes, T., & Leblebicioglu, A. (2011). Economic Development and Heterogeneity in the Great Moderation among the States. The B.E. Journal of Macroeconomics, 11(1). Article 21.

Kandilov, I., & Leblebicioglu, A. (2011). The Impact of Exchange Rate Volatility on Plant-level Investment: Evidence from Colombia. Journal of Development Economics, 94. 220-230.

Grennes, T., Guerron-Quintana, P., & Leblebicioglu, A. (2010). Economic Development and Volatility among the States. Economics Bulletin, 30(3). 1963-1976.

Bond, S., Leblebicioglu, A., & Schiantarelli, F. (2010). Capital Accumulation and Growth: A New Look at the Empirical Evidence. Journal of Applied Econometrics, 25(7). 1073-1099.

Leblebicioglu, A. (2009). Financial Integration, Credit Market Imperfections and Consumption Smoothing. Journal of Economic Dynamics and Control, 33(2). 377-393.

Book Chapters

Leblebicioglu, A., & Valcarcel, V. J. (2018). An International Perspective on the Loan Puzzle in Emerging Markets. In Barnett, W. A., & Sergi, B. S. (Eds.), Banking and Finance Issues in Emerging Markets, Series in International Symposia in Economic Theory and Econometrics ISETE (pp. 163-192). Bingley, UK. Emerald Press.

Leblebicioglu, A., & Kandilov, I. (2014). Exchange Rate Volatility and Exports: The Case of Colombia. In Morrissey, O., Lopez, R., & Sharma, K. (Eds.), Handbook on Trade and Development (p. Chapter 16). Edward Elgar Publishing.

Presentations

Leblebicioglu, A., & Kaya, A. The Catalytic Impact of the World Bank’s Climate Finance in Emerging Markets. Political Economy of Aid and Development Society. Georgetown University

Leblebicioglu, A., & Kaya, A. The Catalytic Impact of the World Bank’s Climate Finance in Emerging Markets. International Applied Econometrics Meetings.

Leblebicioglu, A., Dur, A., & Kandilov, I. Policy Uncertainty and Foreign Investors’ Entry Mode Choice: Greenfield vs. Cross-border M&A. International Applied Econometrics Meetings.

Leblebicioglu, A. Understanding the World Bank’s role in climate finance. Baruch College Conference on Climate Research, Teaching and Collaboration.

Leblebicioglu, A., Dur, A., & Kandilov, I. Policy Uncertainty and Reallocation in Foreign Investment. Econometric Society North America Summer Meetings.

Leblebicioglu, A. The Not So Uniform Effects of Trade Secret Protection on Business Entry. American Law and Economics Association Annual Conference.

Leblebicioglu, A. The Not So Uniform Effects of Trade Secret Protection on Business Entry. Midwest Macroeconomics Conference.

Leblebicioglu, A. (2026, August 24). Trade Secrets Protection and Foreign Investment. European Law and Economics Association.

Leblebicioglu, A. (2026, May 24). Does trade secret protection promote business entry rates in the US?. Inaugural Cross-College Faculty Research Symposium. Baruch College

Leblebicioglu, A., & Kandilov, I. Trade Secrets Protection and Foreign Investment. Empirical Trade Oral Seminar.

Leblebicioglu, A., & Weinberger, A. Openness and Factor Shares: Is Globalization Always Bad for Labor?. : University of Central Florida.

Leblebicioglu, A., & Weinberger, A. Openness and Factor Shares: Is Globalization Always Bad for Labor?. : Weissman Center for International Business, Baruch College.

Leblebicioglu, A., Kandilov, I., & Manghnani, R. Trade Liberalization and Investment in Foreign Capital Goods: A Look at the Intensive Margin. New York, NY: Marxe School of Public and International Affairs, Baruch College.

Leblebicioglu, A., & Weinberger, A. (2017, December 31). Credit and the Labor Share: Evidence from U.S. States. Arlington, VA: Schar School of Public Policy, George Mason University.

Leblebicioglu, A. (2017, May 31). Trade Liberalization and Investment in Foreign Capital Goods: A Look at the Intensive Margin. Globalization and Development Workshop. : NOVAFRICA, World Bank and Banco de Portugal.

Leblebicioglu, A. (2017, May 31). Credit and the Labor Share: Evidence from U.S. States. Midwest Macroeconomics Conference. Baton Rouge, LA

Leblebicioglu, A. (2017, March 31). Trade Liberalization and Investment in Foreign Capital Goods: A Look at the Intensive Margin. : University of Oklahoma.

Leblebicioglu, A. (2016, April 30). Trade Liberalization and Investment in Foreign Capital Goods: A Look at the Intensive Margin. Conference on Asia and the Global Economy. : University of Virginia.

Leblebicioglu, A. (2016, June 30). The Impact of Multinational Presence on Domestic Investment: Firm-level Evidence from South Korea. Asian Development Bank-Hong Kong University Conference on Economic Development. Hong Kong

Leblebicioglu, A. (2015, September 30). Trade Liberalization and Investment in Foreign Capital Goods: A Look at the Intensive Margin. : Southern Methodist University.

Leblebicioglu, A. (2015, September 30). Trade Liberalization and Investment in Foreign Capital Goods: A Look at the Intensive Margin. Dynamics, Economic Growth and International Trade Conference. Geneva, Switzerland

Leblebicioglu, A. (2015, November 30). Trade Liberalization and Investment in Foreign Capital Goods: A Look at the Intensive Margin. Southern Economic Association Meetings.

Leblebicioglu, A. (2013, May 31). The Impact of Banking Deregulations on Inward Foreign Direct Investment: Transaction-level Evidence from the United States. Canadian Economic Association Meetings. Montreal

Leblebicioglu, A. (2013, November 30). The Impact of Banking Deregulations on Inward Foreign Direct Investment: Transaction-level Evidence from the United States. : California State University Fullerton.

Leblebicioglu, A. (2013, November 30). The Impact of Banking Deregulations on Inward Foreign Direct Investment: Transaction-level Evidence from the United States. Southern Economic Association Meetings. Tampa, FL

Leblebicioglu, A. (2012, November 30). Financial Flows, Composition of Capital and Growth. Midwest Macroeconomics Conference. Boulder, CO

Research Currently in Progess

Leblebicioglu, A., & Weinberger, A.(n.d.). Credit Availability and Product Scope. In Progress.

Honor / AwardOrganization SponsorDate ReceivedDescription
Fellowship Leave AwardBaruch College2026-01-01
Teaching Award, School of Economic, Political and Policy Sciences, University of Texas at Dallas2015-05-15
Gill AwardNorth Carolina State University2010
Gill AwardNorth Carolina State University2007

College

Committee NamePosition RoleStart DateEnd Date
Representative to the Weismann School of Arts and SciencesCommittee MemberPresent
Admissions and Scholarships CommitteeCommittee MemberPresent
Zicklin Graduate Curriculum CommitteeCommittee MemberPresent
Joint Committee for ResearchCommittee ChairPresent
Faculty Pilot Group for Interfolio 180Committee MemberPresent

Professional

OrganizationPosition RoleOrganization StateOrganization CountryStart DateEnd DateAudience
Reviewer, Journal Article1/1/2020Present
Journal of Economic Dynamics and ControlRefereeNew YorkUnited StatesPresentInternational
International Studies QuarterlyReviewer, Journal Article9/22/2025PresentInternational
Journal of Economic StudiesReviewer, Journal Article3/1/2024PresentInternational
Canadian Journal of EconomicsReviewer, Journal ArticleQuebecCanada1/9/2021PresentInternational
Finance Research LettersReviewer, Journal Article7/13/2026PresentInternational
Journal of International Money and FinanceRefereeNew YorkUnited StatesPresentInternational
Economic LettersRefereeNew YorkUnited States1/3/2022PresentInternational
Journal of International Financial Markets, Institutions and MoneyReviewer, Journal Article5/1/2024PresentInternational
Reviewer, Journal Article1/1/201912/31/2019
MiscellaneousReferee1/1/200512/31/2018International
DiscussantTexas12/31/2018

Public

OrganizationPosition RoleOrganization StateOrganization CountryStart DateEnd DateAudience
Baruch College Alumni AssociationGuest SpeakerPresentLocal
Marxe TalksGuest SpeakerPresentNational