Dr. Basma Majerbi

Dr. Basma Majerbi
Associate Professor


PhD (Finance), McGill University; MSc (International Finance), HEC Montreal.

Office: BEC 244


  • International Asset Pricing
  • Foreign Exchange Risk
  • Financial Crises
  • Financial Development 
  • Financial System Diversity 
  • Sustainable Finance
  • Impact Investing 
  • Climate Finance

Basma joined Gustavson School in 2004 after completing her PhD in finance at McGill University. Her research interests are primarily in international finance, including international asset pricing, financial crises, currency risk and emerging markets. Her recent work explores the benefits of financial system diversity for sustainable development and macro-financial stability as well as the impact of climate risk on financial markets. Her research has been published in leading business journals and benefited from major research grants from national granting agencies.

Basma is passionate about sustainable finance and impact investing and integrates these themes in her graduate teaching in the MBA and MGB programs. Since 2009, she has overseen the calculation of the annual carbon footprint of Gustavson faculty, staff and students. She is a past recipient of the Gustavson Research Excellence Award, the MBA Best Professor of the Year Award and the Gustavson School Innovation Award. Basma is also a consultant with the International Monetary Fund where she contributes to training and capacity building programs on topics related to financial development and financial inclusion, monetary policy and other financial sector issues, offered to government officials in developing countries. She’s a member of the steering committee of the Canadian Sustainable Finance Network (CSFN) and is co-founder of the International Workshop on Financial System Architecture and Stability (IWFSAS), an annual conference offering a forum for academic researchers, practitioners and policy makers to discuss current issues related to the structure and design of financial systems and their impact on macro-financial stability and sustainable economic growth.

Journal Publications

Chung, H., Majerbi, B., & Rizeanu, S. (2015). Exchange Risk Premium and Firm Characteristics. Emerging Markets Review, Vol.22, 96-125.

Majerbi, B. & Rachdi, H. (2014). Systemic Banking Crises, Financial Liberalization and Governance. Multinational Finance Journal, 18 (3/4), 281-336.

Chaieb I., Errunza V. & Majerbi, B. (2013). Do Emerging Markets Provide Currency Diversification Benefits? International Journal of Banking, Accounting and Finance, 5, (1/2), 102-120.

Bouslimi L., Majerbi, B. (2012). The Role of Non-bank Financial Institutions and Credit Unions in Economic Growth. BRASSARD, M.-J. et E. MOLINA, dir.), The Amazing Power of Cooperatives, 665.

Carrieri, F., & Majerbi, B. (2006). The Pricing of Exchange Risk in Emerging Stock Markets. Journal of International Business Studies, 37, 372-391.

Carrieri, F., Errunza, V. & Majerbi, B. (2006). Does Emerging Markets Exchange Risk Affect Global Equity Prices. Journal of Financial and Quantitative Analysis, 41(3), 511-540.

Carrieri, F., Errunza, V. & Majerbi, B. (2006). Local Risk Factors in Emerging Markets: Are they Separately Priced? Journal of Empirical Finance, 13(4/5), 444-461.

Recognitions & Awards

2014 MBA Professor of the Year Award , MBA Students Council
2013 Faculty Innovation Award, Gustavson School of Business
2012 MBA Professor of the Year Award , MBA Students Council
2009 UVic Scholar Award, University of Victoria (2009-2014)
2007 Faculty Research Excellence Award, Gustavson School of Business
2004 UVic Scholar Award, University of Victoria (2004-2009)


  • SSHRC Partnership Development Grant ($199,557.00; 2016–2019), Principal Investigator

  • SSHRC Connections Grant ($16,954.00; 2016-2017), Co-Investigator

  • CFI-Leaders Opportunity Fund, Research Grant ($60,000.00; 2013-2016), Principal Investigator

  • BC Knowledge Development Fund, Research Grant ($60,000.00; 2013-2016), Principal Investigator

  • SSHRC Insight Grant ($63,000.00; 2006–2009), Principal Investigator

Courses Taught

  • Managerial Finance (MBA)
  • International Financial Management (MGB)
  • Finance for Impact (MBA)

Training & Capacity Building Courses (with IMF)

  • Financial Development and Financial Inclusion
  • Monetary Policy
  • Financial Markets Analysis 
  • External Vulnerabilities and Policies 
  • Macroeconomic Management and Financial Sector Issues