Publications and Working Papers

• Dr. Usman Rana, H.M.U. and O’Connor, F., (2023). “Domestic macroeconomic determinants of precious metals prices in developed and emerging economies: An international analysis of the long and short run”. International Review of Financial Analysis, p.102813. [CABS 3*- Impact Factor: 8.2]
• Rana, Hafiz Muhammad Usman & O’Connor, Fergal & Yerushalmi, Erez & Kim, H. Jae, 2025. “Asynchronous Market Efficiency in Precious Metals Markets a Local Currency Lens” Under Review in Finance Research Letter [CABS 2*- Impact Factor: 7.4]

Peer-reviewed Publications

• Dr. Usman Rana, H.M.U. and O’Connor, F., (2023). Domestic macroeconomic determinants of precious metals prices in developed and emerging economies: An international analysis of the long and short run. International Review of Financial Analysis, p.102813. [CABS 3*- Impact Factor: 8.2]
• Dr. Usman Rana & O’Connor, Fergal & Yerushalmi, Erez & Kim, H. Jae, 2024. “Market Efficiency Perspective of Precious Metals: Evidence from Developed and Emerging Economies,” CAFE Working Papers 28, Centre for Accountancy, Finance and Economics (CAFE), Birmingham City Business School, Birmingham City University.

Work in progress

• H Farrell, O’Connor, Dr. Usman Rana, H.M.U., and McLaughlin, E. (2025) “Evolving Efficiency of US and EU Carbon Markets”, aiming at International Review of Financial Analysis, p.102813. [CABS 3*- Impact Factor: 8.2]
• Naysary, B., Dr. Usman Rana Rana, H.M.U, Lucey B. and Wang, Y. (2025) “Can CBDCs Predict Volatility in Fintech Market” aiming at International Review of Financial Analysis, p.102813. [CABS 3*- Impact Factor: 8.2]
• Rana, H.M.U. and Hussain, JG. (2024) “Emergence of Ethnic Digital Entrepreneurship in the UK” aiming at [CABS 2* Journal of Small Business and Enterprise Development]

Conference Papers

• Kifayat Khan and Dr. Usman Rana, H.M.U. “Text Mining of News Articles in Financial Times for Open Banking”, Conference of the British Accounting and Finance Association Corporate Finance and Asset Pricing, 2024
• Dr. Usman Rana, H.M.U. and Khan, A. (2023) “Macroeconomic Determinants of Precious Metals Prices: Panel Data Evidence” [Presented at the 6th International Conference on Business, Management and Finance which was held in Cambridge, the United Kingdom during June 02 – 04, 2023]
• Dr. Usman Rana & O’Connor, Fergal & Yerushalmi, Erez & Kim, H. Jae, 2024. “Market Efficiency Perspective of Precious Metals: Evidence from Developed and Emerging Economies,” [Presented at the 3rd Conference on International Finance; Sustainable and Climate Finance and Growth in University of Reading. June 9-11, 2024]

Newspaper Article Publications (Knowledge Exchange)

•  Dr. Hafiz Muhammad Usman Rana, H.M.U. (2025) After the budget. The News International. Available at: https://www.thenews.com.pk/print/1326508-after-the-budget
• Dr. Usman Rana, H.M.U. (2025) Pakistan’s high-stakes budget. Available at: https://www.thenews.com.pk/print/1315594-pakistan-s-high-stakes-budget
• Dr. Usman Rana, H.M.U. (2025) Missiles, markets and missed opportunities. Available at: https://www.thenews.com.pk/print/1309669-missiles-markets-and-missed-opportunities
• Dr. Usman Rana, H.M.U. (2025) A fork in the digital road, the news. Available at: https://www.thenews.com.pk/print/1296547-a-fork-in-the-digital-road
• Dr. Usman Rana, H.M.U. (2025) Trade war fallout| Political Economy | thenews.com.pk. [online] Available at: https://www.thenews.com.pk/print/1296547-a-fork-in-the-digital-road
• Dr. Usman Rana, H.M.U. (2025) Reko Dig mine deal promises a golden future | Political Economy | thenews.com.pk. [online] Available at: https://www.thenews.com.pk/tns/detail/1278539-reko-diq-mine-deal-promises-a-golden-future
• Dr. Usman Rana, H.M.U. (2024) Beyond Diplomatic Victories | Political Economy | thenews.com.pk. [online] Available at Beyond Diplomatic Victories | Political Economy | thenews.com.pk
• Dr. Usman Rana, H.M.U. (2024) Pakistan’s Addiction to IMF Loans | Political Economy | thenews.com.pk. [online] Available at  Pakistan’s addiction to IMF loans | Political Economy | thenews.com.pk
• Dr. Usman Rana, H.M.U. (2024) Rebuilding trust | Political Economy | thenews.com.pk. [online] Available at  https://www.thenews.com.pk/tns/detail/1198326-rebuilding-trust
• Dr. Usman Rana, H.M.U. (2024) Economic survival in 2024| Political Economy | thenews.com.pk. [online] Available at https://www.thenews.com.pk/tns/detail/1147569-economic-survival-in-2024.
• Dr. Usman Rana, H.M.U. (2023) Digital currency and Pakistan’s economy | Political Economy | thenews.com.pk. [online] Available at https://www.thenews.com.pk/tns/detail/1114730-digital-currency-and-pakistans-economy
• Dr. Usman Rana, H.M.U. (2023) The Tax Challenge, the news. Available at: https://www.thenews.com.pk/print/1098183-the-tax-challenge
• Dr. Usman Rana, H.M.U. (2023) After the IMF deal | Political Economy | thenews.com.pk. [online] Available at: https://www.thenews.com.pk/tns/detail/1088436-after-the-imf-deal
• Dr. Usman Rana, H.M.U. (2022) Ratings and risks, the news. Available at: https://www.thenews.com.pk/print/1000647-ratings-and-risks
• Rana, H.M.U. (2022) Climate change exacerbates food insecurity. Available at: https://www.thenews.com.pk/tns/detail/994294-climate-change
• Dr. Usman Rana, H.M.U. (2022) Pakistan’s balance of payments crisis | Political Economy | thenews.com.pk (n.d.). Available at: https://www.thenews.com.pk/tns/detail/985996-pakistans-balance-of-payments crisis
• Dr. Usman Rana, H.M.U. (2022) Commodity cycles: challenges for Sharif regime. Available at: https://www.dawn.com/news/1692095
• Dr. Usman Rana, H.M.U. (2022) “Let’s Go for Gold” at: https://www.dawn.com/news/1677686/lets-go-for-gold
• Dr. Usman Rana, H.M.U. (2022) Exchange rate very critical under IMF at: https://www.dawn.com/news/1670298/exchange-rate-very-critical-under-imf
• Dr. Usman Rana, H.M.U. (2021) Pakistan’s unregulated gold market. Available at: http://tribune.com.pk/story/2326506/pakistans-unregulated-gold-market
• Dr. Usman Rana, H.M.U. (2021) Cryptocurrency: a solution to corruption and transparency. Available at: http://tribune.com.pk/story/2312848/cryptocurrency-a-solution-to-corruption-and-transparency