Patrycja Klusak

Dr, Dr

  • 1.25 Thomas Paine Study Centre

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Office hours after setting an appointment via email: Monday 11:00-12:00; Thursday 11:00-12:00

Personal profile


Dr Patrycja Klusak is an Associate Professor in Banking and Finance at University of East Anglia and an Affiliated Researcher at Bennett Institute for Public Policy at the University of Cambridge.

Her research investigates the behaviour and regulation of credit ratings agencies (CRAs), and their effects on financial systems. Her work evaluates the extent to which regulations achieve their aims, or whether they lead to unintended consequences. Her research also examines the relationship between firms’ financial flexibility and their ratings, the extent of herding behaviour by CRAs, potential conflicts of interests in the CRA industry, and the effect of environmental, social, and governance (ESG) metrics on firm ratings. Her interdisciplinary work combines climate science and environmental economics with her expertise in empirical banking and applied econometrics to investigate how climate change risks have and could affect sovereign ratings.

Dr Klusak holds a PhD in Accounting and Finance and a BA in Banking and Finance from Bangor University, and an MPhil in Real Estate Finance at Cambridge University.

Key Research Interests

Dr Klusak is a recipient of an Economic and Social Research Council (ESRC) PhD scholarship dedicated to an analysis of the regulatory changes to the Credit Rating Agency (CRA) industry. Recently in her work funded by INSPIRE grant her team developed a first climate adjusted sovereign credit rating. Other research interests include empirical banking and applied econometrics.


Teaching Interests

Oct 2015-present Norwich Business School, Lecturer in Banking and Finance; Teaching:International Financial Services (undergraduate).

Oct 2012 – Sept 2015 Bangor Business School & Bangor Business School London Centre; Graduate Tutor for modules: International Financial Markets (postgraduate), Financial Econometrics and Quantitative Methods (undergraduate).

Oct 2012 – Sept 2015 Trinity Foundation Programme Bangor, Trinity College University of DublinTeacher in Business Studies (A-level).

June 2011 – Aug 2012 Bangor Business School, Bangor University; Research Assistant and Student Liaison; teaching for modules:Comparative Banking (undergraduate) and Financial Stability (postgraduate).


Administrative Posts

Patrycja acts as a referee for Journal of Banking and Finance and Journal of European Finance.

She is also a Leader in Msc Banking and Finance.

Expertise related to UN Sustainable Development Goals

In 2015, UN member states agreed to 17 global Sustainable Development Goals (SDGs) to end poverty, protect the planet and ensure prosperity for all. This person’s work contributes towards the following SDG(s):

  • SDG 13 - Climate Action
  • SDG 14 - Life Below Water
  • SDG 15 - Life on Land

External positions

Affiliated Researcher, University of Cambridge

18 Sep 2019 → …


  • Finance
  • Social Sciences (General)

Media Expertise

  • Climate Change

Collaborations and top research areas from the last five years

Recent external collaboration on country/territory level. Dive into details by clicking on the dots or