Contact
International Monetary Fund
Monetary and Capital Markets Department
700 19th St NW Washington DC 20431 United States
rbouis [at] imf [dot] org
Fields of interest
Macro-Financial Linkages; Financial Stability; Monetary Policy.
You can download my curriculum vitae here.
Working papers
“Central Bank Digital Currencies and Financial Stability: Balance Sheet Analysis and Policy Choices,” with G. Gelos, P. Miettinen, F. Nakamura, E. Nier, and G. Soderberg, IMF Working Paper, No. 226, October 2024.
“Capital Controls in Times of Crisis – Do They Work?,” with A. Bhargava, A. Kokenyne, M. Perez-Archila, U. Rawat, and R. Sahay, IMF Working Paper, No. 67, March 2023.
“Do Capital Controls Limit Inflow Surges?,” with A. Bhargava, A. Kokenyne, M. Perez-Archila, U. Rawat, and R. Sahay, IMF Working Paper, No. 50, March 2023.
“Household Deleveraging and Saving Rates: A Cross-Country Analysis,” IMF Working Paper, No. 257, October 2021.
“Banks’ Holdings of Government Securities and Credit to the Private Sector in Emerging Market and Developing Economies,” IMF Working Paper, No. 224, October 2019.
“Product Market Deregulation and Growth: New Country-Industry-Level Evidence,” with R. Duval and J. Eugster, IMF Working Paper, No. 114, June 2016. Featured in April 2016 IMF WEO Chapter 3.
"On the Negative Relationship between IPO Volume and Initial Returns," mimeo, July 2012.
“The Short-Term Effects of Structural Reforms: An Empirical Analysis,” with O. Causa, L. Demmou, R. Duval, and A. Zdzienicka, OECD Economics Department Working Papers No. 949, March 2012. Featured in The Economist.
“The Policy and Institutional Drivers of Economic Growth Across OECD and Non-OECD Countries: New Evidence from Growth Regressions,” (with R. Duval and F. Murtin), OECD Economics Department Working Papers No. 843, February 2011.
“Does VC Fundraising Respond to Hot IPO Markets?”, mimeo, May 2004.
“IPO Cycles and Investment in High-Tech Industries”, Center for Financial Studies working paper 2003/47.
Refereed publications
“How Fast does Product Market Reform Pay Off? New Evidence from Non-Manufacturing Industry Deregulation in Advanced Economies,” with R. Duval and J. Eugster, Journal of Comparative Economics, Vol. 48, Issue 1, March 2020, pp. 198-217.
“How Quickly Does Structural Reform Pay Off? An Empirical Analysis of the Short-Term Effects of Unemployment Benefit Reform,” with O. Causa, L. Demmou, and R. Duval, IZA Journal of Labor Policy, December 2012, pp. 1-12.
“The Short-Term Timing of Initial Public Offerings,” Journal of Corporate Finance, Vol. 15, Issue 5, December 2009, pp. 587-601.
“Investment in Oligopoly under Uncertainty: the Accordion Effect,” with K. Huisman and P. Kort, International Journal of Industrial Organization, Vol. 27, Issue 2, March 2009, pp. 320-331.
“La concurrence favorise-t-elle les gains de productivité ? Analyse sectorielle dans les pays de l’OCDE,” with C. Klein, Économie et Statistique, No. 419-420, August 2009, pp. 73-99.
Policy papers
“Navigating Trade-Offs between Price and Financial Stability in Times of High Inflation,” with D. Capelle, G. Dell’Ariccia, C, Erceg, M. Soledad Martinez Peria, M. Sy, K. Teoh, and J. Vandenbussche, IMF Staff Discussion Note 2025/003, April 2025.
“The Netherlands: Financial Sector Assessment Program - Technical Note on Macroprudential Policy,” IMF Country Report, No. 171, June 2024.
“The Netherlands: Financial Sector Assessment Program - Technical Note on Systemic Risk Analysis,” with T. Broszeit, M.S. Dovì, J. Mok, and W. Sun. IMF Country Report, No. 174, June 2024.
"Capital Controls and Market Perceptions: Insights from an Investor Survey," with R. Sahay, A. Kokenyne, U. Rawat, Bhargava, A., and M. Perez Archila, in Gelos, G. and R. Sahay (eds): Shocks and Capital Flows: Policy Responses in a Volatile World. Chapter10. October 2023.
“Singapore: Financial Sector Assessment Program; Technical Note-Macroprudential Policy,” IMF Country Report, No. 227, July 2019.
“Private Investment to Rejuvenate Growth,” in Sub-Saharan Africa Regional Economic Outlook: Domestic Revenue Mobilization and Private Investment, with P. Cavallino, J. Gonzalez-Garcia, N. Mwase, H. Perez-Saiz, l. Wocken, M. Yenice, May 2018, pages 59-88, International Monetary Fund.
“The Informal Economy in Sub-Saharan Africa,” in Sub-Saharan Africa Regional Economic Outlook: Restarting the Growth Engine, with M. Cangul, H. Devine, A. Mansoor, L. Medina, C. Sancak, and F. Wu, May 2017, pages 49-68, International Monetary Fund.
“Secular Stagnation: Evidence and Implications for Economic Policy,” with K.-I. Inaba, L. Rawdanowicz, and A.K. Christensen, OECD Economics Department Working Papers No. 1169, October 2014.
“Factors behind the Decline in Real Long-Term Government Bond Yields,” (with K.-I. Inaba, L. Rawdanowicz, and A.K. Christensen), OECD Economics Department Working Papers No. 1167, October 2014.
“Spillover Effects from Exiting Highly Expansionary Monetary Policies,” (with J. Brezillon, K.-I. Inaba, L. Rawdanowicz, and A.K. Christensen), OECD Economics Department Working Papers No. 1116, May 2014.
“The Benefits and Costs of Highly Expansionary Monetary Policy”, (with Ł. Rawdanowicz and S. Watanabe), OECD Economics Department Working Papers, No. 1082, August 2013.
“The Effectiveness of Monetary Policy since the Onset of the Financial Crisis”, (with Ł. Rawdanowicz, J.-P. Renne, S. Watanabe, and A. K. Christensen), OECD Economics Department Working Papers, No. 1081, August 2013.
“Deleveraging: Challenges, Progress and Policies”, (with B. Cournède and A. K. Christensen), OECD Economics Department Working Papers, No. 1077, August 2013.
“Implications of Output Gap Uncertainty in Times of Crisis”, (with B. Cournède and A. K. Christensen), OECD Economics Department Working Papers No. 977, July 2012.
“Raising Potential Growth After the Crisis: A Quantitative Assessment of the Potential Gains from Various Structural Reforms in the OECD Area and Beyond”, (with R. Duval), OECD Economics Department Working Papers No. 835, January 2011.
“The GDP Impact of Reform: A Simple Simulation Framework”, (with S. Barnes, P. Briard, S. Dougherty, and M. Eris), OECD Economics Department Working Papers No. 834, January 2011.
“Competition and Productivity Gains: A Sectoral Analysis in the OECD Countries”, (with C. Klein), Trésor-Economics No. 51, February 2009.
“Competition within Sectors in France”, Trésor-Economics No. 27, January 2008.
"Quels secteurs réformer pour favoriser l’emploi et la croissance ?”, DGTPE working paper 2007/13.
“Évaluation de l’impact macroéconomique de réformes sectorielles à l’aide d’un modèle à deux secteurs”, DGTPE working paper 2007/07.
“Caractéristiques des marchés du travail dans les pays de l’OCDE”, (with J.-P. Renne), Économie et Prévisions, No. 173, 2006.
Thesis