The views expressed in this website are mine and not necessarily those of the IMF or the IMF board.
Research Papers:
“Current Account Norms for Resource Rich and Capital Scarce Countries”, joint with Juliana Araujo, Marcos Poplawski-Ribeiro, Felipe Zanna, Journal of Development Economics, Volume 120, May 2016, Pages 144–156. (IMF working paper 13/80).
“Innovation, Deregulation, and the Life Cycle of a Financial Service Industry”, joint with Fumiko Hayashi and Zhu Wang, Review of Economic Dynamics, Volume 26, October 2017, Pages 180–203. (Featured in Econ Focus, first quarter 2018 Link) (IMF working paper 15/192).
“From Natural Resource Boom to Sustainable Economic Growth: Lessons from Mongolia”, joint with Panav Gupta and Jiangyan Yu, International Economics, Volume 151, October 2017, Pages 7-25. (IMF working paper 15/90).
“VAR meets DSGE: Uncovering the Monetary Transmission Mechanism in Low-Income Countries”, joint with Stephen O’Connell, Christopher Adam, Andrew Berg, and Peter Montiel, Journal of African Economies, April 2019, pages 1-24 (Lead article). (Featured in IMF Research Bulletin link) (IMF working paper 16/90).
"Two-Sided Market, R&D and Payments System Evolution", joint with James McAndrews and Zhu Wang, volume 115, November 2020, Journal of Monetary Economics, pages 180-199. (IMF working paper 19/57).
“Investing in Public Infrastructure: Roads or Schools?” joint with Manoj Atolia, Ricardo Marto, and Giovanni Melina, Issue 27, October 2021, Macroeconomic Dynamics, pages 1892-1921. (Column in VoxEU.org link and featured in IMF Blog link) (IMF working paper 17/105).
“Creditless Recoveries”, joint with Abdul Abiad and Giovanni Dell’Ariccia, Revise and Resubmit, Journal of International Economics. (IMF working paper 11/58).
“Public-Private Partnerships in a Model of Infrastructure and Debt Sustainability”, joint with Michele Andreolli, Ed Buffie, and Felipe Zanna, under journal review. (Featured in Finance & Development link) (IMF working paper 16/78).
“The Macroeconomic and (Distributional) Effects of Public Investment in Developing Economies”, joint with Davide Furceri, under journal review. (IMF working paper 17/217).
Other Publications:
“Hidden Value”, joint with E. Buffie, M. Andreolli and F. Zanna, is published on Finance & Development (September 2016, vol. 53, no. 3)
“Seven Questions on Estimating the Monetary Transmission Mechanism in Low-Income Countries”, joint with Christopher Adam and Andy Berg, IMF Research Bulletin, March 2016.
“Box 1.3. Capital Flows and Financial Deepening in Developing Economies”, joint with Filippo Gori and Andrea Presbitero, World Economic Outlook, Chapter 1 “Recent Developments and Prospects”, International Monetary Fund, October 2015.
“Box 2.2. Commodity Booms and Public Investment”, joint with Rudolfs Bems, World Economic Outlook, Chapter 2 “Where Are Commodity Exporters Headed? Output Growth in the Aftermath of the Commodity Boom”, International Monetary Fund, October 2015.
Op-Ed: "Chinese Real Estate Market: Outlook and Challenges" (中国房地产市场的前景和挑战), on the Caixin Magazine 财新网, joint with Prakash Loungani, March 11, 2016 (in Chinese).
Op-Ed: "Experts Confer on State of China’s Housing Market" on IMF Survey Magazine, joint with Hites Ahir and Prakash Loungani, IMF Research Department, January 29, 2016.
Global Housing Watch: Quarterly Update, April 2016 and onward, International Monetary Fund.
Book Chapters:
Book Chapter “Identifying the Monetary Transmission Mechanism in Sub Saharan Africa” (joint with C. Adam, A. Berg, P. Montiel, and S. O’Connell), in the book “Monetary Policy in Sub-Saharan Africa”, 2018, Oxford University Press.
Book Chapter “What Have We Learned about Creditless Recoveries?” Chapter 10, in the book “Financial Crises: Causes, Consequences and Policy Responses”. (Coauthored with Abiad and Dell’Ariccia), 2015, IMF Press.
Book Chapter of the book “The ESRB at 1", SUERF Studies, SUERF - The European Money and Finance Forum, edited by Stefan Gerlach & Ernest Gnan & Jens Ulbrich, June, 2012.
Working in progress:
"The State and China's Productivity Deceleration: Firm-level Evidence", joint with Jorge Alvarez and Tuo Chen (Tsinghua University), forthcoming WP.
“Trade, Growth and Inequality: Evidence from China”, joint with Prakash Loungani and Jonathan D. Ostry, forthcoming WP.
"Household Consumption and Segmented Financial Markets in China" joint with Tao Wang (Johns Hopkins University), forthcoming WP.
“Fiscal Decentralization, Local Government Competition, and Land Misallocation", joint with Xiaodong Zhu (University of Toronto), ongoing.