Curriculum Vitae

EDUCATION

 

Ph.D., Economics, University of Amsterdam, June 2001.


M.Phil./Ph.D., Finance, London School of Economics, June 1999 (no degree).


M.A., International Finance, University of Amsterdam, September 1997.


M.Sc., Econometrics, Tilburg University, August 1996.

 

CURRENT POSITION

 

Director-General, Directorate General Research, European Central BankApril 2015-present


Professor of Finance, Tilburg University, April 2009-present

 

Research Fellow, Financial Economics Programme, CEPR, London, 2009-present


Associate Editor, Journal of International Money and Finance, 2013–present


Associate Editor, Journal of Financial Intermediation, 2013–present


Associate Editor, Journal of Money, Credit, and Banking, 2012–present


Chair of Steering Committee of Euro Area Business Cycle Network (EABCN), 2016–present


Member of Scientific Advisory Council of the Research Data and Service Center (RDSC) of the Bundesbank, 2015–present


Member of Board of Directors of TalentNomics (non-profit organization to promote female managers and professionals), 2015–present


PREVIOUS EMPLOYMENT

 

Lead Economist, Research Department, International Monetary Fund, 2012-2015


Deputy Division Chief, Research Department, International Monetary Fund, 2009-2012


Senior Economist, Research Department, International Monetary Fund, 2006-2009

 

(Senior) Financial Economist, Financial Sector Department, The World Bank, 2000-2006

 

Investment Analyst, ABN AMRO Bank, Amsterdam/London, 1997-1998


EXTERNAL RESEARCH GRANTS, AWARDS, AND FELLOWSHIPS 


IMF Fundwide Award for Cross Departmental Collaboration, 2015


2014 Rising Star Award; other honorees: Markus Brunnermeier (Princeton), Victoria Ivashina (Harvard), and Pietro Veronesi (Chicago)


INET Research Grant for research on “The macroeconomics of systemic risk”, 2012


IMF Fundwide Award for G20 paper on “A fair and substantial contribution by the financial sector”, 2011


University of Chicago Research Grant, 2008


BSI Gamma Foundation Research Grant, 2008


Rotman International Centre for Pension Management Research Grant, 2007


Network for Studies on Pensions, Aging and Retirement (NETSPAR) Research Grant, 2007


Full-tuition University Fellowship, London School of Economics, 1998-2000


Full-tuition University Fellowship, University of Amsterdam, 1997-1998

 

PH.D. SUPERVISION

 

Ms Dorothe Singer: External Examiner, Tilburg University, Sept 2012


Mr Martin Goetz: External Examiner, Brown University, May 2010

 

Ms Valentina Bruno: External Examiner, London School of Economics, Sep 2006

 

Mr Erik Feijen: Committee Member, University of Amsterdam, Jun 2006

 

TEACHING

 

Bank Regulation (Executive Education), Universitat Pompeu Fabra, July 2008

 

Banking, Regulation and Financial Crises (Ph.D. level), Columbia University, July 2007

 

Course on the IMF-World Bank Financial Sector Assessment Program (Senior central bankers and policymakers), IMF Institute, Vienna and Singapore, Feb-Mar 2005

 

Advanced Topics in Corporate Finance (Ph.D. level), Tilburg University, Apr-May 2004

 

Course on Deposit Insurance (Senior central bankers and policymakers), World Bank Institute, Washington DC and Paris, Oct 2003 and Oct 2005

 

Course on Financial Stability (Executive Education), Graduate School of Business, University of Amsterdam, May 2003


REFEREE ACTIVITY

 

Journals: American Economic Review, Econometrica, Economic Journal, Economica,  Economics Letters,  Financial Management,  Journal of Banking and Finance,  Journal of Comparative Economics,  Journal of Development Economics, Journal of Economic Growth, Journal of the European Economic Association,  Journal of Finance,  Journal of Financial Economics,  Journal of Financial Intermediation,  Journal of Financial Services Research,  Journal of Financial and Quantitative Analysis, Journal of International Money and Finance,  Journal of Law and Economics,  Journal of Monetary Economics,  Journal of Money, Credit, and Banking,  Journal of Public Economics, Quantitative Finance, Review of Economic Studies, Review of Economics and Statistics,  Review of Finance, Review of Financial Studies,  Rivista di Politica Economica,  World Bank Economic Review,  World Development

Other: National Science Foundation, Cambridge University Press, Oxford University Press, European Central Bank, Swiss National Bank, European Research Council

 

SEMINAR/CONFERENCE MANAGEMENT

 

Organizer of ECB-OFR session on euro area liquidity at AEA/AFA meetings, San Francisco, January 2016


Organizer of the BoE-IMF Conference on Macroprudential and Monetary Policy Mix, London, February 2015


Organizer of the Fifteenth Jacques Polak Conference on Cross-Border Spillovers, Washington, DC, November 2014


Organizer of IMF 2nd Annual Financial Stability and Systemic Risk Forum, March 14, 2014


Organizer of Chicago Fed-IMF International Banking Conference on “Shadow Banking Within and Across National Borders”, Chicago, Nov 7-8, 2013


Organizer of IMF conference on “Financial Structure: The Issues”, May 17, 2013


Organizer of IMF Conference on “The Financial System Five Years from Now”, March 23, 2012.

 

Member of Program Committee, CEPR-EBC-HEC-RoF Conference on “Financial Intermediation and the Real Economy”, HEC Paris, August 22-23, 2011.

 

Member of Program Committee, Darden-RFS Conference on “International Capital Allocation”, Darden, Charlottesville, March 30-April 1, 2011.

 

Member of Program Committee, Annual Meeting, American Finance Association, Denver, January 2011.

 

Organizer of a conference on “Future of Finance”, Accre, Israel (with Tel Aviv University), June 8-10, 2010.

 

Organizer of a conference on “The Political Economy of the Financial Crises”, European Banking Center and Toulouse School of Economics, Toulouse, France, April 9, 2010.

 

Organizer of DNB-IMF Workshop on Concrete Macro-Prudential Tools, Amsterdam, January 13, 2010.

 

Organizer of IMF-EBC-CFS Conference on “A New Supervisory Architecture for Europe's Banking System", Commerzbank, Frankfurt, June 5, 2009.

 

Organizer of the International Monetary Fund’s 9th Jacques Polak Annual Research Conference on Macro Financial Linkages, November 13-14, 2008.

 

Organizer and Member of Program Committee of Conference on Finance, Growth and the Structure of the Economy organized by Centre de Rercerca en Economia Internacional (CREI), the Journal of Financial Intermediation, and the Centre of Economic Policy Research (CEPR), Universitat Pompeu Fabra, Barcelona, Spain, May 8-9, 2008.

 

Member of Program Committee of Financial Intermediation Research Society’s conference on Banking, Insurance and Intermediation, Anchorage, Alaska, May 2008.

 

Organizer of International Monetary Fund Conference on Financial Cycles, Liquidity, and Securitization, Washington, DC, April 18, 2008.

 

Organizer of World Bank-Journal of Financial Intermediation Conference on Bank Regulation and Corporate Finance, and Editor of Special Issue in the Journal of Financial Intermediation devoted to the conference papers, Washington, DC, Oct 26-27, 2006.

 

Member of Program Committee of Financial Intermediation Research Society’s conference on Banking, Insurance and Intermediation, Shanghai, China, May 2006.

 

Organizer of Stern School of Business-World Bank Workshop on Entry, Entrepreneurship and Financial Development, World Bank, Washington, DC, Jan 10-11, 2005.

 

Member of Program Committee of Financial Intermediation Research Society’s conference on Banking, Insurance and Intermediation, Capri, Italy, May 2004.

 

Organizer of the World Bank Conference on Systemic Financial Distress: Containment and Resolution, World Bank, Washington, DC, Oct 8-9, 2003.


CITATIONS AND RANKINGS

 

Top 1% author on RePEc overall; number 1 in Germany; top-10 among young economists (20 years or less). http://ideas.repec.org/top/top.young.html#15

 

PUBLICATIONS

 

Books and Edited Volumes

 

Systemic Risk, Crises, and Macroprudential Regulation (with X. Freixas and J.-L. Pedro), MIT Press, 2015. 


Completing the Eurozone Rescue: What More Needs To Be Done?, (with R. Baldwin and D. Gross), VoxEU E-book Publication, June 2010. http://www.voxeu.org/reports/EZ_Rescue.pdf

 

Deposit Insurance around the World: Issues of Design and Implementation (with A. Demirguc-Kunt and E. Kane), Cambridge, MA: MIT Press, 2008.

 

A Reader in International Corporate Finance, Two volumes (with S. Claessens), World Bank, 2006.

 

Systemic Financial Distress: Containment and Resolution (with P. Honohan), Cambridge, UK: Cambridge University Press, 2005. [An annotation of the book appeared in the March 2006 issue of the Journal of Economic Literature, pp. 230]

 

Journal Articles

 

“Policies for Macrofinancial Stability: How to Deal with Credit Booms?” (with G. Dell’Ariccia, D. Igan, and H. Tong), Economic Policy, 2016, forthcoming.


“Does the Geographic Expansion of Banks Reduce Risk?” (with M. Goetz and R. Levine), Journal of Financial Economics, 2015, forthcoming.


“The Use and Effectiveness of Macroprudential Policies: New Evidence (with E. Cerutti and S. Claessens), Journal of Financial Stability, 2015, forthcoming.


“Bank Size, Capital, and Systemic Risk: Some International Evidence”(with L. Ratnovski and H. Tong), Journal of Banking and Finance, 2015, forthcoming.


“Local Ownership, Crises, and Asset Prices:  Evidence from US Mutual Funds” (with M. Giannetti), Review of Finance, 2015, forthcoming.


“Who Invests in Home Equity to Exempt Wealth from Bankruptcy” (with S. Corradin, R. Gropp, and H. Huizinga), Journal of Financial Intermediation, 2015, forthcoming.


“Deposit Insurance Around the World: A Comprehensive Analysis and Database” (with A. Demirguc-Kunt and E. Kane), Journal of Financial Stability, 20, 155–183, October 2015.


“Financial Innovation and Endogenous Growth” (with R. Levine and S. Michalopoulos), Journal of Financial Intermediation, 24(1), 1–24, January 2015.


“Monetary Policy, Leverage, and Bank Risk-Taking” (with G. Dell’Ariccia and R. Marquez), Journal of Economic Theory, 149, 65-99, January 2014. 


“Corporate Governance: What’s Special About Banks?” Annual Review of Financial Economics, 5, 63-92, November 2013.


“Identifying the Valuation Effects and Agency Costs of Corporate Diversification: Evidence from the Geographic Diversification of U.S. Banks” (with M. Goetz and R. Levine), Review of Financial Studies, 26(7), 1787-1823, July 2013.


“Systemic Banking Crises Database” (with F. Valencia), IMF Economic Review, 61(2), 225-270, June 2013 (lead article).


“The Real Effects of Financial Sector Interventions During Crises” (with F. Valencia), Journal of Money, Credit, and Banking, 45(1), 147–177, February 2013.


“Taxation and Investment Location of Multinational Firms” (with S. Barrios, H. Huizinga, and G. Nicodeme), Journal of Public Economics, 96, 946–958, December 2012.


“Bank Valuation and Accounting Discretion During a Financial Crisis” (with H. Huizinga), Journal of Financial Economics, 106(3), 614–634, December 2012.


“The Use of Blanket Guarantees in Banking Crises” (with F. Valencia), Journal of International Money and Finance, 31(5), 1220–1248, September 2012.


“U.S. Monetary Shocks and Global Stock Prices” (with H. Tong), Journal of Financial Intermediation, 21(3), 530–547, July 2012.


“Flight Home, Flight Abroad, and International Credit Cycles” (with M. Giannetti), American Economic Review, 102(3), 219–224, May 2012.


“Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market” (with G. Dell’Ariccia and D. Igan), Journal of Money, Credit, and Banking, 44(2-3), 367–384, March 2012.


“ The Flight Home Effect: Evidence from the Syndicated Loan Market During Financial Crises” (with M. Giannetti), Journal of Financial Economics, 104(1), 23–43, April 2012.


“Trade Credit Contracts” (with L. Klapper and R. Rajan), Review of Financial Studies, 25(3), 838–867, March 2012.


“Banking Crises: A Review”, Annual Review of Financial Economics, 3, 17–40, December 2011.

 

“Cross-Country Experiences and Policy Implications from the Global Financial Crisis” (with S. Claessens, G. Dell’Ariccia, and D. Igan), Economic Policy, 25, 267–293, April 2010.

 

“Pension Reform, Ownership Structure, and Corporate Governance: Evidence from Sweden” (with M. Giannetti), Review of Financial Studies, 22(10), 4091–4127, October 2009.

 

“Bank Governance, Regulation, and Risk Taking” (with R. Levine), Journal of Financial Economics, 93(2), 259–275, August 2009.

 

“Corporate Governance Norms and Practices” (with V. Chhaochharia), Journal of Financial Intermediation, 18(3), 405–431, July 2009.

 

“The Impact of Organizational Structure and Lending Technology on Banking Competition” (with H. Degryse and S. Ongena), Review of Finance, 13(2), 225–259, April 2009.

 

“Finance, Firm Size, and Growth” (with T. Beck, A. Demirguc-Kunt, and R. Levine), Journal of Money, Credit, and Banking, 40(7), 1379–1405, October 2008.

 

“Banking and Bank Regulation: Challenges for the Future” (with T. Beck, R. Levine, and G. Pennacchi), Journal of Financial Intermediation, 17(4), 509–510, October 2008.

 

“Determinants of Deposit-Insurance Adoption and Design” (with A. Demirgüç-Kunt and E.J. Kane), Journal of Financial Intermediation, 17(3), 407–438, July 2008.

 

“Political Connections and Preferential Access to Finance: The Role of Campaign Contributions” (with S. Claessens and E. Feijen), Journal of Financial Economics, 88(3), 554–580, June 2008.

 

“International Profit Shifting within European Multinationals: A Multi-Country Perspective” (with H. Huizinga), Journal of Public Economics, 92(5-6), 1164–1182, June 2008.

 

“Corporate Governance Quality: Trends and Real Effects” (with G. De Nicolò and K. Ueda), Journal of Financial Intermediation, 17(2), 198–228, April 2008.

 

“Capital Structure and International Debt Shifting in Europe” (with H. Huizinga and G. Nicodème), Journal of Financial Economics, 88(1), 80–118, April 2008.

 

“Complex Ownership Structures and Corporate Valuations” (with R. Levine), Review of Financial Studies, 21(2), 579–604, April 2008.

 

 “The Quality of the Legal System and Firm Size” (with C. Woodruff), Review of Economics and Statistics, 89(4), 601–614, November 2007.

 

“Governance and Bank Valuation” (with G. Caprio and R. Levine), Journal of Financial Intermediation, 16(4), 584–617, October 2007.

 

“Is There a Diversification Discount in Financial Conglomerates?” (with R. Levine), Journal of Financial Economics, 85(2), 331–367, August 2007.

 

“International Portfolio Diversification Benefits: Cross-Country Evidence from a Local Perspective” (with J. Driessen), Journal of Banking and Finance, 31(6), 1693–1712, June 2007. (This paper won the 2008 Emerald Management Review Citation of Excellence Reward)

 

“Banking Crises, Financial Dependence, and Growth” (with D. Klingebiel and R. Kroszner), Journal of Financial Economics, 84(1), 187–228, April 2007.

 

“Entry Regulation as a Barrier to Entrepreneurship” (with L. Klapper and R. Rajan), Journal of Financial Economics, 82(3), 591–629, December 2006.

 

“The Determinants of Financing Obstacles” (with T. Beck, A. Demirgüç-Kunt, and V. Maksimovic), Journal of International Money and Finance, 25(6), 932–952, October 2006.

 

“Institutions and Growth in Transition Economies” (with T. Beck), Journal of Economic Growth, 11(2), 157–186, June 2006.

 

“Corporate Governance Provisions and Firm Ownership: Firm-Level Evidence from Eastern Europe” (with L. Klapper and I. Love), Journal of International Money and Finance, 25(3), 429–444, April 2006.

 

 “Does Judicial Efficiency Lower the Cost of Credit?” (with G. Majnoni), Journal of Banking and Finance, 29(7), 1791–1812, July 2005.

 

“Financial Sector Competition, Financial Dependence, and Growth” (with S. Claessens), Journal of the European Economic Association, 3(1), 179–207, March 2005.

 

“The Political Economy of Deposit Insurance”. Journal of Financial Services Research, 26(3), 201–224, December 2004. (lead article).

 

“Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation” (with A. Demirguc-Kunt and R. Levine), Journal of Money, Credit, and Banking, 36(3), 593–622, June 2004.

 

“What Drives Bank Competition ? Some International Evidence” (with S. Claessens), Journal of Money, Credit, and Banking, 36(3), 563–583, June 2004.

 

“Financial Development, Property Rights, and Growth” (with S. Claessens), Journal of Finance, 58(6), 2401–2436, December 2003.  (This paper was nominated for the 2004 Brattle Prize).

 

“How Country and Safety-Net Characteristics Affect Bank Risk-Shifting” (with A. Hovakimian and E. Kane), Journal of Financial Services Research, 23(3), 177–204, June 2003 (lead article).

 

“Loan Loss Provisioning and Economic Slowdowns: Too Much, Too Late?” (with G. Majnoni), Journal of Financial Intermediation, 12(2), 178–197, April 2003.

 

“Does Financial Liberalization Reduce Financing Constraints?”,  Financial Management, 32(1), 5–34, 2002 (lead article).  (Finalist (third place) for the 2004 Addison-Wesley prize)

 

“Bank Risk and Deposit Insurance”, World Bank Economic Review, 16(1), 109–137, June 2002.

 

“How Good is the Market at Assessing Bank Fragility? A Horse Race Between Different Indicators” (with P. Bongini and G. Majnoni), Journal of Banking and Finance, 26(5), 1011–1028, May 2002.

 

“Insider Lending and Bank Ownership: The Case of Russia”. Journal of Comparative Economics, 29(2), 207–229, June 2001 (lead article).

 

Book Chapters and Monographs

 

“Introduction” (with S. Claessens, A. Kose, and F. Valencia), In: S. Claessens, A. Kose, L. Laeven, and F. Valencia (Eds.), Financial Crises: Causes, Consequences, and Policy Responses, pp. xiii-xxvi. Washington, DC: International Monetary Fund, 2014.


“Systemic Banking Crises” (with F. Valencia), In: S. Claessens, A. Kose, L. Laeven, and F. Valencia (Eds.), Financial Crises: Causes, Consequences, and Policy Responses, Chapter 2, pp. 61-138. Washington, DC: International Monetary Fund, 2014.


“Policies for Macro-Financial Stability: Dealing with Credit Booms and Busts” (with G. Dell’Ariccia, D. Igan, and H. Tong), In: S. Claessens, A. Kose, L. Laeven, and F. Valencia (Eds.), Financial Crises: Causes, Consequences, and Policy Responses, Chapter 11, pp.325-364. Washington, DC: International Monetary Fund, 2014.


“Resolution of Banking Crises: The Good, the Bad, and the Ugly” (with F. Valencia), In: S. Claessens, A. Kose, L. Laeven, and F. Valencia (Eds.), Financial Crises: Causes, Consequences, and Policy Responses, Chapter 13, pp. 397-430. Washington, DC: International Monetary Fund, 2014.


“Principles of Household Debt Restructuring” (with T. Laryea), In: S. Claessens, A. Kose, L. Laeven, and F. Valencia (Eds.), Financial Crises: Causes, Consequences, and Policy Responses, Chapter 17, pp. 527-546. Washington, DC: International Monetary Fund, 2014.


“European Union Financial Integration before the Crisis”, (with T. Tressel), In: C. Enoch, L. Everaert, T. Tressel, and J. Zhou (Eds.), From Fragmentation to Financial Integration in Europe, Chapter 2, pp. 49-68. Washington, DC: International Monetary Fund, 2014.


“Fragmentation of the Financial System”, (with T. Tressel), In: C. Enoch, L. Everaert, T. Tressel, and J. Zhou (Eds.), From Fragmentation to Financial Integration in Europe, Chapter 8, pp. 139-166. Washington, DC: International Monetary Fund, 2014.


“Deposit Insurance in the European Union”, In: C. Enoch, L. Everaert, T. Tressel, and J. Zhou (Eds.), From Fragmentation to Financial Integration in Europe, Chapter 14, pp. 279-292. Washington, DC: International Monetary Fund, 2014.


“Resolution of Banking Crises”, (with F. Valencia), In: G. Caprio (Ed.), Handbook of Safeguarding Global Financial Stability, Chapter 26, pp. 231–258. North-Holland: Elsevier, 2013.


“A Cross-Country Perspective on the Causes of the Global Financial Crisis”, (with S. Claessens, G. Dell'Ariccia, and D. Igan), In: In: G. Caprio (Ed.), The Evidence and Impact of Financial Globalization, Chapter 48, pp. 737-752. North-Holland: Elsevier, 2013.


“Lessons and Policy Implications from the Global Financial Crisis”, (with S. Claessens, G. Dell'Ariccia, and D. Igan), In: In: G. Caprio (Ed.), The Evidence and Impact of Financial Globalization, Chapter 49, pp. 753-761. North-Holland: Elsevier, 2013.


“Principles of Household Debt Restructuring”, In: IMF Legal Dept. (Ed.), Current Developments in Monetary and Financial Law, Volume 6, Chapter 21, pp. 573–601. Washington, DC: International Monetary Fund, February, 2013. 


“Cycle-Proof Market Discipline and Macroprudential Regulation”, In: Douglas Evanoff (ed.), Macroprudential Regulatory Policies: The New Road to Financial Stability?, Conference Proceedings from the Federal Reserve Bank of Chicago’s Thirteenth Annual International Banking Conference, World Scientific Publishers, Chapter 18, pp. 293-312, November 2011.


“Bank Governance and Regulation”, In: T. Beck (Ed.), The Future of Banking, Vox-EU Book, pp. 49-56, October 2011.

 

Data from “Systemic Banking Crises: A New Database” (with F. Valencia). IMF Working Paper No. 08/224, August 2008. Reprinted in: Stephen Cecchetti and Kermit Schoenholtz, Money, Banking, and Financial Markets, McGraw-Hill Companies, Inc, October 2010.

 

“Speed Kills? Mortgage Credit Boom and the Crisis” (with G. Dell’Ariccia and D. Igan), In: Robert W. Kolb (ed.), Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future, Chapter 23, Hoboken, NJ: John Wiley & Sons, Inc., June 2010.

 

“The Relationship between the Recent Boom and the Current Delinquencies in Subprime Mortgages” (with G. Dell’Ariccia and D. Igan), In: A. Felton and C. Reinhart (Eds.), The First Global Financial Crisis of the 21st Century, Section 1, pp. 7–10, UK, London: CEPR, July 2008.

 

“Deposit Insurance Design and Implementation: Policy Lessons from Research and Practice” (with A. Demirguc-Kunt and E. Kane), In: A. Demirguc-Kunt, E. Kane, and L. Laeven (Eds.), Deposit Insurance Around the World: Issues of Design and Implementation, Chapter 1, Cambridge, MA: MIT Press, 2008.

 

“Determinants of Deposit Insurance Adoption and Design ” (with A. Demirguc-Kunt and E. Kane), In: A. Demirguc-Kunt, E. Kane, and L. Laeven (Eds.), Deposit Insurance Around the World: Issues of Design and Implementation, Chapter 2, Cambridge, MA: MIT Press, 2008.

 

“Pricing of Deposit Insurance”, In: A. Demirguc-Kunt, E. Kane, and L. Laeven (Eds.), Deposit Insurance Around the World: Issues of Design and Implementation, Chapter 3, Cambridge, MA: MIT Press, 2008.

 

“Resolution of Failed Banks by Deposit Insurers: Cross-Country Evidence” (with T. Beck), In: A. Demirguc-Kunt, E. Kane, and L. Laeven (Eds.), Deposit Insurance Around the World: Issues of Design and Implementation, Chapter 4, Cambridge, MA: MIT Press, 2008.

 

“Discussion of Landscape of International Banking and Financial Crises”, In: D. Evanoff, G. Kaufman. and J. LaBrosse (Eds.), International Financial Instability: Global Banking and National Regulation, World Scientific Studies in International Economics Vol. 2, pp. 97-106, Singapore: World Scientific, 2007.

 

“Introduction” (with Patrick Honohan), In: Patrick Honohan and Luc Laeven (Eds.), Systemic Financial Distress: Containment and Resolution, Chapter 1, Cambridge: Cambridge University Press, 2005.

 

“Financial Crisis Policies and Resolution Mechanisms: A Taxonomy from Cross-Country Experience” (with Charles Calomiris and Daniela Klingebiel), In: Patrick Honohan and Luc Laeven (Eds.), Systemic Financial Distress: Containment and Resolution, Chapter 2, Cambridge: Cambridge University Press, 2005.

 

“Crisis Resolution, Policies, and Institutions: Empirical Evidence” (with Stijn Claessens and Daniela Klingebiel), In: Patrick Honohan and Luc Laeven (Eds.), Systemic Financial Distress: Containment and Resolution, Chapter 6, Cambridge: Cambridge University Press, 2005.

 

“Competition in the Financial Sector and Growth: A Cross-Country Perspective” with Stijn Claessens), In: Charles Goodhart (Ed.), Financial Development and Economic Growth: Explaining the Links, Chapter 3, pp. 66-105, Palgrave MacMillan, London, United Kingdom, 2004.

 

“The Growing Importance of Networks in Finance and Its Effects on Competition” (with Stijn Claessens, Gergely Dobos, and Daniela Klingebiel), In: Anna Nagurney (Ed.), Innovations in Financial and Economic Networks, Chapter 6, pp. 110–135, Edward Elgar Publishers, Northampton, MA, 2003.

 

“International Portfolio Diversification Benefits: Cross-Country Evidence” (with Joost Driessen), In: J. Hanson, P. Honohan, and G. Majnoni (Eds.), Globalization and National Financial Systems, Chapter 7, World Bank, Oxford University Press, 2003.

 

“Financial Restructuring in Banking and Corporate-Sector Crises: What Policies to Pursue?” (with Stijn Claessens and Daniela Klingebiel), In: Michael P. Dooley and Jeffrey A. Frankel (Eds.), Managing Currency Crises in Emerging Markets, The University of Chicago Press, 2003.  Reprinted in: Dilip K. Das (Ed.), An International Finance Reader, Chapter 22, 2003. Also: NBER Working Paper No. 8386.

 

IMF Papers and Notes

 

“The Use and Effectiveness of Macroprudential Policies: New Evidence,” (with E. Cerutti and S. Claessens), IMF Working Paper No. 15/61, March 2015.


“The Development of Local Capital Markets: Rationale and Challenges,” IMF Working Paper No. 14/234, December 2014.


“Deposit Insurance Database,” (with A. Demirguc-Kunt and E. Kane), IMF Working Paper No. 14/118, July 2014.


“Bank Size and Systemic Risk,” (with L. Ratnovski and H. Tong), IMF Staff Discussion Note No. 14/4, May 2014.


“Thin Capitalization Rules and Multinational Firm Capital Structure” (with J. Blouin, H. Huizinga, and G. Nicodeme), IMF Working Paper No. 14/12, January 2014. 


“Bank Leverage and Monetary Policy's Risk-Taking Channel: Evidence from the United States” (with G. Dell'Ariccia and G. Suarez), IMF Working Paper No. 13/143, June 2013. 


Technical Note on “Financial Integration and Fragmentation in the European Union”  (European Union: Publication of Financial Sector Assessment Program Documentation), (with T. Tressel), IMF Country Report No. 13/71, March 2013.


Technical Note on “Deposit Insurance” (European Union: Publication of Financial Sector Assessment Program Documentation), IMF Country Report No. 13/66, March 2013.


“Access to Credit, Debt Overhang, and Economic Recovery: The Irish Case”, Chapter II in Ireland: Selected Issues, 2012 Article IV and Seventh Review Under the Extended Arrangement, IMF Country Report No. 12/265, September 2012. 


“Systemic Banking Crises Database: An Update” (with F. Valencia), IMF Working Paper No. 12/163, June 2012.


“Policies for Macrofinancial Stability: How to Deal with the Credit Booms” (with G. Dell'Ariccia, D. Igan, and H. Tong), IMF Staff Discussion Note No. 12/06.


“Hungary - Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement” (with. A. Carare, M. Goretti, A. Guerson, E. Loukoianova, and F. Valencia), IMF EBS/11/79, May 2011.

 

“Managing Capital Inflows: What Tools to Use?” (with J. Ostry, A. Ghosh, K. Habermeier, M. Chamon, M. Qureshi, and A. Kokenyne), IMF Staff Discussion Note 11/06, April 2011.

 

“Crisis Management and Resolution: Early Lessons from the Financial Crisis” (with S. Claessens, C. Pazarbasioglu, M. Dobler, F. Valencia, O. Nedelescu, and K. Seal), IMF Staff Discussion Note 11/05, March 2011.

 

“Monetary Policy and Bank Risk Taking” (with G. De Nicolo, G. Dell’Ariccia, and F. Valencia). IMF Staff Position Note 10/09, July 2010.

 

“Resolution of Banking Crises: The Good, the Bad, and the Ugly” (with F. Valencia). IMF Working Paper No. 10/146, June 2010.

 

“The Use of Blanket Guarantees in Banking Crises” (with F. Valencia). IMF Working Paper No. 08/250 , October 2008.

 

“Lessons and Policy Implications from the Global Financial Crisis” (with S. Claessens, G. Dell’Ariccia, and D. Igan). IMF Working Paper No. 10/44, February 2010.

 

“Principles of Household Debt Restructuring” (with Thomas Laryea), IMF Staff Position Note 09/15, June 2009.

 

“Systemic Banking Crises: A New Database” (with F. Valencia). IMF Working Paper No. 08/224, August 2008.   Featured in “Beyond crisis management”, Economics Focus, The Economist, Sept 18, 2008.

 

“Sound Policies to Resolve Financial System Stress and Restore Sound Financial Intermediation”, in: World Economic Outlook, International Monetary Fund, October 2008.

 

Other Material

 

“Seven Ways to Deal with a Financial Crisis: Cross-Country Experience and Policy Implications” (with Charles Calomiris and Daniela Klingebiel), Journal of Applied Corporate Finance 24(4), December 2012, pp. 8-22. 


“Policy Choices to Deal with the Distress of Financial Institutions”, The China Banker, March 2006.

 

Managing the Real and Fiscal Effects of Banking Crises (with D. Klingebiel), World Bank Discussion Paper No. 428, Washington, DC, 2003.

 

“International Evidence On the Cost of Deposit Insurance”, Quarterly Review of Economics and Finance, 2002.

 

“Financial Constraints on Investments and Credit Policy in Korea”, Journal of Asian Economics, March 2002.


PRESS COVERAGE

 

Frankfurter Allgemeine, October 6, 2015, “Braucht die Geldpolitik ein drittes Mandat?”


The New York Times, October 4, 2015, “Policy Makers Skeptical on Preventing Financial Crisis”


Wall Street Journal, March 31, 2015, “China to Begin Deposit Insurance in May”


The Economist, Free exchange, June 25, 2012, “Dating crises: The cruelest month of the cruelest year”


The Economist, April 9, 2011, “The IMF and Capital Controls” (Economics Focus)

 

Handelsblatt, March 10, 2011, “Währungsfonds schlägt Alarm”

 

Washington Post, March 9, 2011, “Crisis Management and Resolution: Early Lessons from the Financial Crisis”

 

Wall Street Journal, March 9, 2011, “IMF Staff Warns Sluggish Bank-Sector Repairs Threaten Recovery”

 

Financial Times, March 9, 2011, “IMF study critical of banking reforms”

 

Economist, October 7, 2010, “The cost of repair: A battered finance sector means slower growth”

 

Wall Street Journal Blog, June 18, 2010, "Can’t Tell Your Banking Crisis Without a Scorecard"

 

Handelsblatt,  Apr 17, 2009, "Bitte anschnallen!"

 

Economist, Nov 6, 2008, "Gauging the recession: How deep and how long?"

 

Newsweek, Oct 20, 2008, "Why crisis is common"

 

Economist, Oct 16, 2008, "Public finances: Counting the cost"

 

BusinessWeek, Oct 6, 2008, “$700 billion, no strings attached”

 

New York Times, Oct 3, 2008, "Mistakes of the past live again"

 

International Herald Tribune, Oct 3, 2008, “Toxic rerun from S&L playbook”

 

Euromoney, 1 Oct 2008, “The sovietization of US finance...and how to avoid it”

 

Bloomberg, Sep 30, 2008, "Bank crisis shatters global calm: Chart of day"

 

Business Times Singapore, 27 Sep 2008, “The anatomy of systemic banking crises”

 

Economist, Sep 25, 2008, "America’s bail-out plan: The doctors' bill"

 

BusinessWeek, Sep 24, 2008, "The trouble with Paulson’s bailout"

 

Economist, Sep 18, 2008, "Beyond crisis management"

 

Economist, May 15, 2008, "Tightrope artists"

 

Economist, May 15, 2008, "Ruptured credit"