Camelia Minoiu

I am a Research Economist and Advisor in the Financial Markets group of the Research Department at the Federal Reserve Bank of Atlanta. Previously I worked at the Federal Reserve Board of Governors and the International Monetary Fund. In 2025 I serve as IBEFA's President-Elect and IBEFA-ASSA 2026 Program Chair.

Research interests: financial markets and institutions, financial intermediation, international finance, transmission of monetary and macroprudential policies.

Disclaimer: This site reflects my own personal opinions. The postings on this site and my social media accounts do not reflect the official policy, position, or opinion of the Federal Reserve Bank of Atlanta or the Federal Reserve System.

Vita || Contact: camelia.minoiu@atl.frb.org

Research profiles: Atlanta Fed, Google Scholar, SSRN

RESEARCH NEWS

NEW In a recent Faculti.net interview, I discuss the zombie firm phenomenon in the United States, with reference to how capital rules redirect zombie lending from banks to nonbanks. Check out the video interview here and the background research paper "Zombie lending to U.S. firms."
In the paper Bank Financing of Global Supply Chains (with Laura Alfaro, Mariya Brussevich, and Andrea Presbitero), we show that U.S. banks reduced financial and information frictions facing U.S. importers that sought to reallocate goods sourcing away from China after the 2018-2019 tariffs. Merging the universe of shipments to U.S. ports with the bank-firm credit register, we show that tariff-hit importers obtained more credit at higher rates. Those firms in a relationship with commercial banks specialized in Asian trade finance were assessed as less risky, obtained more credit at lower rates, and found new suppliers faster than firms with other banks. Specialized banks reduced informational asymmetries with foreign markets: U.S. importers with a specialized bank with local presence in particular Asian countries matched to suppliers in those countries faster than other firms.
- NEW I will present this paper at the ECB Annual Monetary Policy Conference (agenda), the 3rd Bank of Italy Conference on Monetary Policy and Heterogeneity in Households, Firms, and Financial Intermediaries (agenda), and the Cleveland Fed/OFR Annual Financial Stability Conference.
- Related macroblogs: "Are US importers ready for the new tariff landscape?" and "Overcoming constraints: How banks helped US firms reroute their supply chains."
- Featured in the NBER Digest "Financial institutions and supply chain dynamics"
- S&P article "Tariffs reshape trade landscape, opening new doors for global transaction banks" offers an industry perspective.

CONFERENCES

The FRB Atlanta/GSU Conference "Improving Financial Regulation for an Evolving Environment" will take place during Oct 30-31, 2025 at Georgia State University. Program and registration before Oct 26 here.
The 2026 Georgia Tech-FRB Atlanta Household Finance Conference will take place during Mar 26-27, 2026. Deadline for submissions: November 18, 2025. Check out the conference website and call for papers here.
The 2025 Conference of System Committee on Financial Institutions, Regulations, and Markets took place on Sep 18-19, 2025 at the Atlanta Fed. See the conference agenda here.

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