Embedded Files
Deputy Head, Monetary and Economic Department & Head of Financial Stability Policy, Bank for International Settlements, Basel
Deputy Head, Monetary and Economic Department & Head of Financial Stability Policy, Bank for International Settlements, Basel
Education:
Education:
1998 Ph.D. (Economics), Yale University
1994 "Diplom" (Economics), University of Bonn
1991-1992 Graduate coursework in Economics, University of California at Berkeley
Previous Experience:
Previous Experience:
Assistant Director & Mission Chief for Mexico, Western Hemisphere Department, International Monetary Fund, 2022-2023
Division Chief, Monetary and Macroprudential Policies Division & Assistant Director, Monetary and Capital Markets Department, International Monetary Fund, 2017-2022
Division Chief, Global Financial Stability Analysis Division, Monetary and Capital Markets Department, International Monetary Fund, 2013-2017
Advisor, Institute for Capacity Development, International Monetary Fund, 2011-2013
Deputy Division Chief, Western Hemisphere Department, International Monetary Fund 2010-2011
Resident Representative to Argentina and Uruguay, Buenos Aires, Argentina, 2007-2010
Resident Representative, International Monetary Fund, Montevideo, Uruguay, 2005-2007
Economist, International Monetary Fund, Washington, D.C. Assignments in the Research-, European-, International Capital Markets-, and Western Hemisphere Departments
Visiting Researcher, Banco de México, Mexico City, Research Department, May-June 1997
Consultant, World Bank, Washington, D.C., Middle East and North Africa Department II, 1995
Parliamentary Aide to Minister of State Helmut Schäfer (German Deputy Foreign Minister), 1989-91, 1992-94
Professional Activities:
Professional Activities:
Research Fellow, CEPR
Fields of Expertise:
Fields of Expertise:
Monetary Policy
Macroprudential Policy
Macro-Financial Issues
International Finance
Articles in peer-reviewed academic journals
Articles in peer-reviewed academic journals
· “Is High Debt Constraining Monetary Policy? Evidence from Inflation Expectations” (with L. Brandao-Marques, M. Casiraghi, O. Harrison, and G. Kamber), Journal of International Money and Finance, Vol. 149, November 2024
· “Negative Interest Rate Policies: A Survey” (with L. Brandao-Marques, M. Casiraghi, G. Kamber, and R. Meeks), Annual Review of Economics Vol. 16, 2024
· “Digging Deeper—Evidence on the Effects of Macroprudential Policies from a New Database," (w. Z. Alam, A. Alter, J. Eiseman, H. Kang, M. Narita, E,. Nier, and N. Wang), Journal of Money, Credit and Banking, January 2024
· “Has Higher Household Indebtedness Weakened Monetary Policy Transmission?” (with F. Grinberg, S. Khan, T. Mancini-Griffoli, M. Narita, and U. Rawat), International Journal of Central Banking, February 2024
· “Changes in the Global Investor Base and the Stability of Portfolio Flows to Emerging Markets” (with L. Brandao-Marques, H. Ichiue, and H. Oura), Journal of Banking and Finance, November 2022
· “Capital Flows at Risk – Taming the Ebbs and Flows” (with L. Gornicka, R. Koepke, R. Sahay, and S. Sgherri), Journal of International Economics, January 2022
· “Country Transparency and the Global Transmission of Financial Shocks,” (with L. Brandao-
Marques and N. Melgar), Journal of Banking and Finance, November 2018
· “Inflation responses to commodity price shocks – how and why do countries differ?” (with Y.
Ustyugova), Journal of International Money and Finance, April 2017
· “The Global Financial Crisis: Explaining Cross-Country Differences in the Output Impact,” (with
P. Berkmen, R. Rennhack, and J. Walsh), Journal of International Money and Finance, February 2012
· “Sovereign Borrowing by Developing Countries: What Determines Market Access?” (with R.
Sahay and G. Sandleris), Journal of International Economics, March 2011
· “Brazil's Long-Term Growth Performance: Trying to Explain the Puzzle,” (with R. Adrogué and
M. Cerisola), Journal of Economic Studies, October 2010
· “Banking Spreads in Latin America,” Economic Inquiry, October 2009
· “What Drives Inflation Expectations in Brazil? – An Empirical Analysis,” (with M. Cerisola), Applied Economics, May 2009
· “When in Peril, Retrench – Testing the Portfolio Channel of Contagion” (with F. Broner and C.
Reinhart), Journal of International Economics, March 2006
· “Transparency and International Portfolio Holdings” (with S. Wei), The Journal of Finance, December
2005
· “Would “Cold Turkey” Work in Turkey?” (with O. Celasun and A. Prati), IMF Staff Papers,
November 2004
· “Obstacles to Disinflation: What is the Role of Fiscal Expectations?” (with O. Celasun and A. Prati), Economic Policy, October 2004
· “Consolidation and Market Structure in Emerging Markets Banking Systems,“ (with J. Roldós), Emerging Markets Review, March 2004
· “A Panic-Prone Pack? The Behavior of Emerging Market Mutual Funds,” (with E. Borensztein), IMF Staff Papers, April 2003
· “Leaders and Followers: Emerging Market Fund Behavior During Tranquil and Turbulent Times,” (with E. Borensztein), Emerging Markets Review, March 2003
· “Foreign Currency Debt in Emerging Markets: Firm-Level Evidence from Mexico”, Economics Letters, March 2003
· “Devaluation Expectations and the Stock Market – A New Measure and an Application to Mexico
1994/95,” (with T. Becker and A. Richards), International Journal of Economics and Finance, July 2002
· “Financial Liberalization, Credit Constraints, and Collateral: Investment in the Mexican Manufacturing Sector” (with A. Werner), Journal of Development Economics, February 2002
· “Irreversibilities in Fixed Capital Adjustment: Evidence from Mexican and Colombian Plants,” (with A. Isgut), Economics Letters, December 2001
· “Fixed Capital Adjustment - Is Latin America Different?” (with A. Isgut), Review of Economics
and Statistics, November 2001
· “Financial Market Spillovers in Transition Economies,” (with R. Sahay), Economics of Transition, March 2001
· “La Inversión Fija en México - Una Revisión Selectiva,” Gaceta de Economía, December 1999
· “Leaning against the wind: An empirical cost-benefit analysis” (with. L. Brandao-Marques, M. Narita, and E. Nier), VoxEu, July 2020
· “Capital flows at risk: Taming the ebbs and flows” (with L. Gornicka, R. Koepke, R. Sahay, and S. Sgherri), VoxEu, February 2020
· “Unveiling the effects of macroprudential policies: The IMF’s new iMaPP database” (with A. Alter, H. Kang, M. Narita, and E. Nier), VoxEu, April 2019
· “Household indebtedness did not weaken US monetary transmission post-crisis” (with F. Grinberg, T. Mancini-Griffoli, S. Khan, M. Narita, and U. Rawat), VoxEu, February 2019
· “The Rise in Nonbank Finance and Monetary Policy Transmission” (with L. Brandao-Marques), VoxEu, December 2017
· “Aging Japan Puts a Strain on the Financial System” (with S. Muñoz), IMF Blog, August 2017
· “How an Extended Period of Low Growth Could Reshape the Financial Industry,” (with J. Surti), IMF Blog, April 2017
· “With Global Financial Markets, How Much Control Do Countries Have Over Economic Policies?,” (with S. Elekdag), IMF Blog, April 2017
· “The Growing Importance of Financial Spillovers from Emerging Market Economies” (with J. Surti), Vox, August 2016
· “Corporate Governance and Financial Stability in Emerging Markets” (with S. Elekdag), VoxEu, Nov 2016
· “Resilience of Market Liquidity” (with L. Brandao-Marques), VoxEu, January 2016
· “Asset Management and Financial Stability” (with H. Oura), VoxEu, July 2015
· “Global Banks Turning more Local” (with F. Lambert), VoxEu, May 2015
· “Transparency and the Global Transmission of Financial Shocks” (with L. Brandao -Marques and N. Melgar), Econbrowser, December 2014
· “Good Governance Curbs Excessive Bank Risks” (with L. Brandao-Marques and E. Oppers),
http://blog-imfdirect.imf.org/2014/10/16/good-governance-curbs-excessive-bank-risks/, October2014
· “The Growth of Shadow Banking” (with N. Valckx),
http://blog-imfdirect.imf.org/2014/10/03/the-growth-of-shadow-banking/, October 2014
· “New-Breed Global Investors and Emerging-Market Financial Stability,” (with H. Oura), VoxEu, August 2014
· “Inflation Responses to Commodity Price Shocks – how and why do countries differ” (with Y.
Ustyugova), Econbrowser, December 2012
· “The global crisis – why were some countries hit harder?” (with P. Berkmen, R. Rennhack, and J.
Walsh), VoxEu, March 2010
· “Transparenz schützt Schwellenländer,” Frankfurter Allgemeine Zeitung, July 26, 2009
Other papers
Other papers
· “Is High Debt Constraining Monetary Policy?,” (with L. Brandao-Marques, M. Casiraghi, G. Kamber, and O. Harrison), IMF Working Paper 23/143,
· “Macroprudential Policy Effects: Evidence and Open Questions,” (with N. Biljanovska, S. Chen, E. Nier, S. Martínez-Peria, and F. Valencia), IMF Departmental Paper, 2023
· “Exchange-Rate Swings and Foreign Currency Intervention,” (with A. Filardo and T. McGregor), IMF Working Paper 22/158, 2022
· “Negative Interest Rates: Taking Stock of the Experience So Far” (with L. Brandao-Marques, M. Casiraghi, G. Kamber, and R. Meeks), IMF Departmental Paper, 2021
· “COVID-19 Shock and Multilateral Aspects of Foreign Exchange Intervention and Capital Flow Management Policies,” (with L. Brandao Marques, C. Erceg, L. Gornicka, A. Kokenyne, and G. Pasricha), COVD-19 Special Notes, IMF, 2020
· “Leaning Against the Wind: A Cost-Benefit Analysis for an Integrated Policy Framework” (with L. Brandao-Marques, M. Narita, and E. Nier), IMF Working Paper 20/123, 2020
· “Monetary Policy Transmission in Emerging Markets and Developing Economies” (with. L. Brandao-Marques, T. Harjes, R. Sahay, and J. Xue), IMF Working Paper 20/35, 2020 (R&R, JMCB)
· “Digging Deeper – Evidence on the Effects of Macroprudential Policies from a New Database” (with Z. Alam, A. Alter, J. Eiseman, H. Kang, M. Narita, E. Nier, and N. Wang), IMF Working Paper 19/66, 2019
· “Can Countries Manage Their Financial Conditions Amid Globalization?” (with N. Arregui, S. Elekdag, R. Lafarguette, and D. Seneviratne), IMF Working Paper 18/15, 2018
· “Commodity Prices – Their Impact on Inflation in Uruguay” (with R. Babihuga), in: Uruguay: Selected Issues, IMF Staff Country Report, 2008
· “Post-Crisis Credit: Facts, Lessons, and Prospects” (with J. Canales-Kriljenko), in: Uruguay: Selected Issues, IMF Staff Country Report, 2006
· “Transparency and International Investor Behavior” (with S. Wei), NBER Working Paper No. 9260 and IMF Working Paper 02/174, 2002
· “The Asset Allocation of Emerging Market Mutual Funds,” (with P. Disyatat), IMF Working Paper 01/111, 2001
· “Does Bulgaria Suffer from a Competitiveness Problem? A Look at Real Exchange Rate Indicators and Export Performance,” (with A. Banerji), in Bulgaria: Selected Issues,” IMF Staff Country Report 00/54, 2000
· “Why is Private Sector Credit so Low in Bulgaria?” (with T. Feyzioğlu), in Bulgaria: Selected Issues, IMF Staff Country Report 00/54, 2000
· “Investment Efficiency, Human Capital and Migration: A Productivity Analysis of the Jordanian Economy,” World Bank Regional Discussion Paper No.14, 1995
Publications in books, conference volumes, and others
Publications in books, conference volumes, and others
· “Macroprudential Policy and Financial Stability," in: Dombret, A. and P. Kenadjian (eds.): Navigating Higher Rates, Volatility, and Liquidity Crises - Finance and Regulation in the New Monetary Order, 2024
· “Shocks and Capital Flows: Policy Responses in a Volatile World,” (editor, with R. Sahay), International Monetary Fund, 2023
· “Negative Interest Rate Policies: Taking Stock of the Experience So Far," (with L. Brandao-Marques, M. Casiraghi, L. Kamber, and R. Meeks), CESifo Forum, November 2021
· “Managing Economic Volatility in Latin America”, (editor, with A. Werner), International Monetary Fund, 2014
· “Transparency Matters” (with L. Brandao and N. Melgar), Finance and Development, International Monetary Fund, December 2013
· “International Mutual Funds, Capital Flow Volatility, and Contagion,” in: G. Caprio (ed.): “The Evidence and Impact of Financial Globalization, Vol. 3,” Elsevier, 2013
· “When Commodity Prices Surge” (with Y. Ustyugova), Finance and Development, International Monetary Fund, December 2012
· “Differential Impact” (with P. Berkmen, R. Rennhack, and J. P. Walsh), Finance and Development, International Monetary Fund, March 2010
· “A Survey of Financial Linkages,” (with M. Cerisola, G. Bannister, and F. Valencia), in: (Mühleisen, M., S. Roache, and J. Zettelmeyer, eds: “Who’s Driving Whom? Analyzing External and Intra-Regional Linkages in the America,” International Monetary Fund, October 2008
· “Macroeconomic Implications of Financial Dollarization,” (editor, with M. Piñón and A. López Mejía), IMF Occasional Paper 263, August 2008
· “Contagion and the Behavior of International Equity Funds,” in: Karman, A., M. Frenkel, and B. Scholtens (eds.): “Sovereign Risk and Financial Crises,” Springer-Verlag, 2004
· “Shocks to Balance Sheets and Emerging Market Crises,” IMF Research Bulletin, March 2003
· “Are Foreign Investors in Emerging Market Economies A Panic-Prone Herd?” (with E. Borensztein), Finance and Development, International Monetary Fund, December 2001
· "Financial Market Spillovers – How Different Are the Transition Economies?” (with R. Sahay), in: Forbes, K. and S. Claessens (eds.): “International Financial Contagion,” Kluwer Academic Publishers, 2001
Columns and blogs
Columns and blogs
High debt can hinder the fight against inflation (w. L. Brandao-Marques, M. Casiraghi, O. Harrison, and G. Kamber), VoxEU, July 2023
Macroprudential policies are effective, with limited side effects – but open questions remain (with E. Nier, S. Martínez-Pería, and F. Valencia), VoxEu, April 2023
How Africa Can Navigate Growing Monetary Policy Challenges (with T. Adrian and D. Hofman), IMF Blog, April 2022
“The Evidence Is in on Negative Interest Rate Policies,” (with L. Brandao-Marques), IMF Blog, March 2021
“COVID-19 in emerging markets: Escaping the monetary policy procyclicality trap” (with U. Rawat and H. Ye), VoxEu, August 2020
“Leaning against the wind: An empirical cost-benefit analysis” (with. L. Brandao-Marques, M. Narita, and E. Nier), VoxEu, July 2020
“Capital flows at risk: Taming the ebbs and flows” (with L. Gornicka, R. Koepke, R. Sahay, and S. Sgherri), VoxEu, February 2020
“Unveiling the effects of macroprudential policies: The IMF’s new iMaPP database” (with A. Alter, H. Kang, M. Narita, and E. Nier), VoxEu, April 2019
“Household indebtedness did not weaken US monetary transmission post-crisis” (with F. Grinberg, T. Mancini-Griffoli, S. Khan, M. Narita, and U. Rawat), VoxEu, February 2019
“The Rise in Nonbank Finance and Monetary Policy Transmission” (with L. Brandao-Marques), VoxEu, December 2017
“Aging Japan Puts a Strain on the Financial System” (with S. Muñoz), IMF Blog, August 2017
“How an Extended Period of Low Growth Could Reshape the Financial Industry,” (with J. Surti), IMF Blog, April 2017
“With Global Financial Markets, How Much Control Do Countries Have Over Economic Policies?,” (with S. Elekdag), IMF Blog, April 2017
“The Growing Importance of Financial Spillovers from Emerging Market Economies” (with J. Surti), Vox, August 2016
“Corporate Governance and Financial Stability in Emerging Markets” (with S. Elekdag), VoxEu, Nov 2016
“Resilience of Market Liquidity” (with L. Brandao-Marques), VoxEu, January 2016
“Asset Management and Financial Stability” (with H. Oura), VoxEu, July 2015
“Global Banks Turning more Local” (with F. Lambert), VoxEu, May 2015
“Transparency and the Global Transmission of Financial Shocks” (with L. Brandao -Marques and N. Melgar), Econbrowser, December 2014
“Good Governance Curbs Excessive Bank Risks” (with L. Brandao-Marques and E. Oppers), http://blog-imfdirect.imf.org/2014/10/16/good-governance-curbs-excessive-bank-risks/, October2014
“The Growth of Shadow Banking” (with N. Valckx), http://blog-imfdirect.imf.org/2014/10/03/the-growth-of-shadow-banking/, October 2014
“New-Breed Global Investors and Emerging-Market Financial Stability,” (with H. Oura), VoxEu, August 2014
“Inflation Responses to Commodity Price Shocks – how and why do countries differ” (with Y. Ustyugova), Econbrowser, December 2012
“The global crisis – why were some countries hit harder?” (with P. Berkmen, R. Rennhack, and J. Walsh), VoxEu, March 2010
“Transparenz schützt Schwellenländer,” Frankfurter Allgemeine Zeitung, July 26, 2009
Page updated
Google Sites
Report abuse