Castro, Christian Eduardo, Ángel Estrada, and Gonzalo Fernández Dionis. “Diversifying Sovereign Risk in the Euro Area: Empirical Analysis of Different Policy Proposals.” Banco de España Working Paper 2540, November 3, 2025. Link.
Cortes, Fabio, Gonzalo Fernandez Dionis, Yiran Li, Silvia Ramirez, and Xiaoxiao Zhang. “Recycling Risk: Synthetic Risk Transfers.” IMF Working Paper 2025/200. Link.
Adrian, Tobias, Nassira Abbas, Silvia L. Ramirez, and Gonzalo Fernandez Dionis. “The US Banking Sector since the March 2023 Turmoil: Navigating the Aftermath.” IMF Global Financial Stability Note 2024/001. Link.
“Advances in Artificial Intelligence: Implications for Capital Market Activities.”
IMF Global Financial Stability Report, October 2024, Chapter 3. Link.
Nassira Abbas, Silvia L. Ramirez, and Gonzalo Fernandez Dionis. “The US Banking Sector since the March 2023 Turmoil: Navigating the Aftermath.” The EURO in 2024, Fundacion ICO and IEAF-FEF, 2024 Link.
October 2025 – Global Financial Stability Report: Shifting Ground beneath the Calm
Report page: IMF page
Chapter 1: Shifting Ground beneath the Calm: Stability Challenges amid Changes in Financial Markets
April 2025 – Global Financial Stability Report: Enhancing Resilience amid Uncertainty
Report page: IMF page
Chapter 1: Enhancing Resilience amid Global Trade Uncertainty
October 2024 – Global Financial Stability Report: Steadying the Course (Uncertainty, Artificial Intelligence, and Financial Stability)
Report page: IMF page
Chapter 1: Steadying the Course: Financial Markets Navigate Uncertainty
Chapter 3: Advances in Artificial Intelligence: Implications for Capital Market Activities
April 2024 – Global Financial Stability Report: The Last Mile (Financial Vulnerabilities and Risks)
Report page: IMF page
Chapter 1: Financial Fragilities along the Last Mile of Disinflation
October 2023 – Global Financial Stability Report: Financial and Climate Policies for a High-Interest-Rate Era
Report page: IMF page
Chapter 2: A New Look at Global Banking Vulnerabilities
April 2023 – Global Financial Stability Report: Safeguarding Financial Stability amid High Inflation and Geopolitical Risks
Report page: IMF page
Chapter 1: A Financial System Tested by Higher Inflation and Interest Rates
Fernandez Dionis, Gonzalo, and Patricia C. Mosser. “The Structure of the Financial System: Implications for Macroprudential Stress Testing.” In Handbook of Financial Stress Testing, Cambridge University Press, February 25, 2022. https://www.cambridge.org/core/books/handbook-of-financial-stress-testing/structure-of-the-financial-system-implications-for-macroprudential-stress-testing/DA9CED1B5C7B1CC1BCA5D064FEBD107E
Nelson, Bill, and Gonzalo Fernandez Dionis. “When Will Banks Start Raising Deposit Rates: Here’s What History Shows.” Bank Policy Institute, April 25, 2022. https://bpi.com/wp-content/uploads/2022/05/When-Will-Banks-Start-Raising-Deposit-Rates-Heres-What-History-Shows.pdf
Covas, Francisco, and Gonzalo Fernandez Dionis. “Assessing the Decline in Bank Lending to Businesses.” Bank Policy Institute, September 14, 2022. https://bpi.com/assessing-the-decline-in-bank-lending-to-businesses/
Covas, Francisco, Gonzalo Fernandez Dionis, Bill Nelson, Adam Freedman “How Strong and Liquid Banks Helped the Federal Reserve Prevent a Financial Crisis in the Spring of 2020” The EURO in 2021, Fundacion ICO and IEAF-FEF, 2021.
https://institutodeanalistas.com/wp-content/uploads/2_ANUARIO_EURO_2021_EN_compressed.pdf
Covas, Francisco, and Gonzalo Fernandez Dionis. “DFAST 2021 Stress Tests: Banks Remain Highly Resilient but Bank-Specific Results are Hard to Predict.” Bank Policy Institute, June 25, 2021.
Covas, Francisco, and Gonzalo Fernandez Dionis. “Current Expected Credit Loss Methodology and Loan Growth: Evidence from the COVID-19 Event.” Bank Policy Institute, May 5, 2021.
Covas, Francisco, and Gonzalo Fernandez Dionis. “The CECL Adjustment is Even More Countercyclical for Consumer Banks.” Bank Policy Institute, July 26, 2021. https://bpi.com/the-cecl-adjustment-is-even-more-countercyclical-for-consumer-banks/
Nelson, Bill, and Gonzalo Fernandez Dionis. “Rummaging Through the Fed Archives: When Capital and Liquidity Regulations Were Integrated.” Bank Policy Institute, October 12, 2021.
Covas, Francisco, and Gonzalo Fernandez Dionis. “Putting ‘Too Big to Fail’ to Rest: Evidence from Market Behavior in the COVID-19 Pandemic.” Bank Policy Institute, September 9, 2020.
Covas, Francisco, and Gonzalo Fernandez Dionis. “Why Do Banks Need a Credit Sensitive Lending Benchmark?” Bank Policy Institute, September 23, 2020. https://bpi.com/why-do-banks-need-a-credit-sensitive-lending-benchmark/
Fernandez Dionis, Gonzalo, and Robert Lindgren. “GSIB Scores Rose Again in 3Q20.” Bank Policy Institute, December 11, 2020.
https://bpi.com/wp-content/uploads/2020/12/GSIB-Scores-Rose-Again-in-3Q20.pdf
Covas, Francisco, and Gonzalo Fernandez Dionis. “A Quantitative Analysis of the Federal Reserve’s Proposal to Tailor Prudential Standard.” Bank Policy Institute, January 22, 2019.