An economist at IMF Research Department, focusing on global banks and financial markets.
- Liquidity and Transparency in Bank Risk Management J Fin Intermediation 2013
Liquidity buffers (e.g. Basel LCR) can only protect banks against small liquidity shocks. Banks' transparency is essential to maintain market access during prolonged systemic stress.
- Capital Regulation and Tail Risk (with Enrico Perotti and Razvan Vlahu) Int J Central Banking 2011 On VOX
Banks with higher capital are less likely to breach the minimal capital ratio, and consequently may take more risk.
- Banking and Trading (with Arnoud Boot)
- NEW Bailouts and Systemic Insurance (with Giovanni Dell'Ariccia)
- Bank Size, Scope, and Systemic Risk (with Luc Laeven and Hui Tong)
- Risk Taking Incentives of Modern Banks (with Natalia Martynova and Razvan Vlahu)
- Why are Banks So Complex? (with Charles Calomiris)
- Repeated Trading and Market Freezes (with Daria Shakourzadeh)
- Trading by Banks and Arbitrage
- IMF Staff Discussion Note 12/05 On VOX
The economic rationale of macroprudential policy is to correct market failures - risk externalities across financial institutions and from finance to the real economy.
- On VOX The dataset
Depository funding was a major factor for the stability of large OECD banks during the crisis. Canadian banks had significantly more deposits than OECD average.
- European Crisis
- A Banking Union for the Euro Area IMF Staff Discussion Note 13/01
- Review of IMF work on Ireland and Spain (2011-)
- Financial Sector
- Bank Funding and Financial Stability, Chapter 3 of IMF Global Financial Stability Report, October 2013
- Key Aspects of Macroprudential Policy, IMF Policy Paper, September 2013 See also a Background Paper
- Progress toward a Safer Financial System, Chapter 3 of IMF Global Financial Stability Report, October 201
- A Fair and Substantial Contribution, an IMF Report to G20 on Financial Sector Taxation, 2010
- U.S. and Canada
- Mission experience: U.S. Article IV 2009 (monetary policy), Canada Article IV 2009 (monetary policy, financial sector)
- Inflation Expectations and Commodity Prices, U.S. Article IV 2011 (with Oya Celasun and Roxana Mihet) IMF WP 12/89 A short version
- At the Bank of England: