Lev Ratnovski

Lead Economist, ECB (on leave from IMF). Working on fintech, shadow banking, liquidity, financial regulation, and financial and sovereign crises.

At IMF covered U.S. and Canada (2008-2010), Ireland and Spain (2011-14), Portugal and Ukraine (2014-2017), Korea and Mongolia (2016), China (2017-2018).


  • ECB, Lead Economist, DG-Research, 2018-present;
  • IMF, Senior Economist, Research Dept., 2010-present (on leave);
  • IMF, United States and Canada Desk, 2008-2010;
  • Bank of England, 2006-2008;
  • PhD, University of Amsterdam, 2008;


Working papers

  • Bank Lending in the Knowledge Economy with Giovanni Dell'Ariccia, Dalida Kadyrzhanova, and Camelia Minoiu Revise and resubmit
    • As corporate assets become more intangible, banks lend less to firms and more to real estate.
  • Bank Capital Requirements and Lending in Emerging Markets with Sole Martinez Peria and Andrea Presbitero Revise and resubmit
    • The effects of raising capital requirements on lending in a buoyant EM environment are small.
  • Monetary Policy in the Knowledge Economy with Robin Döttling, Dalida Kadyrzhanova, and Camelia Minoiu
  • The Dynamics of Nonperforming Loans in Banking Crises with Anil Ari and Sophia Chen DATA

Policy papers

Other policy work

Conferences and seminars; honors

Short Bio

  • Lev Ratnovski is Principal Economist at the European Central Bank (Directorate General Research), on leave from the International Monetary Fund (Research Department). At the IMF, Mr. Ratnovski worked on financial regulation and structure, financial and sovereign crises, and shadow banking and global liquidity. Also, he covered for the IMF economic policy in China, Korea, Mongolia, Ireland, Spain, Portugal, and Ukraine. Prior to this, Mr. Ratnovski worked on U.S. and Canada desks of the IMF and in the Financial Stability directorate of the Bank of England. He has published in Review of Finance, Journal of Financial Intermediation, Journal of Banking and Finance, International Journal of Central Banking, and Economic Policy. Mr. Ratnovski has been cited by Bloomberg, Economist, and Reuters. Mr. Ratnovski holds a B.Sc. from HSE-Moscow and a Ph.D. from the University of Amsterdam.