Lev Ratnovski

Principal Economist, European Central Bank (on leave from IMF).

Financial regulation and structure, financial and sovereign crises, shadow banking and global liquidity.

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).

CV

  • ECB, Principal 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;

Publications


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.
  • Credit and Fiscal Multipliers in China with Sophia Chen and Pi-Han Tsai On IMF blog On VoxChina
    • China has high fiscal multipliers, but low marginal effects of credit growth on output growth.
  • Bailouts and Systemic Insurance with Giovanni Dell'Ariccia Revise and resubmit
    • A government's commitment to shield banks from contagion may increase their incentives to invest prudently, despite potential moral hazard effects.
  • How Do Local Banks Respond to National Credit Supply Shocks? with Meru Bhanot and Divya Kirti
  • Bank Geographic Expansion: Diversification or Search for Yield? with Sophia Chen and Yangfan Sun
  • The Dynamics of Nonperforming Loans in Banking Crises with Anil Ari and Sophia Chen
  • Liquidity Insurance and Shadow Banking with Xavier Freixas

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.

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