Luca Antonio Ricci
Last Updated: March 25, 2023
Mission Chief,
International Monetary Fund.
CEPR Research Fellow.
Email: LRICCI@imf.org
Fluent In: French, Italian, Spanish.
Education:
1996: Ph.D. in International Economics, The Graduate Institute, Geneva, Geneva, Switzerland.
1993-1995: Visiting Fellow, Economics Department, Harvard University.
1993: M.A in International Economics, The Graduate Institute, Geneva, Geneva, Switzerland.
1990: B.A. in Economics (summa cum laude), University of Rome La Sapienza, Italy.
Previous Experience:
2011-present: International Monetary Fund - African Department (2021-present), Western Hemisphere Department (2013-2021), Research Department (2011-2013).
2010-2011 – Barclays Capital, Managing Director, Head of International Economic Research.
1996-2010: International Monetary Fund - Research Department (2004-2010), African Department (2001-2004), Research Department (1998-2001), Middle Eastern Department (1997-1998), Research Department (1996-97).
1995-1996: Researcher in international economics at the University of Konstanz, under the Human Capital Mobility Program of the European Union.
Referee Activities:
American Economic Review; E-conomics; Economic Change and Restructuring; Economic Journal; Economie et Prevision; European Journal of Political Economy; International Economic Review; International Review of Economics and Finance; Journal of Comparative Economics; Journal of Economic Growth; Journal of International Economics; Journal of International Money and Finance; Journal of Macroeconomics; Journal of Urban Economics; Open Economies Review; Oxford Bulletin of Economics and Statistics; Review of International Economics; Rivista di Politica Economica; Scandinavian Journal of Economics; Studies in Nonlinear Dynamics and Econometrics; Weltwirtschaftliches Archiv.
Editorial Activities:
Associate Editor of Economie Internationale
Associate Editor of Economic Notes
Teaching:
2024-25: Teaching "Assessing External Imbalances" in the course "Economic Policy in Developing and Emerging Countries: A Practitioners’ View" at The Graduate Institute, Geneva.
2022-23: Teaching "Assessing External Imbalances" in the course "Economic Policy in Developing and Emerging Countries: A Practitioners’ View" at The Graduate Institute, Geneva.
2020-21: Teaching "Assessing External Imbalances" in the course "Economic Policy in Developing and Emerging Countries: A Practitioners’ View" at The Graduate Institute, Geneva.
2018-19: Teaching "Assessing External Imbalances" in the course "Economic Policy in Developing and Emerging Countries: A Practitioners’ View" at The Graduate Institute, Geneva.
2016-17: Teaching "Assessing External Imbalances" in the course "Economic Policy in Developing and Emerging Countries: A Practitioners’ View" at The Graduate Institute, Geneva.
2014-15: Teaching "Assessing External Imbalances" in the course "Economic Policy in Developing and Emerging Countries: A Practitioners’ View" at The Graduate Institute, Geneva.
2012-13:Teaching "Assessing External Imbalances" in the course "International Financial Flows to Developing Countries and Emerging Markets: Determinants, Impact and Policy Challenges (A Practitioners’ Perspective)" at The Graduate Institute, Geneva.
2004, May: Visiting professor in International Finance at Luiss University (Rome) and University of Bari, Italy.
1991-1993: Teaching Assistant in International Economics, The Graduate Institute, Geneva.
Others:
HIGH-LEVEL EVENT ORGANIZATION
Organized a High-Level event with IMF Deputy Managing Director Bo Li and the Governors of the thirty-three Sub-Saharan Africa (SSA) Central Banks, during the 2025 IMF-WB Spring meeting, focusing on digital payments in SSA (https://www.imf.org/en/Videos/view?vid=6372119635112)
Organized a High-Level event with IMF Deputy Managing Director Bo Li and the Governors of the thirty-three Sub-Saharan Africa (SSA) Central Banks, during the 2024 IMF-WB Spring meeting, focusing on digital payments in SSA (https://www.imf.org/en/Videos/view?vid=6352140356112)
Created and Organized, jointly with IMF colleagues, the IMF Africa Perspective series (https://www.imf.org/en/News/Seminars/Conferences/2022/06/10/africa-speaker-series), which explores topics related to Africa with experts on the continent and is moderated by IMF African department director Abebe Aemro Selassie.
Organized, jointly with IMF colleagues, the June 19 2023 event on "CBDC and Digital Payments" in Morocco, with the participation of the IMF Managing Director Kristalina Georgieva.
Organized jointly with the Minister of Finance of Chile a two-day conference on "Enhancing Chile's Fiscal Frameworks: Lessons from the Domestic and International Experience", Jan. 17-18, 2019, with the participation of Chilean authorities from the Ministry of Finance and the Central Bank, Academics, ex-Ministers and ex-Governors, representative from the government of New Zealand, IMF, and IADB. (https://www.hacienda.cl/sala-de-prensa/conferencias-y-seminarios/conferencia-fiscal-ministerio-de.html; https://www.latercera.com/pulso/noticia/presidente-del-banco-central-sugiere-fortalecer-la-rendicion-cuentas-regla-fiscal/490116/; https://www.df.cl/noticias/economia-y-politica/gobierno/larrain-y-el-fmi-analizaron-propuestas-de-perfeccionamiento-al-marco/2019-01-18/182827.html; http://www.economiaynegocios.cl/noticias/noticias.asp?id=539146)
Organized, jointly with IMF colleagues, an IMF Annual Meeting Seminar on "Sovereign Debt in Developing Countries: Rising Vulnerabilities and the Path to Resilience", October 2017. (https://www.imf.org/external/POS_Meetings/SeminarDetails.aspx?SeminarId=260)
Organized jointly with the Minister of Finance of Panama the roundtable discussion on "Panama long-term growth prospects and opportunities", Dec 4 2014, with the participation of country authorities, private sector representatives, World Bank, and Iadb (see http://www.panamaamerica.com.pa/economia/economia-panamena-seguira-creciendo-si-el-estado-le-hace-frente-los-cabos-sueltos-955226).
Organized jointly with Piercarlo Padoan--then chief economist of OECD, later Minister of Finance of Italy--and Giuseppe De Arcangelis, a two-day conference on "Advances in International Economics and Economic Dynamics" in Rome Italy in September 2010
HIGH-LEVEL EVENT PARTICIPATION
Invited as keynote speaker on “Artificial Intelligence and Monetary Policy” at the BCEAO international conference on “Artificial Intelligence : Opportunities and Challenges for Central Banks”, on May 21 2025 in Dakar. (https://www.bceao.int/en/communique-presse/bceao-international-conference-artificial-intelligence-opportunities-and), with participation of several Governors and Deputy Governors of African Central Banks, as well as representatives from the World Bank, Banque de France, Deutsche Bundesbank, BOAD, academic institutions, and private sector.
Moderated one panel at the 2025 3i Africa Summit in Accra on May 14 (https://3iafrica.com/agenda/), on Regulating the Future of Africa’s Path to Digital Asset Adoption
Moderated two events at the 2025 Inclusive Fintech Forum in Kigali in February (https://www.inclusivefintechforum.com/speakers/spkr4099-dr-luca-antonio-ricci), on Digital Money in SSA and on Opportunities and Challenges for Remittances in SSA
Moderated a high-level event at the Nov 2024 Singapore Fintech Festival with three Governors of African Central Banks and the MENA regional president of Mastercard (Financial network in the world's fastest growing continent: https://www.fintechfestival.sg/agenda/AGND1550-financial-network-in-the-worlds-fastest-growing-continent?hsCacheBuster=505151)
Represented the IMF at the 44th Annual Meetings of the Association of African Central Banks (AACB) were held in Banjul, The Gambia, from July 31st to August 5th, 2022, hosted by the Central Bank of The Gambia (CBG) and the AACB.
Represented the IMF in several events of the 2019 APEC meetings hosted by Chile
MY OTHER WEBSITES
MEDIA CITATIONS AND BLOGS
Field of Expertise:
Monetary Policy
Public Finance
Open Economy Macroeconomics
International Trade
International Finance
Economic Modeling
Development Economics
IMF Books and Working Papers:
Digital Payment Innovations in Sub-Saharan Africa , Departmental Paper No 2025/004 , June 27, 2025
Micro-Evidence on the Consumption Impact of Income-Support Policies During COVID-19 , Working Paper No. 2025/064 , April 04, 2025
Central Bank Digital Currency and Other Digital Payments in Sub-Saharan Africa: A Regional Survey , Fintech Notes No 2024/001 , March 27, 2024
Weighted Median Inflation Around the World: A Measure of Core Inflation , Working Paper No. 2023/044 , February 24, 2023
Understanding Chile’s Social Unrest in an International Perspective , Working Paper No. 2021/174 , June 25, 2021
Authorities’ Fiscal Forecasts in Latin America: Are They Optimistic? , Working Paper No. 2021/154 , June 04, 2021
Patterns in IMF Growth Forecast Revisions: A Panel Study at Multiple Horizons , Working Paper No. 2021/136 , May 07, 2021
The Macroeconomic Impact of Social Unrest , Working Paper No. 2021/135 , May 07, 2021
Fiscal Policy Challenges for Latin America during the Next Stages of the Pandemic: The Need for a Fiscal Pact , Working Paper No. 2021/077 , March 18, 2021
The Sources of Fiscal Fluctuations , Working Paper No. 20/220 , October 30, 2020
Comfort in Floating: Taking Stock of Twenty Years of Freely-Floating Exchange Rate in Chile , Working Paper No. 2020/100 , June 19, 2020
The Level REER model in the External Balance Assessment (EBA) Methodology , Working Paper No. 19/192 , September 13, 2019
The Nonlinear Relationship Between Public Debt and Sovereign Credit Ratings , Working Paper No. 19/162 , July 26, 2019
Does Gross or Net Debt Matter More for Emerging Market Spreads? , Working Paper No. 16/246 , December 22, 2016
Trilemma or Dilemma : Inspecting the Heterogeneous Response of Local Currency Interest Rates to Foreign Rates , Working Paper No. 16/75 , March 23, 2016
The External Balance Assessment (EBA) Methodology , Working Paper No. 13/272 , December 31, 2013
Country Insurance Using Financial Instruments , Working Paper No. 11/169 , July 01, 2011
Evidenceon Productivity, Comparative Advantage, and Networks in the Export Performance of Firms , Working Paper No. 11/77 , April 01, 2011
External Performance in Low-Income Countries , Occasional Paper No. 272 , March 15, 2011
Unemployment and Productivity in the Long Run: the Role of Macroeconomic Volatility , Working Paper No. 10/259 , November 01, 2010
International Capital Flows and Development: Financial Openness Matters , Working Paper No. 10/235 , October 01, 2010
External Balance in Low Income Countries , Working Paper No. 09/221 , October 01, 2009
The Inflation-Unemployment Trade-off at Low Inflation , Working Paper No. 09/34 , March 01, 2009
Exchange Rate Assessments : CGER Methodologies , Occasional Paper No. 261 , April 07, 2008
Is There a Novelty Premium on New Financial Instruments? The Argentine Experience with GDP-Indexed Warrants , Working Paper No. 08/109 , April 01, 2008
A Bayesian-Estimated Model of InflationTargeting in South Africa , Working Paper No. 08/48 , February 01, 2008
Real Exchange Rates and Fundamentals: A Cross-Country Perspective , Working Paper No. 08/13 , January 01, 2008
Post-Apartheid South Africa : The First Ten Years , January 12, 2006
Debt Overhang or Debt Irrelevance? Revisiting the Debt Growth Link , Working Paper No. 05/223 , December 01, 2005
Can Higher Reserves Help Reduce Exchange Rate Volatility? , Working Paper No. 04/189 , October 01, 2004
Once Again, is Openness Good for Growth? , Working Paper No. 04/135 , July 01, 2004
What Are the Channels Through Which External Debt Affects Growth? , Working Paper No. 04/15 , January 01, 2004
Estimation of the Equilibrium Real Exchange Rate for South Africa , Working Paper No. 03/44 , March 01, 2003
International Financial Integration and Economic Growth , Working Paper No. 02/145 , August 01, 2002
Capital Account Liberalization and Economic Performance: Survey and Synthesis , Working Paper No. 02/120 , July 01, 2002
External Debt and Growth , Working Paper No. 02/69 , April 01, 2002
Purchasing Power Parity and New Trade Theory , Working Paper No. 02/32 , February 01, 2002
PPP and the Balassa Samuelson Effect: The Role of the Distribution Sector , Working Paper No. 01/38 , March 01, 2001
Trade and Financial Contagion in Currency Crises , Working Paper No. 00/55 , March 01, 2000
Uncertainty, Flexible Exchange Rates, and Agglomeration , Working Paper No. 98/9 , February 01, 1998
EMU, Adjustment, and Exchange Rate Variability , Working Paper No. 98/50 , January 01, 1998
Exchange Rate Regimes and Location , Working Paper No. 97/69 , June 01, 1997
A Model of An Optimum Currency Area , Working Paper No. 97/76 , June 01, 1997
IMF Country Reports
WAEMU: Staff Report for the 2025 Regional Consultation
WAEMU: Staff Report for the 2024 Regional Consultation
WAEMU: Staff Report for the 2023 Regional Consultation
Côte d’Ivoire: Staff Report for the 2022 Article IV Consultation
Côte d’Ivoire: Staff Report for the 2021 Article IV Consultation
Chile: First Year Review Under the Flexible Credit Line Arrangement, May 2021
Chile: Staff Report for the 2021 Article IV Consultation, April 2021
Chile: Staff Report for the Two-Year US$23.93 Billion Flexible Credit Line Arrangement
IMF Staff Mission Concludes Visit to Chile, June 19, 2019
Chile: Staff Report for the 2018 Article IV Consultation
Ecuador: Purchase Under the Rapid Financing Instrument, 2018
Ecuador: Staff Report for the 2015 Article IV Consultation
Panama: Staff Report for the 2015 Article IV Consultation
Panama: Staff Report for the 2014 Article IV Consultation
IMF Occasional Papers, Pamphlets, and Special Issues Papers
iMFdirect Blog Posts
Selected Issue
WAEMU: 2025 Selected Issues Papers
WAEMU: 2024 Selected Issues Papers
WAEMU: 2023 Selected Issues Papers
Côte d’Ivoire: 2022 Selected Issues Papers
Chile: 2021 Selected Issue paper
Chile: 2018 Selected Issues Papers
Ecuador: 2015 Selected Issues Papers
Panama: 2015 Selected Issues Papers
Other Published Materials
Chile: IMF Mission Concludes Staff Visit, June 19, 2019
Chile: Staff Concluding Statement of the 2018 Article IV Mission
Statement at the WTO Balance-of-Payments Committee on Ecuador Balance of Payments needs, 2016
Statement at the WTO Balance-of-Payments Committee on Ecuador Balance of Payments needs, 2015
2013 IMF External Sector Report (part of a team)
2012 Pilot External Sector Report (part of a team)
"The Fund’s Mandate—Future Financing Role (main)", 2010, (part of a team)
An Analysis of Economic Growth in Swaziland", Swaziland Selected Issues, 2003 Chapter 4, pp. 42-49.
Publications in Journals (Refereed)
"A Model of an Optimum Currency Area", 2008 Economics, Vol. 2, No: 2008-8.
"Exchange Rate Regimes, Location, and Specialization", 2006 IMF Staff Papers, Vol.53:1, pp.50-62.
"Where to Patent? Theory and Evidence on International Patenting" 2000 (with J. Inkman and W. Polhmeier) in Hans-Juergen Vosgerau ed., Institutional Arrangements for Global Economic Integration, London, Mac Millan.
"Economic Geography and Comparative Advantage", European Economic Review, 1999 vol.43:2, pp.357-377.
"Un modèle simple de zone monétaire optimale", Economie et Prévision, 1997, vol. 127:2.
Publications in Books and Conference Volumes
Mission Chief,
International Monetary Fund.
CEPR Research Fellow.
Email: LRICCI@imf.org
Fluent In: French, Italian, Spanish.
Education:
1996: Ph.D. in International Economics, The Graduate Institute, Geneva, Geneva, Switzerland.
1993-1995: Visiting Fellow, Economics Department, Harvard University.
1993: M.A in International Economics, The Graduate Institute, Geneva, Geneva, Switzerland.
1990: B.A. in Economics (summa cum laude), University of Rome La Sapienza, Italy.
Previous Experience:
2011-present: International Monetary Fund - African Department (2021-present), Western Hemisphere Department (2013-2021), Research Department (2011-2013).
2010-2011 – Barclays Capital, Managing Director, Head of International Economic Research.
1996-2010: International Monetary Fund - Research Department (2004-2010), African Department (2001-2004), Research Department (1998-2001), Middle Eastern Department (1997-1998), Research Department (1996-97).
1995-1996: Researcher in international economics at the University of Konstanz, under the Human Capital Mobility Program of the European Union.
Referee Activities:
American Economic Review; E-conomics; Economic Change and Restructuring; Economic Journal; Economie et Prevision; European Journal of Political Economy; International Economic Review; International Review of Economics and Finance; Journal of Comparative Economics; Journal of Economic Growth; Journal of International Economics; Journal of International Money and Finance; Journal of Macroeconomics; Journal of Urban Economics; Open Economies Review; Oxford Bulletin of Economics and Statistics; Review of International Economics; Rivista di Politica Economica; Scandinavian Journal of Economics; Studies in Nonlinear Dynamics and Econometrics; Weltwirtschaftliches Archiv.
Editorial Activities:
Associate Editor of Economie Internationale
Associate Editor of Economic Notes
Teaching:
2024-25: Teaching "Assessing External Imbalances" in the course "Economic Policy in Developing and Emerging Countries: A Practitioners’ View" at The Graduate Institute, Geneva.
2022-23: Teaching "Assessing External Imbalances" in the course "Economic Policy in Developing and Emerging Countries: A Practitioners’ View" at The Graduate Institute, Geneva.
2020-21: Teaching "Assessing External Imbalances" in the course "Economic Policy in Developing and Emerging Countries: A Practitioners’ View" at The Graduate Institute, Geneva.
2018-19: Teaching "Assessing External Imbalances" in the course "Economic Policy in Developing and Emerging Countries: A Practitioners’ View" at The Graduate Institute, Geneva.
2016-17: Teaching "Assessing External Imbalances" in the course "Economic Policy in Developing and Emerging Countries: A Practitioners’ View" at The Graduate Institute, Geneva.
2014-15: Teaching "Assessing External Imbalances" in the course "Economic Policy in Developing and Emerging Countries: A Practitioners’ View" at The Graduate Institute, Geneva.
2012-13:Teaching "Assessing External Imbalances" in the course "International Financial Flows to Developing Countries and Emerging Markets: Determinants, Impact and Policy Challenges (A Practitioners’ Perspective)" at The Graduate Institute, Geneva.
2004, May: Visiting professor in International Finance at Luiss University (Rome) and University of Bari, Italy.
1991-1993: Teaching Assistant in International Economics, The Graduate Institute, Geneva.
Others:
HIGH-LEVEL EVENT ORGANIZATION
Organized a High-Level event with IMF Deputy Managing Director Bo Li and the Governors of the thirty-three Sub-Saharan Africa (SSA) Central Banks, during the 2025 IMF-WB Spring meeting, focusing on digital payments in SSA (https://www.imf.org/en/Videos/view?vid=6372119635112)
Organized a High-Level event with IMF Deputy Managing Director Bo Li and the Governors of the thirty-three Sub-Saharan Africa (SSA) Central Banks, during the 2024 IMF-WB Spring meeting, focusing on digital payments in SSA (https://www.imf.org/en/Videos/view?vid=6352140356112)
Created and Organized, jointly with IMF colleagues, the IMF Africa Perspective series (https://www.imf.org/en/News/Seminars/Conferences/2022/06/10/africa-speaker-series), which explores topics related to Africa with experts on the continent and is moderated by IMF African department director Abebe Aemro Selassie.
Organized, jointly with IMF colleagues, the June 19 2023 event on "CBDC and Digital Payments" in Morocco, with the participation of the IMF Managing Director Kristalina Georgieva.
Organized jointly with the Minister of Finance of Chile a two-day conference on "Enhancing Chile's Fiscal Frameworks: Lessons from the Domestic and International Experience", Jan. 17-18, 2019, with the participation of Chilean authorities from the Ministry of Finance and the Central Bank, Academics, ex-Ministers and ex-Governors, representative from the government of New Zealand, IMF, and IADB. (https://www.hacienda.cl/sala-de-prensa/conferencias-y-seminarios/conferencia-fiscal-ministerio-de.html; https://www.latercera.com/pulso/noticia/presidente-del-banco-central-sugiere-fortalecer-la-rendicion-cuentas-regla-fiscal/490116/; https://www.df.cl/noticias/economia-y-politica/gobierno/larrain-y-el-fmi-analizaron-propuestas-de-perfeccionamiento-al-marco/2019-01-18/182827.html; http://www.economiaynegocios.cl/noticias/noticias.asp?id=539146)
Organized, jointly with IMF colleagues, an IMF Annual Meeting Seminar on "Sovereign Debt in Developing Countries: Rising Vulnerabilities and the Path to Resilience", October 2017. (https://www.imf.org/external/POS_Meetings/SeminarDetails.aspx?SeminarId=260)
Organized jointly with the Minister of Finance of Panama the roundtable discussion on "Panama long-term growth prospects and opportunities", Dec 4 2014, with the participation of country authorities, private sector representatives, World Bank, and Iadb (see http://www.panamaamerica.com.pa/economia/economia-panamena-seguira-creciendo-si-el-estado-le-hace-frente-los-cabos-sueltos-955226).
Organized jointly with Piercarlo Padoan--then chief economist of OECD, later Minister of Finance of Italy--and Giuseppe De Arcangelis, a two-day conference on "Advances in International Economics and Economic Dynamics" in Rome Italy in September 2010
HIGH-LEVEL EVENT PARTICIPATION
Invited as keynote speaker on “Artificial Intelligence and Monetary Policy” at the BCEAO international conference on “Artificial Intelligence : Opportunities and Challenges for Central Banks”, on May 21 2025 in Dakar. (https://www.bceao.int/en/communique-presse/bceao-international-conference-artificial-intelligence-opportunities-and), with participation of several Governors and Deputy Governors of African Central Banks, as well as representatives from the World Bank, Banque de France, Deutsche Bundesbank, BOAD, academic institutions, and private sector.
Moderated one panel at the 2025 3i Africa Summit in Accra on May 14 (https://3iafrica.com/agenda/), on Regulating the Future of Africa’s Path to Digital Asset Adoption
Moderated two events at the 2025 Inclusive Fintech Forum in Kigali in February (https://www.inclusivefintechforum.com/speakers/spkr4099-dr-luca-antonio-ricci), on Digital Money in SSA and on Opportunities and Challenges for Remittances in SSA
Moderated a high-level event at the Nov 2024 Singapore Fintech Festival with three Governors of African Central Banks and the MENA regional president of Mastercard (Financial network in the world's fastest growing continent: https://www.fintechfestival.sg/agenda/AGND1550-financial-network-in-the-worlds-fastest-growing-continent?hsCacheBuster=505151)
Represented the IMF at the 44th Annual Meetings of the Association of African Central Banks (AACB) were held in Banjul, The Gambia, from July 31st to August 5th, 2022, hosted by the Central Bank of The Gambia (CBG) and the AACB.
Represented the IMF in several events of the 2019 APEC meetings hosted by Chile
MY OTHER WEBSITES
MEDIA CITATIONS AND BLOGS
Field of Expertise:
Monetary Policy
Public Finance
Open Economy Macroeconomics
International Trade
International Finance
Economic Modeling
Development Economics
IMF Books and Working Papers:
Digital Payment Innovations in Sub-Saharan Africa , Departmental Paper No 2025/004 , June 27, 2025
Micro-Evidence on the Consumption Impact of Income-Support Policies During COVID-19 , Working Paper No. 2025/064 , April 04, 2025
Central Bank Digital Currency and Other Digital Payments in Sub-Saharan Africa: A Regional Survey , Fintech Notes No 2024/001 , March 27, 2024
Weighted Median Inflation Around the World: A Measure of Core Inflation , Working Paper No. 2023/044 , February 24, 2023
Understanding Chile’s Social Unrest in an International Perspective , Working Paper No. 2021/174 , June 25, 2021
Authorities’ Fiscal Forecasts in Latin America: Are They Optimistic? , Working Paper No. 2021/154 , June 04, 2021
Patterns in IMF Growth Forecast Revisions: A Panel Study at Multiple Horizons , Working Paper No. 2021/136 , May 07, 2021
The Macroeconomic Impact of Social Unrest , Working Paper No. 2021/135 , May 07, 2021
Fiscal Policy Challenges for Latin America during the Next Stages of the Pandemic: The Need for a Fiscal Pact , Working Paper No. 2021/077 , March 18, 2021
The Sources of Fiscal Fluctuations , Working Paper No. 20/220 , October 30, 2020
Comfort in Floating: Taking Stock of Twenty Years of Freely-Floating Exchange Rate in Chile , Working Paper No. 2020/100 , June 19, 2020
The Level REER model in the External Balance Assessment (EBA) Methodology , Working Paper No. 19/192 , September 13, 2019
The Nonlinear Relationship Between Public Debt and Sovereign Credit Ratings , Working Paper No. 19/162 , July 26, 2019
Does Gross or Net Debt Matter More for Emerging Market Spreads? , Working Paper No. 16/246 , December 22, 2016
Trilemma or Dilemma : Inspecting the Heterogeneous Response of Local Currency Interest Rates to Foreign Rates , Working Paper No. 16/75 , March 23, 2016
The External Balance Assessment (EBA) Methodology , Working Paper No. 13/272 , December 31, 2013
Country Insurance Using Financial Instruments , Working Paper No. 11/169 , July 01, 2011
Evidenceon Productivity, Comparative Advantage, and Networks in the Export Performance of Firms , Working Paper No. 11/77 , April 01, 2011
External Performance in Low-Income Countries , Occasional Paper No. 272 , March 15, 2011
Unemployment and Productivity in the Long Run: the Role of Macroeconomic Volatility , Working Paper No. 10/259 , November 01, 2010
International Capital Flows and Development: Financial Openness Matters , Working Paper No. 10/235 , October 01, 2010
External Balance in Low Income Countries , Working Paper No. 09/221 , October 01, 2009
The Inflation-Unemployment Trade-off at Low Inflation , Working Paper No. 09/34 , March 01, 2009
Exchange Rate Assessments : CGER Methodologies , Occasional Paper No. 261 , April 07, 2008
Is There a Novelty Premium on New Financial Instruments? The Argentine Experience with GDP-Indexed Warrants , Working Paper No. 08/109 , April 01, 2008
A Bayesian-Estimated Model of InflationTargeting in South Africa , Working Paper No. 08/48 , February 01, 2008
Real Exchange Rates and Fundamentals: A Cross-Country Perspective , Working Paper No. 08/13 , January 01, 2008
Post-Apartheid South Africa : The First Ten Years , January 12, 2006
Debt Overhang or Debt Irrelevance? Revisiting the Debt Growth Link , Working Paper No. 05/223 , December 01, 2005
Can Higher Reserves Help Reduce Exchange Rate Volatility? , Working Paper No. 04/189 , October 01, 2004
Once Again, is Openness Good for Growth? , Working Paper No. 04/135 , July 01, 2004
What Are the Channels Through Which External Debt Affects Growth? , Working Paper No. 04/15 , January 01, 2004
Estimation of the Equilibrium Real Exchange Rate for South Africa , Working Paper No. 03/44 , March 01, 2003
International Financial Integration and Economic Growth , Working Paper No. 02/145 , August 01, 2002
Capital Account Liberalization and Economic Performance: Survey and Synthesis , Working Paper No. 02/120 , July 01, 2002
External Debt and Growth , Working Paper No. 02/69 , April 01, 2002
Purchasing Power Parity and New Trade Theory , Working Paper No. 02/32 , February 01, 2002
PPP and the Balassa Samuelson Effect: The Role of the Distribution Sector , Working Paper No. 01/38 , March 01, 2001
Trade and Financial Contagion in Currency Crises , Working Paper No. 00/55 , March 01, 2000
Uncertainty, Flexible Exchange Rates, and Agglomeration , Working Paper No. 98/9 , February 01, 1998
EMU, Adjustment, and Exchange Rate Variability , Working Paper No. 98/50 , January 01, 1998
Exchange Rate Regimes and Location , Working Paper No. 97/69 , June 01, 1997
A Model of An Optimum Currency Area , Working Paper No. 97/76 , June 01, 1997
IMF Country Reports
WAEMU: Staff Report for the 2025 Regional Consultation
WAEMU: Staff Report for the 2024 Regional Consultation
WAEMU: Staff Report for the 2023 Regional Consultation
Côte d’Ivoire: Staff Report for the 2022 Article IV Consultation
Côte d’Ivoire: Staff Report for the 2021 Article IV Consultation
Chile: First Year Review Under the Flexible Credit Line Arrangement, May 2021
Chile: Staff Report for the 2021 Article IV Consultation, April 2021
Chile: Staff Report for the Two-Year US$23.93 Billion Flexible Credit Line Arrangement
IMF Staff Mission Concludes Visit to Chile, June 19, 2019
Chile: Staff Report for the 2018 Article IV Consultation
Ecuador: Purchase Under the Rapid Financing Instrument, 2018
Ecuador: Staff Report for the 2015 Article IV Consultation
Panama: Staff Report for the 2015 Article IV Consultation
Panama: Staff Report for the 2014 Article IV Consultation
IMF Occasional Papers, Pamphlets, and Special Issues Papers
iMFdirect Blog Posts
Selected Issue
WAEMU: 2025 Selected Issues Papers
WAEMU: 2024 Selected Issues Papers
WAEMU: 2023 Selected Issues Papers
Côte d’Ivoire: 2022 Selected Issues Papers
Chile: 2021 Selected Issue paper
Chile: 2018 Selected Issues Papers
Ecuador: 2015 Selected Issues Papers
Panama: 2015 Selected Issues Papers
Other Published Materials
Chile: IMF Mission Concludes Staff Visit, June 19, 2019
Chile: Staff Concluding Statement of the 2018 Article IV Mission
Statement at the WTO Balance-of-Payments Committee on Ecuador Balance of Payments needs, 2016
Statement at the WTO Balance-of-Payments Committee on Ecuador Balance of Payments needs, 2015
2013 IMF External Sector Report (part of a team)
2012 Pilot External Sector Report (part of a team)
"The Fund’s Mandate—Future Financing Role (main)", 2010, (part of a team)
An Analysis of Economic Growth in Swaziland", Swaziland Selected Issues, 2003 Chapter 4, pp. 42-49.
Publications in Journals (Refereed)
"A Model of an Optimum Currency Area", 2008 Economics, Vol. 2, No: 2008-8.
"Exchange Rate Regimes, Location, and Specialization", 2006 IMF Staff Papers, Vol.53:1, pp.50-62.
"Where to Patent? Theory and Evidence on International Patenting" 2000 (with J. Inkman and W. Polhmeier) in Hans-Juergen Vosgerau ed., Institutional Arrangements for Global Economic Integration, London, Mac Millan.
"Economic Geography and Comparative Advantage", European Economic Review, 1999 vol.43:2, pp.357-377.
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