Assistant Director and Division Chief, Fiscal Operations 2, Fiscal Affairs Department, International Monetary Fund
Fluent In: Italian.
1989-94 Ph.D. in Economics, Harvard University
Dissertation: "Essays on Country Risk, Asset Markets and Growth". Dissertation Committee: Professors A. Shleifer, A. Alesina, B. Friedman, and E. Glaeser. M.A. in Macroeconomics and Asset Markets Finance (Professors R. Merton and P. Weil).
1986-89 B.A. in Politics, Philosophy and Economics (PPE), Oxford University, First Class Honours.
International Monetary Fund: Fiscal Affairs Department (since 10/07): Division Chief, Fiscal Operations 2. Research Department (5/99-9/07): Chief of Strategic Issues Division (3/05-9/07), Senior Budget Manager and Alternate Senior Personnel Manager (7/04-4/05); previously in Strategic Issues Division (Acting Chief, 7/03-1/04) and Developing Country Studies Division. European I Department, Spain desk (5/96-5/99). Policy Development and Review Department (5/95-5/96). European I Department (6/94-5/95). Before joining the IMF: internships at the World Bank, the National Bureau of Economic Research (assistant to Prof. L. Summers), J.P.Morgan (Milan), Olivetti (Brussels), Caisse Nationale de Credit Agricole (Paris).
IMF Books and Working Papers:
How Solid Is Economic Growth in the East African Community?, Working Paper No. 14/150, August 12, 2014
Growth: Now and Forever?, Working Paper No. 14/117, July 02, 2014
Rethinking Macro Policy II: Getting Granular, Staff Discussion Notes No. 13/3, April 15, 2013
A Modern History of Fiscal Prudence and Profligacy, Working Paper No. 13/5, January 09, 2013
Default in Today's Advanced Economies: Unnecessary, Undesirable, and Unlikely, Staff Position Note No. 2010/12, September 01, 2010
Fiscal Policy and the Current Account, Working Paper No. 10/121, May 01, 2010
Rethinking Macroeconomic Policy, Staff Position Note No. 2010/3, February 12, 2010
Fiscal Risks: Sources, Disclosure, and Management, Departmental Paper No. 09/1, January 29, 2009
Reaping the Benefits of Financial Globalization, Occasional Paper No. 264, December 16, 2008
Pooling Risk Among Countries, Working Paper No. 07/132, June 01, 2007
Country Insurance: The Role of Domestic Policies, Occasional Paper No. 254, April 10, 2007
The External Financing of Emerging Market Countries: Evidence from Two Waves of Financial Globalization, Working Paper No. 06/205, September 01, 2006
Do Some Forms of Financial Flows Help Protect from Sudden Stops?, Working Paper No. 06/202, September 01, 2006
Output Drops and the Shocks That Matter, Working Paper No. 06/172, July 01, 2006
Vanishing Contagion?, Policy Discussion Paper No. 06/01, January 01, 2006
Pricing Growth-Indexed Bonds, Working Paper No. 05/216, November 01, 2005
Sovereign Debt Structure for Crisis Prevention, Occasional Paper No. 237, January 26, 2005
Institutions and the External Capital Structure of Countries, Working Paper No. 04/236, December 01, 2004
The Corporation of Foreign Bondholders, Working Paper No. 03/107, May 01, 2003
An Evaluation of Monetary Regime Options for Latin America, Working Paper No. 02/211, December 01, 2002
The Persistence of Corruption and Slow Economic Growth, Working Paper No. 02/213, November 01, 2002
Reviving the Case for GDP-Indexed Bonds, Policy Discussion Paper No. 02/10, September 01, 2002
Long-Run Determinants of Exchange Rate Regimes: A Simple Sensitivity Analysis, Working Paper No. 02/104, June 01, 2002
Macroeconomic Policies and Poverty Reduction: Stylized Facts and an Overview of Research, Working Paper No. 01/135, September 01, 2001
Physical Capital Adjustment within Spain: Long-Run and Short-Run Analysis, Working Paper No. 01/17, February 01, 2001
Emerging Market Spreads: Then Versus Now, Working Paper No. 00/190, November 01, 2000
Exchange Rate Regimes in an Increasingly Integrated World Economy, Occasional Paper No. 193, August 10, 2000
Capital Flight from Russia, Policy Discussion Paper No. 00/6, June 01, 2000
Stock Returns and Output Growth in Emerging and Advanced Economies, Working Paper No. 00/89, April 01, 2000
The Role of Human Capital in Economic Growth - The Case of Spain, Working Paper No. 00/8, January 01, 2000
Perspectives on Regional Unemployment in Europe, Occasional Paper No. 177, May 17, 1999
How Do the Skilled and the Unskilled Respond to Regional Shocks? The Case of Spain, Working Paper No. 98/77, May 01, 1998
Why Worry About Corruption?, Economic Issues No. 6, February 24, 1997
The Effects of Corruption on Growth, Investment, and Government Expenditure, Working Paper No. 96/98, September 01, 1996
Current Account Surpluses and the Interest Rate Island in Switzerland, Working Paper No. 95/24, February 01, 1995
“Rethinking Macroeconomic Policies,” (with O. Blanchard and G. Dell’Ariccia), 2010, Journal of Money, Credit, and Banking (Discussions), Vol. 42, pp. 199–215
Robert J. Shiller Interview, for Finance and Development, December 2008.
“Financial Crises of the Future” (with Y. Yafeh), Finance and Development, December 2007.
“Vanishing Contagion?” (with T. Didier and S. Schmukler), 2008, Journal of Policy Modeling, Vol. 30, No. 5, pp. 775–791
“The World Bank Researchers’ Contribution to the Study of Corruption,” 2007, Brown Journal of World Affairs, Vol. 13, No. 2, pp. 67–77.
Book Review of Global Capital Markets (by Obstfeld and Taylor), Journal of International Economics, 2006, Vol. 70, pp. 325–328.
“Monetary regime options for Latin America,” (with A. Berg and E. Borensztein), Finance and Development, September 2003, 24–27.
“Capital Flight from Russia” (with P. Loungani), The World Economy, Vol. 24, No. 5, 689–706, 2001.
“Macroeconomic Policies and Poverty Reduction” (with P. Cashin and R. Sahay), Finance and Development, June 2001, 46–49.
“The Suitability of ASEAN for a Regional Currency Arrangement” (with T. Bayoumi), The World Economy, Vol. 24, No. 7, 933–954, 2001.
“Corruption: Causes, Consequences, and Agenda for Further Research,” Finance and Development, March 1998, 11–14.
“The Effects of Corruption on Growth, Investment, and Government Expenditure”, in Corruption and the World Economy, edited by K. Elliott, Institute for International Economics, 1997, pp. 83-107.
“Potential Trade with Core and Periphery: Industry Differences in Trade Patterns” (with H. Vittas), in Europe’s Economy Looks East, edited by S. Black, Cambridge University Press, 1997.
“Adjustment Dynamics in the German Labor Market”(with T. van der Willigen), in Economic Policies and Unemployment Dynamics in Europe, edited by S.G.B. Henry and D. Snower, IMF, 1996.
“Government Debt and the Equity Premium” (in Italian), Annali Fondazione Luigi Einaudi, Vol. XXVI, 1992.
Publications in Journals (Refereed)
“Fiscal Policy and the Current Account,” (with S. A. Abbas, J. Bouhga-Hagbe, A. Fatas, R. Velloso), IMF Economic Review, 2011, Vol. 59. No. 4, pp. 603–629,
“The External Financing of Emerging Market Countries: Evidence from Two Eras of Financial Globalization,” (with A. Faria and A. Zaklan), 2010, Review of Finance (Journal of the European Finance Association)
“Institutions and the External Capital Structure of Countries” (with A. Faria), Journal of International Money and Finance, Vol. 28, No. 3, 2009, pp. 367–391
“Cars—Mass Car Ownership in the Emerging Market Giants” (with M. Chamon and Y. Okawa), 2008, Economic Policy, April, pp. 243–296.
“Do Some Forms of Financial Flow Help Protect Against Sudden Stops?” (with A. Levchenko), 2007, World Bank Economic Review, Vol. 21, No. 3, pp. 389–411
“The Shifting Composition of External Liabilities,” (with A. Faria, P. Lane, G.M. Milesi-Ferretti), 2007, Journal of the European Economic Association, Papers and Proceedings, Vol. 5, No. 2-3: 480–490.
“Pricing Growth-Indexed Bonds” (with M. Chamon), 2006, Journal of Banking and Finance, Vol. 30, No. 12, 3349–66
“The Case for GDP-Indexed Bonds” (with E. Borensztein), Economic Policy, 2004, 38, April, 165–216
“The Persistence of Corruption and Slow Economic Growth,” IMF Staff Papers, 2004, Vol. 51, No. 1, 1–18
“Stock Returns and Output Growth in Emerging and Advanced Economies,” Journal of Development Economics, 2003, June, Vol. 71, No. 1, 129–153
“An evaluation of monetary regime options for Latin America,” (with A. Berg and E. Borensztein) The North American Journal of Economics and Finance, 2002, Vol. 13, No. 3, 213–235
“Emerging Market Spreads: Then versus Now,” (with N. Sussman and Y. Yafeh), May 2002, Vol. CXVII, No. 2, Quarterly Journal of Economics
“Anatomy of Employment Growth,” (with P. Garibaldi), Economic Policy, 2002, 34, April
“Exchange Rate Regimes of Developing Countries: Global Context and Individual Choices” (with E. Jadresic and P. Masson), Journal of the Japanese and International Economies, 15, 68–101, 2001.
“On Regional Monetary Arrangements for ASEAN” (with T. Bayoumi and B. Eichengreen), Journal of the Japanese and International Economies, 14, 121–148, 2000
“How do the Skilled and the Unskilled Respond to Regional Shocks? The Case of Spain” (with A. Spilimbergo), IMF Staff Papers, 46, 1, 1–17, March 1999.
“Corruption and the Composition of Government Expenditure”, Journal of Public Economics, 69, 263–279, 1998.
“Corruption and Growth”, Quarterly Journal of Economics, CX, 3, 681–712, August 1995.
“Money Demand and Seigniorage-Maximizing Inflation” (with W. Easterly and K. Schmidt-Hebbel), Journal of Money, Credit and Banking, 27, 2, 583–603, May 1995.
“Stock Markets and Growth: a brief caveat on precautionary savings”, Economics Letters, 47, 111–116, January 1995.
Other Published Materials
Chipping Away at Public Debt—When Do Fiscal Adjustment Plans Fail? When Do They Work? Wiley, August 2011, editor and project manager.
Chipping Away at Public Debt—When Do Fiscal Adjustment Plans Fail? When Do They Work? Informational video
Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today, (with N. Sussman and Y. Yafeh), 2006 (hardback), 2007 (paperback), Oxford University Press.