Fabián Valencia has been an economist in the Macro-financial linkages unit of the IMF's Research Department since October 2009. Prior to joining the research department, he worked in the Western Hemisphere and in the Monetary and Capital Markets departments after joining the IMF in 2006. He also worked as a financial analyst for a private bank in Ecuador before his graduate studies, and held short-term appointments while in graduate school at the Congressional Budget Office, IMF, Board of Governors of the Federal Reserve System, and Fannie Mae. His research focuses on financial intermediation and the real economy and in particular on banking crises and banks' capital structure.
Fluent In: Spanish.
Ph.D. in Economics, Johns Hopkins University, 2006
M.Sc. in Economics, Katholieke Universiteit Leuven, 1999
B.A. in Economics, Universidad Católica de Guayaquil, 1997
IMF Books and Working Papers:
Aggregate Uncertainty and the Supply of Credit, Working Paper No. 13/241, December 02, 2013
Systemic Banking Crises Database: An Update, Working Paper No. 12/163, June 01, 2012
Central Bank Independence and Macro-prudential Regulation, Working Paper No. 12/101, April 01, 2012
Monetary Policy, Bank Leverage, and Financial Stability, Working Paper No. 11/244, October 01, 2011
Crisis Management and Resolution: Early Lessons from the Financial Crisis, Staff Discussion Notes No. 11/5, March 09, 2011
Resolution of Banking Crises: The Good, the Bad, and the Ugly, Working Paper No. 10/146, June 01, 2010
Bank Capital and Uncertainty, Working Paper No. 10/208, September 01, 2010
Precautionary Reserves: An Application to Bolivia, Working Paper No. 10/54, March 01, 2010
Systemic Banking Crises: A New Database, Working Paper No. 08/224, September 01, 2008
Other Published Materials
Unconventional Monetary Policies - Recent Experiences and Prospects, with an IMF Staff team
A Banking Union for the Euro Area, 2013, IMF Staff Discussion Note 13/1, with an IMF Staff team
The Interaction of Monetary and Macroprudential Policies, 2013, IMF policy paper. With S. Claessens, K. Habermeier, E. Nier, H. Kang, and T. Mancini
How Costly are the 2007-2009 Systemic Banking Crises?, 2010, with Luc Laeven, in "Financial Sector Taxation. The IMF's Report to the G-20 and Background Material." Edited by Stijn Claessens, Michael Keen, and Ceyla Pazarbasioglu. International Monetary Fund, Washington D.C., September 2010.
Monetary Policy and Bank Risk Taking, 2010, with Gianni De Nicolo, Giovanni Dell'Ariccia, and Luc Laeven. IMF Staff Position Note 10/09
Policy Responses to Systemic Banking Crises, 2010, in MacroFinancial Linkages: Trends, Crises, and Policies. Edited by Christopher Crowe, Simon Johnson, Jonathan Ostry, and Jeromin Zettelmeyer. International Monetary Fund, Washington D.C. 2010
Global Financial Regulatory Reform: Implications for Latin America and the Caribbean (LAC), 2009, with a team led by Robert Rennhack. Staff Position Note 2009/20.
A Survey of Financial Linkages, 2008, with Gaston Gelos and Martin Cerisola. In Who's Driving Whom? Analyzing External and Intra-Regional Linkages in the Americas. Edited by Martin Mulheisen, Shaun Roache, and Jeromin Zettelmeyer.
Publications in Journals (Refereed)
Financial Crises and Recapitalizations, Journal of Money, Credit, and Banking, vol. 45, Issue s2, November 2013, pp. 59-86, with D. Sandri
Banks' Precautionary Capital and Credit Crunches, forthcoming, Macroeconomic Dynamics.
Systemic Banking Crises Database, IMF Economic Review, Volume 61, Issue 2, June 2013, pp. 225-270 (lead article), with Luc Laeven.
The Real Effects of Financial Sector Interventions during Crises, Journal of Money, Credit, and Banking, Volume 45, Issue 1, February 2013 , pp. 147-177, with Luc Laeven
The use of blanket guarantees in banking crises, Journal of International Money and Finance, Volume 31, Issue 5, September 2012, Pages 1220–1248, with Luc Laeven
Other Published Materials
The interaction between monetary and macroprudential policies, 2013, voxeu, with Stijn Claessens
The curse of advanced economies in resolving banking crises, 2012, voxeu, with Luc Laeven.