## Curriculum Vitae of Adrian Alter ## Source details **Canonical URL:** [Curriculum Vitae of Adrian Alter](https://www.imf.org/-/media/files/cv/pdfs/adrian-alter.pdf) ## Other formats - [Markdown version](/-/media/files/cv/pdfs/adrian-alter.pdf.md) - [Structured JSON version](/-/media/files/cv/pdfs/adrian-alter.pdf.json) --- ### Profile and Summary - Highly collaborative and seasoned economist committed to impactful engagement with the authorities. - Record of delivering Fund programs and policy advice and adapting technical assistance and capacity development, including in complex environments. - Active analytical agenda on macro-financial topics relevant to the Fund’s membership: monetary and macroprudential policies, bank-sovereign nexus, private-sector leverage, public investment, financial risks, and real estate markets. - Outreach and presentation experience in French and English to authorities (Canada, Lesotho, Serbia, Russia, Tunisia); participation in the Analytical Corner, GFSR and REO outreach, and Economist Program recruitment. ### Key Competencies - Country and Program Experience: - Broad country experience across advanced economies, emerging markets, and low-income countries. - More than four years of program engagement (e.g., PCI, EFF, ECF), including identification and monitoring of reform efforts during negotiations. - Organizational and Leadership: - Led analytical work for flagship Fund outputs (e.g., GFSR, REO). - Supervised small teams and provided guidance to research assistants and junior economists. - Analytical: - Maintained an active research agenda on monetary and macroprudential policies, bank-sovereign nexus, private-sector leverage, public investment, financial risks, and real estate markets. - Outreach and Engagement: - Delivered tailored presentations (French and English) to authorities and participated in outreach for GFSR, REO, and Economist Program recruitment. ### Professional Experience - International Monetary Fund, Washington D.C. - African Department (AFR), Senior Economist, 2023/08 – Present - Craft and lead policy-oriented research on cross-cutting issues concerning sub-Saharan Africa. - Participate in development of Fund-wide policy relevant to low-income countries. - Lead work on regional issues, including producing the biannual Regional Economic Outlook (REO) for sub-Saharan Africa. - Team member for Ghana’s 3rd ECF review mission, covering real, external, and monetary issues. - Middle East and Central Asia Department (MCD), Desk Economist, 2021/01 – 2023/08 - Co-led Tunisia desk work; coordinated macroeconomic projections and drafted policy contributions for a 4-year EFF program request culminating in a staff-level agreement in October 2022. - Conducted growth and inflation analysis, debt sustainability analysis; contributed to a departmental paper on informality and MCD’s REO analytical chapter on financial stability. - Monetary and Capital Markets Department (MCM), Financial Economist, 2016/09 – 2020/12 - Strategy Unit: Monetary and financial sector issues for Serbia program reviews (2019-2020); systemic risk oversight and macroprudential policies for the 2019 Canada FSAP; contributed to iMaPP global macroprudential dataset (presented at the Analytical Corner, 2019 IMF Spring Meetings). - Global Stability (GS): Led and contributed to GFSR chapters on spillovers, housing, corporate leverage, and household debt; financial economist for the 2018 Singapore Article IV; outreach and recruitment interviews. - Economist Program (EP), 2013/09 – 2016/08 - AFR/C2: Desk work for the Rep. of Congo and CEMAC including debt and fiscal sustainability analyses, public investment prioritization, and real sector coverage; contributed to a REO chapter. - MCM/GS: Empirical analysis for a GFSR chapter on firm leverage in emerging markets; participated in the 2016 Russian Federation FSAP bank stress testing team. - European Central Bank, Frankfurt am Main - Financial Stability Department: PhD Internship, 2012/05 – 2012/12 - Contributed to the Financial Stability Review (December 2012); drafted Surveillance Notes. - Deutsche Bundesbank, Frankfurt am Main - Research Department: Visiting Researcher, 2011/07 – 2012/04 - Analyzed the German interbank network using the credit register to calibrate bank capital surcharges and minimize systemic risk. - UBS Investment Bank, Zürich - Equities Trading Desk: Internship, 2009/02 – 2009/07 - Drafted reports for Swiss equities management using Bloomberg and Reuters. ### Education and Professional Training - Yale School of Management, United States - Program on Financial Stability – Summer Institute 2016 - University of Konstanz, Germany - PhD in Quantitative Economics and Finance – Magna cum laude 2013 - HEC Lausanne – Faculty of Business and Economics, Switzerland - MSc in Financial Engineering and Risk Management 2009 - Bucharest Academy of Economic Studies, Romania - BA in Economics and Finance 2007 ### Policy Contributions (selected) - “A Fragile Rebound: Growth and Resilience in a More Shock-Prone World”, April 2025 REO, AFR, IMF (2025/04). - “Ghana: Third Review Under the Arrangement Under the Extended Credit Facility” – IMF Country Report No. 24/334, IMF (2024/12). - “Kingdom of Lesotho: 2024 Article IV Consultation— Staff Report” - Country Report No. 2024/288, IMF (2024/09). - “Kingdom of Lesotho— Selected Issues” - Country Report No. 2024/289, IMF (2024/09). - “A Tepid and Pricey Recovery”, April 2024 REO Chapter, AFR, IMF (2024/04). - “Higher for Longer: What are the Financial Stability Risks?”, October 2023 REO Chapter, MCD, IMF (2023/10). - “Informality, Development, and the Business Cycle in North Africa”, Departmental Paper, IMF (2022/04). - “Toward an Integrated Policy Framework,” Policy Paper No. 2020/46, IMF (2020/10). - “Republic of Serbia: Staff Report for the Fourth Review under the Policy Coordination Instrument,” IMF (2020/08). - “Canada: FSAP Technical Note on Systemic Risk Oversight and Macroprudential Policies,” IMF (2020/01). - “Canada: FSAP Technical Note on Stress Testing and Financial Stability Analysis,” IMF (2020/01). - “Republic of Serbia: Staff Report for the Third Review under the Policy Coordination Instrument,” IMF (2019/12). - “Canada: Financial System Stability Assessment,” IMF Country Report 19/177 (2019/06). - “GFSR: Downside Risks to House Prices,” – Chapter 2, IMF (2019/04). - “Singapore: 2018 Article IV Consultation", Staff Report 18/245, IMF (2018/07). - “GFSR: House Price Synchronization: What Role for Financial Factors?” – Chapter 3, IMF (2018/04). - “GFSR: Household Debt and Financial Stability,” – Chapter 2, IMF (2017/10). - “GFSR: Are Countries Losing Control of Domestic Financial Conditions?” – Chapter 3, IMF (2017/04). - “GFSR: Corporate Governance, Investor Protection, and Financial Stability in Emerging Markets,” – Chapter 3, IMF (2016/10). - “Russian Federation: FSAP – Technical Note on Stress Testing,” Country Report No. 16/306, IMF (2016/09). - “Russian Federation: Financial System Stability Assessment,” Country Report No 16/231, IMF (2016/07). - “GFSR: The Growing Importance of Financial Spillovers from Emerging Markets,” Chapter 2, IMF (2016/04). - Additional country and regional reports and REO contributions dating back to 2014 and earlier. ### Journal Publications (selected) - “Digging Deeper – Evidence on the Effects of Macroprudential Policies from a New Database” – with Gaston Gelos, Machiko Narita, Erlend Nier, Heedon Kang, Zohair Alam, Jesse Eiseman, and Naixi Wang, Journal of Money, Credit, and Banking, January 2024. - “Local House-Price Vulnerability: Evidence from the US and Canada," with Elizabeth Mahoney (US Census), Journal of Housing Economics, Volume 54, December 2021. - “Emerging Market Corporate Leverage and Global Financial Conditions” – with Selim Elekdag (IMF), Journal of Corporate Finance, Volume 62, June 2020. - “Public Investment in a Developing Country Facing Natural Resource Depletion” – with Matteo Ghilardi (IMF) and Dalia Hakura (IMF) – Journal of African Economies, CSAE, 2017, vol. 26(3), pp. 295-321. - “Centrality-based Capital Allocations” – with Ben Craig (Cleveland Fed) and Peter Raupach (Deutsche Bundesbank), International Journal of Central Banking, June 2015 issue, pp. 329–377. - “The Dynamics of Spillover Effects during the European Sovereign Debt Turmoil” – with Andreas Beyer (European Central Bank), Journal of Banking & Finance, Volume 42, May 2014, pp. 134–153. - “Credit Spread Interdependencies of European States and Banks during the Financial Crisis” – with Yves S. Schüler (Deutsche Bundesbank), Journal of Banking & Finance, Volume 36, Issue 12, December 2012, pp. 3444–3468. ### Book Chapters and Working Papers (selected) - Book Chapters: - “Shocks and Capital Flows – Policy Responses in a Volatile World” – Chapter 11 on “Evidence on the Effects of Macroprudential Policies from a New Database”, edited by Gaston Gelos and Ratna Sahay, October 2023. - “Understanding the Macro-Financial Effects of Household Debt: A Global Perspective” – with Alan Feng and Nico Valckx, In Remaking Retirement, Debt in an Aging Economy, eds. O.S. Mitchell and A.L. Lusardi. Oxford: Oxford University Press, November 2020. - Working Papers: - “Navigating the Evolving Landscape of External Financing in Sub-Saharan Africa” – joint with Khushboo Khandelwal, Thibault Lemaire, Hamza Mighri, Can Sever, and Luc Tucker, IMF Working paper, forthcoming. - "Financial Stability in a Higher-for-Longer Interest Rate Environment: The Case of the Middle East and North Africa", joint with Thomas Kroen, Bashar Hlayhel, and Thomas Piontek, IMF Working Paper WP/24/80. - “Commercial Real Estate in Crisis: Evidence from Transaction-level Data” – with Cristian Badarinza (National University of Singapore) and Elizabeth Mahoney (US Census), IMF Working Paper WP/23/15. - “Non-Primary Home Buyers, Shadow Banking, and the U.S. Housing Market” – with Zaki Dernaoui (MIT), IMF Working Paper, IMF WP/20/174. - “Growth-at-risk: Concept and Application in IMF Country Surveillance” – with Prasad Ananthakrishnan, Selim Elekdag, Phakawa Jeasakul, Romain Lafarguette, Alan Feng, and Changchun Wang, IMF WP/19/36. - “House Price Synchronicity, Banking Integration, and Global Financial Conditions” – with Jane Dokko (Chicago Fed), Dulani Seneviratne, IMF WP/18/250. - “Financial Inclusion and Development in CEMAC” – with Boriana Yontcheva, IMF WP/15/235. ### Selected Conferences and Presentations - European Bank for Reconstruction and Development (EBRD) – outreach for April 2024 REO (2024/05). - London School of Economics (Systemic Risk Center), virtual (2020/12). - 2019 IMF's Spring Meetings - Analytical Corner (2019/04). - “Policies to Harness Global Financial Interconnectedness” joint BIS-BOE-ECB-IMF Workshop, Basel (2019/04). - IFABS 2018 Porto Conference, University of Porto, Portugal (2018/07). - “Unconventional Monetary Policy: Lessons Learned”, Hong Kong Monetary Authority (2017/10). ### Language, Programming, and Data Skills - Language Skills: - English (fluent), French (advanced), German (beginner), Romanian (native), Spanish (beginner). - Programming Skills: - R (regression analysis, machine learning), STATA (panel data), MATLAB (time series analysis). - Data Knowledge: - Bloomberg, Capital IQ, Fitch Connect, Haver, ORBIS, Eikon DataStream. --- _Source: https://www.imf.org/-/media/files/cv/pdfs/adrian-alter.pdf_