## Marcos de Carvalho Chamon ## Source details **Canonical URL:** [Marcos de Carvalho Chamon](https://www.imf.org/-/media/files/cv/pdfs/marcos-chamon.pdf) ## Other formats - [Markdown version](/-/media/files/cv/pdfs/marcos-chamon.pdf.md) - [Structured JSON version](/-/media/files/cv/pdfs/marcos-chamon.pdf.json) --- ### Contact and Current Position - Deputy Division Chief, Debt Policy Division, Strategy Policy and Review Department, International Monetary Fund - Office address: 700 19th St. NW, HQ-1-9-548, Washington, DC 20431 - Office Phone: (202) 623-5867 - E-mail: mchamon@imf.org ### Professional Experience - 2003-Present: International Monetary Fund, Washington, DC. - Strategy, Policy and Review Dept. (2020-Present): - Debt Policy Division: Deputy Division Chief. - Responsibilities: Part of the management of a large division at the heart of the IMF’s lending; cleared debt policy reviews for several countries, including intensive program and debt restructuring cases; led and coordinated teams on analytical projects and on the review of the IMF’s arrears policies, collaborating extensively with other departments. - Research Dept. (2018-2020): - Systemic Issues Division: Acting Division Chief. - Co-led a large interdepartmental project on the Integrated Policy Framework for jointly considering monetary policy, foreign exchange intervention, macroprudential policies and capital flow management. - Western Hemisphere Dept. (2015-2018): - Caribbean II/III Division: Deputy Division Chief and Mission Chief for Guyana. - Led three Article IV missions; facilitated a comprehensive Technical Assitance program for managing newly discovered oil wealth; co-authored Chapter 1 of the April 2016 Regional Economic Outlook; organized high-level events; led and contributed to regional research projects on Latin America and the Caribbean, including co-leading a book project on Foreign Exchange Intervention in Latin America. - Research Dept. (2003-04; 2005-2015): - Systemic Issues Division: Economist (2003-2004; 2005-2010); Sr. Economist (2010-2012); Deputy Division Chief (2012-2015). - Contributions: Helped develop key parts of the IMF Vulnerability Exercise and Early Warning Exercise; conducted policy-oriented research on sovereign debt restructuring, currency mismatches, indexation of debt to GDP, the international financial architecture, international trade and economic development, consumption and savings in China, post-reform and trade liberalization growth in Latin America, distributional implications of exchange rate movements, policy responses to the Global Financial Crisis, the design of capital controls and macroprudential policies, and monetary policy and foreign exchange intervention in emerging markets; worked on papers and notes instrumental in changing policy views on capital flow management; participated on IMF missions to China and Mexico; taught courses on assessing vulnerabilities to IMF staff and country officials. - Asia and Pacific Dept. (2004-2005): - Missions to Hong Kong SAR and Samoa. - Fall 2007: Visiting Assistant Professor, Pontifícia Universidade Católica do Rio de Janeiro, Brazil. - Taught graduate-level courses on macroeconomics and international finance. ### Education - Ph.D. in Economics, Harvard University, 2003. - Thesis: “Essays on International Debt.” - Thesis Committee: Kenneth Rogoff, Michael Kremer, and Philippe Aghion. - S.B. in Economics, Massachusetts Institute of Technology, 1998. ### Research in Progress - “Debt-for-Climate Swaps: Analysis, Design, and Implementation” (with Erik Klok, Vimal Thakoor, and Jeromin Zettelmeyer), IMF WP 2022/162. Revise and resubmit at the IMF Economic Review. - “Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel” (with Tamon Asonuma, Aitor Erce, and Akira Sasahara). ### Selected Journal Articles (selected titles and bibliographic details preserved) - “Foreign-law bonds: Can they reduce sovereign borrowing costs?” (with Julian Schumacher and Christoph Trebesch), Journal of International Economics, 2018, Vol. 114, pp. 164-179. - “Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence” (with Olivier Blanchard, Jonathan D. Ostry, and Atish R. Ghosh), IMF Economic Review, 2017, Vol3, pp. 563-585. - “FX interventions in Brazil: A synthetic control approach” (with Márcio Garcia and Laura Souza), Journal of International Economics, 2017, Vol. 108, pp. 157-168. - “Capital Flows: Expansionary or Contractionary?” (with Olivier Blanchard, Jonathan D. Ostry, and Atish R. Ghosh), American Economic Review Papers and Proceedings, 2016, Vol. 106(2), pp. 565-569. - “The Problem that Wasn’t: Coordination Failures in Sovereign Debt Restructurings” (with Ran Bi and Jeromin Zettelmeyer), IMF Economic Review, 2016, Vol. 64 (3), pp. 471-501. - “Capital Controls in Brazil: Effective?” (with Márcio Garcia). Journal of International Money and Finance, 2016, Vol. 61, pp. 163-187. - “Two targets, two instruments: monetary and exchange rate policy in emerging market economies” (with Atish R. Ghosh and Jonathan D. Ostry), Journal of International Money and Finance 2016, Vol. 60, pp. 172-196. Earlier version published as IMF Staff Discussion Note No. 12/01. - “Consumption Based Estimates of Urban Chinese Growth” (with Irineu de Carvalho Filho). China Economic Review, 2014, Vol. 29, pp. 126-37. - “Income Uncertainty and Household Savings in China” (with Kai Liu and Eswar Prasad). Journal of Development Economics, 2013, Vol. 105, pp. 164-177. - “Tools for Managing Financial-Stability Risks from Capital Inflows” (with Jonathan D. Ostry, Atish R. Ghosh and Mahvash S. Qureshi), Journal of International Economics, 2012, Vol. 88(2), pp. 407-21. - Additional articles include publications in American Economic Journal: Economic Policy, Journal of Development Economics, Economic Policy, Journal of Banking and Finance, Journal of International Economics, Journal of International Money and Finance, IMF Staff Papers, and others, spanning 2006–2013. ### Selected IMF Publications and Policy Work - IMF Blog: “Swapping Debt for Climate or Nature Pledges Can Help Fund Resilience” (with Kristalina Georgieva and Vimal Thakoor), December 14, 2022. - IMF Blog: “A Future with High Public Debt: Low-for-Long Is Not Low Forever” (with Jonathan D. Ostry), April 20, 2021 (9th most read Fund blog in 2021). - Editor/author: Foreign Exchange Interventions in Inflation Targeters in Latin America (with David Hofman, Nicolas E. Magud, and Alejandro Werner, eds.), 2019. - Chapter 1 of the April 2016 Western Hemisphere Regional Economic Outlook: “Global Economy in Transition and the Outlook for the United States and Canada” (with Hamid Faruqee, Kotaro Ishi and Andrea Pescatori). - IMF Staff Discussion Note No. 11.6: “Managing Capital Inflows: What Tools to Use?” (with Jonathan D. Ostry, Atish R. Ghosh, Karl Habermeier, Luc Laeven, Mahvash S. Qureshi, and Annamaria Kokenyne). - IMF Staff Position Note No. 2010/04: “Capital Inflows: The Role of Controls” (with Jonathan D. Ostry, Atish R. Ghosh, Karl Habermeier, Mahvash S. Qureshi, and Dennis B.S. Reinhardt). - IMF Staff Position Note No. 2009/08: “Coping with the Crisis: Policy Options for Emerging Market Countries” (with Atish R. Ghosh, Christopher Crowe, Jun I. Kim and Jonathan D. Ostry). ### IMF Board Papers (selected) - Reviews of the Fund’s Sovereign Arrears Policies and Perimeter, 2022. - Reviews of the Fund’s Sovereign Arrears Policies and Perimeter, 2021. - The International Architecture for Resolving Sovereign Debt Involving Private-Sector Creditors—Recent Developments, Challenges, And Reform Options, 2020. - Toward an Integrated Policy Framework, 2020. - The Fund’s Lending Framework and Sovereign Debt—Further Considerations, 2015. - The Fund's Lending Framework and Sovereign Debt—Preliminary Considerations, 2014. - The IMF-FSB Early Warning Exercise—Design and Methodological Toolkit, 2010. - Review of Fund Facilities—Analytical Basis for Fund Lending and Reform Options, 2009. - Assessing Underlying Vulnerabilities and Crisis Risks in Emerging Market Countries—A New Approach, 2007. - Sovereign Debt Structure for Crisis Prevention, 2005, IMF Occasional Papers: 237. ### Book Chapters (selected) - Multiple chapters in Foreign Exchange Interventions in Inflation Targeters in Latin America (eds. Marcos Chamon, David Hofman, Nicolas E. Magud and Alejandro Werner), 2019, including: - “Why Intervene?” (with Nicolas Magud). - “The Effectiveness of Intervention” (with David Hofman, Sergi Lanau, Umang Rawat and Miklos Vari). - “Intervention Under Inflation Targeting” (with David Hofman, Nicolas E. Magud, Umang Rawat and Alejandro Werner). - “Reinvigorating Growth in the Caribbean” (with Joshua Charap, Qiaoe Chen, Daniel Leigh, Franz Loyola and Lulu Shui) in Unleashing Growth and Strengthening Resilience in the Caribbean, 2017. - “Foreign Currency Debt” in Handbook of Safeguarding Global Financial Stability, Elsevier, 2012. - Additional chapters on predictive indicators of financial crises, access to finance and household saving, and debt denomination and financial instability (2004–2011). ### Refereeing Activities - Refereed for: American Economic Review, American Economic Journal: Macroeconomics, China Economic Review, Cuadernos de Economia, Economic Modeling, Economics of Transition, International Finance, Journal of Comparative Economics, Journal of Development Economics, Journal of Economic Surveys, Journal of International Economics, Journal of International Money and Finance, Journal of Political Economy, Journal of Money, Credit and Banking, Oxford Economics Papers, Quarterly Journal of Economics, Review of Economic Studies, and Review of Law and Economics. ### Languages - Portuguese (native) - English (fluent) - Spanish (good) --- _Source: https://www.imf.org/-/media/files/cv/pdfs/marcos-chamon.pdf_