Marcos Chamon

Last Updated: December 06, 2020

Marcos Chamon

Marcos Chamon is an Acting Division Chief at the International Monetary Fund. He has worked on a wide range of topics related to international finance, including problems related to sovereign debt structure, and restructuring, liability denomination, indexation of debt to GDP, the international financial architecture, country insurance, methodologies to assess vulnerabilities in emerging markets and advanced economies, consumption and savings in China, currency composition of reserves, the emerging market’s policy responses to the Global Financial Crisis, the design of capital controls and macro prudential policies. Prior to joining the Fund, he obtained a Ph.D. in Economics from Harvard University in 2003.

Email: MCHAMON@imf.org

Personal WebPage: www.marcoschamon.com

Fluent In: Portuguese, Spanish.

Education:

2003 Ph.D. in Economics, Harvard University Thesis: “Essays on International Debt.”

1998 S.B. in Economics, Massachusetts Institute of Technology


Previous Experience:

Visiting Assistant Professor, Pontifícia Universidade Católica do Rio de Janeiro, Fall 2007.


Field of Expertise:

Monetary Policy

International Finance

Development Economics

IMF Books and Working Papers:

Intervention Under Inflation Targeting--When Could It Make Sense? , Working Paper No. 20/9 , January 17, 2020

Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel , Working Paper No. 19/69 , March 25, 2019

A Model to Assess the Probabilities of Growth, Fiscal, and Financial Crises , Working Paper No. 17/282 , December 14, 2017

Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence , Working Paper No. 15/226 , October 23, 2015

Consumption Based Estimates of Urban Chinese Growth , Working Paper No. 13/265 , December 23, 2013

Two Targets, Two Instruments , Staff Discussion Notes No. 12/1 , February 29, 2012

The Problem that Wasn't : Coordination Failures in Sovereign Debt Restructurings , Working Paper No. 11/265 , November 01, 2011

Country Insurance Using Financial Instruments , Working Paper No. 11/169 , July 01, 2011

Managing Capital Inflows : What Tools to Use? , Staff Discussion Notes No. 11/6 , April 05, 2011

Managing Capital Inflows : What Tools to Use? , Staff Discussion Notes No. 11/6 , April 05, 2011

Income Uncertainty and Household Savings in China , Working Paper No. 10/289 , December 01, 2010

Capital Inflows , Staff Position Note No. 2010/4 , February 19, 2010

Coping with the Crisis: Policy Options for Emerging Market Countries : Policy Options for Emerging Market Countries , Staff Position Note No. 2009/8 , April 23, 2009

Coping with the Crisis: Policy Options for Emerging Market Countries : Policy Options for Emerging Market Countries , Staff Position Note No. 2009/8 , April 23, 2009

The Myth of Post-Reform Income Stagnation: Evidence from Brazil and Mexico , Working Paper No. 08/197 , August 01, 2008

Why are Saving Rates of Urban Households in China Rising? , Working Paper No. 08/145 , June 01, 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

The Myth of Post-Reform Income Stagnation in Brazil , Working Paper No. 06/275 , December 01, 2006

Economic Transformation, Population Growth, and the Long-Run World Income Distribution , Working Paper No. 06/21 , 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

Can Debt Crises Be Self-Fulfilling? , Working Paper No. 04/99 , June 01, 2004

IMF Occasional Papers, Pamphlets, and Special Issues Papers

“Two targets, two instruments: monetary and exchange rate policy in emerging market economies” (with Jonathan D. Ostry and Atish R. Ghosh), Staff Discussion Note No. 12/01.

“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 Discussion Note No. 11.6.

“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. 2010/04.

“Coping with the Crisis: Policy Options for Emerging Market Countries” (with Atish R. Ghosh, Christopher Crowe, Jun I. Kim and Jonathan D. Ostry). IMF Staff Position Note No. 2009/08.

Sovereign Debt Structure for Crisis Prevention (with Eduardo Borensztein, Olivier Jeanne, Paolo Mauro and Jeromin Zettelmeyer), 2005, IMF Occasional Paper No. 237

Other Published Materials

Foreign Exchange Interventions in Inflation Targeters in Latin America, Marcos Chamon, David Hofman, Nicolas E. Magud and Alejandro Werner (eds.), (Washington, DC: International Monetary Fund, 2019).

Publications in Journals (Refereed)

“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.

“FX interventions in Brazil: A synthetic control approach” (with Márcio Garcia and Laura Souza), Journal of International Economics, 2017, Vol. 108, pp. 157-168.

“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, Vol. 65(3), pp. 563-585.

Are Capital Inflows Expansionary or Contractionary? (joint 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 Marcio Garcia). Journal of International Money and Finance, 2016, Vol. 61, pp. 163-87.

“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.

"Consumption Based Estimates of Chinese Growth" (with Irineu de Carvalho Filho), China Economic Review, 2014, Vol. 29, pp. 126-137.

“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.

"The Iceberg Theory of Campaign Contributions: Political Threats and Interest Group Behavior" joint with Ethan Kaplan. The American Economic Journal: Economic Policy, 2013, Vol.5, pp. 1-31 .

“The Myth of Post-Reform Income Stagnation: Evidence from Brazil and Mexico” (with Irineu de Carvalho Filho). Journal of Development Economics, Volume 97 (2), March 2012, pp. 368-386.

“Capital Controls—When and Why?” (with Jonathan D. Ostry, Atish R. Ghosh, and Mahvash S. Qureshi). IMF Economic Review, Vol. 59(3), 2011, pp. 562-580.

“Why are Saving Rates of Urban Households in China Rising?” (with Eswar Prasad). American Economic Journal Macroeconomics, January 2010, Vol 2(1), pp.93-130.

“Economic Transformation, Population Growth and the Long-Run World Income Distribution.” (with Michael Kremer). Journal of International Economics, September 2009, Vol 79(1), pp.20-30.

“A Micro-Empirical Foundation for the Political Economy of Exchange Rate Populism” (with Irineu de Carvalho Filho), IMF Staff Papers, September 2008, V.55(3), pp. 481-510.

“Cars: Mass Car Ownership in the Emerging Market Giants” (with Paolo Mauro and Yohei Okawa), Economic Policy, April 2008, Vol. 23, Issue 54, pp. 243-296.

“Can We Predict the Next Capital Account Crises” (with Paolo Manasse and Alessandro Prati), IMF Staff Papers, September 2007, V.54(2), pp. 270-305.

“Can Debt Crises Be Self-Fulfilling”, Journal of Development Economics, January 2007, v. 82(1), pp. 234-44.

“Asian Growth and African Development” (with Michael Kremer), American Economic Review Papers and Proceedings, May 2006, Vol 96(2), pp. 400-404.

“Pricing Growth Indexed Bonds” (with Paolo Mauro), Journal of Banking and Finance, 2006, Vol. 30(12), pp. 3349-66.

Other Published Materials

“Why do Countries Borrow the Way They Borrow” (with Ricardo Hausmann), in Barry Eichengreen and Ricardo Hausman (eds.), Debt Denomination and Financial Instability in Emerging Market Economies (Chicago: University of Chicago Press), 2004.

Marcos Chamon

Marcos Chamon is an Acting Division Chief at the International Monetary Fund. He has worked on a wide range of topics related to international finance, including problems related to sovereign debt structure, and restructuring, liability denomination, indexation of debt to GDP, the international financial architecture, country insurance, methodologies to assess vulnerabilities in emerging markets and advanced economies, consumption and savings in China, currency composition of reserves, the emerging market’s policy responses to the Global Financial Crisis, the design of capital controls and macro prudential policies. Prior to joining the Fund, he obtained a Ph.D. in Economics from Harvard University in 2003.

Email: MCHAMON@imf.org

Personal WebPage: www.marcoschamon.com

Fluent In: Portuguese, Spanish.

Education:

2003 Ph.D. in Economics, Harvard University Thesis: “Essays on International Debt.”

1998 S.B. in Economics, Massachusetts Institute of Technology


Previous Experience:

Visiting Assistant Professor, Pontifícia Universidade Católica do Rio de Janeiro, Fall 2007.


Field of Expertise:

Monetary Policy

International Finance

Development Economics

IMF Books and Working Papers:

Intervention Under Inflation Targeting--When Could It Make Sense? , Working Paper No. 20/9 , January 17, 2020

Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel , Working Paper No. 19/69 , March 25, 2019

A Model to Assess the Probabilities of Growth, Fiscal, and Financial Crises , Working Paper No. 17/282 , December 14, 2017

Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence , Working Paper No. 15/226 , October 23, 2015

Consumption Based Estimates of Urban Chinese Growth , Working Paper No. 13/265 , December 23, 2013

Two Targets, Two Instruments , Staff Discussion Notes No. 12/1 , February 29, 2012

The Problem that Wasn't : Coordination Failures in Sovereign Debt Restructurings , Working Paper No. 11/265 , November 01, 2011

Country Insurance Using Financial Instruments , Working Paper No. 11/169 , July 01, 2011

Managing Capital Inflows : What Tools to Use? , Staff Discussion Notes No. 11/6 , April 05, 2011

Managing Capital Inflows : What Tools to Use? , Staff Discussion Notes No. 11/6 , April 05, 2011

Income Uncertainty and Household Savings in China , Working Paper No. 10/289 , December 01, 2010

Capital Inflows , Staff Position Note No. 2010/4 , February 19, 2010

Coping with the Crisis: Policy Options for Emerging Market Countries : Policy Options for Emerging Market Countries , Staff Position Note No. 2009/8 , April 23, 2009

Coping with the Crisis: Policy Options for Emerging Market Countries : Policy Options for Emerging Market Countries , Staff Position Note No. 2009/8 , April 23, 2009

The Myth of Post-Reform Income Stagnation: Evidence from Brazil and Mexico , Working Paper No. 08/197 , August 01, 2008

Why are Saving Rates of Urban Households in China Rising? , Working Paper No. 08/145 , June 01, 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

The Myth of Post-Reform Income Stagnation in Brazil , Working Paper No. 06/275 , December 01, 2006

Economic Transformation, Population Growth, and the Long-Run World Income Distribution , Working Paper No. 06/21 , 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

Can Debt Crises Be Self-Fulfilling? , Working Paper No. 04/99 , June 01, 2004

IMF Occasional Papers, Pamphlets, and Special Issues Papers

“Two targets, two instruments: monetary and exchange rate policy in emerging market economies” (with Jonathan D. Ostry and Atish R. Ghosh), Staff Discussion Note No. 12/01.

“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 Discussion Note No. 11.6.

“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. 2010/04.

“Coping with the Crisis: Policy Options for Emerging Market Countries” (with Atish R. Ghosh, Christopher Crowe, Jun I. Kim and Jonathan D. Ostry). IMF Staff Position Note No. 2009/08.

Sovereign Debt Structure for Crisis Prevention (with Eduardo Borensztein, Olivier Jeanne, Paolo Mauro and Jeromin Zettelmeyer), 2005, IMF Occasional Paper No. 237

Other Published Materials

Foreign Exchange Interventions in Inflation Targeters in Latin America, Marcos Chamon, David Hofman, Nicolas E. Magud and Alejandro Werner (eds.), (Washington, DC: International Monetary Fund, 2019).

Publications in Journals (Refereed)

“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.

“FX interventions in Brazil: A synthetic control approach” (with Márcio Garcia and Laura Souza), Journal of International Economics, 2017, Vol. 108, pp. 157-168.

“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, Vol. 65(3), pp. 563-585.

Are Capital Inflows Expansionary or Contractionary? (joint 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 Marcio Garcia). Journal of International Money and Finance, 2016, Vol. 61, pp. 163-87.

“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.

"Consumption Based Estimates of Chinese Growth" (with Irineu de Carvalho Filho), China Economic Review, 2014, Vol. 29, pp. 126-137.

“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.

"The Iceberg Theory of Campaign Contributions: Political Threats and Interest Group Behavior" joint with Ethan Kaplan. The American Economic Journal: Economic Policy, 2013, Vol.5, pp. 1-31 .

“The Myth of Post-Reform Income Stagnation: Evidence from Brazil and Mexico” (with Irineu de Carvalho Filho). Journal of Development Economics, Volume 97 (2), March 2012, pp. 368-386.

“Capital Controls—When and Why?” (with Jonathan D. Ostry, Atish R. Ghosh, and Mahvash S. Qureshi). IMF Economic Review, Vol. 59(3), 2011, pp. 562-580.

“Why are Saving Rates of Urban Households in China Rising?” (with Eswar Prasad). American Economic Journal Macroeconomics, January 2010, Vol 2(1), pp.93-130.

“Economic Transformation, Population Growth and the Long-Run World Income Distribution.” (with Michael Kremer). Journal of International Economics, September 2009, Vol 79(1), pp.20-30.

“A Micro-Empirical Foundation for the Political Economy of Exchange Rate Populism” (with Irineu de Carvalho Filho), IMF Staff Papers, September 2008, V.55(3), pp. 481-510.

“Cars: Mass Car Ownership in the Emerging Market Giants” (with Paolo Mauro and Yohei Okawa), Economic Policy, April 2008, Vol. 23, Issue 54, pp. 243-296.

“Can We Predict the Next Capital Account Crises” (with Paolo Manasse and Alessandro Prati), IMF Staff Papers, September 2007, V.54(2), pp. 270-305.

“Can Debt Crises Be Self-Fulfilling”, Journal of Development Economics, January 2007, v. 82(1), pp. 234-44.

“Asian Growth and African Development” (with Michael Kremer), American Economic Review Papers and Proceedings, May 2006, Vol 96(2), pp. 400-404.

“Pricing Growth Indexed Bonds” (with Paolo Mauro), Journal of Banking and Finance, 2006, Vol. 30(12), pp. 3349-66.

Other Published Materials

“Why do Countries Borrow the Way They Borrow” (with Ricardo Hausmann), in Barry Eichengreen and Ricardo Hausman (eds.), Debt Denomination and Financial Instability in Emerging Market Economies (Chicago: University of Chicago Press), 2004.