Sophia Chen

Last Updated: March 16, 2021

Sophia Chen is an economist at the Macro-Financial Division of the Research Department. Previously she worked on the Cyprus team in the European Department (2015-2016). She holds a Ph.D. in Economics from the University of Michigan. Her research interests are banking, corporate finance, macro-financial linkages, and fiscal policies.

Email: YCHEN2@imf.org

Personal WebPage: https://sites.google.com/site/sophiachenecon/

Fluent In: Chinese.

Education:

Ph.D., University of Michigan

M.A., University of Michigan

M.L.A., University of Pennsylvania

B.Arch, Tsinghua University


Work in progress:

The Transmission and Real Effects of International Monetary Policy: Evidence from Brazil (with Leila Aghabarari, Deniz Igan, and Bernardus Van Doornik)

Paying Bankers: Rents, Risk, and Performance (with Laura Castillo Martinez and Deniz Igan)

Sharing the Burden: Household-Level Evidence on Fiscal Consolidation in the European Union (with Deniz Igan and Victoria Wenxin Xie)

Are Innovative Firms Financially Constrained? Evidence from R&D Tax Incentives in OECD Countries (with Estelle P. Dauchy)

How Corporate Debt Bias Affects Bank Lending (with Gee Hee Hong)

The Role of Market Competition in Fiscal Policy Transmission (with Yu Shi)


Field of Expertise:

Banking

Public Finance

Macro-Financial Issues

IMF Books and Working Papers:

Pricing Protest: The Response of Financial Markets to Social Unrest , Working Paper No. 2021/079 , March 19, 2021

Social Repercussions of Pandemics , Working Paper No. 2021/021 , January 29, 2021

Small and Vulnerable: Small Firm Productivity in the Great Productivity Slowdown , Working Paper No. 2020/294 , December 18, 2020

Tracking the Economic Impact of COVID-19 and Mitigation Policies in Europe and the United States , Working Paper No. 20/125 , July 10, 2020

The Dynamics of Non-Performing Loans during Banking Crises: A New Database , Working Paper No. 19/272 , December 06, 2019

Debt Maturity and the Use of Short-Term Debt : Evidence form Sovereigns and Firms , Departmental Paper No.19/03 , February 05, 2019

International Technology Sourcing and Knowledge Spillovers: Evidence from OECD Countries , Working Paper No. 18/51 , March 12, 2018

Credit and Fiscal Multipliers in China , Working Paper No. 17/273 , December 12, 2017

A Toolkit to Assess the Consistency Between Real Sector and Financial Sector Forecasts , Technical Notes and Manuals No. 17/09 , June 05, 2017

Financial Information and Macroeconomic Forecasts , Working Paper No. 16/251 , December 23, 2016

Does Balance Sheet Strength Drive the Investment Cycle? Evidence from Pre- and Post-Crisis Cyprus , Working Paper No. 16/248 , December 22, 2016

Uncertainty and Investment: The Financial Intermediary Balance Sheet Channel , Working Paper No. 15/65 , March 20, 2015

The Tax-adjusted Q Model with Intangible Assets: Theory and Evidence from Temporary Investment Tax Incentives , Working Paper No. 14/104 , June 12, 2014

Financial Constraints, Intangible Assets, and Firm Dynamics: Theory and Evidence , Working Paper No. 14/88 , May 14, 2014

IMF Country Reports

Cyprus: Ninth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Waiver of Applicability of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cyprus

Cyprus: Eighth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cyprus

Cyprus : Fifth, Sixth, and Seventh Reviews Under the Extended Arrangement Under the Extended Fund Facility; Request for Waiver of Nonobservance of a Performance Criterion; and Rephasing of Access

iMFdirect Blog Posts

"COVID’s Long Shadow: Social Repercussions of Pandemics", with Philip Barrett, February 3, 2021.

"Propping Up the Chinese Economy: Credit versus Fiscal Stimulus", with Lev Ratnovski, December 12, 2017.

Other Published Materials

“Rising Corporate Market Power: Emerging Policy Issues”, IMF Staff Discussion Notes, No. 21/01, March 15, 2021.

"COVID’s Long Shadow: Social Repercussions of Pandemics", with Philip Barrett, Nan Li, IMF Research Perspective, Volume 23, Issue 2, Fall/Winter 2020.

"Social Unrest during COVID-19", with Philip Barrett, in World Economic Outlook, "Global Prospects and Policies" October 2020 Chapter 1.

"An Economy for All", IMF Research Perspective, Volume 22, Issue 1, Spring/Summer 2020.

"Tracking the Economic Impact of COVID-19 and Mitigation Policies in Europe and the United States", with Deniz Igan, Nicola Pierri, and Andrea F. Presbitero, IMF Special Series on COVID-19, May 7, 2020.

"International R&D Sourcing and Knowledge Spillovers", in IMF World Economic Outlook, "Is Productivity Growth Shared in a Globalized Economy?" April 2018 Chapter 4.

"Monetary Policy in the New Normal", with an IMF staff team, IMF Staff Discussion Note 14/3.

Sophia Chen is an economist at the Macro-Financial Division of the Research Department. Previously she worked on the Cyprus team in the European Department (2015-2016). She holds a Ph.D. in Economics from the University of Michigan. Her research interests are banking, corporate finance, macro-financial linkages, and fiscal policies.

Email: YCHEN2@imf.org

Personal WebPage: https://sites.google.com/site/sophiachenecon/

Fluent In: Chinese.

Education:

Ph.D., University of Michigan

M.A., University of Michigan

M.L.A., University of Pennsylvania

B.Arch, Tsinghua University


Work in progress:

The Transmission and Real Effects of International Monetary Policy: Evidence from Brazil (with Leila Aghabarari, Deniz Igan, and Bernardus Van Doornik)

Paying Bankers: Rents, Risk, and Performance (with Laura Castillo Martinez and Deniz Igan)

Sharing the Burden: Household-Level Evidence on Fiscal Consolidation in the European Union (with Deniz Igan and Victoria Wenxin Xie)

Are Innovative Firms Financially Constrained? Evidence from R&D Tax Incentives in OECD Countries (with Estelle P. Dauchy)

How Corporate Debt Bias Affects Bank Lending (with Gee Hee Hong)

The Role of Market Competition in Fiscal Policy Transmission (with Yu Shi)


Field of Expertise:

Banking

Public Finance

Macro-Financial Issues

IMF Books and Working Papers:

Pricing Protest: The Response of Financial Markets to Social Unrest , Working Paper No. 2021/079 , March 19, 2021

Social Repercussions of Pandemics , Working Paper No. 2021/021 , January 29, 2021

Small and Vulnerable: Small Firm Productivity in the Great Productivity Slowdown , Working Paper No. 2020/294 , December 18, 2020

Tracking the Economic Impact of COVID-19 and Mitigation Policies in Europe and the United States , Working Paper No. 20/125 , July 10, 2020

The Dynamics of Non-Performing Loans during Banking Crises: A New Database , Working Paper No. 19/272 , December 06, 2019

Debt Maturity and the Use of Short-Term Debt : Evidence form Sovereigns and Firms , Departmental Paper No.19/03 , February 05, 2019

International Technology Sourcing and Knowledge Spillovers: Evidence from OECD Countries , Working Paper No. 18/51 , March 12, 2018

Credit and Fiscal Multipliers in China , Working Paper No. 17/273 , December 12, 2017

A Toolkit to Assess the Consistency Between Real Sector and Financial Sector Forecasts , Technical Notes and Manuals No. 17/09 , June 05, 2017

Financial Information and Macroeconomic Forecasts , Working Paper No. 16/251 , December 23, 2016

Does Balance Sheet Strength Drive the Investment Cycle? Evidence from Pre- and Post-Crisis Cyprus , Working Paper No. 16/248 , December 22, 2016

Uncertainty and Investment: The Financial Intermediary Balance Sheet Channel , Working Paper No. 15/65 , March 20, 2015

The Tax-adjusted Q Model with Intangible Assets: Theory and Evidence from Temporary Investment Tax Incentives , Working Paper No. 14/104 , June 12, 2014

Financial Constraints, Intangible Assets, and Firm Dynamics: Theory and Evidence , Working Paper No. 14/88 , May 14, 2014

IMF Country Reports

Cyprus: Ninth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Waiver of Applicability of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cyprus

Cyprus: Eighth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cyprus

Cyprus : Fifth, Sixth, and Seventh Reviews Under the Extended Arrangement Under the Extended Fund Facility; Request for Waiver of Nonobservance of a Performance Criterion; and Rephasing of Access

iMFdirect Blog Posts

"COVID’s Long Shadow: Social Repercussions of Pandemics", with Philip Barrett, February 3, 2021.

"Propping Up the Chinese Economy: Credit versus Fiscal Stimulus", with Lev Ratnovski, December 12, 2017.

Other Published Materials

“Rising Corporate Market Power: Emerging Policy Issues”, IMF Staff Discussion Notes, No. 21/01, March 15, 2021.

"COVID’s Long Shadow: Social Repercussions of Pandemics", with Philip Barrett, Nan Li, IMF Research Perspective, Volume 23, Issue 2, Fall/Winter 2020.

"Social Unrest during COVID-19", with Philip Barrett, in World Economic Outlook, "Global Prospects and Policies" October 2020 Chapter 1.

"An Economy for All", IMF Research Perspective, Volume 22, Issue 1, Spring/Summer 2020.

"Tracking the Economic Impact of COVID-19 and Mitigation Policies in Europe and the United States", with Deniz Igan, Nicola Pierri, and Andrea F. Presbitero, IMF Special Series on COVID-19, May 7, 2020.

"International R&D Sourcing and Knowledge Spillovers", in IMF World Economic Outlook, "Is Productivity Growth Shared in a Globalized Economy?" April 2018 Chapter 4.

"Monetary Policy in the New Normal", with an IMF staff team, IMF Staff Discussion Note 14/3.

Publications in Journals (Refereed)

“The Dynamics of Non-Performing Loans during Banking Crises: A New Database with Post-COVID-19 Implications”, with Anil Ari and Lev Ratnovski, Journal of Banking and Finance, forthcoming.

"The Spread of Deposit Insurance and the Global Rise in Bank Asset Risk since the 1970s", with Charles W. Calomiris. Journal of Financial Intermediation, 2020.

"Financial Information and Macroeconomic Forecasts", with Romain Ranciere, International Journal of Forecasting, Vol 35, Issue 3, pp 1160-1174, 2019.

"Does Balance Sheet Strength Drive Investment Cycle? Evidence from Pre- and Post-Crisis Cyprus", with Yinqiu Lu, Cyprus Economic Policy Review, Vol 12, No. 1, pp 3-27 (lead article), 2018.

"The Tax-adjusted Q Model with Intangible Assets: Theory and Evidence from Temporary Investment Tax Incentives", with Estelle P. Dauchy, Southern Economic Journal, Volume 83, Issue 4, 2017.

Publications in Journals (Referred)

"Social Repercussions of Pandemics", with Philip Barrett, Covid Economics, Issue 68, 2021.

"Tracking the Economic Impact of COVID-19 and Mitigation Policies in Europe and the United States", with Deniz Igan, Nicola Pierri, and Andrea F. Presbitero, Covid Economics, Issue 36, 2020.

"COVID-19 and Non-Performing Loans: Lessons from Past Crises", with Anil Ari and Lev Ratnovski, ECB Research Bulletin, No. 72, June 19, 2020.