Nicolas End

Last Updated: August 25, 2021

Nicolas End

Nicolas End joined the IMF in January 2014, where he served 4 years in the Fiscal Affairs Department (FAD) before moving to the Middle East and Central Asia Department (MCD). Starting September 2020, he took a temporary leave from the IMF to become mission chief and director at the Country Credit Department of the Japan Bank of International Cooperation, in Tokyo. Nicolas holds a PhD in economics from the Aix-Marseille School of Economics; a MSc in applied mathematics and Engineer Diploma from Ecole Polytechnique; a MSc. in economics and Econometrician Diploma from the French school of Statistics and Economic Administration (ENSAE); and a MA. in International Affairs from the Paris Institute of Political Studies (Sciences Po). After an exchange program at Columbia University, he started his career at the French Treasury where he was successively deputy head of the macroeconomic diagnostic and forecast division and deputy head of the public finance division. Later, he was appointed financial counselor to the French Ambassador and head of the macroeconomic unit in Spain. Nicolas is also a pianist.

Fluent In: French, Japanese, Spanish.

Education:

M.Sc. Economics and Applied Mathematics and Diploma of Engineer - École Polytechnique (France, 2008)

M.Sc. Applied Economics and Diploma of Econometrician - ENSAE, school of Economics and Statistics (France, 2008)

M.A. International Affairs - Sciences Po, Paris Institute of Political Sciences (France, 2009)

Columbia University (exchange program, USA, 2008)


Previous Experience:

Economist - Middle East and Central Asia Department (2018-2020)

Economist - IMF's Fiscal Affairs Department (2014-2018)

Financial Counselor and Head of the Economic and Financial Unit - French Embassy in Spain (2013-2014)

Economist and Deputy chief of the Public Finance Division - French Treasury (2011-2013)

Economist and Deputy chief of the International Forecasts Division - French Treasury (2009-2011)


Current Position:

Mission chief and director in JBIC's Country Credit Department (leave without pay)


Country work or Mission Assignment:

Desk economist for Tunisia (2018-2020)

Desk economist for Lebanon (2018-2019)

Technical assistance in Lebanon: Public Investment Management Assessment (June 2018)

Technical assistance in St Kitts and Nevis: Establishing a Fiscal Responsibility Framework and a Growth and Resilience Fund (Feb 2018)

Fiscal economist for the Kingdom of Bahrain (2017-2018)

Technical assistance in Armenia: Upgrading Fiscal Rules (June 2017)

Fiscal economist for Albania (2015-2017)

Technical assistance in Israel: Towards a Medium-Term Budget Framework (May 2015)

Technical assistance in Senegal: Creating a Ministry Strategy to Accompany Senegal’s Growth (January 2015)

Technical assistance in Benin: Strengthening Capital Expenditures Execution (May 2014)

Fiscal economist for Benin (2014-2015)


Teaching:

Applied Development Economics - Aix-Marseille School of Economics (2018)

Public finances - Sciences Po (2012-2013)

Micro- and Macroeconomics - École Polytechnique (X), Sciences Po, and ENSAE (2010-2013)

Examiner in Mathematics - Orsay (2007-2008)


Field of Expertise:

Monetary Policy

Banking

Public Finance

Open Economy Macroeconomics

Macro-Financial Issues

International Finance

Economic Modeling

Development Economics

IMF Books and Working Papers:

Tunisia Monetary Policy Since the Arab Spring: The Fall of the Exchange Rate Anchor and Rise of Inflation Targeting , Working Paper No. 20/167 , August 21, 2020

Debt and Entanglements Between the Wars , November 08, 2019

Instruments of Debtstruction: A New Database of Interwar Debt , Working Paper No. 19/226 , October 25, 2019

Pouring Oil on Fire: Interest Deductibility and Corporate Debt , Working Paper No. 18/257 , December 07, 2018

Make Investment Scaling-Up Work in Benin : A Macro-Fiscal Analysis , African Departmental Paper No. 16/1 , January 15, 2016

Deflation and Public Finances : Evidence from the Historical Records , Working Paper No. 15/176 , July 28, 2015

From Systemic Banking Crises to Fiscal Costs : Risk Factors , Working Paper No. 15/166 , July 20, 2015

IMF Country Reports

Albania : Staff Report for the 2017 Article IV, IMF Country Report 17/373

Republic of Armenia: Upgrading Fiscal Rules, IMF Country Report 17/330

Albania: Staff Report for the 2016 Article IV Consultation, IMF Country Report 16/142

Benin: Staff Report for the 2015 Article IV Consultation, IMF Country Report 16/6

IMF Survey Articles

Sailing With No Wind: The Impact of Deflation and Lowflation on Fiscal Aggregates. IMF Research Bulletin, 2014

iMFdirect Blog Posts

CoViD-19 Poses Formidable Threat for Fragile States in the Middle East and North Africa

F&D articles

The Debt Web, Finance & Development 55(1), 2018

Selected Issue

The Redistributive Role of Fiscal Policy in Bahrain. IMF Country report, 2018

What Fiscal Anchor and Rule for Albania? IMF Country report 17/374, 2017

Tax Policy, Evasion, and Informality in Albania. IMF Country report 16/143, 2016

Other Published Materials

MENAP Oil Importers: Weathering the Storm (Chapter 2 of April 2020 Regional Economic Outlook)

Japan during the Interwar Period: From Monetary Restraint to Fiscal Abandon (in E. Dabla-Norris (ed.) & T. Sargent, Debt and Entanglements Between the Wars, 2019)

Two Decades of Walking on a Tightrope: Public Debt Management in France during the Interwar Period (in E. Dabla-Norris (ed.) & T. Sargent, Debt and Entanglements Between the Wars, 2019)

Debt—Use It Wisely. Fiscal Monitor, 2016

Analyzing and Managing Fiscal Risks: Best Practices. IMF Policy paper, 2016

Make Investment Scaling-up Work in Benin: A Macro-Fiscal Analysis. African Departmental Paper 16/1, 2016

From Banking to Sovereign Stress: Implications for Public Debt. IMF Policy paper, 2014

Nicolas End

Nicolas End joined the IMF in January 2014, where he served 4 years in the Fiscal Affairs Department (FAD) before moving to the Middle East and Central Asia Department (MCD). Starting September 2020, he took a temporary leave from the IMF to become mission chief and director at the Country Credit Department of the Japan Bank of International Cooperation, in Tokyo. Nicolas holds a PhD in economics from the Aix-Marseille School of Economics; a MSc in applied mathematics and Engineer Diploma from Ecole Polytechnique; a MSc. in economics and Econometrician Diploma from the French school of Statistics and Economic Administration (ENSAE); and a MA. in International Affairs from the Paris Institute of Political Studies (Sciences Po). After an exchange program at Columbia University, he started his career at the French Treasury where he was successively deputy head of the macroeconomic diagnostic and forecast division and deputy head of the public finance division. Later, he was appointed financial counselor to the French Ambassador and head of the macroeconomic unit in Spain. Nicolas is also a pianist.

Fluent In: French, Japanese, Spanish.

Education:

M.Sc. Economics and Applied Mathematics and Diploma of Engineer - École Polytechnique (France, 2008)

M.Sc. Applied Economics and Diploma of Econometrician - ENSAE, school of Economics and Statistics (France, 2008)

M.A. International Affairs - Sciences Po, Paris Institute of Political Sciences (France, 2009)

Columbia University (exchange program, USA, 2008)


Previous Experience:

Economist - Middle East and Central Asia Department (2018-2020)

Economist - IMF's Fiscal Affairs Department (2014-2018)

Financial Counselor and Head of the Economic and Financial Unit - French Embassy in Spain (2013-2014)

Economist and Deputy chief of the Public Finance Division - French Treasury (2011-2013)

Economist and Deputy chief of the International Forecasts Division - French Treasury (2009-2011)


Current Position:

Mission chief and director in JBIC's Country Credit Department (leave without pay)


Country work or Mission Assignment:

Desk economist for Tunisia (2018-2020)

Desk economist for Lebanon (2018-2019)

Technical assistance in Lebanon: Public Investment Management Assessment (June 2018)

Technical assistance in St Kitts and Nevis: Establishing a Fiscal Responsibility Framework and a Growth and Resilience Fund (Feb 2018)

Fiscal economist for the Kingdom of Bahrain (2017-2018)

Technical assistance in Armenia: Upgrading Fiscal Rules (June 2017)

Fiscal economist for Albania (2015-2017)

Technical assistance in Israel: Towards a Medium-Term Budget Framework (May 2015)

Technical assistance in Senegal: Creating a Ministry Strategy to Accompany Senegal’s Growth (January 2015)

Technical assistance in Benin: Strengthening Capital Expenditures Execution (May 2014)

Fiscal economist for Benin (2014-2015)


Teaching:

Applied Development Economics - Aix-Marseille School of Economics (2018)

Public finances - Sciences Po (2012-2013)

Micro- and Macroeconomics - École Polytechnique (X), Sciences Po, and ENSAE (2010-2013)

Examiner in Mathematics - Orsay (2007-2008)


Field of Expertise:

Monetary Policy

Banking

Public Finance

Open Economy Macroeconomics

Macro-Financial Issues

International Finance

Economic Modeling

Development Economics

IMF Books and Working Papers:

Tunisia Monetary Policy Since the Arab Spring: The Fall of the Exchange Rate Anchor and Rise of Inflation Targeting , Working Paper No. 20/167 , August 21, 2020

Debt and Entanglements Between the Wars , November 08, 2019

Instruments of Debtstruction: A New Database of Interwar Debt , Working Paper No. 19/226 , October 25, 2019

Pouring Oil on Fire: Interest Deductibility and Corporate Debt , Working Paper No. 18/257 , December 07, 2018

Make Investment Scaling-Up Work in Benin : A Macro-Fiscal Analysis , African Departmental Paper No. 16/1 , January 15, 2016

Deflation and Public Finances : Evidence from the Historical Records , Working Paper No. 15/176 , July 28, 2015

From Systemic Banking Crises to Fiscal Costs : Risk Factors , Working Paper No. 15/166 , July 20, 2015

IMF Country Reports

Albania : Staff Report for the 2017 Article IV, IMF Country Report 17/373

Republic of Armenia: Upgrading Fiscal Rules, IMF Country Report 17/330

Albania: Staff Report for the 2016 Article IV Consultation, IMF Country Report 16/142

Benin: Staff Report for the 2015 Article IV Consultation, IMF Country Report 16/6

IMF Survey Articles

Sailing With No Wind: The Impact of Deflation and Lowflation on Fiscal Aggregates. IMF Research Bulletin, 2014

iMFdirect Blog Posts

CoViD-19 Poses Formidable Threat for Fragile States in the Middle East and North Africa

F&D articles

The Debt Web, Finance & Development 55(1), 2018

Selected Issue

The Redistributive Role of Fiscal Policy in Bahrain. IMF Country report, 2018

What Fiscal Anchor and Rule for Albania? IMF Country report 17/374, 2017

Tax Policy, Evasion, and Informality in Albania. IMF Country report 16/143, 2016

Other Published Materials

MENAP Oil Importers: Weathering the Storm (Chapter 2 of April 2020 Regional Economic Outlook)

Japan during the Interwar Period: From Monetary Restraint to Fiscal Abandon (in E. Dabla-Norris (ed.) & T. Sargent, Debt and Entanglements Between the Wars, 2019)

Two Decades of Walking on a Tightrope: Public Debt Management in France during the Interwar Period (in E. Dabla-Norris (ed.) & T. Sargent, Debt and Entanglements Between the Wars, 2019)

Debt—Use It Wisely. Fiscal Monitor, 2016

Analyzing and Managing Fiscal Risks: Best Practices. IMF Policy paper, 2016

Make Investment Scaling-up Work in Benin: A Macro-Fiscal Analysis. African Departmental Paper 16/1, 2016

From Banking to Sovereign Stress: Implications for Public Debt. IMF Policy paper, 2014

Publications in Journals (Refereed)

Pouring Oil on Fire: Interest Deductibility and Corporate Debt. International Tax and Public Finance, 2020

The Fiscal Costs of Systemic Banking Crises. International Finance, 2017

Publications in Books and Conference Volumes

Deflation And Fiscal Aggregates: Sailing With No Wind—Public Finances In Deflation Quagmire. In Salto, M. (ed.) Fiscal Policy after the Crisis. European Commission Discussion Paper 035, 2016, pp. 86–91

Other Published Materials

The prince and me: a model of fiscal credibility, AMSE Working Paper 27, 2021

Rousseau's social contract or Machiavelli's virtue? A measure of fiscal credibility, AMSE Working Paper 42, 2020

The Global Economic Outlook In Autumn 2010: How Are The Components Of Recovery Lining Up? Trésor-Economics, 2010

Global Economic Outlook, Winter 2010: The First Snowdrops Are Blooming. Trésor-Economics, 2010