David A. Grigorian

Last Updated: November 20, 2020

David Grigorian is a Senior Economist at the International Monetary Fund’s Monetary and Capital Markets (MCM) Department specializing in sovereign debt and financial crisis related issues. He holds a Ph.D. in Economics from the University of Maryland at College Park (2001), MA in Economics from the Central European University (1995), M.Sc. in Industrial Engineering from the American University of Armenia (1994), and B.Sc. in Systems Engineering from the Polytechnic Institute of Yerevan (1992). Throughout his career at MCM (2009-16 and 2019-), Dr. Grigorian has dealt with a wide array of emerging and advanced market countries (including, the Bahamas, Barbados, Bulgaria, Costa Rica, Cyprus, Greece, Jamaica, Kuwait, Mongolia, Morocco, Tunisia, and Vietnam) on issues, such as, sovereign and corporate debt restructuring, debt market development, and financial crisis management. During 2016-18, Dr. Grigorian was in the Asia Pacific Department, where he led IMF missions to Bhutan and was responsible for financial sector work in Singapore and Malaysia. In his previous position as the desk economist on Iraq (2006-09), he helped the authorities prepare the federal budgets for 2007, 2008, and 2009 under occupation. Prior to joining the IMF in 2001, he held positions at the World Bank’s Europe and Central Asia region, where he managed banking sector restructuring projects in Kazakhstan and Tajikistan. Dr. Grigorian has published on a range of issues including sovereign debt, banking and capital markets, growth and institutions, remittances, and fiscal performance, and his research is cited widely.

Email: DGRIGORIAN@imf.org

Personal WebPage: https://scholar.google.com/citations?user=zCj62LkAAAAJ&hl=en

Fluent In: Armenian, Russian.

IMF Books and Working Papers:

Nonresident Capital Flows and Volatility: Evidence from Malaysia’s Local Currency Bond Market , Working Paper No. 19/23 , January 25, 2019

Deposit Insurance, Remittances, and Dollarization : Survey-Based Evidence from a Top Remittance-Receiving Country , Working Paper No. 17/132 , June 08, 2017

Jamaica Debt Exchange , Working Paper No. 12/244 , October 09, 2012

Government Involvement in Corporate Debt Restructuring: Case Studies from the Great Recession , Working Paper No. 10/260 , November 01, 2010

Inflation and Conflict in Iraq: The Economics of Shortages Revisited , Working Paper No. 10/159 , July 01, 2010

Garbage In, Gospel Out? Controlling for the Underreporting of Remittances , Working Paper No. 08/230 , September 01, 2008

Microeconomic Implications of Remittances in an Overlapping Generations Model with Altruism and Self-Interest , Working Paper No. 08/19 , January 01, 2008

Tax Potential vs. Tax Effort: A Cross-Country Analysis of Armenia's Stubbornly Low Tax Collection , Working Paper No. 07/106 , May 01, 2007

How Tight is Too Tight? A Look at Welfare Implications of Distortionary Policies in Uzbekistan , Working Paper No. 05/239 , December 01, 2005

A Cross-Country Non-Parametric Analysis of Bahrain's Banking Sector , Working Paper No. 05/117 , June 01, 2005

Exchange Rate, Money, and Wages: What is Driving Prices in Armenia? , Working Paper No. 04/229 , December 01, 2004

On The Determinants of First-Time Sovereign Bond Issues , Working Paper No. 03/184 , September 01, 2003

Determinants of Commercial Bank Performance in Transition: An Application of Data Envelopment Analysis , Working Paper No. 02/146 , September 01, 2002

Other Published Materials

“A Survey of Experiences with Emerging Market Sovereign Debt Restructurings” (with U. Das, M. Papaioannou, and S. Maziad), IMF Policy Paper, June 2012.

Publications in Journals (Refereed)

“Deposit Insurance, Remittances, and Dollarization: Survey-based Evidence from a Top Remittance-receiving Country” (with M. Kryshko). Economic Notes 48, No. 3, November 2019.

“Sovereign Risk and Deposit Dynamics: Evidence from Europe,” (with V. Manole), Applied Economics 49, No. 29, pp. 2851-2860, March 2017.

“Inflation and Conflict in Iraq: The Economics of Shortages Revisited” (with U. Kock), Review of Middle East Economics and Finance 10, No. 2, August 2014.

“Government Involvement in Corporate Debt Restructuring: Case Studies from the Global Recession” (with F. Raei), Modern Economy 4, No.3, March 2013.

“Microeconomic Implications of Remittances in an Overlapping Generations Model with Altruism and a Motive to Receive Inheritance” (with T. Melkonyan), Journal of Development Studies 48, No. 8, 1026-1044, April 2012.

“Controlling for Underreporting of Remittances” (with J. S. Shonkwiler and T. Melkonyan), Applied Economics 43, No. 30, pp. 4817-4826, August 2011.

“Destined to Receive: The Impact of Remittances on Household Decisions in Armenia” (with T. Melkonyan), Review of Development Economics 15, No. 1, pp. 139-53, February 2011.

“How Tight is Too Tight? A Look at Distortionary Policies in Uzbekistan” (with E. Gemayel), European Journal of Comparative Economics 3, No.2, pp. 239-61, December 2006.

“Determinants of Commercial Bank Performance in Transition: An Application of Data Envelopment Analysis” (with V. Manole), Comparative Economic Studies 48, pp. 497–522, September 2006.

“Armenia and Its Diaspora: Is there Scope for a Stronger Economic Link?” with Alec Gevorkyan, Armenian Forum: A Journal of Contemporary Affairs 3, No.2, Princeton, NJ, 2003.

“Industrial Growth and Quality of Institutions: What Do (Transition) Economies Have to Gain from the Rule of Law?” (with A. Martinez), Journal for Institutional Innovation, Development, and Transition 5, 2001.

“(Is There) Restructuring of Large Industrial Enterprises in Armenia: A Comparative Analysis,” in Growth Challenges and Government Policies in Armenia, L. Freinkman (ed.), World Bank country report, 2001.

“Ownership and Performance of Lithuanian Enterprises,” World Bank Policy Research Working Paper No. 2343, May 2000.

“Economic Reforms in Egypt: Emerging Patterns and Their Possible Implications”, with Rania Al-Mashat, World Bank Policy Research Working Paper No. 1977, September 1998.

David Grigorian is a Senior Economist at the International Monetary Fund’s Monetary and Capital Markets (MCM) Department specializing in sovereign debt and financial crisis related issues. He holds a Ph.D. in Economics from the University of Maryland at College Park (2001), MA in Economics from the Central European University (1995), M.Sc. in Industrial Engineering from the American University of Armenia (1994), and B.Sc. in Systems Engineering from the Polytechnic Institute of Yerevan (1992). Throughout his career at MCM (2009-16 and 2019-), Dr. Grigorian has dealt with a wide array of emerging and advanced market countries (including, the Bahamas, Barbados, Bulgaria, Costa Rica, Cyprus, Greece, Jamaica, Kuwait, Mongolia, Morocco, Tunisia, and Vietnam) on issues, such as, sovereign and corporate debt restructuring, debt market development, and financial crisis management. During 2016-18, Dr. Grigorian was in the Asia Pacific Department, where he led IMF missions to Bhutan and was responsible for financial sector work in Singapore and Malaysia. In his previous position as the desk economist on Iraq (2006-09), he helped the authorities prepare the federal budgets for 2007, 2008, and 2009 under occupation. Prior to joining the IMF in 2001, he held positions at the World Bank’s Europe and Central Asia region, where he managed banking sector restructuring projects in Kazakhstan and Tajikistan. Dr. Grigorian has published on a range of issues including sovereign debt, banking and capital markets, growth and institutions, remittances, and fiscal performance, and his research is cited widely.

Email: DGRIGORIAN@imf.org

Personal WebPage: https://scholar.google.com/citations?user=zCj62LkAAAAJ&hl=en

Fluent In: Armenian, Russian.

IMF Books and Working Papers:

Nonresident Capital Flows and Volatility: Evidence from Malaysia’s Local Currency Bond Market , Working Paper No. 19/23 , January 25, 2019

Deposit Insurance, Remittances, and Dollarization : Survey-Based Evidence from a Top Remittance-Receiving Country , Working Paper No. 17/132 , June 08, 2017

Jamaica Debt Exchange , Working Paper No. 12/244 , October 09, 2012

Government Involvement in Corporate Debt Restructuring: Case Studies from the Great Recession , Working Paper No. 10/260 , November 01, 2010

Inflation and Conflict in Iraq: The Economics of Shortages Revisited , Working Paper No. 10/159 , July 01, 2010

Garbage In, Gospel Out? Controlling for the Underreporting of Remittances , Working Paper No. 08/230 , September 01, 2008

Microeconomic Implications of Remittances in an Overlapping Generations Model with Altruism and Self-Interest , Working Paper No. 08/19 , January 01, 2008

Tax Potential vs. Tax Effort: A Cross-Country Analysis of Armenia's Stubbornly Low Tax Collection , Working Paper No. 07/106 , May 01, 2007

How Tight is Too Tight? A Look at Welfare Implications of Distortionary Policies in Uzbekistan , Working Paper No. 05/239 , December 01, 2005

A Cross-Country Non-Parametric Analysis of Bahrain's Banking Sector , Working Paper No. 05/117 , June 01, 2005

Exchange Rate, Money, and Wages: What is Driving Prices in Armenia? , Working Paper No. 04/229 , December 01, 2004

On The Determinants of First-Time Sovereign Bond Issues , Working Paper No. 03/184 , September 01, 2003

Determinants of Commercial Bank Performance in Transition: An Application of Data Envelopment Analysis , Working Paper No. 02/146 , September 01, 2002

Other Published Materials

“A Survey of Experiences with Emerging Market Sovereign Debt Restructurings” (with U. Das, M. Papaioannou, and S. Maziad), IMF Policy Paper, June 2012.

Publications in Journals (Refereed)

“Deposit Insurance, Remittances, and Dollarization: Survey-based Evidence from a Top Remittance-receiving Country” (with M. Kryshko). Economic Notes 48, No. 3, November 2019.

“Sovereign Risk and Deposit Dynamics: Evidence from Europe,” (with V. Manole), Applied Economics 49, No. 29, pp. 2851-2860, March 2017.

“Inflation and Conflict in Iraq: The Economics of Shortages Revisited” (with U. Kock), Review of Middle East Economics and Finance 10, No. 2, August 2014.

“Government Involvement in Corporate Debt Restructuring: Case Studies from the Global Recession” (with F. Raei), Modern Economy 4, No.3, March 2013.

“Microeconomic Implications of Remittances in an Overlapping Generations Model with Altruism and a Motive to Receive Inheritance” (with T. Melkonyan), Journal of Development Studies 48, No. 8, 1026-1044, April 2012.

“Controlling for Underreporting of Remittances” (with J. S. Shonkwiler and T. Melkonyan), Applied Economics 43, No. 30, pp. 4817-4826, August 2011.

“Destined to Receive: The Impact of Remittances on Household Decisions in Armenia” (with T. Melkonyan), Review of Development Economics 15, No. 1, pp. 139-53, February 2011.

“How Tight is Too Tight? A Look at Distortionary Policies in Uzbekistan” (with E. Gemayel), European Journal of Comparative Economics 3, No.2, pp. 239-61, December 2006.

“Determinants of Commercial Bank Performance in Transition: An Application of Data Envelopment Analysis” (with V. Manole), Comparative Economic Studies 48, pp. 497–522, September 2006.

“Armenia and Its Diaspora: Is there Scope for a Stronger Economic Link?” with Alec Gevorkyan, Armenian Forum: A Journal of Contemporary Affairs 3, No.2, Princeton, NJ, 2003.

“Industrial Growth and Quality of Institutions: What Do (Transition) Economies Have to Gain from the Rule of Law?” (with A. Martinez), Journal for Institutional Innovation, Development, and Transition 5, 2001.

“(Is There) Restructuring of Large Industrial Enterprises in Armenia: A Comparative Analysis,” in Growth Challenges and Government Policies in Armenia, L. Freinkman (ed.), World Bank country report, 2001.

“Ownership and Performance of Lithuanian Enterprises,” World Bank Policy Research Working Paper No. 2343, May 2000.

“Economic Reforms in Egypt: Emerging Patterns and Their Possible Implications”, with Rania Al-Mashat, World Bank Policy Research Working Paper No. 1977, September 1998.