Rui Mano

Last Updated: May 21, 2021

Rui Mano

Rui C. Mano is a senior economist in the IMF's Western Hemisphere Department. He is a “senior desk economist” for the United States and Grenada. He previously worked in the Research, Asia Pacific, and Strategy, Policy and Review Departments. He contributed to the Fund's framework on external sector assessments, was “desk economist” for China, Hong Kong SAR, Mongolia, Korea and the Philippines, contributed to the formulation and review of fund-wide policies, served as junior reviewer for several countries and acted as external sector economist in country teams (DRC and Jamaica), all at different points in time. He holds a PhD in economics from the University of Chicago. His research interests are exchange rate risk, foreign exchange intervention, global imbalances, and cross-border spillovers, among others. He has also written on several aspects of the Chinese economy, such as local government financing, excessive savings, inequality, overcapacity and rebalancing.

Email: RMANO@imf.org

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

Fluent In: Portuguese, Spanish.

Previous Experience:

Senior Economist, Strategy Policy and Review Department, Macro Policies Division.

Economist, Strategy, Policy and Review Department, Macro Policies Division.

Economist, Asia Pacific Department, China Division.

Economist, Asia Pacific Department, Korea Division.

Economist, Research Department, Open-Economy Division.


Current Position:

Senior Economist, Western Hemisphere Department, North America Division.


Country work or Mission Assignment:

United States, Grenada, Democratic Republic of Congo, Jamaica, China, Hong Kong SAR, Mongolia, Korea, Philippines.


Field of Expertise:

Economic Modeling

Open Economy Macroeconomics

International Trade

International Finance

IMF Books and Working Papers:

Sizing Up the Effects of Technological Decoupling , Working Paper No. 2021/069 , March 12, 2021

Foreign Exchange Intervention: A Dataset of Public Data and Proxies , Working Paper No. 2021/047 , February 19, 2021

China’s Rebalancing: Opportunities and Challenges for LAC Exporters , Working Paper No. 2020/239 , November 13, 2020

Do FX Interventions Lead to Higher Debt? Evidence from Firm-Level Data , Working Paper No. 20/197 , September 25, 2020

Should Inequality Factor into Central Banks' Decisions? , Working Paper No. 20/196 , September 25, 2020

One Shock, Many Policy Responses , Working Paper No. 20/10 , January 17, 2020

The Level REER model in the External Balance Assessment (EBA) Methodology , Working Paper No. 19/192 , September 13, 2019

Trade Wars and Trade Deals: Estimated Effects using a Multi-Sector Model , Working Paper No. 19/143 , July 03, 2019

China’s High Savings: Drivers, Prospects, and Policies , Working Paper No. 18/277 , December 11, 2018

China’s Rebalancing: Recent Progress, Prospects and Policies , Working Paper No. 18/243 , November 12, 2018

China’s Capacity Reduction Reform and Its Impact on Producer Prices , Working Paper No. 18/216 , September 28, 2018

Inequality in China – Trends, Drivers and Policy Remedies , Working Paper No. 18/127 , June 05, 2018

Reassessing the Perimeter of Government Accounts in China , Working Paper No. 17/272 , December 08, 2017

Default Premium , Working Paper No. 15/167 , July 21, 2015

Default Premium , Working Paper No. 15/167 , July 21, 2015

Unveiling the Effects of Foreign Exchange Intervention : A Panel Approach , Working Paper No. 15/130 , June 23, 2015

The Level of Productivity in Traded and Non-Traded Sectors for a Large Panel of Countries , Working Paper No. 15/48 , February 27, 2015

IMF Country Reports

Democratic Republic of the Congo: Request for Disbursement Under the Rapid Credit Facility Staff Report

Jamaica: Sixth Review Under the Stand-By Arrangements Staff Report

Jamaica: Fifth Review Under the Stand-By Arrangement Staff Report

People’s Republic of China: 2018 Article IV Consultation Staff Report

People's Republic of China: 2017 Article IV Consultation Staff Report

People's Republic of China-Hong Kong SAR: 2018 Article IV Consultation Staff Report

People's Republic of China-Hong Kong SAR: 2017 Article IV Consultation Staff Report

People's Republic of China-Hong Kong SAR: 2016 Article IV Consultation-Press Release and Staff Report

Mongolia: 2017 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility Staff Report

Republic of Korea: 2016 Article IV Consultation Staff Report

Republic of Korea: 2015 Article IV Consultation Staff Report

Philippines: 2016 Article IV Consultation Staff Report

Philippines: 2015 Article IV Consultation Staff Report

IMF Occasional Papers, Pamphlets, and Special Issues Papers

Asean-5 Cluster Report : Evolution of Monetary Policy Frameworks

F&D articles

To Pay the Piper

Selected Issue

PHILIPPINES: REAL AND FINANCIAL CYCLES

ARE PHILIPPINES NONFINANCIAL FIRMS VULNERABLE TO TIGHTER FINANCIAL CONDITIONS?—FIRM-LEVEL ANALYSIS AND STRESS TESTING

CHINA’S HIGH SAVINGS: DRIVERS, PROSPECTS, AND POLICIES

CHINA: REASSESSING THE PERIMETER OF GOVERNMENT AND IMPLICATIONS FOR FISCAL SPACE

INEQUALITY IN CHINA – TRENDS, DRIVERS AND POLICY REMEDIES

HONG KONG SAR: MEDIUM-TERM FISCAL PROSPECTS AND IMPLICATIONS

INCOME INEQUALITY IN HONG KONG SAR

Other Published Materials

Regional Economic Outlook, October 2018, Asia Pacific, Chapter 3, "The Evolving Role of Trade in Asia: Opening a New Chapter"

Monetary and Exchange Rate Policy Responses, chapter in book ASEAN Way, October 2018

Regional Economic Outlook, April 2016, Asia and Pacific, Chapter 3, "China’s Evolving Trade with Advanced Upstream Economies and Commodity Exporters"

External Sector Report 2015

Rui Mano

Rui C. Mano is a senior economist in the IMF's Western Hemisphere Department. He is a “senior desk economist” for the United States and Grenada. He previously worked in the Research, Asia Pacific, and Strategy, Policy and Review Departments. He contributed to the Fund's framework on external sector assessments, was “desk economist” for China, Hong Kong SAR, Mongolia, Korea and the Philippines, contributed to the formulation and review of fund-wide policies, served as junior reviewer for several countries and acted as external sector economist in country teams (DRC and Jamaica), all at different points in time. He holds a PhD in economics from the University of Chicago. His research interests are exchange rate risk, foreign exchange intervention, global imbalances, and cross-border spillovers, among others. He has also written on several aspects of the Chinese economy, such as local government financing, excessive savings, inequality, overcapacity and rebalancing.

Email: RMANO@imf.org

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

Fluent In: Portuguese, Spanish.

Previous Experience:

Senior Economist, Strategy Policy and Review Department, Macro Policies Division.

Economist, Strategy, Policy and Review Department, Macro Policies Division.

Economist, Asia Pacific Department, China Division.

Economist, Asia Pacific Department, Korea Division.

Economist, Research Department, Open-Economy Division.


Current Position:

Senior Economist, Western Hemisphere Department, North America Division.


Country work or Mission Assignment:

United States, Grenada, Democratic Republic of Congo, Jamaica, China, Hong Kong SAR, Mongolia, Korea, Philippines.


Field of Expertise:

Economic Modeling

Open Economy Macroeconomics

International Trade

International Finance

IMF Books and Working Papers:

Sizing Up the Effects of Technological Decoupling , Working Paper No. 2021/069 , March 12, 2021

Foreign Exchange Intervention: A Dataset of Public Data and Proxies , Working Paper No. 2021/047 , February 19, 2021

China’s Rebalancing: Opportunities and Challenges for LAC Exporters , Working Paper No. 2020/239 , November 13, 2020

Do FX Interventions Lead to Higher Debt? Evidence from Firm-Level Data , Working Paper No. 20/197 , September 25, 2020

Should Inequality Factor into Central Banks' Decisions? , Working Paper No. 20/196 , September 25, 2020

One Shock, Many Policy Responses , Working Paper No. 20/10 , January 17, 2020

The Level REER model in the External Balance Assessment (EBA) Methodology , Working Paper No. 19/192 , September 13, 2019

Trade Wars and Trade Deals: Estimated Effects using a Multi-Sector Model , Working Paper No. 19/143 , July 03, 2019

China’s High Savings: Drivers, Prospects, and Policies , Working Paper No. 18/277 , December 11, 2018

China’s Rebalancing: Recent Progress, Prospects and Policies , Working Paper No. 18/243 , November 12, 2018

China’s Capacity Reduction Reform and Its Impact on Producer Prices , Working Paper No. 18/216 , September 28, 2018

Inequality in China – Trends, Drivers and Policy Remedies , Working Paper No. 18/127 , June 05, 2018

Reassessing the Perimeter of Government Accounts in China , Working Paper No. 17/272 , December 08, 2017

Default Premium , Working Paper No. 15/167 , July 21, 2015

Default Premium , Working Paper No. 15/167 , July 21, 2015

Unveiling the Effects of Foreign Exchange Intervention : A Panel Approach , Working Paper No. 15/130 , June 23, 2015

The Level of Productivity in Traded and Non-Traded Sectors for a Large Panel of Countries , Working Paper No. 15/48 , February 27, 2015

IMF Country Reports

Democratic Republic of the Congo: Request for Disbursement Under the Rapid Credit Facility Staff Report

Jamaica: Sixth Review Under the Stand-By Arrangements Staff Report

Jamaica: Fifth Review Under the Stand-By Arrangement Staff Report

People’s Republic of China: 2018 Article IV Consultation Staff Report

People's Republic of China: 2017 Article IV Consultation Staff Report

People's Republic of China-Hong Kong SAR: 2018 Article IV Consultation Staff Report

People's Republic of China-Hong Kong SAR: 2017 Article IV Consultation Staff Report

People's Republic of China-Hong Kong SAR: 2016 Article IV Consultation-Press Release and Staff Report

Mongolia: 2017 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility Staff Report

Republic of Korea: 2016 Article IV Consultation Staff Report

Republic of Korea: 2015 Article IV Consultation Staff Report

Philippines: 2016 Article IV Consultation Staff Report

Philippines: 2015 Article IV Consultation Staff Report

IMF Occasional Papers, Pamphlets, and Special Issues Papers

Asean-5 Cluster Report : Evolution of Monetary Policy Frameworks

F&D articles

To Pay the Piper

Selected Issue

PHILIPPINES: REAL AND FINANCIAL CYCLES

ARE PHILIPPINES NONFINANCIAL FIRMS VULNERABLE TO TIGHTER FINANCIAL CONDITIONS?—FIRM-LEVEL ANALYSIS AND STRESS TESTING

CHINA’S HIGH SAVINGS: DRIVERS, PROSPECTS, AND POLICIES

CHINA: REASSESSING THE PERIMETER OF GOVERNMENT AND IMPLICATIONS FOR FISCAL SPACE

INEQUALITY IN CHINA – TRENDS, DRIVERS AND POLICY REMEDIES

HONG KONG SAR: MEDIUM-TERM FISCAL PROSPECTS AND IMPLICATIONS

INCOME INEQUALITY IN HONG KONG SAR

Other Published Materials

Regional Economic Outlook, October 2018, Asia Pacific, Chapter 3, "The Evolving Role of Trade in Asia: Opening a New Chapter"

Monetary and Exchange Rate Policy Responses, chapter in book ASEAN Way, October 2018

Regional Economic Outlook, April 2016, Asia and Pacific, Chapter 3, "China’s Evolving Trade with Advanced Upstream Economies and Commodity Exporters"

External Sector Report 2015

Publications in Journals (Refereed)

The Cost of FX intervention: Concepts and Measurement (with Gustavo Adler), Journal of Macroeconomics, Volume 67, March 2021, 103045.

Real Exchange Rate and External Balance: How Important Are Price Deflators? (with JaeBin Ahn and Jing Zhou), Journal of Money, Credit and Banking, Volume 52(8), December 2020.

Unveiling the Effect of Foreign Exchange Intervention: A Panel Approach (with Gustavo Adler and Noemie Lisack), Emerging Markets Review, Volume 40, September 2019, 100620.

Forward and Spot Exchange Rates in a Multi-Currency World (with Tarek Hassan), The Quarterly Journal of Economics, Volume 134, Issue 1, February 2019, Pages 397–450.

Default Premium (with Luís Catão) Journal of International Economics, Volume 107, July 2017, Pages 91–110.