Tigran Poghosyan

Last Updated: January 05, 2018

Tigran Poghosyan

Tigran Poghosyan is a Senior Economist at the European Department of the International Monetary Fund. His research interests include International Finance, Banking, and Fiscal Federalism.

Email: TPOGHOSYAN@imf.org

Fluent In: Russian.

Education:

2009: Ph.D. Economics, University of Groningen

2008: Ph.D. Economics, CERGE-EI (Accredited by the New York State Board of Regents)

2005: M.A. Economics, CERGE-EI (Accredited by the New York State Board of Regents)

2003: Candidate of Science, Economic Research Institute of the Ministry of Finance of Armenia


Previous Experience:

2009: Economist Program (EP), Fiscal Affairs Department, International Monetary Fund

2007: Visiting Researcher, Research Department, Deutsche Bundesbank

1999-2003: Economist/Senior Economist, Monetary Policy Department, Central Bank of Armenia


Referee Activities:

Journal of Banking and Finance, Journal of Financial Services Research, Economics of Transition, Empirical Economics, Journal of International Financial Markets, Institutions & Money, Emerging Markets Finance and Trade, Czech Journal of Economics and Finance, Economic Systems


Field of Expertise:

Macro-Financial Issues

Public Finance

International Finance

IMF Books and Working Papers:

Unveiling the Effects of Foreign Exchange Interventions: Evidence from the Kyrgyz Republic , Working Paper No. 20/219 , October 30, 2020

Exchange Rate Pass-Through in the Caucasus and Central Asia , Working Paper No. 20/154 , August 07, 2020

Remittances in Russia and Caucasus and Central Asia: the Gravity Model , Working Paper No. 20/128 , July 17, 2020

How Effective is Macroprudential Policy? Evidence from Lending Restriction Measures in EU Countries , Working Paper No. 19/45 , March 01, 2019

Regional Labor Mobility in Finland , Working Paper No. 18/252 , November 29, 2018

Investment Slowdown in Denmark: Diagnosis and Policy Options , Working Paper No. 18/161 , July 12, 2018

Fiscal Spillovers in the Euro Area: Letting the Data Speak , Working Paper No. 17/241 , November 15, 2017

Lessons from the Old Masters on Assessing Equity and Efficiency: A Primer for Fiscal Policymakers , Working Paper No. 17/214 , October 03, 2017

Cross-Country Spillovers of Fiscal Consolidations in the Euro Area , Working Paper No. 17/140 , June 28, 2017

Fiscal Crises , Working Paper No. 17/86 , April 03, 2017

Labor and Product Market Reforms in Advanced Economies : Fiscal Costs, Gains, and Support , Staff Discussion Notes No. 17/03 , March 13, 2017

Fiscal Politics in the Euro Area , Working Paper No. 17/18 , January 30, 2017

Can Property Taxes Reduce House Price Volatility? Evidence from U.S. Regions , Working Paper No. 16/216 , November 10, 2016

Macroeconomic Stability in Resource-Rich Countries : The Role of Fiscal Policy , Working Paper No. 16/36 , February 23, 2016

Leading Indicators of Fiscal Distress : Evidence from the Extreme Bound Analysis , Working Paper No. 16/28 , February 15, 2016

How Do Public Debt Cycles Interact with Financial Cycles? , Working Paper No. 15/248 , November 25, 2015

Correcting “Beyond the Cycle" : Accounting for Asset Prices in Structural Fiscal Balances , Working Paper No. 15/109 , May 19, 2015

Fiscal Multipliers in Ukraine , Working Paper No. 15/71 , March 27, 2015

Foreign Investor Flows and Sovereign Bond Yields in Advanced Economies , Working Paper No. 14/27 , February 11, 2014

Taxation and Leverage in International Banking , Working Paper No. 12/281 , November 30, 2012

Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies , Working Paper No. 12/271 , November 08, 2012

Financial Intermediation Costs in Low-Income Countries : The Role of Regulatory, Institutional, and Macroeconomic Factors , Working Paper No. 12/140 , May 01, 2012

Assessing the Variability of Tax Elasticities in Lithuania , Working Paper No. 11/270 , November 01, 2011

Spatial Spillovers in Emerging Market Spreads , Working Paper No. 11/221 , September 01, 2011

An Estimated Dynamic Stochastic General Equilibrium Model of the Jordanian Economy , Working Paper No. 11/28 , February 01, 2011

Determinants of the Foreign Exchange Risk Premium in Gulf Cooperation Council Countries , Working Paper No. 10/255 , November 01, 2010

Slowdown of Credit Flows in Jordan in the Wake of the Global Financial Crisis: Supply or Demand Driven? , Working Paper No. 10/256 , November 01, 2010

House Price Determinants in Selected Countries of the Former Soviet Union , Working Paper No. 10/104 , April 01, 2010

Recovery Determinants of Distressed Banks: Regulators, Market Discipline, or the Environment? , Working Paper No. 10/27 , January 01, 2010

Oil Prices and Bank Profitability: Evidence from Major Oil-Exporting Countries in the Middle East and North Africa , Working Paper No. 09/220 , October 01, 2009

Distress in European Banks: An Analysis Based on a New Dataset , Working Paper No. 09/9 , January 01, 2009

Books

“Impact of the Crisis and Policy Response at the Sub-national Level”, with Borja Gracia and Jimmy McHugh, published in “Post-Crisis Fiscal Policy”, Chapter III, pp. 407-428, Cambridge, MA: MIT Press.

“The Role of Fiscal Transfers in Smoothing Regional Shocks”, with Abdelhak Senhadji and Carlo Cottarelli, published in “Designing a European Fiscal Union: Lessons from the Experience of Fiscal Federations”, Chapter II, Oxford, UK: Routledge Press.

“Oil Prices and Bank Profitability: Evidence From Major Oil-Exporting Countries in the Middle East and North Africa”, with Heiko Hesse, published in “Financial Deepening and Post-Crisis Development in Emerging Markets”, Chapter 12, pp. 247-270, Palgrave MacMillan Press

Publications in Journals (Refereed)

"Modeling Foreign Exchange Risk Premium in Armenia", with Evzen Kocenda and Petr Zemcík, Emerging Markets Finance and Trade, 89(1), 2008: pp. 119-136

"Macroeconomic Sources of Foreign Exchange Risk in New EU Members", with Evzen Kocenda, Journal of Banking and Finance, 33(11), 2009: pp. 2164-2173

"Are “New” and “Old” EU Members Becoming More Financially Integrated? A Threshold Cointegration Analysis", International Economics and Economic Policy, 6(3), 2009: pp. 259-283

"Determinants of Cross-Border Bank Acquisitions in Transition Economies: A Latent Class Analysis", with Jakob de Haan, Economics of Transition, 18(4), 2010: pp. 671-696

"Real Estate Prices and Bank Stability", with Michael Koetter, Journal of Banking and Finance, 36(4), 2010: pp. 1129-1138

"Foreign Bank Entry, Bank Efficiency and Market Power in Central and Eastern European Countries", with Arsen Poghosyan, Economics of Transition, 18(3), 2010: pp. 571-598

"Heterogeneity of Technological Regimes and Banking Efficiency in Emerging Economies", with Subal Kumbhakar, Journal of Productivity Analysis, 33(1), 2010: pp. 19-31

"Differences in Technology Regimes and the Market Power-Fragility Nexus in Banking", with Michael Koetter, Journal of Banking and Finance, 33(8), 2010: pp. 1413-1422

"Reexamining the Impact of Foreign Bank Participation on Interest Margins in Emerging Markets", Emerging Markets Review, 11(4), 2010: pp. 390-403

"Exchange Rate Risk in Central European Countries", with Evzen Kocenda, Czech Journal of Economics and Finance (Finance a uver), 60(1), 2010: pp. 22-39

"Determinants of Bank Interest Margins in Russia: Does Bank Ownership Matter?", with Zuzana Fungácová, Economic Systems, 35, 2011: pp. 481-495

"Determinants of Bank Distress in Europe: Evidence from a New Data Set", with Martin Cihak, Journal of Financial Services Research, 40(3), 2011: pp. 163-184

"Slowdown of Credit Flows in Jordan in the Wake of the Global Financial Crisis: Supply or Demand Driven?", Economic Systems, 35, 2011: pp. 562-573

"Bank Size, Market Concentration, and Bank Earnings Volatility in the US", jointly with Jakob De Haan, Journal of International Financial Markets, Institutions & Money, 22, 2012: pp. 35-54

"Determinants of the Foreign Exchange Risk Premium in the Gulf Cooperation Council Countries", Review of Middle East Economics and Finance, 7(3), 2012: pp. 1-26

"Size and Earnings Volatility of US Bank Holding Companies", jointly with Jakob De Haan, Journal of Banking and Finance, 36(11), 2012: pp. 3008-3016

"Financial Intermediation Costs in Low-Income Countries: The Role of Regulatory, Institutional, and Macroeconomic Factors", Economic Systems, 37(1), 2013: pp. 92-110

"Spatial Spillovers in Emerging Market Spreads", jointly with Emanuele Baldacci and Salvatore Dell'Erba, Empirical Economics, 45(2), 2013: pp. 735-756

“Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies”, Economic Systems, 38(1), 2014: pp. 100-114

“Taxation and Leverage in International Banking”, with Grace Weishi Gu and Ruud De Mooij, International Tax and Public Finance, 22(2): pp. 177-200

"Bank Recapitalization, Regulatory Intervention, and Repayment," with Michael Koetter and Thomas Kick, Journal of Money, Credit and Banking, 48(7), pp. 1467-1494

"Size and support ratings of US banks," with Jakob De Haan and Charlotte Werger, The North American Journal of Economics and Finance, 37: pp. 236-247

Other Published Materials

"Determinants of Bank Interest Margins in Russia: Does Bank Ownership Matter?", with Zuzana Fungacova, BOFIT Discussion Paper No. 22-2009

"Determinants of Cross-Border Bank Acquisitions in Transition Economies: A Latent Class Analysis", with Jakob de Haan, CESifo Working Paper No. 2372

"Real Estate Markets and Bank Distress", with Michael Koetter, Deutsche Bundesbank Discussion Paper No. 18-2008

"The Implications of Latent Technology Regimes for Competition and Efficiency in Banking", with Michael Koetter, Deutsche Bundesbank Discussion Paper No. 15-2008

"Banking Efficiency in Emerging Economies: The Impact of Ownership Endogeneity and EU Accession", with Jaroslav Borovicka, CERGE-EI Discussion Paper No. 2007-189

"Macroeconomic Sources of Foreign Exchange Risk in New EU Members", with Evzen Kocenda, William Davidson Institute Working Paper No. 898

"Interest Rate Linkages in EMU Countries: A Rolling Threshold Vector Error-Correction Approach", with Jakob de Haan, CESifo Working Paper No. 2060

"Foreign Exchange Risk Premium Determinants: Case of Armenia", with Evzen Kocenda, William Davidson Institute Working Paper No. 811

"Bank Size, Market Concentration, and Bank Earnings Volatility in the US", jointly with Jakob De Haan, DNB Working Paper No. 282

Tigran Poghosyan

Tigran Poghosyan is a Senior Economist at the European Department of the International Monetary Fund. His research interests include International Finance, Banking, and Fiscal Federalism.

Email: TPOGHOSYAN@imf.org

Fluent In: Russian.

Education:

2009: Ph.D. Economics, University of Groningen

2008: Ph.D. Economics, CERGE-EI (Accredited by the New York State Board of Regents)

2005: M.A. Economics, CERGE-EI (Accredited by the New York State Board of Regents)

2003: Candidate of Science, Economic Research Institute of the Ministry of Finance of Armenia


Previous Experience:

2009: Economist Program (EP), Fiscal Affairs Department, International Monetary Fund

2007: Visiting Researcher, Research Department, Deutsche Bundesbank

1999-2003: Economist/Senior Economist, Monetary Policy Department, Central Bank of Armenia


Referee Activities:

Journal of Banking and Finance, Journal of Financial Services Research, Economics of Transition, Empirical Economics, Journal of International Financial Markets, Institutions & Money, Emerging Markets Finance and Trade, Czech Journal of Economics and Finance, Economic Systems


Field of Expertise:

Macro-Financial Issues

Public Finance

International Finance

IMF Books and Working Papers:

Unveiling the Effects of Foreign Exchange Interventions: Evidence from the Kyrgyz Republic , Working Paper No. 20/219 , October 30, 2020

Exchange Rate Pass-Through in the Caucasus and Central Asia , Working Paper No. 20/154 , August 07, 2020

Remittances in Russia and Caucasus and Central Asia: the Gravity Model , Working Paper No. 20/128 , July 17, 2020

How Effective is Macroprudential Policy? Evidence from Lending Restriction Measures in EU Countries , Working Paper No. 19/45 , March 01, 2019

Regional Labor Mobility in Finland , Working Paper No. 18/252 , November 29, 2018

Investment Slowdown in Denmark: Diagnosis and Policy Options , Working Paper No. 18/161 , July 12, 2018

Fiscal Spillovers in the Euro Area: Letting the Data Speak , Working Paper No. 17/241 , November 15, 2017

Lessons from the Old Masters on Assessing Equity and Efficiency: A Primer for Fiscal Policymakers , Working Paper No. 17/214 , October 03, 2017

Cross-Country Spillovers of Fiscal Consolidations in the Euro Area , Working Paper No. 17/140 , June 28, 2017

Fiscal Crises , Working Paper No. 17/86 , April 03, 2017

Labor and Product Market Reforms in Advanced Economies : Fiscal Costs, Gains, and Support , Staff Discussion Notes No. 17/03 , March 13, 2017

Fiscal Politics in the Euro Area , Working Paper No. 17/18 , January 30, 2017

Can Property Taxes Reduce House Price Volatility? Evidence from U.S. Regions , Working Paper No. 16/216 , November 10, 2016

Macroeconomic Stability in Resource-Rich Countries : The Role of Fiscal Policy , Working Paper No. 16/36 , February 23, 2016

Leading Indicators of Fiscal Distress : Evidence from the Extreme Bound Analysis , Working Paper No. 16/28 , February 15, 2016

How Do Public Debt Cycles Interact with Financial Cycles? , Working Paper No. 15/248 , November 25, 2015

Correcting “Beyond the Cycle" : Accounting for Asset Prices in Structural Fiscal Balances , Working Paper No. 15/109 , May 19, 2015

Fiscal Multipliers in Ukraine , Working Paper No. 15/71 , March 27, 2015

Foreign Investor Flows and Sovereign Bond Yields in Advanced Economies , Working Paper No. 14/27 , February 11, 2014

Taxation and Leverage in International Banking , Working Paper No. 12/281 , November 30, 2012

Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies , Working Paper No. 12/271 , November 08, 2012

Financial Intermediation Costs in Low-Income Countries : The Role of Regulatory, Institutional, and Macroeconomic Factors , Working Paper No. 12/140 , May 01, 2012

Assessing the Variability of Tax Elasticities in Lithuania , Working Paper No. 11/270 , November 01, 2011

Spatial Spillovers in Emerging Market Spreads , Working Paper No. 11/221 , September 01, 2011

An Estimated Dynamic Stochastic General Equilibrium Model of the Jordanian Economy , Working Paper No. 11/28 , February 01, 2011

Determinants of the Foreign Exchange Risk Premium in Gulf Cooperation Council Countries , Working Paper No. 10/255 , November 01, 2010

Slowdown of Credit Flows in Jordan in the Wake of the Global Financial Crisis: Supply or Demand Driven? , Working Paper No. 10/256 , November 01, 2010

House Price Determinants in Selected Countries of the Former Soviet Union , Working Paper No. 10/104 , April 01, 2010

Recovery Determinants of Distressed Banks: Regulators, Market Discipline, or the Environment? , Working Paper No. 10/27 , January 01, 2010

Oil Prices and Bank Profitability: Evidence from Major Oil-Exporting Countries in the Middle East and North Africa , Working Paper No. 09/220 , October 01, 2009

Distress in European Banks: An Analysis Based on a New Dataset , Working Paper No. 09/9 , January 01, 2009

Books

“Impact of the Crisis and Policy Response at the Sub-national Level”, with Borja Gracia and Jimmy McHugh, published in “Post-Crisis Fiscal Policy”, Chapter III, pp. 407-428, Cambridge, MA: MIT Press.

“The Role of Fiscal Transfers in Smoothing Regional Shocks”, with Abdelhak Senhadji and Carlo Cottarelli, published in “Designing a European Fiscal Union: Lessons from the Experience of Fiscal Federations”, Chapter II, Oxford, UK: Routledge Press.

“Oil Prices and Bank Profitability: Evidence From Major Oil-Exporting Countries in the Middle East and North Africa”, with Heiko Hesse, published in “Financial Deepening and Post-Crisis Development in Emerging Markets”, Chapter 12, pp. 247-270, Palgrave MacMillan Press

Publications in Journals (Refereed)

"Modeling Foreign Exchange Risk Premium in Armenia", with Evzen Kocenda and Petr Zemcík, Emerging Markets Finance and Trade, 89(1), 2008: pp. 119-136

"Macroeconomic Sources of Foreign Exchange Risk in New EU Members", with Evzen Kocenda, Journal of Banking and Finance, 33(11), 2009: pp. 2164-2173

"Are “New” and “Old” EU Members Becoming More Financially Integrated? A Threshold Cointegration Analysis", International Economics and Economic Policy, 6(3), 2009: pp. 259-283

"Determinants of Cross-Border Bank Acquisitions in Transition Economies: A Latent Class Analysis", with Jakob de Haan, Economics of Transition, 18(4), 2010: pp. 671-696

"Real Estate Prices and Bank Stability", with Michael Koetter, Journal of Banking and Finance, 36(4), 2010: pp. 1129-1138

"Foreign Bank Entry, Bank Efficiency and Market Power in Central and Eastern European Countries", with Arsen Poghosyan, Economics of Transition, 18(3), 2010: pp. 571-598

"Heterogeneity of Technological Regimes and Banking Efficiency in Emerging Economies", with Subal Kumbhakar, Journal of Productivity Analysis, 33(1), 2010: pp. 19-31

"Differences in Technology Regimes and the Market Power-Fragility Nexus in Banking", with Michael Koetter, Journal of Banking and Finance, 33(8), 2010: pp. 1413-1422

"Reexamining the Impact of Foreign Bank Participation on Interest Margins in Emerging Markets", Emerging Markets Review, 11(4), 2010: pp. 390-403

"Exchange Rate Risk in Central European Countries", with Evzen Kocenda, Czech Journal of Economics and Finance (Finance a uver), 60(1), 2010: pp. 22-39

"Determinants of Bank Interest Margins in Russia: Does Bank Ownership Matter?", with Zuzana Fungácová, Economic Systems, 35, 2011: pp. 481-495

"Determinants of Bank Distress in Europe: Evidence from a New Data Set", with Martin Cihak, Journal of Financial Services Research, 40(3), 2011: pp. 163-184

"Slowdown of Credit Flows in Jordan in the Wake of the Global Financial Crisis: Supply or Demand Driven?", Economic Systems, 35, 2011: pp. 562-573

"Bank Size, Market Concentration, and Bank Earnings Volatility in the US", jointly with Jakob De Haan, Journal of International Financial Markets, Institutions & Money, 22, 2012: pp. 35-54

"Determinants of the Foreign Exchange Risk Premium in the Gulf Cooperation Council Countries", Review of Middle East Economics and Finance, 7(3), 2012: pp. 1-26

"Size and Earnings Volatility of US Bank Holding Companies", jointly with Jakob De Haan, Journal of Banking and Finance, 36(11), 2012: pp. 3008-3016

"Financial Intermediation Costs in Low-Income Countries: The Role of Regulatory, Institutional, and Macroeconomic Factors", Economic Systems, 37(1), 2013: pp. 92-110

"Spatial Spillovers in Emerging Market Spreads", jointly with Emanuele Baldacci and Salvatore Dell'Erba, Empirical Economics, 45(2), 2013: pp. 735-756

“Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies”, Economic Systems, 38(1), 2014: pp. 100-114

“Taxation and Leverage in International Banking”, with Grace Weishi Gu and Ruud De Mooij, International Tax and Public Finance, 22(2): pp. 177-200

"Bank Recapitalization, Regulatory Intervention, and Repayment," with Michael Koetter and Thomas Kick, Journal of Money, Credit and Banking, 48(7), pp. 1467-1494

"Size and support ratings of US banks," with Jakob De Haan and Charlotte Werger, The North American Journal of Economics and Finance, 37: pp. 236-247

Other Published Materials

"Determinants of Bank Interest Margins in Russia: Does Bank Ownership Matter?", with Zuzana Fungacova, BOFIT Discussion Paper No. 22-2009

"Determinants of Cross-Border Bank Acquisitions in Transition Economies: A Latent Class Analysis", with Jakob de Haan, CESifo Working Paper No. 2372

"Real Estate Markets and Bank Distress", with Michael Koetter, Deutsche Bundesbank Discussion Paper No. 18-2008

"The Implications of Latent Technology Regimes for Competition and Efficiency in Banking", with Michael Koetter, Deutsche Bundesbank Discussion Paper No. 15-2008

"Banking Efficiency in Emerging Economies: The Impact of Ownership Endogeneity and EU Accession", with Jaroslav Borovicka, CERGE-EI Discussion Paper No. 2007-189

"Macroeconomic Sources of Foreign Exchange Risk in New EU Members", with Evzen Kocenda, William Davidson Institute Working Paper No. 898

"Interest Rate Linkages in EMU Countries: A Rolling Threshold Vector Error-Correction Approach", with Jakob de Haan, CESifo Working Paper No. 2060

"Foreign Exchange Risk Premium Determinants: Case of Armenia", with Evzen Kocenda, William Davidson Institute Working Paper No. 811

"Bank Size, Market Concentration, and Bank Earnings Volatility in the US", jointly with Jakob De Haan, DNB Working Paper No. 282