Juan Sole

Last Updated: June 13, 2021

Juan Solé currently heads the IMF’s Office in London, responsible for macro-financial surveillance and market intelligence gathering across Europe, Africa and the Middle East. Before arriving in London in 2016, Juan Solé was responsible for running the IMF’s forecasts at the U.S. desk. Between 2010 and 2013, Juan was the IMF’s secondee to the Financial Stability Board (FSB) hosted by the BIS in Switzerland, where he assessed macro-financial vulnerabilities and helped develop policies to regulate shadow banks. He joined the Fund in 2003 and has participated in FSAPs, Article IV, and program missions in advanced and emerging economies, as well as been co-author of several GFSR chapters (one of which was featured in the front page of the Financial Times). Before joining the Fund, he worked in the Research Department of the Federal Reserve Bank of Minneapolis (1999-2002) and taught at the University of Minnesota (2002-2003).

Email: JSOLE@imf.org

Fluent In: Catalan, French, Spanish.

Education:

Ph.D. Economics, University of Minnesota, 2003.

M.A. International and Monetary Economics, Univ.of Minnesota, 2000.

M.Sc. Economics and Finance, CEMFI, Spain, 1997.

B. A. Economics and Management, Universidad Autónoma de Barcelona, Spain, 1995.

I.F.Q. (Islamic Finance Qualification), Securities and Investment Institute, UK, 2008.

IMF Books and Working Papers:

The Nature of Islamic Banking and Solvency Stress Testing - Conceptual Considerations , Working Paper No. 20/156 , August 07, 2020

The Macroeconomic Relevance of Credit Flows : An Exploration of U.S. Data , Working Paper No. 15/143 , June 30, 2015

Recent U.S. Labor Force Dynamics : Reversible or not? , Working Paper No. 15/76 , April 02, 2015

Operative Principles of Islamic Derivatives : Towards a Coherent Theory , Working Paper No. 12/63 , March 01, 2012

Systemic Risk and Optimal Regulatory Architecture , Working Paper No. 11/193 , August 01, 2011

Cross-Border Financial Surveillance: A Network Perspective , Working Paper No. 10/105 , April 01, 2010

Procyclicality and Fair Value Accounting , Working Paper No. 09/39 , March 01, 2009

Introducing Islamic Banks into Coventional Banking Systems , Working Paper No. 07/175 , July 01, 2007

Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries , Working Paper No. 07/125 , May 01, 2007

Lending Resumption After Default: Lessons from Capital Markets During the 19th Century , Working Paper No. 06/176 , July 01, 2006

Interest Rate Determination in Lebanon , Working Paper No. 06/94 , April 01, 2006

Interest Rate Defenses of Currency Pegs , Working Paper No. 04/85 , May 01, 2004

Other Published Materials

Understanding Financial Interconnectedness, (co-author in team led by D. Marston and L. Kodres), IMF Board Paper, October 2010

Systemic Risk and the Re-Design of Financial Regulation, with M. Espinosa and C. Kahn , Global Financial Stability Report, April 2010 — featured in front page of The Financial Times on April 13, 2013.

Assessing the Systemic Implications of Financial Linkages, with J. Chan-Lau, M. Espinosa, and K. Giesecke, Global Financial Stability Report, April 2009.

Japand and the Global Financial System: Spillovers and Systemic Linkages (with M. Espinosa and M. Syed), IMF Selected Issues Papers SM 09/211, 2009.

Fair Value Accounting and Procyclicality, with J. Scarlata and A. Novoa, Global Financial Stability Report, October 2008.

Islamic Finance: Recent Developments and Opportunities, with A. García-Herrero and C. Moreno, Financial Stability Review (Bank of Spain), November 2008.

Kyrgyz Republic: Banking Sector—Recent performance, vulnerabilities and stress-testing, 2007, (with C. Segni), Technical Note for the Kyrgyz FSAP Update.

The Balance-Sheet Approach to Assessing Financial Vulnerabilities in Lebanon, (with E. Gardner and J. di Giovanni), IMF Selected Issues Papers SM/06/143, 2006

Emerging Markets as Net Capital Exporters, co-author in team led by J. Roldós, Global Financial Stability Report, September 2004.

Other Published Materials

Systemic Risk and Optimal Regulatory Architecture, with M. Espinosa, C. Kahn, and R. Matta, revise and resubmit Journal of Financial Intermediation.

A practical stress-testing framework for Islamic banks, with A. Jobst, under review International Journal of Islamic and Middle Eastern Finance and Management.

Measuring and Charging for Banks’ Systemic Interconnectedness, with M. Espinosa, Simulation in Computational Finance and Economics, (S. Martínez, B. Alexandrova, A. García and E. Tsang, eds.), 2012.

Interest Rate Defenses of Currency Pegs, International Economic Journal, 2011 (25:3).

Regulating Financial Systemic Interconnectedness Risk, with M. Espinosa, Global Banking and Financial Policy Review, 2011 (12).

Cross-Border Financial Surveillance: A Network Perspective, with M. Espinosa, Journal of Financial and Economic Policy, 2011 (3:3) — winner of the ‘2011 Most Commended Paper Award’.

Some Implications of Systemic Risk for the Design of the Regulatory Architecture, with C. Kahn, M. Espinosa, and R. Matta, Macroprudential Regulatory Policies, (S. Claessens, D. Evanoff, G. Kaufman and L. Kodres, eds.), 2011.

Financial Stability, Fair Value Accounting, and Procyclicality, with J. Scarlata and A. Novoa, Journal of Financial Transformation, 2010 (28).

A Model of Lending Resumption after Default, Economica, 2009 (76).

The Governance of Derivatives in Islamic Finance, with A. Jobst, Journal of International Banking Law and Regulation, 2009 (10/September).

Introducing Islamic Banks into Conventional Banking Systems, Journal of Islamic Economics, Banking and Finance, 2008 (4:2).

Trends and Challenges in Islamic Finance, with H. Hesse and A. Jobst, World Economics, 2008 (9:2).

Prospects and Challenges for Developing Bond and Sukuk Markets in Kuwait, International Journal of Islamic and Middle Eastern Finance and Management, 2008 (1:1).

Fiscal Policy and the Spanish Business Cycle, Spanish Economic Review, 2001 (3:4).

Juan Solé currently heads the IMF’s Office in London, responsible for macro-financial surveillance and market intelligence gathering across Europe, Africa and the Middle East. Before arriving in London in 2016, Juan Solé was responsible for running the IMF’s forecasts at the U.S. desk. Between 2010 and 2013, Juan was the IMF’s secondee to the Financial Stability Board (FSB) hosted by the BIS in Switzerland, where he assessed macro-financial vulnerabilities and helped develop policies to regulate shadow banks. He joined the Fund in 2003 and has participated in FSAPs, Article IV, and program missions in advanced and emerging economies, as well as been co-author of several GFSR chapters (one of which was featured in the front page of the Financial Times). Before joining the Fund, he worked in the Research Department of the Federal Reserve Bank of Minneapolis (1999-2002) and taught at the University of Minnesota (2002-2003).

Email: JSOLE@imf.org

Fluent In: Catalan, French, Spanish.

Education:

Ph.D. Economics, University of Minnesota, 2003.

M.A. International and Monetary Economics, Univ.of Minnesota, 2000.

M.Sc. Economics and Finance, CEMFI, Spain, 1997.

B. A. Economics and Management, Universidad Autónoma de Barcelona, Spain, 1995.

I.F.Q. (Islamic Finance Qualification), Securities and Investment Institute, UK, 2008.

IMF Books and Working Papers:

The Nature of Islamic Banking and Solvency Stress Testing - Conceptual Considerations , Working Paper No. 20/156 , August 07, 2020

The Macroeconomic Relevance of Credit Flows : An Exploration of U.S. Data , Working Paper No. 15/143 , June 30, 2015

Recent U.S. Labor Force Dynamics : Reversible or not? , Working Paper No. 15/76 , April 02, 2015

Operative Principles of Islamic Derivatives : Towards a Coherent Theory , Working Paper No. 12/63 , March 01, 2012

Systemic Risk and Optimal Regulatory Architecture , Working Paper No. 11/193 , August 01, 2011

Cross-Border Financial Surveillance: A Network Perspective , Working Paper No. 10/105 , April 01, 2010

Procyclicality and Fair Value Accounting , Working Paper No. 09/39 , March 01, 2009

Introducing Islamic Banks into Coventional Banking Systems , Working Paper No. 07/175 , July 01, 2007

Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries , Working Paper No. 07/125 , May 01, 2007

Lending Resumption After Default: Lessons from Capital Markets During the 19th Century , Working Paper No. 06/176 , July 01, 2006

Interest Rate Determination in Lebanon , Working Paper No. 06/94 , April 01, 2006

Interest Rate Defenses of Currency Pegs , Working Paper No. 04/85 , May 01, 2004

Other Published Materials

Understanding Financial Interconnectedness, (co-author in team led by D. Marston and L. Kodres), IMF Board Paper, October 2010

Systemic Risk and the Re-Design of Financial Regulation, with M. Espinosa and C. Kahn , Global Financial Stability Report, April 2010 — featured in front page of The Financial Times on April 13, 2013.

Assessing the Systemic Implications of Financial Linkages, with J. Chan-Lau, M. Espinosa, and K. Giesecke, Global Financial Stability Report, April 2009.

Japand and the Global Financial System: Spillovers and Systemic Linkages (with M. Espinosa and M. Syed), IMF Selected Issues Papers SM 09/211, 2009.

Fair Value Accounting and Procyclicality, with J. Scarlata and A. Novoa, Global Financial Stability Report, October 2008.

Islamic Finance: Recent Developments and Opportunities, with A. García-Herrero and C. Moreno, Financial Stability Review (Bank of Spain), November 2008.

Kyrgyz Republic: Banking Sector—Recent performance, vulnerabilities and stress-testing, 2007, (with C. Segni), Technical Note for the Kyrgyz FSAP Update.

The Balance-Sheet Approach to Assessing Financial Vulnerabilities in Lebanon, (with E. Gardner and J. di Giovanni), IMF Selected Issues Papers SM/06/143, 2006

Emerging Markets as Net Capital Exporters, co-author in team led by J. Roldós, Global Financial Stability Report, September 2004.

Other Published Materials

Systemic Risk and Optimal Regulatory Architecture, with M. Espinosa, C. Kahn, and R. Matta, revise and resubmit Journal of Financial Intermediation.

A practical stress-testing framework for Islamic banks, with A. Jobst, under review International Journal of Islamic and Middle Eastern Finance and Management.

Measuring and Charging for Banks’ Systemic Interconnectedness, with M. Espinosa, Simulation in Computational Finance and Economics, (S. Martínez, B. Alexandrova, A. García and E. Tsang, eds.), 2012.

Interest Rate Defenses of Currency Pegs, International Economic Journal, 2011 (25:3).

Regulating Financial Systemic Interconnectedness Risk, with M. Espinosa, Global Banking and Financial Policy Review, 2011 (12).

Cross-Border Financial Surveillance: A Network Perspective, with M. Espinosa, Journal of Financial and Economic Policy, 2011 (3:3) — winner of the ‘2011 Most Commended Paper Award’.

Some Implications of Systemic Risk for the Design of the Regulatory Architecture, with C. Kahn, M. Espinosa, and R. Matta, Macroprudential Regulatory Policies, (S. Claessens, D. Evanoff, G. Kaufman and L. Kodres, eds.), 2011.

Financial Stability, Fair Value Accounting, and Procyclicality, with J. Scarlata and A. Novoa, Journal of Financial Transformation, 2010 (28).

A Model of Lending Resumption after Default, Economica, 2009 (76).

The Governance of Derivatives in Islamic Finance, with A. Jobst, Journal of International Banking Law and Regulation, 2009 (10/September).

Introducing Islamic Banks into Conventional Banking Systems, Journal of Islamic Economics, Banking and Finance, 2008 (4:2).

Trends and Challenges in Islamic Finance, with H. Hesse and A. Jobst, World Economics, 2008 (9:2).

Prospects and Challenges for Developing Bond and Sukuk Markets in Kuwait, International Journal of Islamic and Middle Eastern Finance and Management, 2008 (1:1).

Fiscal Policy and the Spanish Business Cycle, Spanish Economic Review, 2001 (3:4).