IMF RESEARCHER

D. FILIZ ÜNSAL is a senior economist in the Development Macroeconomics Division of the Research Department at the IMF. She joined the Fund in 2009 and since then has led various operational and research initiatives in the areas of monetary and financial sector policies for emerging and developing countries in the Strategy, Policy and Review Department, and prior to this, in the Asia and Pacific Department. Ms. Ünsal has also worked for the World Bank, providing advice on macroprudential policy and banking supervision and resolution. She received her Ph.D. in Economics, and MSc in Economics and Finance from the University of York. Ms. Ünsal’s research interests and published articles are in the areas of monetary policy frameworks and policies, financial sector policies and financial inclusion, and open economy macroeconomics.

Email: DUNSAL@imf.org

Fluent In: Spanish, Turkish.

Education:

Ph.D. in Economics, University of York, 2009

M.Sc. in Economics and Finance, University of York, 2006

B.A. Economics, METU, 2004

Other Professional Positions:

Economist, Financial Sector Advisory Center, World Bank (Vienna), 2016-2018

External Lecturer, University of Vienna, Vienna, 2017-2018.

IMF Career:

Senior Economist, Development Macroeconomics Division, Research Department, IMF

Economist, Development Macroeconomics Division, Research Department, since 2018

Economist, Low-Income Strategy Unit, Strategy Policy and Review Department, 2012-2016.

Economist,Open Economy Macroeconomics Division, Research Department, 2011-2012.

Economist, Regional Studies Division, Asia and Pacific Department, 2009-2011.

Field of Expertise:

Development Economics

Monetary Policy

Open Economy Macroeconomics

Macro-Financial Issues

IMF Books and Working Papers:

Macroeconomic Research in Low-income Countries:Advances Made in Five Key Areas Through a DFID-IMF Collaboration , Departmental Paper No 2021/006 , March 24, 2021

A Conceptual Model for the Integrated Policy Framework , Working Paper No. 20/121 , July 07, 2020

Financial Inclusion : Zooming in on Latin America , Working Paper No. 15/206 , September 28, 2015

On the Drivers of Inflation in Sub-Saharan Africa , Working Paper No. 15/189 , August 05, 2015

Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality: A Structural Framework for Policy , Working Paper No. 15/22 , January 27, 2015

Taxing Fossil Fuels under Speculative Storage , Working Paper No. 14/228 , December 18, 2014

On the use of Monetary and Macroprudential Policies for Small Open Economies , Working Paper No. 14/112 , June 24, 2014

The External Balance Assessment (EBA) Methodology , Working Paper No. 13/272 , December 31, 2013

Global Financial Crisis, Financial Contagion, and Emerging Markets , Working Paper No. 12/293 , December 13, 2012

On the Sources and Consequences of Oil Price Shocks : The Role of Storage , Working Paper No. 12/270 , November 08, 2012

The Effectiveness of Monetary Policy Transmission Under Capital Inflows : Evidence from Asia , Working Paper No. 12/265 , November 02, 2012

Inflation Dynamics in Asia : Causes, Changes, and Spillovers From China , Working Paper No. 11/257 , November 01, 2011

Capital Flows and Financial Stability : Monetary Policy and Macroprudential Responses , Working Paper No. 11/189 , August 01, 2011

A Quantitative Assessment of Financial Conditions in Asia , Working Paper No. 11/170 , July 01, 2011

Sovereign Spreads and Contagion Risks in Asia , Working Paper No. 11/134 , June 01, 2011

External Finance, Sudden Stops, and Financial Crisis : What is Different This Time? , Working Paper No. 10/158 , July 01, 2010

On the Optimal Adherence to Money Targets in a New-Keynesian Framework: An Application to Low-Income Countries , Working Paper No. 10/134 , June 01, 2010

On the Sources of Oil Price Fluctuations , Working Paper No. 09/285 , December 01, 2009

Other Published Materials

Evolving Monetary Policy Frameworks in Low-Income and Developing Countries, 2016, IMF Policy Paper.

Macroprudential Policy—Considerations for Low-Income Countries, 2014, IMF Staff Guidance Note

Macroprudential Policy, Incomplete Information and Inequality: The case of Low-Income and Developing Countries, 2017, with M. Rubio, IMF WP 17/59

Conditionality in Evolving Monetary Policy Regimes, 2014, IMF Policy Paper.

Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses, 2011, in IMF Reserach Bulletin, Volume 12, Number 3.

Capital Flows to Asia: Comparison with Previous Experience and Monetary Policy Options, 2011, with R. Balakrishnan, S. Jain-Chandra, S. Nowak, S. Panth, and Yiqun Wu, in Regional Economic Outlook: Asia and Pacific, April 2011.

Inflation Dynamics in Asia, 2010, with R. Guimaraes, C. Osorio, N. Porter, and J. Walsh, in Regional Economic Outlook: Asia and Pacific, October 2010.

A Financial Condition Index for Asia, 2010, with R. Pongsaparn, in Regional Economic Outlook: Asia and Pacific, October 2010.

Books

Inflation: Concepts, Evolution, and Correlates, 2019, with J. Ha, A. Ivanova, and F. Ohnsorge, Inflation in Emerging and Developing Economies, J. Ha, A. Kose and F. Ohnsorge (Eds.) Washington, D.C.: World Bank Group

Understanding Global Inflation Synchronization, 2019, with J. Ha, A. Kose, and F. Ohnsorge, Inflation in Emerging and Developing Economies, J. Ha, A. Kose and F. Ohnsorge (Eds.) Washington, D.C.: World Bank Group.

On the Use of Monetary and Macroprudential Policies for Small Open Economies, 2018, with G. Ozkan, Macroprudential Practice and Policy, P. Mizen, M. Rubio, and P. Turner (Eds.), Cambridge University Press.

Monetary Policy and Central Banking in Sub-Saharan Africa, 2018, with A. Berg, C. Adams, and R. Portillo, Research Handbook for Central Banking, P. Conti-Brown and R. M. Lastra (Eds), Edward Elgar Publishing.

On the Role of Money Targets in the Monetary Policy Framework in SSA: Insights from a New-Keynesian Model with Incomplete Information, 2018, with A. Berg and R. Portillo, Monetary Policy in Sub-Saharan Africa, A. Berg and R. Portillo (Eds.), Oxford University Press.

Implementation Errors and Incomplete Information: Implications for the Effects of Monetary Policy in Low-Income Countries, 2018, with R. Portillo, S. O'Connell, and C. Pattillo, Monetary Policy in Sub-Saharan Africa, A. Berg and R. Portillo (Eds.), Oxford University Press.

Implementation Errors and Incomplete Information: Implications for the Effects of Monetary Policy in Low-Income Countries, 2018, with R. Portillo, S. O'Connell, and C. Pattillo, Monetary Policy in Sub-Saharan Africa, A. Berg and R. Portillo (Eds.), Oxford University Press.

Monetary Policy Issues in Sub-Saharan Africa, 2015, with A. Berg, S. O’Connell, C. Pattillo, and R. Portillo, The Oxford Handbook of Africa and Economics: Policies and Practices, C. Monga and J. Y. Lin (Eds.), Oxford University Press.

Publications in Journals (Refereed)

Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and the Distribution of Income, 2020, with E. Dabla-Norris, Y. Ji, R. Townsend, Journal of Monetary Economics, forthcoming.

Macroprudential Policy under Incomplete Information, with Margarita Rubio, 2019, The European Journal of Finance.

It is Not Your Fault, but Your Problem: Global Financial Crisis and Emerging Markets, 2017, with G. Ozkan, Oxford Economic Papers, page 1-21.

On the Drivers of Inflation in Sub-Saharan Africa, 2017, with A. Ngyen, O. Williams, J. Dridi, International Economics, page 1-35.

Taxing Fossil Fuels under Speculative Storage, 2016, with S. Tumen, D. Unalmis and I. Unalmis, Energy Economics, Vol. 53-C, page 64-75.

The Effectiveness of Monetary Policy Transmission under Large Capital Inflows: Evidence from Asia, 2014, with S. Jain-Chandra, BIR, 14(2), page 96-103.

Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses, 2013, International Journal of Central Banking, 9(1), page 233-285

On the Sources and Consequences of Oil Price Fluctuations: The Role of Storage, 2012, with D. Unalmis and I. Unalmis, IMF Economic Review, 60, page 502-532.

Inflation Dynamics in Asia: Causes, Changes and Spillovers from China, with C. Osorio, 2013, Journal of Asian Economics, 24, page 26-40.

Sovereign Spreads and the Risk of Contagion for Asia, with C. Caceres, 2013, Asian Economic Papers, 27(3), page 219-243.

Publications in Books and Conference Volumes

Oil Price Shocks, Macroeconomic Stability and Welfare in a Small Open Economy, 2008, with D. Unalmis and I. Unalmis, Research and Monetary Policy Department Working Paper, 08/02, Central Bank of Turkey

Other Published Materials

Governance of Financial Sector Policies in the Post-Crisis Era, 2019, with K. D'Hulster, Working Paper, World Bank, FINSAC.

Banking Supervision and Resolution in the EU – effects on small host countries in Central, Eastern and South Eastern Europe, 2019, with Ahmad, I., T. Beck, K. D’Hulster, P. Lintner, Working Paper, World Bank, FinSAC.

Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality: A Structural Framework for Policy, 2015, with E. Dabla-Norris, Y. Jin, and R. Townsend, NBER WP 20821.

Financial Inclusion: Zooming in on Latin America (“Inclusión Financiera: un enfoque centrado en América Latina”), 2015, with E. Dabla-Norris, Y. Deng, A. Ivanova, I. Karpowicz, E. Van Leemput, and J. Wong, Boletín, Centro de Estudios Monetarios Latinoamericanos, vol. 0(4), page 244-281.

D. FILIZ ÜNSAL is a senior economist in the Development Macroeconomics Division of the Research Department at the IMF. She joined the Fund in 2009 and since then has led various operational and research initiatives in the areas of monetary and financial sector policies for emerging and developing countries in the Strategy, Policy and Review Department, and prior to this, in the Asia and Pacific Department. Ms. Ünsal has also worked for the World Bank, providing advice on macroprudential policy and banking supervision and resolution. She received her Ph.D. in Economics, and MSc in Economics and Finance from the University of York. Ms. Ünsal’s research interests and published articles are in the areas of monetary policy frameworks and policies, financial sector policies and financial inclusion, and open economy macroeconomics.

Email: DUNSAL@imf.org

Fluent In: Spanish, Turkish.

Education:

Ph.D. in Economics, University of York, 2009

M.Sc. in Economics and Finance, University of York, 2006

B.A. Economics, METU, 2004

Other Professional Positions:

Economist, Financial Sector Advisory Center, World Bank (Vienna), 2016-2018

External Lecturer, University of Vienna, Vienna, 2017-2018.

IMF Career:

Senior Economist, Development Macroeconomics Division, Research Department, IMF

Economist, Development Macroeconomics Division, Research Department, since 2018

Economist, Low-Income Strategy Unit, Strategy Policy and Review Department, 2012-2016.

Economist,Open Economy Macroeconomics Division, Research Department, 2011-2012.

Economist, Regional Studies Division, Asia and Pacific Department, 2009-2011.

Field of Expertise:

Development Economics

Monetary Policy

Open Economy Macroeconomics

Macro-Financial Issues

IMF Books and Working Papers:

Macroeconomic Research in Low-income Countries:Advances Made in Five Key Areas Through a DFID-IMF Collaboration , Departmental Paper No 2021/006 , March 24, 2021

A Conceptual Model for the Integrated Policy Framework , Working Paper No. 20/121 , July 07, 2020

Financial Inclusion : Zooming in on Latin America , Working Paper No. 15/206 , September 28, 2015

On the Drivers of Inflation in Sub-Saharan Africa , Working Paper No. 15/189 , August 05, 2015

Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality: A Structural Framework for Policy , Working Paper No. 15/22 , January 27, 2015

Taxing Fossil Fuels under Speculative Storage , Working Paper No. 14/228 , December 18, 2014

On the use of Monetary and Macroprudential Policies for Small Open Economies , Working Paper No. 14/112 , June 24, 2014

The External Balance Assessment (EBA) Methodology , Working Paper No. 13/272 , December 31, 2013

Global Financial Crisis, Financial Contagion, and Emerging Markets , Working Paper No. 12/293 , December 13, 2012

On the Sources and Consequences of Oil Price Shocks : The Role of Storage , Working Paper No. 12/270 , November 08, 2012

The Effectiveness of Monetary Policy Transmission Under Capital Inflows : Evidence from Asia , Working Paper No. 12/265 , November 02, 2012

Inflation Dynamics in Asia : Causes, Changes, and Spillovers From China , Working Paper No. 11/257 , November 01, 2011

Capital Flows and Financial Stability : Monetary Policy and Macroprudential Responses , Working Paper No. 11/189 , August 01, 2011

A Quantitative Assessment of Financial Conditions in Asia , Working Paper No. 11/170 , July 01, 2011

Sovereign Spreads and Contagion Risks in Asia , Working Paper No. 11/134 , June 01, 2011

External Finance, Sudden Stops, and Financial Crisis : What is Different This Time? , Working Paper No. 10/158 , July 01, 2010

On the Optimal Adherence to Money Targets in a New-Keynesian Framework: An Application to Low-Income Countries , Working Paper No. 10/134 , June 01, 2010

On the Sources of Oil Price Fluctuations , Working Paper No. 09/285 , December 01, 2009

Other Published Materials

Evolving Monetary Policy Frameworks in Low-Income and Developing Countries, 2016, IMF Policy Paper.

Macroprudential Policy—Considerations for Low-Income Countries, 2014, IMF Staff Guidance Note

Macroprudential Policy, Incomplete Information and Inequality: The case of Low-Income and Developing Countries, 2017, with M. Rubio, IMF WP 17/59

Conditionality in Evolving Monetary Policy Regimes, 2014, IMF Policy Paper.

Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses, 2011, in IMF Reserach Bulletin, Volume 12, Number 3.

Capital Flows to Asia: Comparison with Previous Experience and Monetary Policy Options, 2011, with R. Balakrishnan, S. Jain-Chandra, S. Nowak, S. Panth, and Yiqun Wu, in Regional Economic Outlook: Asia and Pacific, April 2011.

Inflation Dynamics in Asia, 2010, with R. Guimaraes, C. Osorio, N. Porter, and J. Walsh, in Regional Economic Outlook: Asia and Pacific, October 2010.

A Financial Condition Index for Asia, 2010, with R. Pongsaparn, in Regional Economic Outlook: Asia and Pacific, October 2010.

Books

Inflation: Concepts, Evolution, and Correlates, 2019, with J. Ha, A. Ivanova, and F. Ohnsorge, Inflation in Emerging and Developing Economies, J. Ha, A. Kose and F. Ohnsorge (Eds.) Washington, D.C.: World Bank Group

Understanding Global Inflation Synchronization, 2019, with J. Ha, A. Kose, and F. Ohnsorge, Inflation in Emerging and Developing Economies, J. Ha, A. Kose and F. Ohnsorge (Eds.) Washington, D.C.: World Bank Group.

On the Use of Monetary and Macroprudential Policies for Small Open Economies, 2018, with G. Ozkan, Macroprudential Practice and Policy, P. Mizen, M. Rubio, and P. Turner (Eds.), Cambridge University Press.

Monetary Policy and Central Banking in Sub-Saharan Africa, 2018, with A. Berg, C. Adams, and R. Portillo, Research Handbook for Central Banking, P. Conti-Brown and R. M. Lastra (Eds), Edward Elgar Publishing.

On the Role of Money Targets in the Monetary Policy Framework in SSA: Insights from a New-Keynesian Model with Incomplete Information, 2018, with A. Berg and R. Portillo, Monetary Policy in Sub-Saharan Africa, A. Berg and R. Portillo (Eds.), Oxford University Press.

Implementation Errors and Incomplete Information: Implications for the Effects of Monetary Policy in Low-Income Countries, 2018, with R. Portillo, S. O'Connell, and C. Pattillo, Monetary Policy in Sub-Saharan Africa, A. Berg and R. Portillo (Eds.), Oxford University Press.

Implementation Errors and Incomplete Information: Implications for the Effects of Monetary Policy in Low-Income Countries, 2018, with R. Portillo, S. O'Connell, and C. Pattillo, Monetary Policy in Sub-Saharan Africa, A. Berg and R. Portillo (Eds.), Oxford University Press.

Monetary Policy Issues in Sub-Saharan Africa, 2015, with A. Berg, S. O’Connell, C. Pattillo, and R. Portillo, The Oxford Handbook of Africa and Economics: Policies and Practices, C. Monga and J. Y. Lin (Eds.), Oxford University Press.

Publications in Journals (Refereed)

Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and the Distribution of Income, 2020, with E. Dabla-Norris, Y. Ji, R. Townsend, Journal of Monetary Economics, forthcoming.

Macroprudential Policy under Incomplete Information, with Margarita Rubio, 2019, The European Journal of Finance.

It is Not Your Fault, but Your Problem: Global Financial Crisis and Emerging Markets, 2017, with G. Ozkan, Oxford Economic Papers, page 1-21.

On the Drivers of Inflation in Sub-Saharan Africa, 2017, with A. Ngyen, O. Williams, J. Dridi, International Economics, page 1-35.

Taxing Fossil Fuels under Speculative Storage, 2016, with S. Tumen, D. Unalmis and I. Unalmis, Energy Economics, Vol. 53-C, page 64-75.

The Effectiveness of Monetary Policy Transmission under Large Capital Inflows: Evidence from Asia, 2014, with S. Jain-Chandra, BIR, 14(2), page 96-103.

Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses, 2013, International Journal of Central Banking, 9(1), page 233-285

On the Sources and Consequences of Oil Price Fluctuations: The Role of Storage, 2012, with D. Unalmis and I. Unalmis, IMF Economic Review, 60, page 502-532.

Inflation Dynamics in Asia: Causes, Changes and Spillovers from China, with C. Osorio, 2013, Journal of Asian Economics, 24, page 26-40.

Sovereign Spreads and the Risk of Contagion for Asia, with C. Caceres, 2013, Asian Economic Papers, 27(3), page 219-243.

Publications in Books and Conference Volumes

Oil Price Shocks, Macroeconomic Stability and Welfare in a Small Open Economy, 2008, with D. Unalmis and I. Unalmis, Research and Monetary Policy Department Working Paper, 08/02, Central Bank of Turkey

Other Published Materials

Governance of Financial Sector Policies in the Post-Crisis Era, 2019, with K. D'Hulster, Working Paper, World Bank, FINSAC.

Banking Supervision and Resolution in the EU – effects on small host countries in Central, Eastern and South Eastern Europe, 2019, with Ahmad, I., T. Beck, K. D’Hulster, P. Lintner, Working Paper, World Bank, FinSAC.

Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality: A Structural Framework for Policy, 2015, with E. Dabla-Norris, Y. Jin, and R. Townsend, NBER WP 20821.

Financial Inclusion: Zooming in on Latin America (“Inclusión Financiera: un enfoque centrado en América Latina”), 2015, with E. Dabla-Norris, Y. Deng, A. Ivanova, I. Karpowicz, E. Van Leemput, and J. Wong, Boletín, Centro de Estudios Monetarios Latinoamericanos, vol. 0(4), page 244-281.