TengTeng Xu

Last Updated: June 10, 2020

TengTeng Xu

TengTeng Xu is an economist in the Asia Pacific Department at the IMF, covering India and Bhutan. Previously, she participated in the Financial Sector Assessment Programs of Germany, Spain and Poland in the Monetary and Capital Markets Department, and worked on the IMF Program on Romania in the European Department. Prior to joining the IMF, TengTeng was an economist in the International Economic Analysis Department at the Bank of Canada, covering China and Japan. She also worked at the Inter-American Development Bank, the OECD, Goldman Sachs and Morgan Stanley. TengTeng holds a Ph.D. in Economics from Cambridge University, and both an M.Phil. in Economics and a B.A. (First Class Honours) in Mathematics and Statistics from Oxford University. Her current research interests include macro-financial linkages, financial intermediation, spillover and systemic risk analysis.

Fluent In: Chinese.

Education:

Ph.D. Economics, University of Cambridge, 2011

M.Phil. Economics, University of Oxford, 2007

B.A. (First Class Honours) Mathematics and Statistics, University of Oxford, 2005


Previous Experience:

Bank of Canada, Senior Analyst, International Economic Analysis Department, 2011-2013

Inter-American Development Bank, Consultant, Research Department, 2009-2010

Organization for Economic Co-operation and Development, Consultant, Directorate for Science, Technology and Industry, 2007

Morgan Stanley, Economist Intern, Economics Research Department, 2007

Goldman Sachs, Intern, Economics Research Department (2006), Fixed Income, Currency and Commodities (2005)


Country work or Mission Assignment:

India Article IV, 2020 - Present

Bhutan Article IV, 2020 - Present

Poland Financial Sector Assessment Program, 2017 - 2019

Spain Financial Sector Assessment Program, 2016 - 2017

Germany Financial Sector Assessment Program, 2015 - 2016

Indonesia Technical Assistance, 2015 - 2016

Romania Article IV and Program Reviews, 2013 - 2015


IMF Career:

Asia Pacific Department, Economist, 2020-Present

Monetary and Capital Markets Department, Economist, 2015-2020

European Department, Economist, 2013-2015

Asia-Pacific Department, Summer Intern, 2008


Field of Expertise:

Banking

Macro-Financial Issues

International Finance

Economic Modeling

IMF Books and Working Papers:

Interconnectedness and Contagion Analysis: A Practical Framework , Working Paper No. 19/220 , October 11, 2019

Bank Profitability and Financial Stability , Working Paper No. 19/5 , January 11, 2019

Interconnectedness of Global Systemically-Important Banks and Insurers , Working Paper No. 17/210 , September 29, 2017

Wage Moderation in Crises : Policy Considerations and Applications to the Euro Area , Staff Discussion Notes No. 15/22 , November 17, 2015

What Drives China's Interbank Market? , Working Paper No. 09/189 , September 01, 2009

IMF Country Reports

Poland FSAP Technical Note: Stress Testing and Systemic Risk Analysis, IMF Country Report No. 19/120, 2019.

Poland FSAP: Financial System Stability Assessment, IMF Country Report No. 19/39, 2019.

Spain FSAP Technical Note: Determinants of Bank Profitability, IMF Country Report No. 17/339, 2017.

Spain FSAP Technical Note: Interconnectedness and Spillover Analysis in Spain’s Financial System, IMF Country Report No. 17/344, 2017.

Spain FSAP: Financial System Stability Assessment, IMF Country Report No. 17/321, 2017

Germany FSAP Technical Note: Stress Testing the Banking and Insurance Sectors, IMF Country Report No. 16/191, 2016.

Germany FSAP: Financial System Stability Assessment, IMF Country Report No. 16/189, 2016

Romania: Staff Report for the 2015 Article IV Consultation, IMF Country Report No. 15/79, 2015

Romania: First and Second Reviews Under the Stand-By Arrangement, IMF Country Report No. 14/87, 2014

IMF Occasional Papers, Pamphlets, and Special Issues Papers

Exchange Rate Pass-Through and Inflation Targeting, Romania Article IV Selected Issues Papers, 2015.

Benefits of Boosting Quality Public Infrastructure Spending in Romania, Romania Article IV Selected Issues Papers, 2015.

Cutting Labor Taxes in A Constrained Budget Environment, Romania Article IV Selected Issues Papers, 2015.

TengTeng Xu

TengTeng Xu is an economist in the Asia Pacific Department at the IMF, covering India and Bhutan. Previously, she participated in the Financial Sector Assessment Programs of Germany, Spain and Poland in the Monetary and Capital Markets Department, and worked on the IMF Program on Romania in the European Department. Prior to joining the IMF, TengTeng was an economist in the International Economic Analysis Department at the Bank of Canada, covering China and Japan. She also worked at the Inter-American Development Bank, the OECD, Goldman Sachs and Morgan Stanley. TengTeng holds a Ph.D. in Economics from Cambridge University, and both an M.Phil. in Economics and a B.A. (First Class Honours) in Mathematics and Statistics from Oxford University. Her current research interests include macro-financial linkages, financial intermediation, spillover and systemic risk analysis.

Fluent In: Chinese.

Education:

Ph.D. Economics, University of Cambridge, 2011

M.Phil. Economics, University of Oxford, 2007

B.A. (First Class Honours) Mathematics and Statistics, University of Oxford, 2005


Previous Experience:

Bank of Canada, Senior Analyst, International Economic Analysis Department, 2011-2013

Inter-American Development Bank, Consultant, Research Department, 2009-2010

Organization for Economic Co-operation and Development, Consultant, Directorate for Science, Technology and Industry, 2007

Morgan Stanley, Economist Intern, Economics Research Department, 2007

Goldman Sachs, Intern, Economics Research Department (2006), Fixed Income, Currency and Commodities (2005)


Country work or Mission Assignment:

India Article IV, 2020 - Present

Bhutan Article IV, 2020 - Present

Poland Financial Sector Assessment Program, 2017 - 2019

Spain Financial Sector Assessment Program, 2016 - 2017

Germany Financial Sector Assessment Program, 2015 - 2016

Indonesia Technical Assistance, 2015 - 2016

Romania Article IV and Program Reviews, 2013 - 2015


IMF Career:

Asia Pacific Department, Economist, 2020-Present

Monetary and Capital Markets Department, Economist, 2015-2020

European Department, Economist, 2013-2015

Asia-Pacific Department, Summer Intern, 2008


Field of Expertise:

Banking

Macro-Financial Issues

International Finance

Economic Modeling

IMF Books and Working Papers:

Interconnectedness and Contagion Analysis: A Practical Framework , Working Paper No. 19/220 , October 11, 2019

Bank Profitability and Financial Stability , Working Paper No. 19/5 , January 11, 2019

Interconnectedness of Global Systemically-Important Banks and Insurers , Working Paper No. 17/210 , September 29, 2017

Wage Moderation in Crises : Policy Considerations and Applications to the Euro Area , Staff Discussion Notes No. 15/22 , November 17, 2015

What Drives China's Interbank Market? , Working Paper No. 09/189 , September 01, 2009

IMF Country Reports

Poland FSAP Technical Note: Stress Testing and Systemic Risk Analysis, IMF Country Report No. 19/120, 2019.

Poland FSAP: Financial System Stability Assessment, IMF Country Report No. 19/39, 2019.

Spain FSAP Technical Note: Determinants of Bank Profitability, IMF Country Report No. 17/339, 2017.

Spain FSAP Technical Note: Interconnectedness and Spillover Analysis in Spain’s Financial System, IMF Country Report No. 17/344, 2017.

Spain FSAP: Financial System Stability Assessment, IMF Country Report No. 17/321, 2017

Germany FSAP Technical Note: Stress Testing the Banking and Insurance Sectors, IMF Country Report No. 16/191, 2016.

Germany FSAP: Financial System Stability Assessment, IMF Country Report No. 16/189, 2016

Romania: Staff Report for the 2015 Article IV Consultation, IMF Country Report No. 15/79, 2015

Romania: First and Second Reviews Under the Stand-By Arrangement, IMF Country Report No. 14/87, 2014

IMF Occasional Papers, Pamphlets, and Special Issues Papers

Exchange Rate Pass-Through and Inflation Targeting, Romania Article IV Selected Issues Papers, 2015.

Benefits of Boosting Quality Public Infrastructure Spending in Romania, Romania Article IV Selected Issues Papers, 2015.

Cutting Labor Taxes in A Constrained Budget Environment, Romania Article IV Selected Issues Papers, 2015.

Publications in Journals (Refereed)

Money Market Rates and Retail Interest Regulation in China (with N. Porter), International Journal of Central Banking, vol. 12(1), Mar 2016

China's Emergence in the World Economy and Business Cycles in Latin America (with A. Cesa-Bianchi, M.H. Pesaran and A. Rebucci), Journal of the Latin American and Caribbean Economic Association Economia, Volume 12, Number 2, Spring 2012

Other Published Materials

Business Cycle Effects of Credit Shocks in a DSGE Model with Firm Defaults (with M.H. Pesaran), Bank of Canada Working Papers 13-19, Jun 2013.

The Role of Credit in International Business Cycles, Bank of Canada Working Papers 12-36, Nov 2012.

Is China the new center for offshoring of IT and ICT-enabled services? (with D. Van Welsum), OECD Digital Economy Papers No.128, Mar 2007.