Jeromin Zettelmeyer

Last Updated: January 22, 2008

Jeromin Zettelmeyer is an Advisor in the IMF's Research Department. His research interests include economic growth, international linkages, financial crises, and the role of the IMF. During 2006-2007 he was Assistant to the Director, Western Hemisphere Department, and deputy head of the department's Regional Studies Unit, where he wrote the IMF's Regional Economic Outlook: Western Hemisphere and worked on economic developments and policy issues in Latin America. With Federico Sturzenegger, he is the author of "Debt Defaults and Lessons from a Decade of Crises" (MIT Press, 2007) which studies the sovereign debt crises of the 1990s and the first half of this decade.

Mr. Zettelmeyer, a German citizen, was born in Spain in 1964 and holds a Ph.D. from MIT. He has worked at the IMF since October 1994, mostly in the Research Department.

Email: JZETTELMEYER@imf.org

Personal WebPage: http://zettelmeyer.com/

Fluent In: German, Spanish.

IMF Books and Working Papers:

The Problem that Wasn't : Coordination Failures in Sovereign Debt Restructurings , Working Paper No. 11/265 , November 01, 2011

Macrofinancial Linkages : Trends, Crises, and Policies , August 25, 2010

Who's Driving Whom? Analyzing External and Intra-Regional Linkages in the Americas , Departmental Paper No. 08/03 , October 09, 2008

A Theory of International Crisis Lending and IMF Conditionality , Working Paper No. 08/236 , October 01, 2008

Fiscal Positions in Latin America:Have They Really Improved? , Working Paper No. 08/137 , May 01, 2008

What Makes Growth Sustained? , Working Paper No. 08/59 , March 01, 2008

The Effect of External Conditions on Growth in Latin America , Working Paper No. 07/176 , July 01, 2007

Growth and Reforms in Latin America: A Survey of Facts and Arguments , Working Paper No. 06/210 , September 01, 2006

Strengthening IMF Crisis Prevention , Working Paper No. 05/206 , November 01, 2005

Haircuts: Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005 , Working Paper No. 05/137 , July 01, 2005

Sovereign Debt Structure for Crisis Prevention , Occasional Paper No. 237 , January 26, 2005

Implicit Transfers in IMF Lending, 1973-2003 , Working Paper No. 05/8 , January 01, 2005

The Mussa Theorem: and Other Results on IMF Induced Moral Hazard , Working Paper No. 04/192 , October 01, 2004

How Private Creditors Fared in Emerging Debt Markets, 1970-2000 , Working Paper No. 04/13 , January 01, 2004

The Impact of Monetary Policy on the Bilateral Exchange Rate: Chile versus the United States , Working Paper No. 03/71 , April 01, 2003

"Original Sin," Balance Sheet Crises, and the Roles of International Lending , Working Paper No. 02/234 , December 01, 2002

Moral Hazard and International Crisis Lending: A Test , Working Paper No. 02/181 , October 01, 2002

Bankruptcy Procedures for Sovereigns: A History of Ideas, 1976--2001 , Working Paper No. 02/133 , August 01, 2002

What Moves Capital to Transition Economies? , Working Paper No. 02/64 , April 01, 2002

Early Ideas on Sovereign Bankruptcy Reorganization: A Survey , Working Paper No. 02/57 , March 01, 2002

Monetary Independence in Emerging Markets: Does the Exchange Rate Regime Make a Difference? , Working Paper No. 01/1 , January 01, 2001

The Impact of Monetary Policy on the Exchange Rate - Evidence from Three Small Open Economies , Working Paper No. 00/141 , August 01, 2000

The Evolution of Output in Transition Economies - Explaining the Differences , Working Paper No. 99/73 , May 01, 1999

Output Decline and Recovery in Uzbekistan - Past Performance and Future Prospects , Working Paper No. 98/132 , September 01, 1998

The Uzbek Growth Puzzle , Working Paper No. 98/133 , September 01, 1998

Competitiveness in Transition Economies - What Scope for Real Appreciation? , Working Paper No. 97/149 , November 01, 1997

EMU and Long Interest Rates in Germany , Working Paper No. 96/133 , December 01, 1996

Publications in Journals (Refereed)

“The Effect of External Conditions on Growth in Latin America,” (with P. Österholm), forthcoming in IMF Staff Papers

Debt Defaults and Lessons from a Decade of Crises (with Federico Sturzenegger), 2007 (Cambridge, Mass.: MIT Press)

“Haircuts: Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005,” (with Federico Sturzenegger), forthcoming in Journal of International Money and Finance

“Creditors Losses Versus Debt Relief: Results from a Decade of Sovereign Debt Crises,” (with Federico Sturzenegger), Journal of the European Economic Association, Vol 5, No. 2-3 (April-May 2007), pp. 343-351.

“How do Official Bailouts Affect the Risk of Investing in Emerging Markets?” (with Giovanni dell’ Ariccia and Isabel Schnabel), Journal of Money, Credit and Banking, Vol. 38, No. 7 (October 2006).

“The Mussa Theorem: and Other Results on IMF Induced Moral Hazard" (with Olivier Jeanne),” IMF Staff Papers, Volume 52, Special Issue, September 2005, pp. 64-84.

“The Impact of Monetary Policy on Exchange Rates: Evidence from Three Small Open Economies”, Journal of Monetary Economics, Volume 51:3, April 2004, pp 635-652.

“Impacto de la Política Monetaria Sobre el Tipo de Cambio Bilateral: Chile y Estados Unidos,” Economia Chilena, Volume 6, Number 2, August 2003, pp. 29-44.

“Bankruptcy Procedures for Sovereigns: A History of Ideas, 1976-2001” (with Kenneth Rogoff), IMF Staff Papers, Volume 49, Number 3, September-December 2002, pp. 470-507.

“International Bailouts, Moral Hazard, and Conditionality” (with Olivier Jeanne), Economic Policy, Vol. 33 (October 2001), pp. 409–32.

“What Moves Capital to Transition Economies?” (with Pietro Garibaldi, Nada Mora and Ratna Sahay), IMF Staff Papers, Volume 48, 2001 (special issue on transition), pp. 109-145.

“Can Official Crisis Lending be Counterproductive in the Short Run?”, Economic Notes Vol. 29, No. 1, (February 2000), pp. 13-29.

“The Uzbek Growth Puzzle”, IMF Staff Papers, Vol. 46 No. 3 (September-December 1999), pp. 274-292.

“Competitiveness in Transition Economies: What Scope for Real Appreciation?” (with Kornelia Krajnyak), IMF Staff Papers, Vol. 45 No. 2 (June 1998), pp. 309-362.

Publications in Books and Conference Volumes

“Is the Improvement of Latin America’s Fundamentals an Illusion?” RGE Latin America Economonitor, Roubini Global Economics Website, December 2007.

“Revenue Growth and the Strength of Underlying Fiscal Positions in Latin America,” (with I. Vladkova-Hollar, in International Monetary Fund, Regional Economic Outlook: Western Hemisphere, November 2007 (Washington: International Monetary Fund), pp. 43-52.

“The Effect of External Conditions on Growth in Latin America,” (with P. Österholm), in International Monetary Fund, Regional Economic Outlook: Western Hemisphere, April 2007 (Washington: International Monetary Fund), pp. 20-24 and 34-37.

“The Evolution of Output in Transition Economies - Explaining the Differences” (with Andrew Berg, Eduardo Borensztein, and Ratna Sahay), in Erik Berglöf and Gerard Róland (editors), The Economics of Transition: The Fifth Nobel Symposium in Economics, New York: Palgrave Macmillan), pp. 144-212, 2006

“How Can the Cost of Debt Crises be Reduced,” forthcoming in Marc Uzan (ed.), The Future of the International Monetary System, 2005 (Cheltenham: Edward Elgar), pp. 261-270.

“ ‘Original Sin’, Balance Sheet Crises and the Roles of International Lending” (with Olivier Jeanne), in Barry Eichengreen and Ricardo Hausman (eds.), Other People’s Money: Debt Denomination and Financial Instability in Emerging Market Economies, 2005 (Chicago: University of Chicago Press) (also available as IMF Working Paper No. 02/234).

“Comments on Standstills and an International Bankruptcy Court”, in Andy Haldane, ed., Fixing Financial Crises in the Twenty-first Century, 2004, Chapter 16 (London: Routledge), 277-280.

“Bhalla versus the World Bank: An Outsider’s Perspective,” Finance and Development, June 2003, pp. 50-53.

“Exchange Rate Policies, Prices and Supply Side Response,” (Book Review), Journal of Comparative Economics, Volume 31, Issue 2 , June 2003, pp. 384-386.

“Die Neue Ökonomik der Ungeduld” (with David Laibson), in E. Fehr and G. Schwartz (eds.), Psychologische Grundlagen der Ökonomie, 2003 (Zürich: Neue Zürcher Zeitung) (in German).

“Monetary Independence in Emerging Markets: The Role of the Exchange Rate Regime” (with Eduardo Borensztein), in A. Alesina and R. Barro (eds), Currency Unions, 2001 (Stanford: Hoover Institution Press), pp. 57-66.

“Exchange Rate Regimes in Developing Countries and Emerging Markets”, IMF Research Bulletin, Vol. 2 No.1, March 2001.

“Moderating Fluctuations in Capital Flows to Emerging Market Economies” (with Olivier Jeanne, Michael Mussa and Alexander Swoboda), in A. Swoboda and P. Kenen (eds.), Reforming the International Monetary and Financial System, 2000 (Washington: International Monetary Fund), pp. 75-142

“Key Issues in International Monetary and Financial Reform” (with Alexander Swoboda), in A. Swoboda and P. Kenen (eds.), Reforming the International Monetary and Financial system, 2000 (Washington: International Monetary Fund), pp. 395-427

“Moderating fluctuations in capital flows to emerging market economies” (with Olivier Jeanne, Michael Mussa and Alexander Swoboda), Finance and Development, September 1999, pp. 9-13).

“EMU and Long Interest Rates in Germany”, in Paul J.J. Welfens (ed.), European Monetary Union: Transition, International Impact and Policy Options, 1997(Heidelberg-New York, Springer Verlag), pp. 13-58. (also available as IMF Working Paper No. 96/133)

“Stabilization: Fixed versus Flexible Exchange Rates” (with Daniel Citrin), in Policy Experiences and Issues in the Baltics, Russia and the Other Countries of the Former Soviet Union," Occasional Paper No. 133, December 1995 (Washington: International Monetary Fund).

“The IMF's Approach to Stabilization in the Baltics, Russia and the Other Former Soviet Union Countries” (with Daniel Citrin and Jonathan Anderson), in MOCT-MOST: Economic Policy in Transitional Economies; Vol. 5 No.2, 1995, pp. 85-100.

Jeromin Zettelmeyer is an Advisor in the IMF's Research Department. His research interests include economic growth, international linkages, financial crises, and the role of the IMF. During 2006-2007 he was Assistant to the Director, Western Hemisphere Department, and deputy head of the department's Regional Studies Unit, where he wrote the IMF's Regional Economic Outlook: Western Hemisphere and worked on economic developments and policy issues in Latin America. With Federico Sturzenegger, he is the author of "Debt Defaults and Lessons from a Decade of Crises" (MIT Press, 2007) which studies the sovereign debt crises of the 1990s and the first half of this decade.

Mr. Zettelmeyer, a German citizen, was born in Spain in 1964 and holds a Ph.D. from MIT. He has worked at the IMF since October 1994, mostly in the Research Department.

Email: JZETTELMEYER@imf.org

Personal WebPage: http://zettelmeyer.com/

Fluent In: German, Spanish.

IMF Books and Working Papers:

The Problem that Wasn't : Coordination Failures in Sovereign Debt Restructurings , Working Paper No. 11/265 , November 01, 2011

Macrofinancial Linkages : Trends, Crises, and Policies , August 25, 2010

Who's Driving Whom? Analyzing External and Intra-Regional Linkages in the Americas , Departmental Paper No. 08/03 , October 09, 2008

A Theory of International Crisis Lending and IMF Conditionality , Working Paper No. 08/236 , October 01, 2008

Fiscal Positions in Latin America:Have They Really Improved? , Working Paper No. 08/137 , May 01, 2008

What Makes Growth Sustained? , Working Paper No. 08/59 , March 01, 2008

The Effect of External Conditions on Growth in Latin America , Working Paper No. 07/176 , July 01, 2007

Growth and Reforms in Latin America: A Survey of Facts and Arguments , Working Paper No. 06/210 , September 01, 2006

Strengthening IMF Crisis Prevention , Working Paper No. 05/206 , November 01, 2005

Haircuts: Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005 , Working Paper No. 05/137 , July 01, 2005

Sovereign Debt Structure for Crisis Prevention , Occasional Paper No. 237 , January 26, 2005

Implicit Transfers in IMF Lending, 1973-2003 , Working Paper No. 05/8 , January 01, 2005

The Mussa Theorem: and Other Results on IMF Induced Moral Hazard , Working Paper No. 04/192 , October 01, 2004

How Private Creditors Fared in Emerging Debt Markets, 1970-2000 , Working Paper No. 04/13 , January 01, 2004

The Impact of Monetary Policy on the Bilateral Exchange Rate: Chile versus the United States , Working Paper No. 03/71 , April 01, 2003

"Original Sin," Balance Sheet Crises, and the Roles of International Lending , Working Paper No. 02/234 , December 01, 2002

Moral Hazard and International Crisis Lending: A Test , Working Paper No. 02/181 , October 01, 2002

Bankruptcy Procedures for Sovereigns: A History of Ideas, 1976--2001 , Working Paper No. 02/133 , August 01, 2002

What Moves Capital to Transition Economies? , Working Paper No. 02/64 , April 01, 2002

Early Ideas on Sovereign Bankruptcy Reorganization: A Survey , Working Paper No. 02/57 , March 01, 2002

Monetary Independence in Emerging Markets: Does the Exchange Rate Regime Make a Difference? , Working Paper No. 01/1 , January 01, 2001

The Impact of Monetary Policy on the Exchange Rate - Evidence from Three Small Open Economies , Working Paper No. 00/141 , August 01, 2000

The Evolution of Output in Transition Economies - Explaining the Differences , Working Paper No. 99/73 , May 01, 1999

Output Decline and Recovery in Uzbekistan - Past Performance and Future Prospects , Working Paper No. 98/132 , September 01, 1998

The Uzbek Growth Puzzle , Working Paper No. 98/133 , September 01, 1998

Competitiveness in Transition Economies - What Scope for Real Appreciation? , Working Paper No. 97/149 , November 01, 1997

EMU and Long Interest Rates in Germany , Working Paper No. 96/133 , December 01, 1996

Publications in Journals (Refereed)

“The Effect of External Conditions on Growth in Latin America,” (with P. Österholm), forthcoming in IMF Staff Papers

Debt Defaults and Lessons from a Decade of Crises (with Federico Sturzenegger), 2007 (Cambridge, Mass.: MIT Press)

“Haircuts: Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005,” (with Federico Sturzenegger), forthcoming in Journal of International Money and Finance

“Creditors Losses Versus Debt Relief: Results from a Decade of Sovereign Debt Crises,” (with Federico Sturzenegger), Journal of the European Economic Association, Vol 5, No. 2-3 (April-May 2007), pp. 343-351.

“How do Official Bailouts Affect the Risk of Investing in Emerging Markets?” (with Giovanni dell’ Ariccia and Isabel Schnabel), Journal of Money, Credit and Banking, Vol. 38, No. 7 (October 2006).

“The Mussa Theorem: and Other Results on IMF Induced Moral Hazard" (with Olivier Jeanne),” IMF Staff Papers, Volume 52, Special Issue, September 2005, pp. 64-84.

“The Impact of Monetary Policy on Exchange Rates: Evidence from Three Small Open Economies”, Journal of Monetary Economics, Volume 51:3, April 2004, pp 635-652.

“Impacto de la Política Monetaria Sobre el Tipo de Cambio Bilateral: Chile y Estados Unidos,” Economia Chilena, Volume 6, Number 2, August 2003, pp. 29-44.

“Bankruptcy Procedures for Sovereigns: A History of Ideas, 1976-2001” (with Kenneth Rogoff), IMF Staff Papers, Volume 49, Number 3, September-December 2002, pp. 470-507.

“International Bailouts, Moral Hazard, and Conditionality” (with Olivier Jeanne), Economic Policy, Vol. 33 (October 2001), pp. 409–32.

“What Moves Capital to Transition Economies?” (with Pietro Garibaldi, Nada Mora and Ratna Sahay), IMF Staff Papers, Volume 48, 2001 (special issue on transition), pp. 109-145.

“Can Official Crisis Lending be Counterproductive in the Short Run?”, Economic Notes Vol. 29, No. 1, (February 2000), pp. 13-29.

“The Uzbek Growth Puzzle”, IMF Staff Papers, Vol. 46 No. 3 (September-December 1999), pp. 274-292.

“Competitiveness in Transition Economies: What Scope for Real Appreciation?” (with Kornelia Krajnyak), IMF Staff Papers, Vol. 45 No. 2 (June 1998), pp. 309-362.

Publications in Books and Conference Volumes

“Is the Improvement of Latin America’s Fundamentals an Illusion?” RGE Latin America Economonitor, Roubini Global Economics Website, December 2007.

“Revenue Growth and the Strength of Underlying Fiscal Positions in Latin America,” (with I. Vladkova-Hollar, in International Monetary Fund, Regional Economic Outlook: Western Hemisphere, November 2007 (Washington: International Monetary Fund), pp. 43-52.

“The Effect of External Conditions on Growth in Latin America,” (with P. Österholm), in International Monetary Fund, Regional Economic Outlook: Western Hemisphere, April 2007 (Washington: International Monetary Fund), pp. 20-24 and 34-37.

“The Evolution of Output in Transition Economies - Explaining the Differences” (with Andrew Berg, Eduardo Borensztein, and Ratna Sahay), in Erik Berglöf and Gerard Róland (editors), The Economics of Transition: The Fifth Nobel Symposium in Economics, New York: Palgrave Macmillan), pp. 144-212, 2006

“How Can the Cost of Debt Crises be Reduced,” forthcoming in Marc Uzan (ed.), The Future of the International Monetary System, 2005 (Cheltenham: Edward Elgar), pp. 261-270.

“ ‘Original Sin’, Balance Sheet Crises and the Roles of International Lending” (with Olivier Jeanne), in Barry Eichengreen and Ricardo Hausman (eds.), Other People’s Money: Debt Denomination and Financial Instability in Emerging Market Economies, 2005 (Chicago: University of Chicago Press) (also available as IMF Working Paper No. 02/234).

“Comments on Standstills and an International Bankruptcy Court”, in Andy Haldane, ed., Fixing Financial Crises in the Twenty-first Century, 2004, Chapter 16 (London: Routledge), 277-280.

“Bhalla versus the World Bank: An Outsider’s Perspective,” Finance and Development, June 2003, pp. 50-53.

“Exchange Rate Policies, Prices and Supply Side Response,” (Book Review), Journal of Comparative Economics, Volume 31, Issue 2 , June 2003, pp. 384-386.

“Die Neue Ökonomik der Ungeduld” (with David Laibson), in E. Fehr and G. Schwartz (eds.), Psychologische Grundlagen der Ökonomie, 2003 (Zürich: Neue Zürcher Zeitung) (in German).

“Monetary Independence in Emerging Markets: The Role of the Exchange Rate Regime” (with Eduardo Borensztein), in A. Alesina and R. Barro (eds), Currency Unions, 2001 (Stanford: Hoover Institution Press), pp. 57-66.

“Exchange Rate Regimes in Developing Countries and Emerging Markets”, IMF Research Bulletin, Vol. 2 No.1, March 2001.

“Moderating Fluctuations in Capital Flows to Emerging Market Economies” (with Olivier Jeanne, Michael Mussa and Alexander Swoboda), in A. Swoboda and P. Kenen (eds.), Reforming the International Monetary and Financial System, 2000 (Washington: International Monetary Fund), pp. 75-142

“Key Issues in International Monetary and Financial Reform” (with Alexander Swoboda), in A. Swoboda and P. Kenen (eds.), Reforming the International Monetary and Financial system, 2000 (Washington: International Monetary Fund), pp. 395-427

“Moderating fluctuations in capital flows to emerging market economies” (with Olivier Jeanne, Michael Mussa and Alexander Swoboda), Finance and Development, September 1999, pp. 9-13).

“EMU and Long Interest Rates in Germany”, in Paul J.J. Welfens (ed.), European Monetary Union: Transition, International Impact and Policy Options, 1997(Heidelberg-New York, Springer Verlag), pp. 13-58. (also available as IMF Working Paper No. 96/133)

“Stabilization: Fixed versus Flexible Exchange Rates” (with Daniel Citrin), in Policy Experiences and Issues in the Baltics, Russia and the Other Countries of the Former Soviet Union," Occasional Paper No. 133, December 1995 (Washington: International Monetary Fund).

“The IMF's Approach to Stabilization in the Baltics, Russia and the Other Former Soviet Union Countries” (with Daniel Citrin and Jonathan Anderson), in MOCT-MOST: Economic Policy in Transitional Economies; Vol. 5 No.2, 1995, pp. 85-100.