Gustavo Adler

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Gustavo Adler

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Bibliographic details

• Authors: Gustavo Adler

Biography

Gustavo Adler is Chief of the Regional Studies Division of IMF's Western Hemisphere Department. He joined the IMF in 2004 and, since then, has worked in multiple areas, including surveillance and program cases (Chile, Romania, Uruguay, Turkey, Indonesia), development of IMF credit facilities, review of IMF programs, analytical work for Western Hemisphere's Regional Economic Outlook, etc. In recent years, at the Research Department, his work focused on foreign exchange intervention, exchange rates, capital flows and external adjustment, and he co-led the production of the External Sector Report on global imbalances. He was recently Mission Chief for Uruguay and, since June 2022 is Chief of the Regional Studies Division of IMF's Western Hemisphere Department.

Profile

Education

• PhD in Economics, University of California-Los Angeles (UCLA), 2004

• M.A. in Economics, UCLA, 2002

• B.A. in Economics, National University of Tucuman (UNT), Argentina, 1999

Field of Expertise

• Open Economy Macroeconomics

• International Finance

• Monetary Policy

IMF Direct Blog Posts

• "Dominant Currencies and the Limits of Exchange Rate Flexibility", July 20, 2020

• "Taming the Currency Hype", August 21, 2019

• "Global Imbalances: Avoiding a Tragedy of the Commons" July 28, 2017

• "Saving Latin America’s Unprecedented Income Windfall" May 20, 2013

• "Latin America’s Commodity Dependence: What if the Boom Turns to Bust?"

• "Does Foreign Exchange Intervention Slow the Pace of Currency Appreciation?"

• "Regional Spillovers in South America: How “Systemic” is Brazil?"

• "Latin America: Riding the Global Financial Waves"

IMF Publications

IMF Books and Working Papers

• An Updated Action-based Dataset of Fiscal Consolidation, Working Paper No. 2024/210 , September 27, 2024

• Foreign Exchange Intervention: A Dataset of Public Data and Proxies, Working Paper No. 2021/047 , February 19, 2021

• Dominant Currencies and External Adjustment, Staff Discussion Notes No. 2020/005 , July 20, 2020

• Patterns of Foreign Exchange Intervention under Inflation Targeting, Working Paper No. 2020/069 , May 29, 2020

• Global Value Chains and External Adjustment: Do Exchange Rates Still Matter?, Working Paper No. 2019/300 , December 27, 2019

• The Measurement of External Accounts, Working Paper No. 2019/132 , June 28, 2019

• The External Balance Assessment Methodology: 2018 Update, Working Paper No. 2019/065 , March 19, 2019

• The Stabilizing Role of Net Foreign Asset Returns, Working Paper No. 2018/079 , April 6, 2018

• Unconventional Policies and Exchange Rate Dynamics, Working Paper No. 2017/237 , November 13, 2017

• Policy Mix and the US Trade Balance, Working Paper No. 2017/204 , September 19, 2017

• Tipping the Scale? The Workings of Monetary Policy through Trade, Working Paper No. 2017/142 , June 28, 2017

• Gone with the Headwinds: Global Productivity, Staff Discussion Notes No. 2017/004 , April 3, 2017

• Terms-of-Trade Cycles and External Adjustment, Working Paper No. 2017/029 , February 13, 2017

• The Cost of Foreign Exchange Intervention: Concepts and Measurement, Working Paper No. 2016/089 , April 8, 2016

• Foreign Exchange Intervention under Policy Uncertainty, Working Paper No. 2016/067 , March 17, 2016

• Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?, Working Paper No. 2015/159 , July 16, 2015

• Unveiling the Effects of Foreign Exchange Intervention: A Panel Approach, Working Paper No. 2015/130 , June 23, 2015

• Are Foreign Banks a 'Safe Haven'? Evidence from Past Banking Crises, Working Paper No. 2015/043 , February 26, 2015

• Latin America: New Challenges to Growth and Stability, , December 23, 2014

• Global Financial Shocks and Foreign Asset Repatriation: Do Local Investors Play a Stabilizing Role?, Working Paper No. 2014/060 , April 16, 2014

• Four Decades of Terms-of-Trade Booms: Saving-Investment Patterns and a New Metric of Income Windfall, Working Paper No. 2013/103 , May 9, 2013

• External Conditions and Debt Sustainability in Latin America, Working Paper No. 2013/027 , January 30, 2013

• Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis, Working Paper No. 2012/178 , July 1, 2012

• Riding Global Financial Waves: The Economic Impact of Global Financial Shocks on Emerging Market Economies, Working Paper No. 2012/188 , July 1, 2012

• Intra-Regional Spillovers in South America: Is Brazil Systemic After All?, Working Paper No. 2012/145 , June 1, 2012

• Does Central Bank Capital Matter for Monetary Policy?, Working Paper No. 2012/060 , February 1, 2012

• Commodity Price Cycles: The Perils of Mismanaging the Boom, Working Paper No. 2011/283 , December 1, 2011

• Foreign Exchange Intervention: A Shield Against Appreciation Winds?, Working Paper No. 2011/165 , July 1, 2011

• Modernizing Bank Regulation in Support of Financial Deepening: The Case of Uruguay, Working Paper No. 2009/199 , September 1, 2009

• Original Sin and Procylical Fiscal Policy: Two Sides of the Same Coin?, Working Paper No. 2008/209 , September 1, 2008

F&D articles

• “Stuck in a Rut,” Finance and Development Magazine, March 2017, Vol. 54, No.

Other Published Materials

• “Gone with the Headwinds; Global Productivity," IMF Staff Discussion Notes 17/04, 2017

Non-IMF Publications

Publications in Journals (Refereed)

• "The Cost of Foreign Exchange Intervention: Concepts and Measurement," Journal of Macroeconomics, Elsevier, 2021, vol. 67(C).

• "Tipping the scale? The workings of monetary policy through trade ," Review of International Economics, Feb 2020.

• "Foreign exchange intervention and inflation targeting: The role of credibility," Journal of Economic Dynamics and Control Elsevier, vol. 106(C), September 2019, pages 1-1.

• "Unveiling the Effects of Foreign Exchange Intervention; A Panel Approach," Emerging Markets Review, Volume 40, September 2019, 100620

• "Policy Mix and the U.S. Trade Balance," International Finance, Volume 22, Issue 2, Summer 2019, Pages 138-154.

• "Unconventional policies and exchange rate dynamics," Journal of International Money and Finance, Volume 95, July 2019, Pages 402-423.

• "Terms-of-trade cycles and external adjustment," International Review of Economics and Finance, Volume 54, March 2018, pages 103-122

• "Global Financial Shocks and Foreign Asset Repatriation: Do Local Investors Play a Stabilizing Role?" Journal of International Money and Finance, Elsevier, vol. 60(C), pages 8-28, 2016.

• "Does Central Bank Capital Matter for Monetary Policy?" Open Economies Review, Springer, vol. 27(1), pages 183-205, 2016.

• "External Factors in Debt Sustainability Analysis: An Application to Latin America," Journal of Banking and Financial Economics, vol. 1(5), pages 81-120, June, 2016

• "Four Decades of Terms-of-trade Booms: Saving-Investment Patterns and a New Metric of Income Windfall," Journal of International Money and Finance, Elsevier, vol. 55(C), pages 162-192, 2015.

• "Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis," International Review of Economics & Finance, Elsevier, vol. 39(C), pages 428-448, 2015.

• “Foreign Exchange Interventions and their Impact on Exchange Rate Levels," Monetaria, Centro de Estudios Monetarios Latinoamericanos, vol. 0(1), pages 1-54, enero-jun, 2014.

• "Global Financial Shocks and their Economic Impact on Emerging Market Economies," Journal of International Commerce, Economics and Policy, Vol. 4, No. 2 (2013).

• "Intra-Regional Spillovers in South America: Is Brazil Systemic after All?" The World Economy, Wiley Blackwell, vol. 37(3), pages 456-480, 2014.