{ "title": "Adrian Alter", "sourceUrl": "https://www.imf.org/en/research/researcher-cv/author/alter-adrian", "canonical": "https://www.imf.org/en/research/researcher-cv/author/alter-adrian", "overlayPath": "/en/research/researcher-cv/author/alter-adrian/index.md", "summary": "Adrian Alter is a senior economist at the International Monetary Fund. During his decade-long career at the Fund, he has contributed to a broad spectrum of Fund operations and products, including the Global Financial Stability Report and Regional Economic Outlooks for Africa and Middle East. Leveraging on his extensive engagement with country authorities and sound policy judgement, Adrian has participated in various country assignments including Ghana's third program review (2024), Tunisia's program negotiations (2021-23) and Serbia's PCI program (2019-20). He has also contributed to several FSAPs and Article IV reports (e.g., Canada, Singapore, Lesotho). Prior to joining the Fund, he held several research fellowship and internship positions at the European Central Bank, Deutsche Bundesbank, and UBS Investment Bank. Adrian holds a PhD in economics, a Masters in finance, and attended the 2016 Program on Financial Stability at the Yale School of Management.", "authors": [ "Adrian Alter" ], "sections": [ { "heading": "Biography", "content": "Adrian Alter is a senior economist at the International Monetary Fund. During his decade-long career at the Fund, he has contributed to a broad spectrum of Fund operations and products, including the Global Financial Stability Report and Regional Economic Outlooks for Africa and Middle East. Leveraging on his extensive engagement with country authorities and sound policy judgement, Adrian has participated in various country assignments including Ghana's third program review (2024), Tunisia's program negotiations (2021-23) and Serbia's PCI program (2019-20). He has also contributed to several FSAPs and Article IV reports (e.g., Canada, Singapore, Lesotho). Prior to joining the Fund, he held several research fellowship and internship positions at the European Central Bank, Deutsche Bundesbank, and UBS Investment Bank. Adrian holds a PhD in economics, a Masters in finance, and attended the 2016 Program on Financial Stability at the Yale School of Management." }, { "heading": "Education", "content": "- 2016 - Program on Financial Stability, Summer Institute, Yale School of Management, New Haven\n\n- 2013 - PhD in Quantitative Economics and Finance (magna cum laude), University of Konstanz, Germany\n\n- 2009 - MSc in Finance, HEC Lausanne, Switzerland" }, { "heading": "Previous Experience", "content": "- 2012/05 – 2012/11: European Central Bank, Frankfurt am Main, Germany (PhD Internship) Financial Stability Surveillance Department (DG-F) – contributed to the Financial Stability Review - Dec 2012, Surveillance Notes, the European Banking Union\n\n- 2011/07 – 2012/04: Deutsche Bundesbank, Frankfurt am Main, Germany (Visiting Scholar) Banking Supervision Department – analyzed interbank interconnectedness, systemic risk, and bank capital buffers from a network perspective using the German Credit Register\n\n- 2009/02 – 2009/07: UBS Investment Bank, Zürich, Switzerland (Internship) European Equities Trading Floor – contributed to reports for the Swiss Equities Management using data applications such as Bloomberg and Reuters" }, { "heading": "Referee Activities", "content": "- Management Science, Journal of Money, Credit and Banking, Journal of Banking and Finance, Journal of Financial Stability, Journal of International Money and Finance, International Review of Economics and Finance, Quarterly Review of Economics and Finance" }, { "heading": "Seminar Presentation", "content": "- Policies to Harness Global Financial Interconnectedness joint BIS-BOE-ECB-IMF Workshop, Basel, April 2019; 2018 IFABS Conference, July, Porto, Portugal; “Unconventional Monetary Policy: Lessons Learned” Conference at Hong Kong Monetary Authority; “Measurement and Control of Systemic Risk” Workshop at HEC Montreal; IFABS 2017 Oxford Conference, seminars at Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Cleveland, European Central Bank, Final Marie Curie Conference - Konstanz, 6th International Conference on Computational and Financial Econometrics , \"Convergence, Interconnectedness, and Crises: Insurance and Banking” Conference - Philadelphia, 11th Annual Bank Research Conference - FDIC and JFSR" }, { "heading": "Field of Expertise", "content": "- Banking\n\n- Macro-Financial Issues\n\n- International Finance" }, { "heading": "IMF Direct Blog Posts", "content": "- What the Fed Rate Rise Means for Corporate Debt in Emerging Markets" }, { "heading": "IMF Books and Working Papers", "content": "- The Credibility Premium: Central Bank Independence and Local-Currency Sovereign Yields, Working Paper No. 2026/058 , March 27, 2026\n\n- Navigating the Evolving Landscape of External Financing in Sub-Saharan Africa, Working Paper No. 2025/139 , July 4, 2025\n\n- Financial Stability in a Higher-for-Longer Interest Rate Environment The Case of the Middle East and North Africa, Working Paper No. 2024/080 , April 5, 2024\n\n- Commercial Real Estate in Crisis: Evidence from Transaction-Level Data, Working Paper No. 2023/015 , January 27, 2023\n\n- Informality, Development, and the Business Cycle in North Africa, Departmental Paper No 2022/011 , June 9, 2022\n\n- Non-Primary Home Buyers, Shadow Banking, and the US Housing Market, Working Paper No. 2020/174 , August 28, 2020\n\n- Household Debt and House Prices-at-risk: A Tale of Two Countries, Working Paper No. 2020/042 , February 28, 2020\n\n- Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database, Working Paper No. 2019/066 , March 22, 2019\n\n- Growth at Risk: Concept and Application in IMF Country Surveillance, Working Paper No. 2019/036 , February 21, 2019\n\n- House Price Synchronicity, Banking Integration, and Global Financial Conditions, Working Paper No. 2018/250 , November 28, 2018\n\n- Understanding the Macro-Financial Effects of Household Debt: A Global Perspective, Working Paper No. 2018/076 , April 6, 2018\n\n- Emerging Market Corporate Leverage and Global Financial Conditions, Working Paper No. 2016/243 , December 15, 2016\n\n- Public Investment in a Developing Country Facing Resource Depletion, Working Paper No. 2015/236 , November 10, 2015\n\n- Financial Inclusion and Development in the CEMAC, Working Paper No. 2015/235 , November 9, 2015\n\n- Sustaining more Inclusive Growth in the Republic of Congo, Departmental Paper No. 2015/002 , February 11, 2015\n\n- Centrality-based Capital Allocations, Working Paper No. 2014/237 , December 24, 2014" }, { "heading": "IMF Country Reports", "content": "- 2020 - Republic of Serbia - Fourth Review under the Policy Coordination Instrument, Country Report No. 20/270, IMF, Washington DC, 2020 August.\n\n- 2019 - Republic of Serbia - Third Review under the Policy Coordination Instrument, Country Report 19/369, IMF, Washington DC, 2019 December.\n\n- 2019 - Canada - Financial Sector Assessment Program, Country Report 19/177, IMF, Washington DC, 2019 June.\n\n- 2016 – Russian Federation – IMF Country Report No. 16/231 – Financial System Stability Assessment\n\n- 2016 – Russian Federation – IMF Country Report 16/306 – Financial Sector Assessment Program – Technical Note – Stress Testing\n\n- 2014 - Republic of Congo – IMF Country Report No. 14/272" }, { "heading": "Selected Issues", "content": "- 2015 – CEMAC – IMF Country Report No. 15/308" }, { "heading": "Other Published Materials", "content": "- Global Financial Stability Report - House Price Synchronization: What Role for Financial Factors?, April 2018.\n\n- Global Financial Stability Report - Household Debt and Financial Stability, October 2017.\n\n- Global Financial Stability Report - Are Countries Losing Control of Domestic Financial Conditions?, April 2017.\n\n- Global Financial Stability Report - Corporate Governance, Investor Protection, and Financial Stability in Emerging Markets, October 2016.\n\n- Global Financial Stability Report - The Growing Importance of Financial Spillovers from Emerging Market Economies, April 2016.\n\n- Global Financial Stability Report - Corporate Leverage in Emerging Markets — A Concern?, October 2015.\n\n- Regional Economic Outlook -Sub-Saharan Africa - Fostering Durable and Inclusive Growth, April 2014." }, { "heading": "Publications in Journals (Refereed)", "content": "- Local house-price vulnerability: Evidence from the U.S. and Canada\n\n- Emerging Market Corporate Leverage and Global Financial Conditions – with Selim Elekdag, Journal of Corporate Finance, 02/2020.\n\n- Centrality-based Capital Allocations – with Ben R. Craig and Peter Raupach, International Journal of Central Banking, June 2015: 329–377.\n\n- The Dynamics of Spillover Effects during the European Sovereign Debt Turmoil – with Andreas Beyer, Journal of Banking & Finance, Volume 42, May 2014, pp. 134–153.\n\n- Credit Spread Interdependencies of European States and Banks during the Financial Crisis – with Yves S. Schüler (ECB), Journal of Banking & Finance, Volume 36, Issue 12, December 2012, pp. 3444–3468.\n\n- Public Investment in a Developing Country with Depleting Natural Resources – with Dalia Hakura and Matteo Ghilardi – Journal of African Economies." } ], "bullets": [ "2016 - Program on Financial Stability, Summer Institute, Yale School of Management, New Haven", "2013 - PhD in Quantitative Economics and Finance (magna cum laude), University of Konstanz, Germany", "2009 - MSc in Finance, HEC Lausanne, Switzerland", "2012/05 – 2012/11: European Central Bank, Frankfurt am Main, Germany (PhD Internship) Financial Stability Surveillance Department (DG-F) – contributed to the Financial Stability Review - Dec 2012, Surveillance Notes, the European Banking Union", "2011/07 – 2012/04: Deutsche Bundesbank, Frankfurt am Main, Germany (Visiting Scholar) Banking Supervision Department – analyzed interbank interconnectedness, systemic risk, and bank capital buffers from a network perspective using the German Credit Register", "2009/02 – 2009/07: UBS Investment Bank, Zürich, Switzerland (Internship) European Equities Trading Floor – contributed to reports for the Swiss Equities Management using data applications such as Bloomberg and Reuters", "Management Science, Journal of Money, Credit and Banking, Journal of Banking and Finance, Journal of Financial Stability, Journal of International Money and Finance, International Review of Economics and Finance, Quarterly Review of Economics and Finance", "Policies to Harness Global Financial Interconnectedness joint BIS-BOE-ECB-IMF Workshop, Basel, April 2019; 2018 IFABS Conference, July, Porto, Portugal; “Unconventional Monetary Policy: Lessons Learned” Conference at Hong Kong Monetary Authority; “Measurement and Control of Systemic Risk” Workshop at HEC Montreal; IFABS 2017 Oxford Conference, seminars at Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Cleveland, European Central Bank, Final Marie Curie Conference - Konstanz, 6th International Conference on Computational and Financial Econometrics , \"Convergence, Interconnectedness, and Crises: Insurance and Banking” Conference - Philadelphia, 11th Annual Bank Research Conference - FDIC and JFSR", "Banking", "Macro-Financial Issues", "International Finance", "[What the Fed Rate Rise Means for Corporate Debt in Emerging Markets](https://blogs.imf.org/2017/01/09/what-the-fed-rate-rise-means-for-corporate-debt-in-emerging-markets/)", "[The Credibility Premium: Central Bank Independence and Local-Currency Sovereign Yields](https://www.imf.org/en/publications/wp/issues/2026/03/27/the-credibility-premium-central-bank-independence-and-local-currency-sovereign-yields-574834), Working Paper No. 2026/058 , March 27, 2026", "[Navigating the Evolving Landscape of External Financing in Sub-Saharan Africa](https://www.imf.org/en/publications/wp/issues/2025/07/04/navigating-the-evolving-landscape-of-external-financing-in-sub-saharan-africa-568248), Working Paper No. 2025/139 , July 4, 2025", "[Financial Stability in a Higher-for-Longer Interest Rate Environment The Case of the Middle East and North Africa](https://www.imf.org/en/publications/wp/issues/2024/04/05/financial-stability-in-a-higher-for-longer-interest-rate-environment-the-case-of-the-middle-546920), Working Paper No. 2024/080 , April 5, 2024", "[Commercial Real Estate in Crisis: Evidence from Transaction-Level Data](https://www.imf.org/en/publications/wp/issues/2023/01/27/commercial-real-estate-in-crisis-evidence-from-transaction-level-data-528653), Working Paper No. 2023/015 , January 27, 2023", "[Informality, Development, and the Business Cycle in North Africa](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2022/05/31/informality-development-and-the-business-cycle-in-north-africa-464859), Departmental Paper No 2022/011 , June 9, 2022", "[Non-Primary Home Buyers, Shadow Banking, and the US Housing Market](https://www.imf.org/en/publications/wp/issues/2020/08/28/non-primary-home-buyers-shadow-banking-and-the-us-housing-market-49682), Working Paper No. 2020/174 , August 28, 2020", "[Household Debt and House Prices-at-risk: A Tale of Two Countries](https://www.imf.org/en/publications/wp/issues/2020/02/28/household-debt-and-house-prices-at-risk-a-tale-of-two-countries-49054), Working Paper No. 2020/042 , February 28, 2020", "[Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database](https://www.imf.org/en/publications/wp/issues/2019/03/22/digging-deeper-evidence-on-the-effects-of-macroprudential-policies-from-a-new-database-46658), Working Paper No. 2019/066 , March 22, 2019", "[Growth at Risk: Concept and Application in IMF Country Surveillance](https://www.imf.org/en/publications/wp/issues/2019/02/21/growth-at-risk-concept-and-application-in-imf-country-surveillance-46567), Working Paper No. 2019/036 , February 21, 2019", "[House Price Synchronicity, Banking Integration, and Global Financial Conditions](https://www.imf.org/en/publications/wp/issues/2018/11/28/house-price-synchronicity-banking-integration-and-global-financial-conditions-46380), Working Paper No. 2018/250 , November 28, 2018", "[Understanding the Macro-Financial Effects of Household Debt: A Global Perspective](https://www.imf.org/en/publications/wp/issues/2018/04/06/understanding-the-macro-financial-effects-of-household-debt-a-global-perspective-45744), Working Paper No. 2018/076 , April 6, 2018", "[Emerging Market Corporate Leverage and Global Financial Conditions](https://www.imf.org/en/publications/wp/issues/2016/12/31/emerging-market-corporate-leverage-and-global-financial-conditions-44463), Working Paper No. 2016/243 , December 15, 2016", "[Public Investment in a Developing Country Facing Resource Depletion](https://www.imf.org/en/publications/wp/issues/2016/12/31/public-investment-in-a-developing-country-facing-resource-depletion-43388), Working Paper No. 2015/236 , November 10, 2015", "[Financial Inclusion and Development in the CEMAC](https://www.imf.org/en/publications/wp/issues/2016/12/31/financial-inclusion-and-development-in-the-cemac-43385), Working Paper No. 2015/235 , November 9, 2015", "[Sustaining more Inclusive Growth in the Republic of Congo](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2016/12/31/sustaining-more-inclusive-growth-in-the-republic-of-congo-42454), Departmental Paper No. 2015/002 , February 11, 2015", "[Centrality-based Capital Allocations](https://www.imf.org/en/publications/wp/issues/2016/12/31/centrality-based-capital-allocations-42560), Working Paper No. 2014/237 , December 24, 2014", "[2020 - Republic of Serbia - Fourth Review under the Policy Coordination Instrument, Country Report No. 20/270, IMF, Washington DC, 2020 August.](https://www.google.com/url?q=https%3A%2F%2Fwww.imf.org%2F~%2Fmedia%2FFiles%2FPublications%2FCR%2F2020%2FEnglish%2F1SRBEA2020001.ashx&sa=D&sntz=1&usg=AFQjCNGMEI3EQP0wZwsTVzmSob7P_vatoA)", "[2019 - Republic of Serbia - Third Review under the Policy Coordination Instrument, Country Report 19/369, IMF, Washington DC, 2019 December.](https://www.imf.org/en/Publications/CR/Issues/2019/12/18/Republic-of-Serbia-Third-Review-under-the-Policy-Coordination-Instrument-Press-Release-and-48885)", "[2019 - Canada - Financial Sector Assessment Program, Country Report 19/177, IMF, Washington DC, 2019 June.](https://www.imf.org/en/Publications/CR/Issues/2019/06/24/Canada-Financial-System-Stability-Assessment-47024)", "[2016 – Russian Federation – IMF Country Report No. 16/231 – Financial System Stability Assessment](https://www.imf.org/external/pubs/ft/scr/2016/cr16231.pdf)", "[2016 – Russian Federation – IMF Country Report 16/306 – Financial Sector Assessment Program – Technical Note – Stress Testing](https://www.imf.org/external/pubs/ft/scr/2016/cr16306.pdf)", "[2014 - Republic of Congo – IMF Country Report No. 14/272](https://www.imf.org/external/pubs/ft/scr/2014/cr14273.pdf)", "[2015 – CEMAC – IMF Country Report No. 15/308](https://www.imf.org/-/media/files/cv/selected-issues/cr15308.pdf)", "[Global Financial Stability Report - House Price Synchronization: What Role for Financial Factors?, April 2018.](https://www.researchgate.net/publication/324451777_House_Price_Synchronization_What_Role_for_Financial_Factors)", "[Global Financial Stability Report - Household Debt and Financial Stability, October 2017.](https://www.imf.org/~/media/Files/Publications/GFSR/2017/October/chapter-2/Documents/C2.ashx)", "[Global Financial Stability Report - Are Countries Losing Control of Domestic Financial Conditions?, April 2017.](https://www.imf.org/~/media/Files/Publications/GFSR/2017/April/ch3.ashx)", "[Global Financial Stability Report - Corporate Governance, Investor Protection, and Financial Stability in Emerging Markets, October 2016.](https://www.imf.org/external/pubs/ft/gfsr/2016/02/pdf/c3.pdf)", "[Global Financial Stability Report - The Growing Importance of Financial Spillovers from Emerging Market Economies, April 2016.](http://www.imf.org/external/pubs/ft/gfsr/2016/01/pdf/c2.pdf)", "[Global Financial Stability Report - Corporate Leverage in Emerging Markets — A Concern?, October 2015.](https://www.imf.org/External/Pubs/FT/GFSR/2015/02/pdf/c3_v2.pdf)", "[Regional Economic Outlook -Sub-Saharan Africa - Fostering Durable and Inclusive Growth, April 2014.](https://www.imf.org/external/pubs/ft/reo/2014/afr/eng/sreo0414.htm)", "[Local house-price vulnerability: Evidence from the U.S. and Canada](https://www.sciencedirect.com/science/article/pii/S1051137721000413#aep-article-footnote-id1)", "[Emerging Market Corporate Leverage and Global Financial Conditions – with Selim Elekdag, Journal of Corporate Finance, 02/2020.](https://www.sciencedirect.com/science/article/pii/S0929119920300341?via%3Dihub)", "[Centrality-based Capital Allocations – with Ben R. Craig and Peter Raupach, International Journal of Central Banking, June 2015: 329–377.](http://www.ijcb.org/journal/ijcb15q3a8.htm)", "[The Dynamics of Spillover Effects during the European Sovereign Debt Turmoil – with Andreas Beyer, Journal of Banking & Finance, Volume 42, May 2014, pp. 134–153.](http://www.sciencedirect.com/science/article/pii/S0378426614000442)", "[Credit Spread Interdependencies of European States and Banks during the Financial Crisis – with Yves S. Schüler (ECB), Journal of Banking & Finance, Volume 36, Issue 12, December 2012, pp. 3444–3468.](http://www.sciencedirect.com/science/article/pii/S0378426612002221)", "[Public Investment in a Developing Country with Depleting Natural Resources – with Dalia Hakura and Matteo Ghilardi – Journal of African Economies.](https://www.imf.org/external/pubs/ft/wp/2015/wp15236.pdf)", "**Adrian Alter CV**", "**CHAPTER 3 ARE COUNTRIES LOSING CONTROL OF DOMESTIC FINANCIAL CONDITIONS?**", "**c2**", "[C2 (PDF)](/external/pubs/ft/gfsr/2016/01/pdf/c2.pdf){rel=\"external\" type=\"application/pdf\"}" ], "related": [ { "title": "Adrian Alter CV", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/cv/pdfs/adrian-alter.pdf", "summary": { "path": "/-/media/files/cv/pdfs/adrian-alter.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/cv/pdfs/adrian-alter.pdf", "mime": "application/pdf" } }, { "title": "CHAPTER 3 ARE COUNTRIES LOSING CONTROL OF DOMESTIC FINANCIAL CONDITIONS?", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/april/ch3.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/april/ch3.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/april/ch3.pdf", "mime": "application/pdf" } }, { "title": "c2", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/documents/c2.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/documents/c2.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/documents/c2.pdf", "mime": "application/pdf" } }, { "title": "C2", "role": "document", "sourceUrl": "https://www.imf.org/external/pubs/ft/gfsr/2016/01/pdf/c2.pdf", "binary": { "path": "/external/pubs/ft/gfsr/2016/01/pdf/c2.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/research/researcher-cv/author/alter-adrian/index.md", "json": "/en/research/researcher-cv/author/alter-adrian/index.json", "bundleManifest": "/en/research/researcher-cv/author/alter-adrian/bundle-manifest.json" }, "generatedAtUtc": "2026-10-01T01:18:25.331Z" }