Luis Brandao Marques — Curriculum Vitae

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Bibliographic details

• Authors: Luis Brandao Marques

Biography

Luis Brandao-Marques, a national of Portugal, is Deputy Chief in the Advanced Economies Unit of the IMF’s European Department (EUR) and mission chief for Latvia. Prior to joining the IMF, he was Assistant Professor of International Economics at Johns Hopkins University (SAIS). Luis also worked as a corporate banker in Portugal and as a lecturer at the University of Oporto earlier in his career. Luis holds a Ph.D. in Economics from the University of Rochester and has published in top finance and economics journals, including the Journal of Finance, the Review of Financial Studies, the Journal of Monetary Economics, and the Journal of Development Economics.

Profile

Education

• Ph.D. in Economics, University of Rochester

• M.A. in Economics, University of Rochester

• M.A. in Economics, University of Porto

• Lic. in Economics (Licenciatura), University of Porto

Referee Activities

• Journal of Monetary Economics, Journal of Corporate Finance, International Finance, Journal of Financial Stability, Journal of International Money and Finance, IMF Economic Review, Economic Systems, Journal of International Trade and Economic Development, Portuguese Economic Journal, South African Journal of Economics

Current Position

• Deputy Unit Chief, Advanced Economies Unit, European Department, International Monetary Fund

Country work or Mission Assignment

• Mission chief, Latvia (2024-...)

• Deputy Mission Chief for the Euro Area (2023-...)

• Mission Chief, Finland FSAP (2021-2023)

• Deputy Mission Chief, Singapore FSAP (2018-19)

• Systemic risk analysis expert, Japan FSAP (2016-17)

• MCM economist, Chile team (2015-17)

• Systemic risk analysis expert, Norway FSAP (2014-15)

Teaching

• Taught multiple courses on macroeconomic and macro-financial topics for government officials at the Institute for Capacity Development (IMF), 2010-13

Work in progress

• Monetary policy transmission in emerging markets and developing economies (with Gaston Gelos, Thomas Harjes, Ratna Sahay, and Yi Xue). Revise and Resubmit at Journal of Money, Credit, and Banking.

Field of Expertise

• International Finance

• Banking

• Macro-Financial Issues

• International Macroeconomics

• Monetary Policy

IMF Direct Blog Posts

• Kammer, Alfred and Luis Brandao-Marques, 2023. “Europe Should Tighten Monetary Policy Further.” July 21, 2023.

• The Evidence Is in on Negative Interest Rate Policies

• Good Governance Curbs Excessive Bank Risks

IMF Publications

IMF Books and Working Papers

• Real Equilibrium Interest Rates in the Euro Area, Working Paper No. 2025/123 , June 20, 2025

• A Bitter Aftertaste: How State Aid Affects Recipient Firms and Their Competitors in Europe, Working Paper No. 2024/250 , December 16, 2024

• The ECB’s Future Monetary Policy Operational Framework: Corridor or Floor?, Working Paper No. 2024/056 , March 15, 2024

• Monetary Policy with Uncertain Inflation Persistence, Working Paper No. 2024/047 , March 8, 2024

• Do Household Expectations Help Predict Inflation?, Working Paper No. 2023/224 , October 27, 2023

• Is High Debt Constraining Monetary Policy? Evidence from Inflation Expectations, Working Paper No. 2023/143 , June 30, 2023

• Distributional Effects of Monetary Policy, Working Paper No. 2021/201 , July 30, 2021

• Negative Interest Rates: Taking Stock of the Experience So Far, Departmental Paper No 2021/003 , March 3, 2021

• Leaning Against the Wind: A Cost-Benefit Analysis for an Integrated Policy Framework, Working Paper No. 2020/123 , July 7, 2020

• Monetary Policy Transmission in Emerging Markets and Developing Economies, Working Paper No. 2020/035 , February 21, 2020

• The Riskiness of Credit Allocation and Financial Stability, Working Paper No. 2019/207 , September 27, 2019

• How Financial Conditions Matter Differently across Latin America, Working Paper No. 2017/218 , October 30, 2017

• Stock Market Liquidity in Chile, Working Paper No. 2016/223 , November 16, 2016

• Changes in the Global Investor Base and the Stability of Portfolio Flows to Emerging Markets, Working Paper No. 2015/277 , December 28, 2015

• International Evidence on Government Support and Risk Taking in the Banking Sector, Working Paper No. 2013/094 , May 2, 2013

IMF Country Reports

• IMF, 2023. Euro Area Policies: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Euro Area; IMF Country Report No. 23/264.

• IMF, 2023. Finland: Financial System Stability Assessment. Country Report No. 2023/039. Lead author.

• IMF, 2019. “Singapore: Financial System Stability Assessment.” Country Report No. 19/224.

• IMF, 2017a. “Technical Note—Long-Term Challenges for Financial Intermediation” IMF Country Report No. 17/283. Team leader.

• IMF, 2017b. “Technical Note-Systemic Risk Analysis and Stress Testing the Financial Sector.” IMF Country Report No. 17/285. Contributor.

• IMF, 2016. Chile : 2016 Article IV Consultation. Staff Report. Country Report No. 16/376. Contributor.

• IMF, 2015. “Technical Note-Linkages and Interconnectedness in the Norwegian Financial System.” IMF Country Report No. 15/256.

F&D articles

• "Transparency Matters," (with L. Brandao-Marques and N. Melgar), Finance & Development, December 2013, Vol. 50 (4)

Other Published Materials

• Brandão-Marques, Luis, Marco Casiraghi, Gaston Gelos, Günes Kamber, and Roland Meeks, 2021. “Negative Interest Rates: Taking Stock of the Experience So Far,” IMF Departmental Paper No. 2021/003.

• COVID-19 Shock and Multilateral Aspects of Foreign Exchange Intervention and Capital Flow Management Policies, (with Gaston Gelos, Chris Erceg, Lucyna Gornicka, Annamaria Kokenyne, and Gurnain Pasricha), December 2020

• IMF, 2018. “Is the Riskiness of Credit Allocation a Source of Financial Vulnerability?” in Global Financial Stability Report, April 2018, Chapter 2.

• IMF, 2017. “Is Growth at Risk?” in Global Financial Stability Report, October 2017, Chapter 1.

• IMF, 2017. “Are Countries Losing Control of Domestic Financial Conditions?” in Global Financial Stability Report, April 2017, Chapter 3.

• IMF, 2016a. “Monetary Policy and the Rise of Nonbank Finance” in Global Financial Stability Report, October 2016, Chapter 2. Team leader.

• IMF, 2016b. “Corporate Governance, Investor Protection, and Financial Stability in Emerging Markets” in Global Financial Stability Report, October 2016, Chapter 3. Contributor.

• IMF, 2016c. “The Growing Importance of Financial Spillovers from Emerging Markets” in Global Financial Stability Report, April 2016, Chapter 2. Contributor.

• IMF, 2015a. “Market Liquidity: Resilient or Fleeting?” in Global Financial Stability Report, October 2015, Chapter 2. Team leader.

• IMF, 2014a. “Risk Taking by Banks: The Role of Governance and Executive Pay” in Global Financial Stability Report, October 2014, Chapter 3. Team leader.

• IMF, 2014b. “How do Changes in the Investor Base and Financial Deepening Affect Emerging Market Economies?” in Global Financial Stability Report, April 2014, Chapter 2. Contributor.

Non-IMF Publications

Publications in Journals (Referred)

• Luis Brandao-Marques, Luis, Marco Casiraghi, Gaston Gelos, Olamide Harrison, and Gunes Kamber, 2024, "Is high debt Constraining monetary policy? Evidence from inflation expectations." Journal of International Money and Finance, Volume 149, 103206.

• Brandao-Marques, Luis, Marco Casiraghi, Gaston Gelos, Gunes Kamber, and Roland Meeks, 2024. "Negative Interest Rate Policies: A Survey," Annual Review of Economics, Volume 16.

• Albuquerque, Rui, Luis Brandão-Marques, Bruno Araujo, Pippy Vletter, Gerivasia Mosse, and Helder Zavale, 2024. Market timing, farmer expectations, and liquidity constraints. Journal of Development Economics, forthcoming.

• Brandao-Marques, Luis, Gaston Gelos, Hibiki Ichiue, and Hiroko Oura, 2022. "Changes in the global investor base and the stability of portfolio flows to emerging markets," Journal of Banking & Finance, Volume 144, 106615.

• Brandão-Marques, Luis, Qianying Chen, Claudio Raddatz, Jérôme Vandenbussche, and Peichu Xie, 2022. "The riskiness of credit allocation and financial stability," Journal of Financial Intermediation, Volume 51, 100980.

• Brandao-Marques, L., Correa, R. and Sapriza, H., 2020. Government support, regulation, and risk taking in the banking sector. Journal of Banking & Finance, 112, p.105284.

• Albuquerque, R., Brandão-Marques, L., Ferreira, M.A. and Matos, P., 2019. International corporate governance spillovers: Evidence from cross-border mergers and acquisitions. The Review of Financial Studies, 32(2), pp.738-770.

• Brandao-Marques, L., Gelos, G. and Melgar, N., 2018. Country transparency and the global transmission of financial shocks. Journal of Banking & Finance, 96, pp.56-72.

• Alvarez-Parra, F., Brandao-Marques, L. and Toledo, M., 2013. Durable goods, financial frictions, and business cycles in emerging economies. Journal of Monetary Economics, 60(6), pp.720-736.

• Albuquerque, R., De Francisco, E. and Marques, L.B., 2008. Marketwide private information in stocks: Forecasting currency returns. The Journal of Finance, 63(5), pp.2297-2343.

Publications in Journals (Refereed)

• Brandao-Marques, Luis, 2010. “Interest Rates and Crisis: Revisiting the Taylor Rule.” SAIS Review of International Affairs 30, no. 1: 157-160.

Publications in Books and Conference Volumes

• Brandao-Marques, Luis, Gaston Gelos, Machiko Narita, and Erlend Nier, 2023. “Leaning Against the Wind: A Cost-Benefit Analysis for an Integrated Policy Framework. In Gelos, Gaston, and Ratna Sahay, eds. 2023. Shocks and Capital Flows: Policy Responses in a Volatile World, Chapter 18, pp. 429-460. Washington, DC: International Monetary Fund.

• Brandao-Marques, Luis, Lucyna Górnicka, and Günes Kamber, 2023. “Exchange Rate Fluctuations in Advanced and Emerging Economies: Same Shocks, Different Outcomes.” In Gelos, Gaston, and Ratna Sahay, eds. 2023. Shocks and Capital Flows: Policy Responses in a Volatile World, Chapter 7, pp. 147-160. Washington, DC: International Monetary Fund.

• Bonifacio, Valentina, Luis Brandao-Marques, Nina Budina, Balazs Csonto, Chiara Fratto, Philipp Engler, Davide Furceri, Deniz Igan, Rui Mano, Machiko Narita, Murad Omoev, Gurnain Kaur Pasricha, and Hélène Poirson, 2022. Distributional Effects of Monetary Policy. In: Paganetto, L. (eds) Economic Challenges for Europe After the Pandemic. Springer Proceedings in Business and Economics. Springer.

Other Published Materials

• Brandao-Marques, Luis, Marco Casiraghi, Gaston Gelos, Olamide Harrison, and Gunes Kamber, 2023. “High Debt Levels Can Impede Monetary Policy.” SUERF Policy Brief November 9, 2023.

• Brandao-Marques, Luis, Marco Casiraghi, Gaston Gelos, Olamide Harrison, and Gunes Kamber, 2023. “High debt levels can hinder the fight against inflation.” VOX—CEPR’s Policy Portal, July 28, 2023.

• Kammer, Alfred, Luis Brandao-Marques, and Lev Ratnovski, 2023. “Staying ahead of the curve: financial policies in Europe,” The EUROFI Magazine—Stockholm 2023, April 2023.

• Brandao-Marques, Luis, 2022. “Monetary and Macroprudential Policies’ Interaction,” keynote speech at XIII Bank of Mozambique Research Conference, June 2022.

• "Negative Interest Rate Policies: Taking Stock of the Experience So Far," (with L. Brandao-Marques, M. Casiraghi, L. Kamber, and R. Meeks), CESIfo Forum, November 2021

• Albuquerque, R.A., Brandão-Marques, L., Araujo, B., Vletter, P., Mosse, G. and Zavale, H., 2021. Market timing, farmer expectations, and liquidity constraints. CEPR Discussion Paper No. DP16220

• Brandao-Marques, Luis, Marco Casiraghi, Gaston Gelos, Gunes Kamber and Roland Meeks. 2021. “Negative Interest Rate Policies: Taking Stock of the Experience So Far.” SUERF Policy Note, Issue No 235, May 2021.

• Brandao-Marques, Luis and Casiraghi, Marco and Casiraghi, Marco and Gelos, R. Gaston and Kamber, Gunes and Meeks, Roland, Negative Interest Rate Policies: A Survey (April 2021). CEPR Discussion Paper No. DP16016.

• Brandao-Marques, Luis and Gelos, R. Gaston and Narita, Machiko and Nier, Erlend, Leaning Against the Wind: An Empirical Cost-Benefit Analysis (January 2021). CEPR Discussion Paper No. DP15693.

• Luis Brandao-Marques, Gaston Gelos, Machiko Narita, Erlend Nier, 2020. "Leaning against the wind: An empirical cost-benefit analysis." VOX—CEPR’s Policy Portal, July 24, 2020.

• Brandao-Marques, Luis and Gaston Gelos, 2017. “The rise in nonbank finance and monetary policy transmission.” VOX—CEPR’s Policy Portal, December 21, 2017.

• Brandao-Marques, Luis and Gaston Gelos, 2016. “Resilience of market liquidity.” VOX—CEPR’s Policy Portal, January 18, 2016.

• Albuquerque, Rui A., Luis Brandao Marques, Miguel A. Ferreira, and Pedro P. Matos, 2016. “Foreign acquisitions and better corporate governance.” VOX—CEPR’s Policy Portal, January 17, 2016.

Content in this bundle

• COVID-19 Shock and Multilateral Aspects of Foreign Exchange Intervention and Capital Flow Management Policies
  • COVID-19 Shock and Multilateral Aspects of Foreign Exchange Intervention and Capital Flow Management Policies (Markdown version)
  • COVID-19 Shock and Multilateral Aspects of Foreign Exchange Intervention and Capital Flow Management Policies (PDF)
• 1. Capital market — Development countries — Periodicals.
  • 1. Capital market — Development countries — Periodicals. (Markdown version)
  • 1. Capital market — Development countries — Periodicals. (PDF)
• CHAPTER 2 MONETARY POLICY ANd THE RISE OF NONBANk FINANCE
  • CHAPTER 2 MONETARY POLICY ANd THE RISE OF NONBANk FINANCE (Markdown version)
  • CHAPTER 2 MONETARY POLICY ANd THE RISE OF NONBANk FINANCE (PDF)
• cr15256
  • cr15256 (Markdown version)
  • cr15256 (PDF)
• cr16376
  • cr16376 (Markdown version)
  • cr16376 (PDF)