## Eugenio M. Cerutti ## Source details **Canonical URL:** [Eugenio M. Cerutti](https://www.imf.org/en/research/researcher-cv/author/cerutti-eugenio) ## Other formats - [Markdown version](/en/research/researcher-cv/author/cerutti-eugenio/index.md) - [Structured JSON version](/en/research/researcher-cv/author/cerutti-eugenio/index.json) - [Bundle manifest](/en/research/researcher-cv/author/cerutti-eugenio/bundle-manifest.json) ## Bibliographic details - Authors: Eugenio M. Cerutti --- ### Biography Eugenio Cerutti is the Assistant to the Director at the Research Department of the IMF (Maurice Obstfeld since Sep 2015; Olivier Blanchard from June 2014 to Sep 2015). He has also served in the Macro-Financial Division of the Research Department as well as on the IMF teams of a number of economies, including Sweden, Turkey, Venezuela, Lithuania, Bolivia, and Barbados. His research interests fall in the general field of international macroeconomics, with a particular focus on currency and banking crises and macro-financial linkages. He holds a Ph.D. in Economics from the Johns Hopkins University and a B.A. in Economics from Universidad Nacional de Cordoba (Argentina). ### Profile ### Education - Ph.D. in Economics, Johns Hopkins University, Baltimore - M.A. in Economics, Johns Hopkins University, Baltimore - Licenciado en Economía, Universidad Nacional de Córdoba, Córdoba, Argentina ### Previous Experience - 5/2004-9/2004 Consultant, Development Research Group, The World Bank - 2/2004-4/2004 Research Assistant, Research Department, IMF - 9/2003-1/2004 Research Assistant to Prof. L. Ball, Johns Hopkins University - 6/2002-8/2002 Summer Intern, Congressional Budget Office, U.S. Congress - 2/2000-8/2000 Economic Advisor, Coordination Unit of Co-Financed Projects by International Institutions, Government of Córdoba Province, Córdoba, Argentina ### Referee Activities - Journal of Finance, Review of Economic and Statistics, Review of Finance, Journal of Financial Intermediation, IMF Economic Review, Journal of Banking and Finance, Economic Policy, Journal of International Money and Finance, Journal of Financial Services Research, International Journal of Central Banking, Journal of Financial Regulation, International Finance, Oxford University Press, and Quarterly Review of Economics and Finance ### Current Position - Assistant to the Director, Research Department, IMF ### Field of Expertise - International Finance - Banking - Macro-Financial Issues ### IMF Publications ### IMF Books and Working Papers - [Stablecoin Shocks](https://www.imf.org/en/publications/wp/issues/2026/03/06/stablecoin-shocks-574528), Working Paper No. 2026/044 , March 6, 2026 - [Banking on Nonbanks](https://www.imf.org/en/publications/wp/issues/2026/02/06/banking-on-nonbanks-573725), Working Paper No. 2026/023 , February 6, 2026 - [Understanding Stablecoins](https://www.imf.org/en/publications/departmental-papers/issues/2025/12/02/understanding-stablecoins-570602), Departmental Paper No 2025/009 , December 4, 2025 - [Global Cross-Border Payments: A $1 Quadrillion Evolving Market?](https://www.imf.org/en/publications/wp/issues/2025/06/13/global-cross-border-payments-a-1-quadrillion-evolving-market-567604), Working Paper No. 2025/120 , June 13, 2025 - [From Banks to Nonbanks: Macroprudential and Monetary Policy Effects on Corporate Lending](https://www.imf.org/en/publications/wp/issues/2025/05/23/from-banks-to-nonbanks-macroprudential-and-monetary-policy-effects-on-corporate-lending-566495), Working Paper No. 2025/096 , May 23, 2025 - [The Global Impact of AI: Mind the Gap](https://www.imf.org/en/publications/wp/issues/2025/04/11/the-global-impact-of-ai-mind-the-gap-566129), Working Paper No. 2025/076 , April 11, 2025 - [Not all Housing Cycles are Created Equal: Macroeconomic Consequences of Housing Booms](https://www.imf.org/en/publications/wp/issues/2025/02/28/not-all-housing-cycles-are-created-equal-macroeconomic-consequences-of-housing-booms-562408), Working Paper No. 2025/050 , February 28, 2025 - [Estimating the Impact of Digital Money on Cross-Border Flows: Scenario Analysis Covering the Intensive Margin](https://www.imf.org/en/publications/fintech-notes/issues/2025/02/07/estimating-the-impact-of-digital-money-on-cross-border-flows-scenario-analysis-covering-the-561598), Fintech Notes No 2025/002 , February 7, 2025 - [Chinese Banks and Their EMDE Borrowers: Have Their Relationships Changed in Times of Geoeconomic Fragmentation?](https://www.imf.org/en/publications/wp/issues/2024/09/23/chinese-banks-and-their-emde-borrowers-have-their-relationships-changed-in-times-of-554998), Working Paper No. 2024/205 , September 23, 2024 - [The Global Financial Cycle: Quantities versus Prices](https://www.imf.org/en/publications/wp/issues/2024/07/19/the-global-financial-cycle-quantities-versus-prices-552069), Working Paper No. 2024/158 , July 19, 2024 - [A Primer on Bitcoin Cross-Border Flows: Measurement and Drivers](https://www.imf.org/en/publications/wp/issues/2024/04/05/a-primer-on-bitcoin-cross-border-flows-measurement-and-drivers-547429), Working Paper No. 2024/085 , April 5, 2024 - [Uncovering CIP Deviations in Emerging Markets: Distinctions, Determinants and Disconnect](https://www.imf.org/en/publications/wp/issues/2023/02/10/uncovering-cip-deviations-in-emerging-markets-distinctions-determinants-and-disconnect-529681), Working Paper No. 2023/028 , February 10, 2023 - [Climate Change in South Asia: Further Need for Mitigation and Adaptation](https://www.imf.org/en/publications/wp/issues/2021/08/20/climate-change-in-south-asia-further-need-for-mitigation-and-adaptation-464333), Working Paper No. 2021/217 , August 20, 2021 - [The Agricultural Exodus in the Philippines: Are Wage Differentials Driving the Process?](https://www.imf.org/en/publications/wp/issues/2021/08/20/the-agricultural-exodus-in-the-philippines-are-wage-differentials-driving-the-process-463355), Working Paper No. 2021/220 , August 20, 2021 - [Banking Across Borders: Are Chinese Banks Different?](https://www.imf.org/en/publications/wp/issues/2020/11/13/banking-across-borders-are-chinese-banks-different-49785), Working Paper No. 2020/249 , November 13, 2020 - [Why Did Public Banks Lend More During the Global Financial Crisis?](https://www.imf.org/en/publications/wp/issues/2020/06/05/why-did-public-banks-lend-more-during-the-global-financial-crisis-49470), Working Paper No. 2020/084 , June 5, 2020 - [Managed Trade: What Could be Possible Spillover Effects of a Potential Trade Agreement Between the U.S. and China?](https://www.imf.org/en/publications/wp/issues/2019/11/15/managed-trade-what-could-be-possible-spillover-effects-of-a-potential-trade-agreement-48771), Working Paper No. 2019/251 , November 15, 2019 - [US vs. Euro Area: Who Drives Cross-Border Bank Lending to EMs?](https://www.imf.org/en/publications/wp/issues/2019/09/20/us-vs-48609), Working Paper No. 2019/199 , September 20, 2019 - [Covered Interest Parity Deviations: Macrofinancial Determinants](https://www.imf.org/en/publications/wp/issues/2019/01/16/covered-interest-parity-deviations-macrofinancial-determinants-46472), Working Paper No. 2019/014 , January 16, 2019 - [China's Bond Market and Global Financial Markets](https://www.imf.org/en/publications/wp/issues/2018/12/07/china-s-bond-market-and-global-financial-markets-46252), Working Paper No. 2018/253 , December 7, 2018 - [Cross-border Banking and the Circumvention of Macroprudential and Capital Control Measures](https://www.imf.org/en/publications/wp/issues/2018/09/28/cross-border-banking-and-the-circumvention-of-macroprudential-and-capital-control-measures-46272), Working Paper No. 2018/217 , September 28, 2018 - [The Global Banking Network: What is Behind the Increasing Regionalization Trend?](https://www.imf.org/en/publications/wp/issues/2018/03/09/the-global-banking-network-what-is-behind-the-increasing-regionalization-trend-45682), Working Paper No. 2018/046 , March 9, 2018 - [Portfolio Inflows Eclipsing Banking Inflows: Alternative Facts?](https://www.imf.org/en/publications/wp/issues/2018/02/16/portfolio-inflows-eclipsing-banking-inflows-alternative-facts-45634), Working Paper No. 2018/029 , February 16, 2018 - [The Slowdown in Global Trade: A Symptom of A Weak Recovery](https://www.imf.org/en/publications/wp/issues/2017/11/15/the-slowdown-in-global-trade-a-symptom-of-a-weak-recovery-45352), Working Paper No. 2017/242 , November 15, 2017 - [The Global Banking Network in the Aftermath of the Crisis: Is There Evidence of De-globalization?](https://www.imf.org/en/publications/wp/issues/2017/11/07/the-global-banking-network-in-the-aftermath-of-the-crisis-is-there-evidence-of-de-45342), Working Paper No. 2017/232 , November 7, 2017 - [How Important is the Global Financial Cycle? Evidence from Capital Flows](https://www.imf.org/en/publications/wp/issues/2017/09/01/how-important-is-the-global-financial-cycle-evidence-from-capital-flows-45169), Working Paper No. 2017/193 , September 1, 2017 - [Changes in Prudential Policy Instruments — A New Cross-Country Database](https://www.imf.org/en/publications/wp/issues/2016/12/31/changes-in-prudential-policy-instruments-a-new-cross-country-database-43945), Working Paper No. 2016/110 , June 8, 2016 - [Foreign Bank Subsidiaries’ Default Risk during the Global Crisis: What Factors Help Insulate Affiliates from their Parents?](https://www.imf.org/en/publications/wp/issues/2016/12/31/foreign-bank-subsidiaries-default-risk-during-the-global-crisis-what-factors-help-insulate-43944), Working Paper No. 2016/109 , June 8, 2016 - [Inflation and Activity – Two Explorations and their Monetary Policy Implications](https://www.imf.org/en/publications/wp/issues/2016/12/31/inflation-and-activity-two-explorations-and-their-monetary-policy-implications-43377), Working Paper No. 2015/230 , November 6, 2015 - [Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More Than Fundamentals](https://www.imf.org/en/publications/wp/issues/2016/12/31/push-factors-and-capital-flows-to-emerging-markets-why-knowing-your-lender-matters-more-than-43015), Working Paper No. 2015/127 , June 22, 2015 - [Housing Finance and Real-Estate Booms: A Cross-Country Perspective](https://www.imf.org/en/publications/staff-discussion-notes/issues/2016/12/31/housing-finance-and-real-estate-booms-a-cross-country-perspective-42982), Staff Discussion Notes No. 2015/012 , June 3, 2015 - [The Use and Effectiveness of Macroprudential Policies: New Evidence](https://www.imf.org/en/publications/wp/issues/2016/12/31/the-use-and-effectiveness-of-macroprudential-policies-new-evidence-42791), Working Paper No. 2015/061 , March 17, 2015 - [Are Foreign Banks a 'Safe Haven'? Evidence from Past Banking Crises](https://www.imf.org/en/publications/wp/issues/2016/12/31/are-foreign-banks-a-safe-haven-evidence-from-past-banking-crises-42743), Working Paper No. 2015/043 , February 26, 2015 - [Financial Crises and the Composition of Cross-Border Lending](https://www.imf.org/en/publications/wp/issues/2016/12/31/financial-crises-and-the-composition-of-cross-border-lending-42396), Working Paper No. 2014/185 , October 16, 2014 - [The Great Cross-Border Bank Deleveraging: Supply Constraints and Intra-Group Frictions](https://www.imf.org/en/publications/wp/issues/2016/12/31/the-great-cross-border-bank-deleveraging-supply-constraints-and-intra-group-frictions-42372), Working Paper No. 2014/180 , September 25, 2014 - [Global Liquidity and Drivers of Cross-Border Bank Flows](https://www.imf.org/en/publications/wp/issues/2016/12/31/global-liquidity-and-drivers-of-cross-border-bank-flows-41511), Working Paper No. 2014/069 , April 29, 2014 - [Banks’ Foreign Credit Exposures and Borrowers’ Rollover Risks Measurement, Evolution and Determinants](https://www.imf.org/en/publications/wp/issues/2016/12/31/banks-foreign-credit-exposures-and-borrowers-rollover-risks-measurement-evolution-and-40235), Working Paper No. 2013/009 , January 11, 2013 - [The Need for "Un-consolidating" Consolidated Banks' Stress Tests](https://www.imf.org/en/publications/wp/issues/2016/12/31/the-need-for-un-consolidating-consolidated-banks-stress-tests-40151), Working Paper No. 2012/288 , December 6, 2012 - [Systemic Risks in Global Banking: What Available Data Can Tell Us and What More Data Are Needed?](https://www.imf.org/en/publications/wp/issues/2016/12/31/systemic-risks-in-global-banking-what-available-data-can-tell-us-and-what-more-data-are-25259), Working Paper No. 2011/222 , September 1, 2011 - [Bankers Without Borders? Implications of Ring-Fencing for European Cross-Border Banks](https://www.imf.org/en/publications/wp/issues/2016/12/31/bankers-without-borders-implications-of-ring-fencing-for-european-cross-border-banks-24335), Working Paper No. 2010/247 , November 1, 2010 - [Bolivia: The Hydrocarbons Boom and the Risk of Dutch Disease](https://www.imf.org/en/publications/wp/issues/2016/12/31/bolivia-the-hydrocarbons-boom-and-the-risk-of-dutch-disease-22021), Working Paper No. 2008/154 , June 1, 2008 - [IMF Drawing Programs: Participation Determinants and Forecasting](https://www.imf.org/en/publications/wp/issues/2016/12/31/imf-drawing-programs-participation-determinants-and-forecasting-21110), Working Paper No. 2007/152 , July 1, 2007 ### Non-IMF Publications ### Publications in Journals (Referred) - [Changes in Prudential Policy Instruments -- A New Cross-Country Database, International Journal of Central Banking, vol. 13 (1), pp. 477-503, 2017 (with R. Correa, E. Fiorentino, and E. Segalla)](http://www.ijcb.org/journal/ijcb17q1a17.htm) - [“Global Liquidity and Cross-Border Banking Flows,” Economic Policy, vol.32 (89), pp. 81-125, 2017 (with S. Claessens and L. Ravnostki)](https://doi.org/10.1093/epolic/eiw018) - [“Foreign Bank Subsidiaries' Default Risk during the Global Crisis: What Factors Help Insulate Affiliates from their Parents?” Journal of Financial Intermediation, vol. 29, pp. 19-31, 2017 (with S. Martinez-Peria and D. Anginer)](http://dx.doi.org/10.1016/j.jfi.2016.05.004) - [“The Great Cross-Border Bank Deleveraging: Supply Constraints and Intra-Group Frictions,” Review of Finance, vol. 21 (1), pp. 201-236, 2017 (with S. Claessens)](http://rof.oxfordjournals.org/content/early/2016/02/24/rof.rfw002.full.pdf+html) - [“The Use and Effectiveness of Macroprudential Policies: New Evidence,” Journal of Financial Stability, vol. 28, pp. 203-224, 2017 (with S. Claessens and L. Laeven)](http://dx.doi.org/10.1016/j.jfs.2015.10.004) - [“Drivers of Cross-Border Banking Exposures During The Crisis,” Journal of Banking and Finance, vol. 55, pp. 340–357, 2015.](http://www.sciencedirect.com/science/article/pii/S037842661400288X) - [“Financial Crisis and the Composition of Cross-border Lending,” Journal of International Money and Finance, vol. 52, pp. 60-81, 2015 (with C. Minoiu and G. Hale).](http://www.sciencedirect.com/science/article/pii/S026156061400206X) - [“RingFencing and Consolidated Banks’ Stress Tests,” Journal of Financial Stability, Vol. 11, pp. 1-12, 2014 (With. C. Schmieder).](http://www.sciencedirect.com/science/article/pii/S1572308913000788) - [“How Banks Go Abroad: Branches or Subsidiaries?,” Journal of Banking and Finance, vol. 31, pp. 1669-1692, 2007 (with G. Dell’Ariccia, and S. Martinez-Peria)](http://www.sciencedirect.com/science/article/pii/S0378426606003190) - [“Housing Finance and Real Estate Booms: A Cross-Country Perspective.” Journal of Housing Economics, vol. 38, pp. 1-13, 2017 (with G. Dell’Ariccia and J. Dagher)](http://www.sciencedirect.com/science/article/pii/S1051137716300237) ### Publications in Books and Conference Volumes - “The Usage of Macroprudential Policies: a Cross-country Perspective”, in E. Gnan, and D. Masciandaro (editors): “New Challenges in Central Banking: Monetary Policy Governance and Macroprudential Issues”, SUERF Conference Proceedings 2017/2, November 2017. - “Inflation and Activity – Two Explorations and Their Monetary Policy Implications.” (with Olivier Blanchard and Lawrence Summers), ECB Forum on Central Banking, 2015 Conference Proceedings. Also in IMF WP 15/230, and NBER WP 21726. - “Measuring Systemic Risks in a Global Banking Sector: What Can Available Data Tell Us and What More Data are Needed?,” in M. Brunnermeier and A. Krishnamurthy (editors) “Risk Topography: Systemic Risk and Macro Modeling,” NBER, 2014 (with S. Claessens and P. McGuire). Also in IMF WP 11/222, BIS WP 376, and NBER WP 18531. - “Bankers without Borders? Implications of Ring-Fencing for European Cross-Border Banks,” in P. Backé, E. Gnan and P. Hartmann (editors): “Contagion and Spillovers: New Insights from the Crisis”, SUERF Study 2010/5. (with A. Ilyina, Y. Makarova and C. Schmieder). Also in IMF WP 247, November 2010. - “Intra-industry trade between Mercosur, the European Union (EU) and the North American Free Trade Agreement (NAFTA),” in R. Eisen (editor): “Supranational Cooperation and Integration: Goods and Services vs. Information”, Frankfurt am Main; Peter Lang, 2002. (With Hebe de Marega). --- _Source: https://www.imf.org/en/research/researcher-cv/author/cerutti-eugenio_