Deniz Igan — CV
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- Authors: Deniz Igan
Biography
Deniz Igan is the Chief of the IMF Research Department’s World Economic Studies Division. Between 2021 and 2024, she was the Head of Macroeconomic Analysis at the Bank for International Settlements. Prior to that, she held various positions at the IMF, including as co-editor of the IMF Research Perspectives, an advisor to the editor for the IMF's Finance & Development magazine, and a recurring contributor to the Global Financial Stability Report, the World Economic Outlook, and the IMF-FSB Early Warning Exercise. Her research interests include macro-financial linkages, financial crises, real estate markets, and the political economy of financial regulation. Her work has been published in academic journals including policy-oriented volumes and presented widely in conferences and workshops. Deniz is a CEPR Research Fellow, an EUI Young Policy Leaders Fellow, an expert panelist at Zillow’s House Price Expectations Survey, and a recipient of the IMF Research Award for her innovative work on risks in real estate markets for the Early Warning Exercise and of best paper awards from the Midwest Finance Association and the American Real Estate Society.
Profile
Education
- Princeton University, Ph.D.
- Princeton University, M.A.
- Bilkent University, B.A.
Field of Expertise
- Macro-Financial Issues
IMF Survey Articles
- Global House Prices Still Showing Down Trend (with Prakash Loungani), 2012, IMF Survey, September 17
IMF Direct Blog Posts
IMF Publications
IMF Books and Working Papers
- The Nuanced Role of Government Credit in Monetary Policy Transmission, Working Paper No. 2026/004 , January 9, 2026
- Inflation and Labor Markets: A Bottom-Up View, Working Paper No. 2024/220 , October 11, 2024
- Housing Affordability: A New Dataset, Working Paper No. 2023/247 , December 1, 2023
- Macroprudential Policy Effects: Evidence and Open Questions, Departmental Paper No 2023/002 , March 31, 2023
- The Premia on State-Contingent Sovereign Debt Instruments, Working Paper No. 2021/282 , December 3, 2021
- Distributional Effects of Monetary Policy, Working Paper No. 2021/201 , July 30, 2021
- When They Go Low, We Go High? Measuring Bank Market Power in a Low-for-Long Environment, Working Paper No. 2021/149 , May 27, 2021
- Limits to Private Climate Change Mitigation, Working Paper No. 2021/112 , April 29, 2021
- Pricing Protest: The Response of Financial Markets to Social Unrest, Working Paper No. 2021/079 , March 19, 2021
- Zombies on the Brink: Evidence from Japan on the Reversal of Monetary Policy Effectiveness, Working Paper No. 2021/044 , February 19, 2021
- Government Intervention and Bank Market Power: Lessons from the Global Financial Crisis for the COVID-19 Crisis, Working Paper No. 2020/275 , December 11, 2020
- Tracking the Economic Impact of COVID-19 and Mitigation Policies in Europe and the United States, Working Paper No. 2020/125 , July 10, 2020
- Does Going Tough on Banks Make the Going Get Tough? Bank Liquidity Regulations, Capital Requirements, and Sectoral Activity, Working Paper No. 2020/103 , June 19, 2020
- Discerning Good from Bad Credit Booms: The Role of Construction, Staff Discussion Notes No. 2020/002 , February 12, 2020
- Doing More for Less? New Evidence on Lobbying and Government Contracts, Working Paper No. 2019/172 , August 9, 2019
- Bank Lobbying: Regulatory Capture and Beyond, Working Paper No. 2019/171 , August 9, 2019
- The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector, Working Paper No. 2019/164 , July 30, 2019
- How Do Regulations of Entry and Credit Access Relate to Industry Competition? International Evidence, Working Paper No. 2018/084 , April 6, 2018
- Trade-offs in Bank Resolution, Staff Discussion Notes No. 2018/002 , February 9, 2018
- Winning Connections? Special Interests and the Sale of Failed Banks, Working Paper No. 2017/262 , November 22, 2017
- Real Effects of Capital Inflows in Emerging Markets, Working Paper No. 2016/235 , December 6, 2016
- March Madness in Wall Street: (What) Does the Market Learn from Stress Tests?, Working Paper No. 2015/271 , December 23, 2015
- Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets, Working Paper No. 2015/198 , September 8, 2015
- Capital Inflows, Credit Growth, and Financial Systems, Working Paper No. 2015/193 , August 19, 2015
- The Macroeconomic Relevance of Credit Flows: An Exploration of U.S. Data, Working Paper No. 2015/143 , June 30, 2015
- Monetary Policy and Balance Sheets, Working Paper No. 2013/158 , July 3, 2013
- Fiscal Consolidation and the Cost of Credit: Evidence from Syndicated Loans, Working Paper No. 2013/036 , February 1, 2013
- Global Housing Cycles, Working Paper No. 2012/217 , August 1, 2012
- Policies for Macrofinancial Stability: How to Deal with Credit Booms, Staff Discussion Notes No. 2012/006 , June 7, 2012
- Credit Growth and Bank Soundness: Fast and Furious?, Working Paper No. 2011/278 , December 1, 2011
- Do Loan-To-Value and Debt-To-Income Limits Work? Evidence From Korea, Working Paper No. 2011/297 , December 1, 2011
- How to Deal with Real Estate Booms: Lessons from Country Experiences, Working Paper No. 2011/091 , April 1, 2011
- Policies for Macrofinancial Stability: Options to Deal with Real Estate Booms, Staff Discussion Notes No. 2011/002 , March 1, 2011
- Bank Lending in Turkey: Effects of Monetary and Fiscal Policies, Working Paper No. 2010/233 , October 1, 2010
- Lessons and Policy Implications from the Global Financial Crisis, Working Paper No. 2010/044 , February 1, 2010
- A Fistful of Dollars: Lobbying and the Financial Crisis, Working Paper No. 2009/287 , December 1, 2009
- Three Cycles: Housing, Credit, and Real Activity, Working Paper No. 2009/231 , October 1, 2009
- Exposure to Real Estate Losses: Evidence from the US Banks, Working Paper No. 2009/079 , April 1, 2009
- Are Weak Banks Leading Credit Booms? Evidence from Emerging Europe, Working Paper No. 2008/219 , September 1, 2008
- Credit Booms and Lending Standards: Evidence From the Subprime Mortgage Market, Working Paper No. 2008/106 , April 1, 2008
- The Dynamics of Product Quality and International Competitiveness, Working Paper No. 2007/097 , April 1, 2007
F&D articles
Selected Issues
Other Published Materials
Non-IMF Publications
Publications in Journals (Referred)
Publications in Books and Conference Volumes
- Brightening Europe’s productivity future: time for unified, brave action, 2024, in the EUROFI Magazine, pp. 45.
- Distributional Effects of Monetary Policy (with Valentina Bonifacio, Luis Brandao-Marques, Nina Budina, Balazs Csonto, Philipp Engler, Chiara Fratto, Davide Furceri, Rui Mano, Machiko Narita, Murad Omoev, Gurnain Kaur Pasricha, and Helene Poirson), 2022, in Economic Challenges for Europe After the Pandemic, ed. Luigi Paganetto, Springer: Cham, Switzerland.
- Bank Lobbying: Regulatory Capture and Beyond (with Thomas Lambert), 2019, (Chapter 5) in The Political Economy of Financial Regulation, eds. E. Avgouleas and D. Donald, Cambridge University Press: Cambridge, UK.
- Policies for Macrofinancial Stability: Options to Deal with Credit Booms and Busts (with Giovanni Dell’Ariccia, Luc Laeven and Hui Tong), 2014, (Chapter 11) in Financial Crises: Causes, Consequences, and Policy Responses, eds. Claessens et al., IMF: Washington, DC.
- Policies for Macrofinancial Stability: Managing Real Estate Booms and Busts (with Christopher Crowe, Giovanni Dell’Ariccia, and Pau Rabanal), 2014, (Chapter 12) in Financial Crises: Causes, Consequences, and Policy Responses, eds. Claessens et al., IMF: Washington, DC.
- Repairing Household Balance Sheets (with Daniel Leigh, John Simon, and Petia Topalova), 2014, (Chapter 18) in Financial Crises: Causes, Consequences, and Policy Responses, eds. Claessens et al., IMF: Washington, DC.
- A Cross-Country Perspective on the Causes of the Global Financial Crisis (with Stijn Claessens, Giovanni Dell’Ariccia, and Luc Laeven), 2013, (Chapter 48) in Handbooks in Financial Globalization: The Evidence and Impact of Financial Globalization, ed. Gerard Caprio, Elsevier: Oxford, UK.
- Lessons and Policy Implications from the Global Financial Crisis (with Stijn Claessens, Giovanni Dell’Ariccia, and Luc Laeven), 2013, (Chapter 49) in Handbooks in Financial Globalization: The Evidence and Impact of Financial Globalization, ed. Gerard Caprio, Elsevier: Oxford, UK.
- Dealing with Real Estate Booms (with Giovanni Dell'Ariccia), 2011, in Managing Real Estate Booms and Busts, eds. Stijn Claessens and Tae Soo Kang, IMF: Washington, DC.
- Loan-to-Value and Debt-to-Income Limits as Macroprudential Tools: Evidence from Korea (with Heedon Kang), 2011, in Managing Real Estate Booms and Busts, eds. Stijn Claessens and Tae Soo Kang, IMF: Washington, DC.
- The U.S. Subprime Mortgage Crisis: A Credit Boom Gone Bad? (with Giovanni Dell’Ariccia, and Luc Laeven), 2008, Proceedings, Federal Reserve Bank of Chicago, May, 201-204.
- Are Weak Banks Leading Credit Booms? Evidence from Emerging Europe (with Natalia Tamirisa), in Macrofinancial Linkages: Trends, Crises, and Policies, 2010, eds. Christopher Crowe, Simon Johnson, Jonathan Ostry, and Jeromin Zettelmeyer, IMF: Washington, DC. [reprinted in Global Banking Crises and Emerging Markets, 2016, eds. Josef C. Brada and Paul Wachtel, Palgrave Macmillan: UK.]
- Speed Kills? Mortgage Credit Boom and the Crisis (with Giovanni Dell'Ariccia and Luc Laeven), 2010, in Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future, ed. Robert Kolb, Wiley: New York.
- The Relationship between the Recent Boom and the Current Delinquencies in Subprime Mortgages (with Giovanni Dell'Ariccia and Luc Laeven), 2008, (lead piece) in The First Global Financial Crisis of the 21st Century, eds. Andrew Felton and Carmen Reinhart, CEPR: London, UK.
- Product Quality and International Competitiveness in the New Member States of the EU, 2008, in Currency and Competitiveness in Europe, eds. Klaus Liebscher, Josef Christl, Peter Mooslechner, and Doris Ritzberger-Grunwald, Edward Elgar Publishing: Cheltenham, UK.