## Thomas Kroen

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## Bibliographic details
- Authors: Thomas Kroen

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### Biography

Thomas Kroen is an Economist in the Research Department. He holds a Ph.D. from Princeton University and a master's degree from the London School of Economics. His research focuses on banking, macro-finance, monetary economics, and corporate finance.

### Profile

### Education

- Ph.D. in Economics - Princeton University, 2022

- M.Sc. Econometrics and Mathematical Economics - London School of Economics, 2016

- B.Sc. Economics - University of Mannheim, 2015

### Previous Experience

- Ph.D. Research Intern, Deutsche Bundesbank

### Awards and Honors

- Ieke van den Burg Prize, 2022

### Field of Expertise

- Banking

- Macro-Financial Issues

- Monetary Policy

### IMF Publications

### IMF Books and Working Papers

- [Unlocking MENA and CCA Trade in a Fragmented World](https://www.imf.org/en/publications/wp/issues/2025/12/20/unlocking-mena-and-cca-trade-in-a-fragmented-world-572720), Working Paper No. 2025/267 , December 19, 2025

- [The Energy Origins of the Global Inflation Surge](https://www.imf.org/en/publications/wp/issues/2025/07/18/the-energy-origins-of-the-global-inflation-surge-568659), Working Paper No. 2025/144 , July 18, 2025

- [The Energy Origins of the Global Inflation Surge](https://www.imf.org/en/publications/wp/issues/2025/05/09/the-energy-origins-of-the-global-inflation-surge-566804), Working Paper No. 2025/091 , May 9, 2025

- [Central Bank Digital Currencies in the Middle East and Central Asia](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2024/04/26/central-bank-digital-currencies-in-the-middle-east-and-central-asia-543566), Departmental Paper No 2024/004 , April 26, 2024

- [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

### Non-IMF Publications

### Publications in Journals (Refereed)

- [Alter, Adrian, Bashar Hlayhel, Thomas Kroen, and Thomas Piontek. "Are higher interest rates a concern for financial stability in MENA?." Emerging Markets Review (2025): 101338.](https://www.sciencedirect.com/science/article/pii/S1566014125000871)

### Other Published Materials

- [Kroen, T., Liu, E., Mian, A. R., & Sufi, A. (2021). Falling rates and rising superstars (No. w29368). National Bureau of Economic Research.](https://www.nber.org/system/files/working_papers/w29368/w29368.pdf)

- [Fringuellotti, F., & Kroen, T. (2024). Payout Restrictions and Bank Risk-Shifting. Federal Reserve Bank of New York Staff Reports No.1123](https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1123.pdf?sc_lang=en)

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_Source: https://www.imf.org/en/research/researcher-cv/author/kroen-thomas_