{ "title": "Francisco Roch - CV", "sourceUrl": "https://www.imf.org/en/research/researcher-cv/author/roch-francisco", "canonical": "https://www.imf.org/en/research/researcher-cv/author/roch-francisco", "overlayPath": "/en/research/researcher-cv/author/roch-francisco/index.md", "summary": "Francisco Roch is a Visiting Scholar in the Debt Policy Division at the Strategy, Policy and Review Department, and an Associate Professor at Universidad Torcuato Di Tella. Previously, he was a Senior Economist in the Research Department and also worked in the African, Western Hemisphere, and the Strategy and Policy Review Departments. While on leave from the IMF during 2017-19, he was Deputy Manager of the Research Department at the Center for Latin American Monetary Studies (CEMLA), in Mexico. Associate Editor of the IMF Economic Review and the Latin American Journal of Central Banking. He holds a Ph.D. from the University of Chicago and joined the IMF in 2012.", "authors": [ "Francisco Roch" ], "sections": [ { "heading": "Biography", "content": "Francisco Roch is a Visiting Scholar in the Debt Policy Division at the Strategy, Policy and Review Department, and an Associate Professor at Universidad Torcuato Di Tella. Previously, he was a Senior Economist in the Research Department and also worked in the African, Western Hemisphere, and the Strategy and Policy Review Departments. While on leave from the IMF during 2017-19, he was Deputy Manager of the Research Department at the Center for Latin American Monetary Studies (CEMLA), in Mexico. Associate Editor of the IMF Economic Review and the Latin American Journal of Central Banking. He holds a Ph.D. from the University of Chicago and joined the IMF in 2012." }, { "heading": "Education", "content": "- Ph.D. in Economics, University of Chicago, 2012\n\n- M.A. in Economics, University of Chicago, 2008\n\n- B.A. in Economics, Universidad del CEMA (UCEMA), Buenos Aires, Argentina, 2005" }, { "heading": "Referee Activities", "content": "- American Economic Review, Econometrica, Journal of Political Economy, The Economic Journal, Macroeconomics Dynamics, AEJ: Macroeconomics, Journal of Money, Credit and Banking, Review of Economics and Statistics, Journal of Applied Economics, Review of Economic Dynamics, Journal of Economic Dynamics and Control, Monetaria, Economics Letters, Journal of International Economics, International Journal of Central Banking, Journal of Macroeconomics, Journal of Economic Studies, Journal of Banking and Finance, Public Finance Review, Applied Economics Letters, Economica." }, { "heading": "Field of Expertise", "content": "- Open Economy Macroeconomics\n\n- Macro-Financial Issues\n\n- International Finance" }, { "heading": "IMF Books and Working Papers", "content": "- Fiscal Rules, Robust Correction Mechanisms, and Sovereign Spreads, Working Paper No. 2025/195 , September 26, 2025\n\n- Fiscal Guardrails against High Debt and Looming Spending Pressures, Staff Discussion Notes No. 2025/004 , September 25, 2025\n\n- Integrated Monetary and Financial Policies for Small Open Economies, Working Paper No. 2023/161 , August 4, 2023\n\n- How Large is the Sovereign Greenium?, Working Paper No. 2023/080 , April 7, 2023\n\n- Debt Mutualization in the Euro Area: A Quantitative Exploration, Working Paper No. 2023/059 , March 17, 2023\n\n- Sovereign Climate Debt Instruments: An Overview of the Green and Catastrophe Bond Markets, Staff Climate Note No 2022/004 , July 7, 2022\n\n- Sovereign Debt, Working Paper No. 2022/122 , June 17, 2022\n\n- Sovereign Cocos, Working Paper No. 2022/078 , April 29, 2022\n\n- Numerical Fiscal Rules for Economic Unions: the Role of Sovereign Spreads, Working Paper No. 2021/196 , July 23, 2021\n\n- Uncertainty Premia, Sovereign Default Risk, and State-Contingent Debt, Working Paper No. 2021/076 , March 12, 2021\n\n- Robust Optimal Macroprudential Policy, Working Paper No. 2021/055 , February 26, 2021\n\n- Constrained Efficient Borrowing with Sovereign Default Risk, Working Paper No. 2020/227 , November 8, 2020\n\n- A Conceptual Model for the Integrated Policy Framework, Working Paper No. 2020/121 , July 7, 2020\n\n- The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru, Working Paper No. 2017/208 , September 29, 2017\n\n- Housing Finance and Real Estate Markets in Colombia, Working Paper No. 2017/190 , August 18, 2017\n\n- The Dynamics of Sovereign Debt Crises and Bailouts, Working Paper No. 2016/136 , July 11, 2016\n\n- Fiscal Rules and the Sovereign Default Premium, Working Paper No. 2012/030 , January 1, 2012" }, { "heading": "IMF Country Reports", "content": "- Colombia : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia\n\n- Peru : 2017 Article IV Consultation-Press Release; and Staff Report\n\n- Colombia : 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia\n\n- Peru : 2016 Article IV Consultation-Press Release; and Staff Report\n\n- Rwanda : Third Review Under the Policy Support Instrument\n\n- El Salvador : Staff Report for the 2013 Article IV Consultation" }, { "heading": "F&D articles", "content": "- Debt and Fiscal Commitment" }, { "heading": "Other Published Materials", "content": "- Where are all the GDP-linked bonds?\n\n- Toward an Integrated Policy Framework\n\n- IMF COUNTRY FOCUS: Peru's Future Growth Can be Lifted Through Structural Reforms\n\n- “Dealing with the Gathering Clouds,” Chapter 1 of the Sub-Saharan Africa Regional Economic Outlook, October 2015.\n\n- “How Can Sub-Saharan Africa Harness the Demographic Dividend?,” Chapter 2 of the Sub-Saharan Africa Regional Economic Outlook, April 2015.\n\n- “Staying the Course,” Chapter 1 of the Sub-Saharan Africa Regional Economic Outlook, October 2014.\n\n- “Optimal Sovereign Debt Levels: The Information in Sovereign Spreads,” in Chapter 4 of the Western Hemisphere Regional Economic Outlook, May 2013.\n\n- THE FUND'S LENDING FRAMEWORK AND SOVEREIGN DEBT—PRELIMINARY CONSIDERATIONS\n\n- SOVEREIGN DEBT RESTRUCTURING—RECENT DEVELOPMENTS AND IMPLICATIONS FOR THE FUND’S LEGAL AND POLICY FRAMEWORK" }, { "heading": "Publications in Journals (Referred)", "content": "- The dynamics of sovereign debt crises and bailouts, with Harald Uhlig, Journal of International Economics, volume 114, September 2018, Pages 1-13.\n\n- The adjustment to commodity price shocks, Journal of Applied Economics, volume 22, 2019, pages 437-467.\n\n- Numerical fiscal rules for economic unions: The role of sovereign spreads, with Juan Carlos Hatchondo and Leonardo Martinez, Economics Letters, volume 210, January 2022.\n\n- Fiscal Rules and the Sovereign Default Premium, with Juan Carlos Hatchondo and Leonardo Martinez, AEJ: Macroeconomics, volume 15, October 2022.\n\n- Robust optimal macroprudential policy, with Federico Bennett and Giselle Montamat, Journal of International Economics, volume 141, March 2023.\n\n- Uncertainty Premia, Sovereign Default Risk, and State-Contingent Debt, with Francisco Roldan, Journal of Political Economy Macroeconomics, 2023.\n\n- How Large is the Sovereign Greenium?, with Sakai Ando, Chenxu Fu and Ursula Wiriadinata. Oxford Bulletin of Economics and Statistics, 2024.\n\n- Sovereign CoCos and Debt Forgiveness, with Juan Carlos Hatchondo, Leonardo Martinez and Kursat Onder. Journal of Monetary Economics, 2025." }, { "heading": "Publications in Books and Conference Volumes", "content": "- Sovereign Debt, with Leonardo Martinez, Francisco Roldan and Jeromin Zettelmeyer. Research Handbook of Financial Markets, 2023." }, { "heading": "Other Published Materials", "content": "- VoxEU: \"How Europe can jointly issue debt without direct transfers\"\n\n- LSE Business Review: \"GDP-linked bonds: why so few, and why so expensive?\"\n\n- Foco Economico: \"Bonos atados al PBI: ¿Por qué tan caros? ¿Por qué tan pocos?\"\n\n- Foco Economico: \"Equilibrios múltiples en los mercados de deuda y el papel de los organismos internacionales\"\n\n- Foco Economico: \"Reglas fiscales y riesgo país\"" } ], "bullets": [ "Ph.D. in Economics, University of Chicago, 2012", "M.A. in Economics, University of Chicago, 2008", "B.A. in Economics, Universidad del CEMA (UCEMA), Buenos Aires, Argentina, 2005", "American Economic Review, Econometrica, Journal of Political Economy, The Economic Journal, Macroeconomics Dynamics, AEJ: Macroeconomics, Journal of Money, Credit and Banking, Review of Economics and Statistics, Journal of Applied Economics, Review of Economic Dynamics, Journal of Economic Dynamics and Control, Monetaria, Economics Letters, Journal of International Economics, International Journal of Central Banking, Journal of Macroeconomics, Journal of Economic Studies, Journal of Banking and Finance, Public Finance Review, Applied Economics Letters, Economica.", "Open Economy Macroeconomics", "Macro-Financial Issues", "International Finance", "[Fiscal Rules, Robust Correction Mechanisms, and Sovereign Spreads](https://www.imf.org/en/publications/wp/issues/2025/09/26/fiscal-rules-robust-correction-mechanisms-and-sovereign-spreads-570557), Working Paper No. 2025/195 , September 26, 2025", "[Fiscal Guardrails against High Debt and Looming Spending Pressures](https://www.imf.org/en/publications/staff-discussion-notes/issues/2025/09/22/fiscal-guardrails-against-high-debt-and-looming-spending-pressures-569841), Staff Discussion Notes No. 2025/004 , September 25, 2025", "[Integrated Monetary and Financial Policies for Small Open Economies](https://www.imf.org/en/publications/wp/issues/2023/08/04/integrated-monetary-and-financial-policies-for-small-open-economies-537587), Working Paper No. 2023/161 , August 4, 2023", "[How Large is the Sovereign Greenium?](https://www.imf.org/en/publications/wp/issues/2023/04/07/how-large-is-the-sovereign-greenium-530332), Working Paper No. 2023/080 , April 7, 2023", "[Debt Mutualization in the Euro Area: A Quantitative Exploration](https://www.imf.org/en/publications/wp/issues/2023/03/17/debt-mutualization-in-the-euro-area-a-quantitative-exploration-530384), Working Paper No. 2023/059 , March 17, 2023", "[Sovereign Climate Debt Instruments: An Overview of the Green and Catastrophe Bond Markets](https://www.imf.org/en/publications/staff-climate-notes/issues/2022/06/29/sovereign-climate-debt-instruments-an-overview-of-the-green-and-catastrophe-bond-markets-518272), Staff Climate Note No 2022/004 , July 7, 2022", "[Sovereign Debt](https://www.imf.org/en/publications/wp/issues/2022/06/17/sovereign-debt-519809), Working Paper No. 2022/122 , June 17, 2022", "[Sovereign Cocos](https://www.imf.org/en/publications/wp/issues/2022/04/29/sovereign-cocos-517464), Working Paper No. 2022/078 , April 29, 2022", "[Numerical Fiscal Rules for Economic Unions: the Role of Sovereign Spreads](https://www.imf.org/en/publications/wp/issues/2021/07/23/numerical-fiscal-rules-for-economic-unions-the-role-of-sovereign-spreads-462363), Working Paper No. 2021/196 , July 23, 2021", "[Uncertainty Premia, Sovereign Default Risk, and State-Contingent Debt](https://www.imf.org/en/publications/wp/issues/2021/03/12/uncertainty-premia-sovereign-default-risk-and-state-contingent-debt-50163), Working Paper No. 2021/076 , March 12, 2021", "[Robust Optimal Macroprudential Policy](https://www.imf.org/en/publications/wp/issues/2021/02/27/robust-optimal-macroprudential-policy-50118), Working Paper No. 2021/055 , February 26, 2021", "[Constrained Efficient Borrowing with Sovereign Default Risk](https://www.imf.org/en/publications/wp/issues/2020/11/08/constrained-efficient-borrowing-with-sovereign-default-risk-49824), Working Paper No. 2020/227 , November 8, 2020", "[A Conceptual Model for the Integrated Policy Framework](https://www.imf.org/en/publications/wp/issues/2020/07/07/a-conceptual-model-for-the-integrated-policy-framework-49558), Working Paper No. 2020/121 , July 7, 2020", "[The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru](https://www.imf.org/en/publications/wp/issues/2017/09/29/the-adjustment-to-commodity-price-shocks-in-chile-colombia-and-peru-45218), Working Paper No. 2017/208 , September 29, 2017", "[Housing Finance and Real Estate Markets in Colombia](https://www.imf.org/en/publications/wp/issues/2017/08/18/housing-finance-and-real-estate-markets-in-colombia-45176), Working Paper No. 2017/190 , August 18, 2017", "[The Dynamics of Sovereign Debt Crises and Bailouts](https://www.imf.org/en/publications/wp/issues/2016/12/31/the-dynamics-of-sovereign-debt-crises-and-bailouts-44077), Working Paper No. 2016/136 , July 11, 2016", "[Fiscal Rules and the Sovereign Default Premium](https://www.imf.org/en/publications/wp/issues/2016/12/31/fiscal-rules-and-the-sovereign-default-premium-25677), Working Paper No. 2012/030 , January 1, 2012", "[Colombia : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia](https://www.imf.org/~/media/Files/Publications/CR/2017/cr17138.ashx)", "[Peru : 2017 Article IV Consultation-Press Release; and Staff Report](https://www.imf.org/~/media/Files/Publications/CR/2017/cr17166.ashx)", "[Colombia : 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia](https://www.imf.org/~/media/Websites/IMF/imported-full-text-pdf/external/pubs/ft/scr/2016/_cr16129.ashx)", "[Peru : 2016 Article IV Consultation-Press Release; and Staff Report](https://www.imf.org/~/media/Websites/IMF/imported-full-text-pdf/external/pubs/ft/scr/2016/_cr16234.ashx)", "[Rwanda : Third Review Under the Policy Support Instrument](https://www.imf.org/~/media/Websites/IMF/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr15141.ashx)", "[El Salvador : Staff Report for the 2013 Article IV Consultation](https://www.imf.org/~/media/Websites/IMF/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13132.ashx)", "[Debt and Fiscal Commitment](https://www.imf.org/en/Publications/fandd/issues/Series/Analytical-Series/fiscal-policy-debt-commitment-Francisco-Roch)", "[Where are all the GDP-linked bonds?](https://www.imf.org/external/Pubs/FT/irb/2021/springsummer/index.pdf#page=7)", "[Toward an Integrated Policy Framework](https://www.imf.org/en/Publications/Policy-Papers/Issues/2020/10/08/Toward-an-Integrated-Policy-Framework-49813)", "[IMF COUNTRY FOCUS: Peru's Future Growth Can be Lifted Through Structural Reforms](https://www.imf.org/en/News/Articles/2017/06/21/NA062217Perus-Future-Growth-Can-be-Lifted-Through-Structural-Reforms)", "[“Dealing with the Gathering Clouds,” Chapter 1 of the Sub-Saharan Africa Regional Economic Outlook, October 2015.](https://www.imf.org/en/Publications/REO/SSA/Issues/2017/01/07/~/media/Websites/IMF/imported-flagship-issues/external/pubs/ft/reo/2015/afr/eng/pdf/_chap1Octpdf.ashx)", "[“How Can Sub-Saharan Africa Harness the Demographic Dividend?,” Chapter 2 of the Sub-Saharan Africa Regional Economic Outlook, April 2015.](https://www.imf.org/en/Publications/REO/SSA/Issues/2017/01/07/~/media/Websites/IMF/imported-flagship-issues/external/pubs/ft/reo/2015/afr/eng/pdf/_chap2pdf.ashx)", "[“Staying the Course,” Chapter 1 of the Sub-Saharan Africa Regional Economic Outlook, October 2014.](https://www.imf.org/en/Publications/REO/SSA/Issues/2017/02/01/~/media/Websites/IMF/imported-flagship-issues/external/pubs/ft/reo/2014/afr/eng/_sreo1014pdf.ashx)", "[“Optimal Sovereign Debt Levels: The Information in Sovereign Spreads,” in Chapter 4 of the Western Hemisphere Regional Economic Outlook, May 2013.](http://www.imf.org/en/Publications/REO/WH/Issues/2017/02/01/~/media/Websites/IMF/imported-flagship-issues/external/pubs/ft/reo/2013/whd/eng/pdf/_wreo0513pdf.ashx)", "[THE FUND'S LENDING FRAMEWORK AND SOVEREIGN DEBT—PRELIMINARY CONSIDERATIONS](https://www.imf.org/external/np/pp/eng/2014/052214.pdf)", "[SOVEREIGN DEBT RESTRUCTURING—RECENT DEVELOPMENTS AND IMPLICATIONS FOR THE FUND’S LEGAL AND POLICY FRAMEWORK](https://www.imf.org/external/np/pp/eng/2013/042613.pdf)", "[The dynamics of sovereign debt crises and bailouts, with Harald Uhlig, Journal of International Economics, volume 114, September 2018, Pages 1-13.](https://www.sciencedirect.com/science/article/pii/S0022199618300862)", "[The adjustment to commodity price shocks, Journal of Applied Economics, volume 22, 2019, pages 437-467.](https://www.tandfonline.com/doi/full/10.1080/15140326.2019.1665316)", "[Numerical fiscal rules for economic unions: The role of sovereign spreads, with Juan Carlos Hatchondo and Leonardo Martinez, Economics Letters, volume 210, January 2022.](https://www.sciencedirect.com/science/article/pii/S0165176521004353)", "[Fiscal Rules and the Sovereign Default Premium, with Juan Carlos Hatchondo and Leonardo Martinez, AEJ: Macroeconomics, volume 15, October 2022.](https://www.aeaweb.org/articles?id=10.1257/mac.20170479)", "[Robust optimal macroprudential policy, with Federico Bennett and Giselle Montamat, Journal of International Economics, volume 141, March 2023.](https://www.sciencedirect.com/science/article/pii/S0022199622001465?via=ihub)", "[Uncertainty Premia, Sovereign Default Risk, and State-Contingent Debt, with Francisco Roldan, Journal of Political Economy Macroeconomics, 2023.](https://www.journals.uchicago.edu/doi/10.1086/723950)", "[How Large is the Sovereign Greenium?, with Sakai Ando, Chenxu Fu and Ursula Wiriadinata. Oxford Bulletin of Economics and Statistics, 2024.](https://onlinelibrary.wiley.com/doi/abs/10.1111/obes.12619)", "[Sovereign CoCos and Debt Forgiveness, with Juan Carlos Hatchondo, Leonardo Martinez and Kursat Onder. Journal of Monetary Economics, 2025.](https://www.sciencedirect.com/science/article/pii/S0304393225000558)", "[Sovereign Debt, with Leonardo Martinez, Francisco Roldan and Jeromin Zettelmeyer. Research Handbook of Financial Markets, 2023.](https://www.e-elgar.com/shop/usd/research-handbook-of-financial-markets-9781800375314.html)", "[VoxEU: \"How Europe can jointly issue debt without direct transfers\"](https://cepr.org/voxeu/columns/how-europe-can-jointly-issue-debt-without-direct-transfers)", "[LSE Business Review: \"GDP-linked bonds: why so few, and why so expensive?\"](https://blogs.lse.ac.uk/businessreview/2021/04/23/gdp-linked-bonds-why-so-few-and-why-so-expensive/)", "[Foco Economico: \"Bonos atados al PBI: ¿Por qué tan caros? ¿Por qué tan pocos?\"](https://focoeconomico.org/2021/03/17/bonos-atados-al-pbi-por-que-tan-caros-por-que-tan-pocos/)", "[Foco Economico: \"Equilibrios múltiples en los mercados de deuda y el papel de los organismos internacionales\"](http://focoeconomico.org/2018/07/18/equilibrios-multiples-en-los-mercados-de-deuda-y-el-papel-de-los-organismos-internacionales/)", "[Foco Economico: \"Reglas fiscales y riesgo país\"](http://focoeconomico.org/2017/12/27/reglas-fiscales-y-riesgo-pais/)", "**1. Monetary and Financial Conditions (cr17138)**", "**cr17166**", "**1. Implementation of Fund Policy Advice**", "**1. Performance Contracts in Rwanda**", "**Monetary and Financial Conditions in Colombia**", "**cr16234 - 4.25 percent aiming at re-anchoring inflation expectations, which has added to tighter**" ], "related": [ { "title": "1. 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