Thierry Tressel

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Bibliographic details

• Authors: Thierry Tressel

Biography

Thierry Tressel is a Senior Economist in the Financial Sector Assessments and Policies Division in the Monetary and Capital Markets Departments at the IMF. He completed a PhD at DELTA (Ecole des Hautes Etudes en Sciences Sociales, Paris) in 2001, and holds an Engineering Degree from Ecole Polytechnique (France). His research interests include: Banking; Corporate Finance; Financial Intermediation and Stability; Growth, Trade and Productivity; Political Economy; and Capital Flows.

Profile

Education

• 2001: PhD, Economics, at DELTA (Ecole des Hautes Etudes en Sciences Sociales).

• 1996-97: MPhil Student at the London School of Economics (European Doctoral Program in Quantitative Economics).

• 1996: Diplome d’Etudes Approfondies (MSc), Economics, at DELTA.

• 1995: Engineering Degree, Ecole Polytechnique, France.

Previous Experience

• 2016-19: European Department, IMF.

• 2014-15: Task Manager and Lead Economist, World Bank.

• 2010-13: European Department, Euro Area and EU Policies, IMF.

• 2004-10: Research Department, IMF.

• 2002-04 : Economist Program, IMF.

• 2001-02: Economics Department, OECD.

• 2000, 2001: Consultant, World Bank.

• 2000-01: Post-Doctoral Fellow at the Center for International Development at Harvard University. Laureate of a Lavoisier Scholarship granted by the French Ministry of Foreign Affairs.

Referee Activities

• Journal of Political Economy; Review of Economic Studies; Revue d’Economie Politique; World Bank Economic Review; Southern Economic Journal; Journal of Money, Credit and Banking; International Economic Review; Journal of Comparative Economics; Journal of Development Economics; Journal of Macroeconomics; The B.E. Journal of Economic Analysis & Policy; Journal of Financial Intermediation; Journal of Banking and Finance; European Economic Review; Journal of Empirical Finance.

IMF Publications

IMF Books and Working Papers

• Corporate Sector Vulnerabilities and High Levels of Interest Rates, Departmental Paper No 2025/001 , January 13, 2025

• The Global Bank Stress Test, Departmental Paper No 2022/009 , April 6, 2022

• What Drives Mortgage Default Risk in Europe and the U.S.?, Working Paper No. 2022/065 , April 1, 2022

• Global Corporate Stress Tests—Impact of the COVID-19 Pandemic and Policy Responses, Working Paper No. 2021/212 , August 6, 2021

• Non-Financial Corporate Debt in Advanced Economies, 2010–17, Working Paper No. 2020/120 , July 3, 2020

• Where Have All the Profits Gone? European Bank Profitability Over the Financial Cycle, Working Paper No. 2018/099 , May 9, 2018

• Incorporating Macro-Financial Linkages into Forecasts Using Financial Conditions Indices: The Case of France, Working Paper No. 2017/269 , December 1, 2017

• Effectiveness and Channels of Macroprudential Instruments: Lessons from the Euro Area, Working Paper No. 2016/004 , January 12, 2016

• Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments, Working Paper No. 2014/130 , July 22, 2014

• Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies, Staff Discussion Notes No. 2014/007 , July 14, 2014

• Optimal Prudential Regulation of Banks and the Political Economy of Supervision, Working Paper No. 2014/090 , May 28, 2014

• From Fragmentation to Financial Integration in Europe, , December 11, 2013

• A Banking Union for the Euro Area, Staff Discussion Notes No. 2013/001 , February 12, 2013

• External Imbalances in the Euro Area, Working Paper No. 2012/236 , September 28, 2012

• Financial Contagion Through Bank Deleveraging: Stylized Facts and Simulations Applied to the Financial Crisis, Working Paper No. 2010/236 , October 1, 2010

• International Capital Flows and Development: Financial Openness Matters, Working Paper No. 2010/235 , October 1, 2010

• A Fistful of Dollars: Lobbying and the Financial Crisis, Working Paper No. 2009/287 , December 1, 2009

• Growth and Structural Reforms: A New Assessment, Working Paper No. 2009/284 , December 1, 2009

• External Balance in Low Income Countries, Working Paper No. 2009/221 , October 1, 2009

• Do Financial Sector Reforms Lead to Financial Development? Evidence from a New Dataset, Working Paper No. 2008/265 , December 1, 2008

• A New Database of Financial Reforms, Working Paper No. 2008/266 , December 1, 2008

• Does Technological Diffusion Explain Australia’s Productivity Performance?, Working Paper No. 2008/004 , January 1, 2008

• Financial Globalization and the Governance of Domestic Financial Intermediaries, Working Paper No. 2007/047 , March 1, 2007

• Banking on the Principles: Compliance with Basel Core Principles and Bank Soundness, Working Paper No. 2006/242 , October 1, 2006

• Aid Volatility and Dutch Disease: Is There a Role for Macroeconomic Policies?, Working Paper No. 2006/145 , June 1, 2006

• Foreign Banks in Poor Countries: Theory and Evidence, Working Paper No. 2006/018 , January 1, 2006

• Finance in Lower Income Countries: An Empirical Exploration, Working Paper No. 2005/167 , August 1, 2005

Selected Issues

• «Corporate Debt in France», France Selected Issues Paper 2018, Country Report No. 18/244.

• «Impact of Monetary Policy on Luxembourg», Luxembourg Selected Issues Paper 2018, Country Report No. 18/97.

• «Housing Market: Assessment and Policy Recommendations», Luxembourg Selected Issues Paper 2018, Country Report No. 18/97.

• «Revisiting the Competitiveness Problem», France Selected Issues Paper 2017, Country Report No. 17/289.

• «Diversification of the Economy and the Role of the State», Luxembourg Selected Issues Paper 2017, Country Report No. 17/114.

• «Selected Macro-financial Issues», France Selected Issues Paper 2016, SM/16/198.

• «Investment Fund-Bank Linkages: Luxembourg as a Case Study», Luxembourg Selected Issues Paper 2016, SM 16/119.

• «Rebalancing the euro area: Where Do we Stand and Where to Go», Euro Area Selected Issues Paper 2013, and IMF Working Paper.

• «The Eurozone Crisis and the Sovereign-Bank Nexus: The Case for a Eurozone Banking Union», Euro Area Selected Issues Paper 2012.

• « Macroprudential Policies in Europe – Progress and Challenges », Euro Area Selected Issues Paper 2011.

• « Impact of Exchange Rate Movements on Export Performance and Consumer Prices », Switzerland Selected Issues Paper 2011.

Other Published Materials

• «Technical Note: Non-Financial Corporations and Households Vulnerabilities», France: Financial Sector Assessment Program, October 2019.

• «Technical Note: Macroprudential Framework and Policies», Luxembourg: Financial Sector Assessment Program, Country Report No. 17/256.

• «Macroprudential Oversight and the Role of the ESRB», Technical Note, Financial Sector Assessment Program, The European Union, March 2013.

• «Financial Integration and Fragmentation in the EU», Technical Note, Financial Sector Assessment Program, The European Union, March 2013.

Non-IMF Publications

Publications in Journals (Referred)

• «The Impact of the Global Financial Crisis on Firms’ Capital Structures: The Role of Financial Markets and Institutions», 2015, with Asli Demirgüç-Kunt and María Soledad Martínez Pería, Journal of Corporate Finance, forthcoming.

• «Macro-Prudential Policies and Interactions with Monetary Policy: Evidence from the Euro Area», with Sophia Zhang, Journal of Financial Regulation and Compliance, 2017, Vol. 25 Issue: 3, pp.271-306.

• «Determinants of Long- vs Short-Term Bank Credit in EU Countries», 2015, with Haelim Park and Claudia Ruiz-Ortega, International Journal of Finance and Economics. 2017;1–22.

• « International Capital Flows and Development: Financial Openness Matters », with Dennis Reinhardt, and Luca Antonio Ricci, Journal of International Economics 2013, vol. 91(2), pages 235-251.

• « Growth and Structural Reforms: A New Assessment », with Lone Christiansen and Martin Schindler, Journal of International Economics 2013, Elsevier, vol. 89(2), pages 347-356.

• Lobbying and the Financial Crisis, with Deniz Igan and Prachi Mishra, NBER Macroeconomics Annual 2011, vol. 26(1), pages 195-230

• « External Balance in Low Income Countries », with Luca Ricci, Alessandro Prati and Lone Christiansen, forthcoming in: NBER volume International Seminar on Macroeconomics 2009 , edited by Lucrezia Reichlin and Kenneth West.

• « A New Database of Financial Reforms », with Abdul Abiad and Enrica Detragiache, IMF Staff Papers 2009.

• «Foreign Banks in Poor Countries: Theory and Evidence», with Enrica Detragiache and Poonam Gupta, The Journal of Finance, October 2008, Vol. 63 Issue 5, p2123-2160.

• «Banking on the Principles: Compliance with Basel Core Principles and Bank Soundness», with Enrica Detragiache and Asli Demirguc-Kunt, The Journal of Financial Intermediation. Vol. 17 issue 4, October 2008, 511-542.

• «Financial Globalization and the Governance of Domestic Financial Intermediaries», with Thierry Verdier, The Journal of the European Economic Association, 2011.

• «Dual Financial Systems and Inequalities in Economic Development», The Journal of Economic Growth, 8, 223-257, 2003.

• «Competition and Corporate Governance : Substitutes or Complements ? Evidence from the Warsaw Stock Exchange», with Irena Grosfeld, Economics of Transition, November 2002, p 525-551.

• « Banques Commerciales et Crédit Traditionnel dans les Pays en Développement: Efficacité Informationnelle et Perspectives de Croissance». Revue d'Economie du Développement, 2001.

• « Euro Area Debtor Countries: External Imbalances in the Euro Area », with Gian-Maria Milesi-Ferretti and Ruo Chen, Economic Policy Vol 28, Issue 73, 101-142, January 2013.

Other Published Materials

• « Structural Reforms and Economic Performance in Advanced and Developing Countries », Occasional Paper 268, International Monetary Fund, 2009.

• « Aid Volatility and Macroeconomic Policies » (with A. Prati) in: Exchange Rate Analysis at the IMF , International Monetary Fund, forthcoming 2008.

• « What is the Most Effective Monetary Policy for Aid-Receiving Countries? », in Policy Matters – Economic and Social Policies to Sustain Equitable Development (U.N.), ed. J.A. Ocampo, Jomo K.S., and S. Khan. With Alessandro Prati, 2007.

• « Institutional Savings and Financial Markets: The Role of Contractual Savings Institutions », with Alberto R. Musalem in : The Future of Domestic Capital Markets in Developing Countries, Ed. Robert E. Litan, Michael Pomerleano, V. Sundararajan, 2003, The Brookings Institution.

• World Bank Policy Research Paper n°2186 (2001) « Contractual Savings, Capital Markets and Firms’ Financing Choices », with A. Musalem and G. Impavido.

• World Bank Policy Research Paper n°2751 (2002) « Contractual Savings Institutions and Banks' Stability and Efficiency », with A. Musalem and G. Impavido.

• World Bank Policy Research Paper n°2948 (2003) « The Impact of Contractual Savings Institutions on Securities Markets », with A. Musalem and G. Impavido.

• World Bank Policy Research Paper n°3273 (2004) « Boosting productivity via innovation and adoption of new technologies : any role for labor market institutions? », with S. Scarpetta.

• OECD working paper n°342 (2002) « Productivity and Convergence in a Panel of OECD Countries : Do Regulations and Institutions Matter ? »,with S. Scarpetta.

• OECD Working Paper n°329 (2002) « The Role of Policy and Institutions for Productivity and Firm Dynamics : Evidence from Micro and Industry Data », with S. Scarpetta, P. Hemmings and J. Woo

• CEPR discussion paper n°2888 (2001) « Competition and Corporate Governance : Substitutes or Complements ? Evidence from the Warsaw Stock Exchange », with Irena Grosfeld (DELTA).

• «Fiji National Provident Fund: Financial Sustainability and Options for Reforms», Selected Issues Paper prepared for the 2004 IMF Article IV consultation for Fiji.

• «A Family Divided – Labor Market Duality in Korea», Selected Issues Paper prepared for the 2003 IMF Article IV Consultation for Korea.