## Thierry Tressel ## Source details **Canonical URL:** [Thierry Tressel](https://www.imf.org/en/research/researcher-cv/author/tressel-thierry) ## Other formats - [Markdown version](/en/research/researcher-cv/author/tressel-thierry/index.md) - [Structured JSON version](/en/research/researcher-cv/author/tressel-thierry/index.json) - [Bundle manifest](/en/research/researcher-cv/author/tressel-thierry/bundle-manifest.json) ## 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](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2025/01/08/corporate-sector-vulnerabilities-and-high-levels-of-interest-rates-556372), Departmental Paper No 2025/001 , January 13, 2025 - [The Global Bank Stress Test](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2022/04/04/the-global-bank-stress-test-513818), Departmental Paper No 2022/009 , April 6, 2022 - [What Drives Mortgage Default Risk in Europe and the U.S.?](https://www.imf.org/en/publications/wp/issues/2022/04/01/what-drives-mortgage-default-risk-in-europe-and-the-u-s-515963), Working Paper No. 2022/065 , April 1, 2022 - [Global Corporate Stress Tests—Impact of the COVID-19 Pandemic and Policy Responses](https://www.imf.org/en/publications/wp/issues/2021/08/06/global-corporate-stress-tests-impact-of-the-covid-19-pandemic-and-policy-responses-462555), Working Paper No. 2021/212 , August 6, 2021 - [Non-Financial Corporate Debt in Advanced Economies, 2010–17](https://www.imf.org/en/publications/wp/issues/2020/07/03/non-financial-corporate-debt-in-advanced-economies-201017-49527), Working Paper No. 2020/120 , July 3, 2020 - [Where Have All the Profits Gone? European Bank Profitability Over the Financial Cycle](https://www.imf.org/en/publications/wp/issues/2018/05/09/where-have-all-the-profits-gone-european-bank-profitability-over-the-financial-cycle-45865), Working Paper No. 2018/099 , May 9, 2018 - [Incorporating Macro-Financial Linkages into Forecasts Using Financial Conditions Indices: The Case of France](https://www.imf.org/en/publications/wp/issues/2017/12/01/incorporating-macro-financial-linkages-into-forecasts-using-financial-conditions-indices-the-45438), Working Paper No. 2017/269 , December 1, 2017 - [Effectiveness and Channels of Macroprudential Instruments: Lessons from the Euro Area](https://www.imf.org/en/publications/wp/issues/2016/12/31/effectiveness-and-channels-of-macroprudential-instruments-lessons-from-the-euro-area-43619), Working Paper No. 2016/004 , January 12, 2016 - [Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments](https://www.imf.org/en/publications/wp/issues/2016/12/31/rebalancing-in-the-euro-area-and-cyclicality-of-current-account-adjustments-41770), Working Paper No. 2014/130 , July 22, 2014 - [Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies](https://www.imf.org/en/publications/staff-discussion-notes/issues/2016/12/31/adjustment-in-euro-area-deficit-countries-progress-challenges-and-policies-41716), Staff Discussion Notes No. 2014/007 , July 14, 2014 - [Optimal Prudential Regulation of Banks and the Political Economy of Supervision](https://www.imf.org/en/publications/wp/issues/2016/12/31/optimal-prudential-regulation-of-banks-and-the-political-economy-of-supervision-41594), Working Paper No. 2014/090 , May 28, 2014 - [From Fragmentation to Financial Integration in Europe](https://www.imf.org/en/publications/books/issues/2016/12/31/from-fragmentation-to-financial-integration-in-europe-40865), , December 11, 2013 - [A Banking Union for the Euro Area](https://www.imf.org/en/publications/staff-discussion-notes/issues/2016/12/31/a-banking-union-for-the-euro-area-40317), Staff Discussion Notes No. 2013/001 , February 12, 2013 - [External Imbalances in the Euro Area](https://www.imf.org/en/publications/wp/issues/2016/12/31/external-imbalances-in-the-euro-area-40027), Working Paper No. 2012/236 , September 28, 2012 - [Financial Contagion Through Bank Deleveraging: Stylized Facts and Simulations Applied to the Financial Crisis](https://www.imf.org/en/publications/wp/issues/2016/12/31/financial-contagion-through-bank-deleveraging-stylized-facts-and-simulations-applied-to-the-24285), Working Paper No. 2010/236 , October 1, 2010 - [International Capital Flows and Development: Financial Openness Matters](https://www.imf.org/en/publications/wp/issues/2016/12/31/international-capital-flows-and-development-financial-openness-matters-24284), Working Paper No. 2010/235 , October 1, 2010 - [A Fistful of Dollars: Lobbying and the Financial Crisis](https://www.imf.org/en/publications/wp/issues/2016/12/31/a-fistful-of-dollars-lobbying-and-the-financial-crisis-23479), Working Paper No. 2009/287 , December 1, 2009 - [Growth and Structural Reforms: A New Assessment](https://www.imf.org/en/publications/wp/issues/2016/12/31/growth-and-structural-reforms-a-new-assessment-23464), Working Paper No. 2009/284 , December 1, 2009 - [External Balance in Low Income Countries](https://www.imf.org/en/publications/wp/issues/2016/12/31/external-balance-in-low-income-countries-23313), Working Paper No. 2009/221 , October 1, 2009 - [Do Financial Sector Reforms Lead to Financial Development? Evidence from a New Dataset](https://www.imf.org/en/publications/wp/issues/2016/12/31/do-financial-sector-reforms-lead-to-financial-development-evidence-from-a-new-dataset-22486), Working Paper No. 2008/265 , December 1, 2008 - [A New Database of Financial Reforms](https://www.imf.org/en/publications/wp/issues/2016/12/31/a-new-database-of-financial-reforms-22485), Working Paper No. 2008/266 , December 1, 2008 - [Does Technological Diffusion Explain Australia’s Productivity Performance?](https://www.imf.org/en/publications/wp/issues/2016/12/31/does-technological-diffusion-explain-australias-productivity-performance-21550), Working Paper No. 2008/004 , January 1, 2008 - [Financial Globalization and the Governance of Domestic Financial Intermediaries](https://www.imf.org/en/publications/wp/issues/2016/12/31/financial-globalization-and-the-governance-of-domestic-financial-intermediaries-20180), Working Paper No. 2007/047 , March 1, 2007 - [Banking on the Principles: Compliance with Basel Core Principles and Bank Soundness](https://www.imf.org/en/publications/wp/issues/2016/12/31/banking-on-the-principles-compliance-with-basel-core-principles-and-bank-soundness-19932), Working Paper No. 2006/242 , October 1, 2006 - [Aid Volatility and Dutch Disease: Is There a Role for Macroeconomic Policies?](https://www.imf.org/en/publications/wp/issues/2016/12/31/aid-volatility-and-dutch-disease-is-there-a-role-for-macroeconomic-policies-19221), Working Paper No. 2006/145 , June 1, 2006 - [Foreign Banks in Poor Countries: Theory and Evidence](https://www.imf.org/en/publications/wp/issues/2016/12/31/foreign-banks-in-poor-countries-theory-and-evidence-18772), Working Paper No. 2006/018 , January 1, 2006 - [Finance in Lower Income Countries: An Empirical Exploration](https://www.imf.org/en/publications/wp/issues/2016/12/31/finance-in-lower-income-countries-an-empirical-exploration-18426), 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. --- _Source: https://www.imf.org/en/research/researcher-cv/author/tressel-thierry_