## TengTeng Xu — CV ## Source details **Canonical URL:** [TengTeng Xu — CV](https://www.imf.org/en/research/researcher-cv/author/xu-tengteng) ## Other formats - [Markdown version](/en/research/researcher-cv/author/xu-tengteng/index.md) - [Structured JSON version](/en/research/researcher-cv/author/xu-tengteng/index.json) - [Bundle manifest](/en/research/researcher-cv/author/xu-tengteng/bundle-manifest.json) ## Bibliographic details - Authors: TengTeng Xu --- ### Biography TengTeng Xu is a Deputy Division Chief in the Monetary and Macroprudential Policies Division of the Monetary and Capital Markets Department at the IMF. Previously, she was a senior economist in the Asia Pacific Department at the IMF, where she was Mission Chief for Nauru and senior desk for Japan, India, and Bhutan. She also participated in the Financial Sector Assessment Programs (FSAP) of Germany, Spain, and Poland in the Monetary and Capital Markets Department and worked on the IMF Program on Romania in the European Department. Prior to joining the IMF, Ms. Xu was a senior analyst in the International Economic Analysis Department at the Bank of Canada, covering China and Japan. She also worked at the Inter-American Development Bank, the Organisation for Economic Co-operation and Development (OECD), Goldman Sachs, and Morgan Stanley. She holds a Ph.D. in Economics from the University of Cambridge, and an M.Phil. in Economics and a B.A. (First Class Honours) in Mathematics and Statistics from the University of Oxford. ### Profile ### Education - Ph.D. Economics, University of Cambridge, 2011 - M.Phil. Economics, University of Oxford, 2007 - B.A. (First Class Honours) Mathematics and Statistics, University of Oxford, 2005 ### Previous Experience - Bank of Canada, Senior Analyst, International Economic Analysis Department, 2011-2013 - Inter-American Development Bank, Consultant, Research Department, 2009-2010 - Organization for Economic Co-operation and Development, Consultant, Directorate for Science, Technology and Industry, 2007 - Morgan Stanley, Economist Intern, Economics Research Department, 2007 - Goldman Sachs, Intern, Economics Research Department (2006), Fixed Income, Currency and Commodities (2005) ### Country work or Mission Assignment - Nauru Article IV, 2022 - 2024 (Mission Chief) - Japan Article IV, 2022 - 2024 - India Article IV, 2020 - 2022 - Bhutan Article IV, 2020 - 2022 - Poland Financial Sector Assessment Program, 2017 - 2019 - Spain Financial Sector Assessment Program, 2016 - 2017 - Germany Financial Sector Assessment Program, 2015 - 2016 - Indonesia Technical Assistance, 2015 - 2016 - Romania Article IV and Program Reviews, 2013 - 2015 ### IMF Career - Monetary and Capital Markets Department, Deputy Division Chief, 2024 to Present - Asia Pacific Department, Senior Economist/Economist, 2020-2024 - Monetary and Capital Markets Department, Economist, 2015-2020 - European Department, Economist, 2013-2015 - Asia Pacific Department, Summer Intern, 2008 ### Field of Expertise - Macro-Financial Issues - Banking - International Finance - Economic Modeling ### IMF Occasional Papers, Pamphlets, and Special Issues Papers - [Startups and Venture Capital in Japan: How to Grow, Japan Article IV Selected Issues Paper, 2024](https://www.imf.org/en/Publications/selected-issues-papers/Issues/2024/07/01/Startups-and-Venture-Capital-in-Japan-How-to-Grow-551238) - [Japan's Fertility, Japan Article IV Selected Issues Paper, 2024](https://www.imf.org/en/Publications/selected-issues-papers/Issues/2024/07/01/Japans-Fertility-More-Children-Please-551188) - [Exchange Rate Pass-Through and Inflation Targeting, Romania Article IV Selected Issues Papers, 2015.](https://www.imf.org/en/Publications/CR/Issues/2016/12/31/Romania-Selected-Issues-42808) - [Benefits of Boosting Quality Public Infrastructure Spending in Romania, Romania Article IV Selected Issues Papers, 2015.](https://www.imf.org/en/Publications/CR/Issues/2016/12/31/Romania-Selected-Issues-42808) - [Cutting Labor Taxes in A Constrained Budget Environment, Romania Article IV Selected Issues Papers, 2015.](https://www.imf.org/en/Publications/CR/Issues/2016/12/31/Romania-Selected-Issues-42808) ### IMF Publications ### IMF Books and Working Papers - [The Impact of Aging and AI on Japan's Labor Market: Challenges and Opportunities](https://www.imf.org/en/publications/wp/issues/2025/09/19/the-impact-of-aging-and-ai-on-japan-s-labor-market-challenges-and-opportunities-570528), Working Paper No. 2025/184 , September 19, 2025 - [Riding Unicorns: Startups and Venture Capital in Japan](https://www.imf.org/en/publications/wp/issues/2024/12/06/riding-unicorns-startups-and-venture-capital-in-japan-559169), Working Paper No. 2024/246 , December 6, 2024 - [Unleashing India’s Growth Potential](https://www.imf.org/en/publications/wp/issues/2023/04/21/unleashing-indias-growth-potential-532616), Working Paper No. 2023/082 , April 21, 2023 - [Financial Sector and Economic Growth in India](https://www.imf.org/en/publications/wp/issues/2022/07/08/financial-sector-and-economic-growth-in-india-520580), Working Paper No. 2022/137 , July 8, 2022 - [State-Level Health and Economic Impact of COVID-19 in India](https://www.imf.org/en/publications/wp/issues/2021/11/19/state-level-health-and-economic-impact-of-covid-19-in-india-509673), Working Paper No. 2021/279 , November 19, 2021 - [Corporate Sector Resilience in India in the Wake of the COVID-19 Shock](https://www.imf.org/en/publications/wp/issues/2021/11/19/corporate-sector-resilience-in-india-in-the-wake-of-the-covid-19-shock-509670), Working Paper No. 2021/278 , November 19, 2021 - [Interconnectedness and Contagion Analysis: A Practical Framework](https://www.imf.org/en/publications/wp/issues/2019/10/11/interconnectedness-and-contagion-analysis-a-practical-framework-48717), Working Paper No. 2019/220 , October 11, 2019 - [Bank Profitability and Financial Stability](https://www.imf.org/en/publications/wp/issues/2019/01/11/bank-profitability-and-financial-stability-46470), Working Paper No. 2019/005 , January 11, 2019 - [Interconnectedness of Global Systemically-Important Banks and Insurers](https://www.imf.org/en/publications/wp/issues/2017/09/29/interconnectedness-of-global-systemically-important-banks-and-insurers-45223), Working Paper No. 2017/210 , September 29, 2017 - [Wage Moderation in Crises: Policy Considerations and Applications to the Euro Area](https://www.imf.org/en/publications/staff-discussion-notes/issues/2016/12/31/wage-moderation-in-crises-policy-considerations-and-applications-to-the-euro-area-43162), Staff Discussion Notes No. 2015/022 , November 17, 2015 - [What Drives China’s Interbank Market?](https://www.imf.org/en/publications/wp/issues/2016/12/31/what-drives-chinas-interbank-market-23252), Working Paper No. 2009/189 , September 1, 2009 ### IMF Country Reports - [Japan: Staff Report for the 2024 Article IV Consultation, IMF Country Report No. 24/118, 2024](https://www.imf.org/en/Publications/CR/Issues/2024/05/13/Japan-2024-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-548845) - [Nauru: Staff Report for the 2023 Article IV Consultation, IMF Country Report 23/376, 2023](https://www.imf.org/en/Publications/CR/Issues/2023/11/28/Republic-of-Nauru-2023-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-541784) - [Japan: Staff Report for the 2023 Article IV Consultation, IMF Country Report No. 23/127, 2023](https://www.imf.org/en/Publications/CR/Issues/2023/03/30/Japan-2023-Article-IV-consultation-Press-Release-Staff-Report-and-Statement-by-the-531587) - [India: Staff Report for the 2022 Article IV Consultation, IMF Country Report No. 22/386, 2022](https://www.imf.org/en/Publications/CR/Issues/2022/12/21/India-2022-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-527283) - [India: Staff Report for the 2021 Article IV Consultation, IMF Country Report No. 21/230, 2021](https://www.imf.org/en/Publications/CR/Issues/2021/10/14/India-2021-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-492841) - [Poland FSAP Technical Note: Stress Testing and Systemic Risk Analysis, IMF Country Report No. 19/120, 2019](https://www.imf.org/en/Publications/CR/Issues/2019/05/03/Republic-of-Poland-Financial-Sector-Assessment-Program-Technical-Note-Stress-Testing-and-46853) - [Poland FSAP: Financial System Stability Assessment, IMF Country Report No. 19/39, 2019](https://www.imf.org/en/Publications/CR/Issues/2019/02/05/Republic-of-Poland-Financial-System-Stability-Assessment-46578) - [Spain FSAP Technical Note: Determinants of Bank Profitability, IMF Country Report No. 17/339, 2017](http://www.imf.org/en/Publications/CR/Issues/2017/11/13/Spain-Financial-Sector-Assessment-Program-Technical-Note-Determinants-of-Bank-Profitability-45390) - [Spain FSAP Technical Note: Interconnectedness and Spillover Analysis in Spain’s Financial System, IMF Country Report No. 17/344, 2017](http://www.imf.org/en/Publications/CR/Issues/2017/11/13/Spain-Financial-Sector-Assessment-Program-Technical-Note-Interconnectedness-and-Spillover-45395) - [Spain FSAP: Financial System Stability Assessment, IMF Country Report No. 17/321, 2017](https://www.imf.org/en/Publications/CR/Issues/2017/10/06/Spain-Financial-System-Stability-Assessment-45321) - [Germany FSAP Technical Note: Stress Testing the Banking and Insurance Sectors, IMF Country Report No. 16/191, 2016](https://www.imf.org/en/Publications/CR/Issues/2016/12/31/Germany-Financial-Sector-Assessment-Program-Stress-Testing-the-Banking-and-Insurance-Sectors-44015) - [Germany FSAP: Financial System Stability Assessment, IMF Country Report No. 16/189, 2016](http://www.imf.org/en/Publications/CR/Issues/2016/12/31/Germany-Financial-Sector-Assessment-Program-Financial-System-Stability-Assessment-44013) - [Romania: Staff Report for the 2015 Article IV Consultation, IMF Country Report No. 15/79, 2015](http://www.imf.org/en/Publications/CR/Issues/2016/12/31/Romania-Staff-Report-for-the-2015-Article-IV-Consultation-42807) - [Romania: First and Second Reviews Under the Stand-By Arrangement, IMF Country Report No. 14/87, 2014](http://www.imf.org/en/Publications/CR/Issues/2016/12/31/Romania-First-and-Second-Reviews-Under-the-Stand-By-Arrangement-and-Requests-for-Waiver-of-41442) ### Non-IMF Publications ### Publications in Journals (Referred) - [Money Market Rates and Retail Interest Regulation in China (with N. Porter), International Journal of Central Banking, vol. 12(1), Mar 2016](http://www.ijcb.org/journal/ijcb16q1a5.htm) - [China's Emergence in the World Economy and Business Cycles in Latin America (with A. Cesa-Bianchi, M.H. Pesaran and A. Rebucci), Journal of the Latin American and Caribbean Economic Association Economia, Volume 12, Number 2, Spring 2012](https://ideas.repec.org/a/col/000425/009966.html) ### Other Published Materials - [Business Cycle Effects of Credit Shocks in a DSGE Model with Firm Defaults (with M.H. Pesaran), Bank of Canada Working Papers 13-19, Jun 2013.](https://ideas.repec.org/p/bca/bocawp/13-19.html) - [The Role of Credit in International Business Cycles, Bank of Canada Working Papers 12-36, Nov 2012.](https://ideas.repec.org/p/bca/bocawp/12-36.html) - [Is China the new center for offshoring of IT and ICT-enabled services? (with D. Van Welsum), OECD Digital Economy Papers No.128, Mar 2007.](https://www.oecd-ilibrary.org/science-and-technology/is-china-the-new-centre-for-offshoring-of-it-and-ict-enabled-services_231016734851) --- _Source: https://www.imf.org/en/research/researcher-cv/author/xu-tengteng_