Gian Maria Milesi-Ferretti
Last Updated: September 23, 2009Research interests: international macroeconomics, international financial integration, fiscal policy, political economy.
Email: gmilesiferretti@imf.org
Fluent In: French, Italian, Spanish.
Education:
Ph.D. in economics, Harvard University, May 1991
A.M. in economics, Harvard University, March 1990.
Laurea Summa Cum Laude, Università di Roma "La Sapienza", 1985.
Previous Experience:
Assistant Director, Research Department, International Monetary Fund, 2008-present.
Division Chief, Research Department, International Monetary Fund, 2004-2008
Deputy Division Chief, IMF, European Department, 2001-2003
Economist/Senior Economist/Deputy Division Chief, IMF, Research Department, 1993-2001
Research Officer, London School of Economics, 2001-2002
Awards and Honors:
Research Fellow, Center for Economic Policy Research, 1996-present
|
Expand All
|
Collapse All
|
IMF Books and Working Papers:
International Financial Integration in the Aftermath of the Global Financial Crisis, Working Paper No. 17/115, May 10, 2017
Global Imbalances and External Adjustment after the Crisis, Working Paper No. 14/151, August 12, 2014
|
Expand All
|
Collapse All
|
Books
“A Global Perspective on External Positions” (joint with Philip Lane), in G-7 Current Account Imbalances: Sustainability and Adjustment, edited by Richard Clarida, Chicago, University of Chicago Press for NBER (2007).
“The International Equity Holdings of Euro Area Investors” (joint with Philip Lane), in The External Dimension of the Euro Area, edited by Filippo Di Mauro and Robert Anderton, Cambridge University Press, 2007.
Publications in Journals (Refereed)
“Where Did All The Borrowing Go? A Forensic Analysis of the U.S. External Position” (joint with Philip R. Lane), Journal of the Japanese and International Economies vol. 23 no. 2, June 2009, pp. 177-99.
“Fundamentals at Odds? The U.S. Current Account Deficit and the Dollar”, Economic Notes vol. 37, no. 3 (2008), pp. 259–281.
Research interests: international macroeconomics, international financial integration, fiscal policy, political economy.
Email: gmilesiferretti@imf.org
Fluent In: French, Italian, Spanish.
Education:
Ph.D. in economics, Harvard University, May 1991
A.M. in economics, Harvard University, March 1990.
Laurea Summa Cum Laude, Università di Roma "La Sapienza", 1985.
Previous Experience:
Assistant Director, Research Department, International Monetary Fund, 2008-present.
Division Chief, Research Department, International Monetary Fund, 2004-2008
Deputy Division Chief, IMF, European Department, 2001-2003
Economist/Senior Economist/Deputy Division Chief, IMF, Research Department, 1993-2001
Research Officer, London School of Economics, 2001-2002
Awards and Honors:
Research Fellow, Center for Economic Policy Research, 1996-present
IMF Books and Working Papers:
International Financial Integration in the Aftermath of the Global Financial Crisis, Working Paper No. 17/115, May 10, 2017
Global Imbalances and External Adjustment after the Crisis, Working Paper No. 14/151, August 12, 2014
External Liabilities and Crises, Working Paper No. 13/113, May 16, 2013
External Imbalances in the Euro Area, Working Paper No. 12/236, September 28, 2012
External Adjustment and the Global Crisis, Working Paper No. 11/197, August 01, 2011
(Why) Should Current Account Balances Be Reduced?, Staff Discussion Notes No. 11/3, March 01, 2011
Bilateral Financial Linkages and Global Imbalances: a View on The Eve of the Financial Crisis, Working Paper No. 10/257, November 01, 2010
The Cross-Country Incidence of the Global Crisis, Working Paper No. 10/171, July 01, 2010
Cross-Border Investment in Small International Financial Centers, Working Paper No. 10/38, February 01, 2010
Fundamentals at Odds? The U.S. Current Account Deficit and The Dollar, Working Paper No. 08/260, November 01, 2008
Exchange Rate Analysis in Support of IMF Surveillance: A Collection of Empirical Studies, September 08, 2008
Exchange Rate Assessments : CGER Methodologies, Occasional Paper No. 261, April 07, 2008
Where Did All the Borrowing Go? A Forensic Analysis of the U.S. External Position, Working Paper No. 08/28, February 01, 2008
Real Exchange Rates and Fundamentals: A Cross-Country Perspective, Working Paper No. 08/13, January 01, 2008
Europe and Global Imbalances, Working Paper No. 07/144, June 01, 2007
Capital Flows to Central and Eastern Europe, Working Paper No. 06/188, August 01, 2006
The External Wealth of Nations Mark II : Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004, Working Paper No. 06/69, March 01, 2006
A Global Perspective on External Positions, Working Paper No. 05/161, August 01, 2005
Financial Globalization and Exchange Rates, Working Paper No. 05/3, January 01, 2005
Fiscal Adjustment in EU Countries: A Balance Sheet Approach, Working Paper No. 04/143, August 01, 2004
International Investment Patterns, Working Paper No. 04/134, July 01, 2004
Rules-Based Fiscal Policy in France, Germany, Italy and Spain, Occasional Paper No. 225, November 14, 2003
International Financial Integration, Working Paper No. 03/86, April 01, 2003
External Wealth, the Trade Balance, and the Real Exchange Rate, Working Paper No. 02/51, March 01, 2002
Long-Term Capital Movements, Working Paper No. 01/107, August 01, 2001
Electoral System and Public Spending, Working Paper No. 01/22, March 01, 2001
Good, Bad or Ugly? On The Effects of Fiscal Rules with Creative Accounting, Working Paper No. 00/172, October 01, 2000
External Capital Structure-Theory and Evidence, Working Paper No. 00/152, August 01, 2000
The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates, Working Paper No. 00/123, June 01, 2000
Anticipating Balance of Payments Crises--The Role of Early Warning Systems, Occasional Paper No. 186, January 24, 2000
The External Wealth of Nations - Measures of Foreign Assets and Liabilities for Industrial and Developing Countries, Working Paper No. 99/115, August 01, 1999
Liberalizing Capital Movements:Some Analytical Issues, Economic Issues No. 17, March 16, 1999
Current Account Reversals and Currency Crisis-Empirical Regularities, Working Paper No. 98/89, June 01, 1998
Sharp Reductions in Current Account Deficits: An Empirical Analysis, Working Paper No. 97/168, December 01, 1997
Determinants of Korean Trade Flows and their Geographical Destination, Working Paper No. 97/54, April 01, 1997
Current Account Sustainability - Selected East Asian and Latin American Experiences, Working Paper No. 96/110, October 01, 1996
Fiscal Rules and the Budget Process, Working Paper No. 96/60, June 01, 1996
Growth Effects of Income and Consumption Taxes: Positive and Normative Analysis, Working Paper No. 95/62, July 01, 1995
Economic Effects and Structural Determinants of Capital Controls, Working Paper No. 95/31, March 01, 1995
The Role of Foreign Currency Debt in Public Debt Management, Working Paper No. 95/21, February 01, 1995
Taxation and Endogenous Growth in Open Economies, Working Paper No. 94/77, July 01, 1994
Real Exchange Rates and the Prices of Nontradable Goods, Working Paper No. 94/19, February 01, 1994
On the Political Sustainability of Economic Reform, Papers on Policy Analysis and Assessment No. 94/3, January 28, 1994
Wage Claims, Incomes Policy, and the Path of Output and Inflation in a Formerly Centrally Planned Economy, Working Paper No. 92/74, September 01, 1992
Books
“A Global Perspective on External Positions” (joint with Philip Lane), in G-7 Current Account Imbalances: Sustainability and Adjustment, edited by Richard Clarida, Chicago, University of Chicago Press for NBER (2007).
“The International Equity Holdings of Euro Area Investors” (joint with Philip Lane), in The External Dimension of the Euro Area, edited by Filippo Di Mauro and Robert Anderton, Cambridge University Press, 2007.
"How Will Global Imbalances Adjust?” (joint with Doug Laxton), in World Economic Outlook, September 2005: Washington, DC: International Monetary Fund.
“Long-Term Capital Movements” (joint with Philip R. Lane), NBER Macroeconomics Annual 2001, edited by Ben Bernanke and Kenneth Rogoff, 2002.
“External Capital Structure: Theory and Evidence” (joint with Philip Lane), in “The World’s New Financial Landscape: Challenges for Economic Policy” edited by H. Siebert, Tübingen: Mohr, 2002.
“Current-Account Reversals and Currency Crises: Empirical Regularities” (joint with Assaf Razin), in Currency Crises, edited by Paul Krugman, Un. of Chicago Press for NBER, 2000.
“Current Account Deficits and Capital Flows in East Asia and Latin America: Are the Early Nineties Different from the Early Eighties?,” (joint with A. Razin) in Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice and Policy Issues, edited by T. Ito and A. Krueger, Un. of Chicago Press for NBER, 1999.
“Why Capital Controls? Theory and Evidence,” in Positive Political Economy: Theory and Evidence, edited by S. Eijffinger and H. Huizinga, Cambridge: Cambridge University Press, 1998, 217-47.
“The Role of Foreign Curren¬cy Debt in Public Debt Management” (joint with P. de Fontenay and H. Pill), in Macroeconomic Dimensions of Public Finance, ed. by M. Blejer and T. Ter-Minassian, Routledge, 1997, 203-32.
“Real Exchange Rates and the Price of Non Tradable Goods” (joint with Stefano Micossi),in Inflation and Wage Behavior in Europe, edited by Paul de Grauwe, Stefano Micossi and Giuseppe Tullio, Oxford: Clarendon Press, 1996, pp. 209-30.
“Controlli sui Movimenti di Capitale e Politica Economica: un’Analisi Empirica”, in Studi per il Cinquantenario, Laterza, 1995, pp. 389-428 (in Italian).
“The Political Economy of Capital Controls” (joint with Alberto Alesina and Vittorio Grilli), in Capital Mobility: the Impact on Consumption, Investment and Growth, edited by Leonardo Leiderman and Assaf Razin, Cambridge: Cambridge University Press, 1994, pp. 289-321.
Publications in Journals (Refereed)
“Where Did All The Borrowing Go? A Forensic Analysis of the U.S. External Position” (joint with Philip R. Lane), Journal of the Japanese and International Economies vol. 23 no. 2, June 2009, pp. 177-99.
“Fundamentals at Odds? The U.S. Current Account Deficit and the Dollar”, Economic Notes vol. 37, no. 3 (2008), pp. 259–281.
“The Drivers of Financial Globalization” (joint with Philip Lane), American Economic Review Papers and Proceedings, May 2008, pp. 327-32.
“International Investment Patterns” (joint with Philip Lane), Review of Economics and Statistics Vol. 90, No. 3: 538–549, August 2008.
“Europe and Global Imbalances,” (joint with Philip Lane), Economic Policy 22, July 2007, 519-73.
“Capital Flows to Central and Eastern Europe” (joint with Philip Lane), Emerging Markets Review 8 no. 2, May 2007, pp. 106-123
“The Shifting Composition of External Liabilities” (joint with Andre Faria, Philip Lane, and Paolo Mauro), Journal of the European Economic Association, Papers and Proceedings 5, no. 2-3, (April-May 2007), p. 480-490.
“Fiscal Adjustment in EU Countries: A Balance Sheet Approach” (joint with Kenji Moriyama), Journal of Banking and Finance 30 no. 12, December 2006
“Long-Run Determinants of the Irish Real Exchange Rate” (joint with Philip R. Lane), Applied Economics 34 no. 5, April 2002, 549-53.
“Fiscal Rules and the Budget Process”, Giornale degli Economisti 110, June 1997, 5-40.
“Persistent Current Account Deficits: a Warning Signal?” (joint with Assaf Razin), International Journal of Finance and Economics vol. 1 n. 3, July 1996, 161-81.
“The Disadvantage of Tying Their Hands: on The Political Economy of Policy Commi¬tments”, Economic Journal 105, November 1995, 1381-1402.
“The Dynamics of Inflation and Capital Accumulation in Previously Centrally Planned Econom¬ies: A Theoretical Framework,” Economica 62, November 1995, 441-59.
“Economic Effects and Structural Determinants of Capital Controls” (joint with Vittorio Grilli), IMF Staff Papers 42 no. 3, September 1995, 54-88.
“A Simple Model of Disinflation and The Optimality of Doing Nothing,” European Economic Review 39 no. 7, August 1995, 1385-1404.
“Wage Indexation and Time Consistency,” Journal of Money, Credit and Banking 26, November 1994, 941-50.
“Do Good or Do Well? Public Debt Manage¬ment in a Two-Party Economy,” Economics & Politics 7, March 1995, 59-78.
“How Cynical Can an Incumbent Be? Strategic Policy in a Model of Government Spending” (joint with E. Spolaore), Journal of Public Economics 55, September 1994, pp. 121-140.
“On the Credibility of Big Bang Programs” (joint with Fabrizio Coricelli), European Economic Review 37, April 1993, pp. 387-95.