Fabián Valencia is a Senior Economist in the Western Hemisphere Department (WHD) of the IMF. Prior to his current position, he worked in the macro-finance group of the IMF Research Department. He holds a Ph.D. in Economics from The Johns Hopkins University and a M.Sc. in Economics from the Catholic University of Leuven, Belgium. His research focuses on financial intermediation and the real economy and in particular on banking crises and banks' capital structure.
Fluent In: Spanish.
Ph.D. in Economics, Johns Hopkins University, 2006
M.Sc. in Economics, Katholieke Universiteit Leuven, 1999
B.A. in Economics, Universidad Católica de Guayaquil, 1997
American Economic Review, Review of Economic Studies, Journal of Money, Credit, and Banking, IMF Economic Review, Economic Journal, Economic Letters, European Journal of Political Economy, International Economic Review, European Economic Review, Journal of International Money and Finance, Journal of Applied Econometrics, Journal of Financial Intermediation, Journal of Banking and Finance, Journal of Financial Stability, Economics, Economica.
IMF Books and Working Papers:
Corporate Investment in Emerging Markets : Financing vs. Real Options Channel, Working Paper No. 15/285, December 30, 2015
Made in Mexico: Energy Reform and Manufacturing Growth, Working Paper No. 15/45, February 27, 2015
Monetary Policy in the New Normal, Staff Discussion Notes No. 14/3, April 04, 2014
Financial Crises: Causes, Consequences, and Policy Responses, February 19, 2014
Aggregate Uncertainty and the Supply of Credit, Working Paper No. 13/241, December 02, 2013
Systemic Banking Crises Database: An Update, Working Paper No. 12/163, June 01, 2012
Crisis Management and Resolution: Early Lessons from the Financial Crisis, Staff Discussion Notes No. 11/5, March 09, 2011
Resolution of Banking Crises: The Good, the Bad, and the Ugly, Working Paper No. 10/146, June 01, 2010
Precautionary Reserves: An Application to Bolivia, Working Paper No. 10/54, March 01, 2010
Systemic Banking Crises: A New Database, Working Paper No. 08/224, September 01, 2008
Fiscal Multipliers in Mexico, 2015 Mexico Selected Issues Paper, ch. 1.
Corporate Vulnerabilities and Impact on the Real Economy, 2015 Mexico Selected Issues Paper, ch. 3, with Julian Chow.
A Carbon Tax Proposal for Mexico, 2015 Mexico Selected Issues Paper, ch. 4
Strengthening Mexico's Fiscal Framework, 2015 Mexico Selected Issues Paper, ch. 5.
Other Published Materials
Financial Crises: Causes, Consequences, and Policy Responses. International Monetary Fund, Washington D.C., with S. Claessens, A. Kose, and L. Laeven (eds.)
Unconventional Monetary Policies - Recent Experiences and Prospects, with an IMF Staff team
A Banking Union for the Euro Area, 2013, IMF Staff Discussion Note 13/1, with an IMF Staff team
The Interaction of Monetary and Macroprudential Policies, 2013, IMF policy paper. With S. Claessens, K. Habermeier, E. Nier, H. Kang, and T. Mancini
How Costly are the 2007-2009 Systemic Banking Crises?, 2010, with Luc Laeven, in "Financial Sector Taxation. The IMF's Report to the G-20 and Background Material." Edited by Stijn Claessens, Michael Keen, and Ceyla Pazarbasioglu. International Monetary Fund, Washington D.C., September 2010.
Monetary Policy and Bank Risk Taking, 2010, with Gianni De Nicolo, Giovanni Dell'Ariccia, and Luc Laeven. IMF Staff Position Note 10/09
Policy Responses to Systemic Banking Crises, 2010, in MacroFinancial Linkages: Trends, Crises, and Policies. Edited by Christopher Crowe, Simon Johnson, Jonathan Ostry, and Jeromin Zettelmeyer. International Monetary Fund, Washington D.C. 2010
Global Financial Regulatory Reform: Implications for Latin America and the Caribbean (LAC), 2009, with a team led by Robert Rennhack. Staff Position Note 2009/20.
A Survey of Financial Linkages, 2008, with Gaston Gelos and Martin Cerisola. In Who's Driving Whom? Analyzing External and Intra-Regional Linkages in the Americas. Edited by Martin Mulheisen, Shaun Roache, and Jeromin Zettelmeyer.
Publications in Journals (Refereed)
Bank Capital and Uncertainty, in press, Journal of Banking and Finance
Monetary Policy, Bank Leverage, and Financial Stability,2014, Journal of Economic Dynamics and Control, vol. 47, 20-38.
Central Bank Independence and Macro-prudential Regulation, 2014, Economic Letters, vol. 125(2), 327-330. With Kenichi Ueda.
Banks' Precautionary Capital and Credit Crunches, 2014, Macroeconomic Dynamics, vol. 18 (8), 1726-1750.
Financial Crises and Recapitalizations, Journal of Money, Credit, and Banking, vol. 45, Issue s2, November 2013, pp. 59-86, with D. Sandri
Systemic Banking Crises Database, IMF Economic Review, Volume 61, Issue 2, June 2013, pp. 225-270 (lead article), with Luc Laeven.
The Real Effects of Financial Sector Interventions during Crises, Journal of Money, Credit, and Banking, Volume 45, Issue 1, February 2013 , pp. 147-177, with Luc Laeven
The use of blanket guarantees in banking crises, Journal of International Money and Finance, Volume 31, Issue 5, September 2012, Pages 1220–1248, with Luc Laeven
Other Published Materials
Mexico: Setting curse for a greener future, 2015, IMF Diálogo a Fondo
Assessing Corporate Risk in Mexico, 2015, IMF Diálogo a Fondo, with Julian Chow.
Fiscal Impact of Lower Oil Prices on Latin America and the Caribbean, 2015, IMFdirect, with Robert Rennhack
The interaction between monetary and macroprudential policies, 2013, voxeu, with Stijn Claessens
The curse of advanced economies in resolving banking crises, 2012, voxeu, with Luc Laeven.