TengTeng Xu is an economist in the Monetary and Capital Markets Department at the IMF. Her country work includes the Financial Sector Assessment Programs of Germany, Spain and Poland, and the IMF Program on Romania in the European Department. Prior to joining the IMF, TengTeng was an economist 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 OECD, and the private sector (Goldman Sachs and Morgan Stanley). TengTeng holds a Ph.D. in Economics from Cambridge University, and an M.Phil. in Economics and a B.A. (First Class Honors) in Mathematics and Statistics from Oxford University. Her current research interests include macro-financial linkages, financial intermediation, spillover and systemic risk analysis.