Eugenio Cerutti is the Assistant to the Director at the Research Department of the IMF (Maurice Obstfeld since Sep 2015; Olivier Blanchard from June 2014 to Sep 2015). He has also served in the Macro-Financial Division of the Research Department as well as on the IMF teams of a number of economies, including Sweden, Turkey, Venezuela, Lithuania, Bolivia, and Barbados. His research interests fall in the general field of international macroeconomics, with a particular focus on currency and banking crises and macro-financial linkages. He holds a Ph.D. in Economics from the Johns Hopkins University and a B.A. in Economics from Universidad Nacional de Cordoba (Argentina).

Personal WebPage: http://www.eugeniocerutti.com/home

Fluent In: Spanish.

Education:

Ph.D. in Economics, Johns Hopkins University, Baltimore

M.A. in Economics, Johns Hopkins University, Baltimore

Licenciado en Economía, Universidad Nacional de Córdoba, Córdoba, Argentina

Previous Experience:

5/2004-9/2004 Consultant, Development Research Group, The World Bank

2/2004-4/2004 Research Assistant, Research Department, IMF

9/2003-1/2004 Research Assistant to Prof. L. Ball, Johns Hopkins University

6/2002-8/2002 Summer Intern, Congressional Budget Office, U.S. Congress

2/2000-8/2000 Economic Advisor, Coordination Unit of Co-Financed Projects by International Institutions, Government of Córdoba Province, Córdoba, Argentina

Referee Activities:

Journal of Finance, Review of Economic and Statistics, Review of Finance, Journal of Financial Intermediation, IMF Economic Review, Journal of Banking and Finance, Economic Policy, Journal of International Money and Finance, Journal of Financial Services Research, International Journal of Central Banking, Journal of Financial Regulation, International Finance, Oxford University Press, and Quarterly Review of Economics and Finance

Current Position:

Assistant to the Director, Research Department, IMF

Field of Expertise:

Banking

Macro-Financial Issues

International Finance

Eugenio Cerutti is the Assistant to the Director at the Research Department of the IMF (Maurice Obstfeld since Sep 2015; Olivier Blanchard from June 2014 to Sep 2015). He has also served in the Macro-Financial Division of the Research Department as well as on the IMF teams of a number of economies, including Sweden, Turkey, Venezuela, Lithuania, Bolivia, and Barbados. His research interests fall in the general field of international macroeconomics, with a particular focus on currency and banking crises and macro-financial linkages. He holds a Ph.D. in Economics from the Johns Hopkins University and a B.A. in Economics from Universidad Nacional de Cordoba (Argentina).

Personal WebPage: http://www.eugeniocerutti.com/home

Fluent In: Spanish.

Education:

Ph.D. in Economics, Johns Hopkins University, Baltimore

M.A. in Economics, Johns Hopkins University, Baltimore

Licenciado en Economía, Universidad Nacional de Córdoba, Córdoba, Argentina

Previous Experience:

5/2004-9/2004 Consultant, Development Research Group, The World Bank

2/2004-4/2004 Research Assistant, Research Department, IMF

9/2003-1/2004 Research Assistant to Prof. L. Ball, Johns Hopkins University

6/2002-8/2002 Summer Intern, Congressional Budget Office, U.S. Congress

2/2000-8/2000 Economic Advisor, Coordination Unit of Co-Financed Projects by International Institutions, Government of Córdoba Province, Córdoba, Argentina

Referee Activities:

Journal of Finance, Review of Economic and Statistics, Review of Finance, Journal of Financial Intermediation, IMF Economic Review, Journal of Banking and Finance, Economic Policy, Journal of International Money and Finance, Journal of Financial Services Research, International Journal of Central Banking, Journal of Financial Regulation, International Finance, Oxford University Press, and Quarterly Review of Economics and Finance

Current Position:

Assistant to the Director, Research Department, IMF

Field of Expertise:

Banking

Macro-Financial Issues

International Finance

IMF Books and Working Papers:

The Global Banking Network: What is Behind the Increasing Regionalization Trend?, Working Paper No. 18/46, March 09, 2018

Portfolio Inflows Eclipsing Banking Inflows: Alternative Facts?, Working Paper No. 18/29, February 16, 2018

The Slowdown in Global Trade: A Symptom of A Weak Recovery, Working Paper No. 17/242, November 15, 2017

The Global Banking Network in the Aftermath of the Crisis: Is There Evidence of De-globalization?, Working Paper No. 17/232, November 07, 2017

How Important is the Global Financial Cycle? Evidence from Capital Flows, Working Paper No. 17/193, September 01, 2017

Housing Finance and Real-Estate Booms : A Cross-Country Perspective, Staff Discussion Notes No. 15/12, June 03, 2015

Inflation and Activity – Two Explorations and their Monetary Policy Implications, Working Paper No. 15/230, November 06, 2015

Push Factors and Capital Flows to Emerging Markets : Why Knowing Your Lender Matters More Than Fundamentals, Working Paper No. 15/127, June 22, 2015

Housing Finance and Real-Estate Booms : A Cross-Country Perspective, Staff Discussion Notes No. 15/12, June 03, 2015

The Use and Effectiveness of Macroprudential Policies: New Evidence, Working Paper No. 15/61, March 17, 2015

Are Foreign Banks a 'Safe Haven'? Evidence from Past Banking Crises, Working Paper No. 15/43, February 26, 2015

Financial Crises and the Composition of Cross-Border Lending, Working Paper No. 14/185, October 16, 2014

The Great Cross-Border Bank Deleveraging: Supply Constraints and Intra-Group Frictions, Working Paper No. 14/180, September 25, 2014

Global Liquidity and Drivers of Cross-Border Bank Flows, Working Paper No. 14/69, April 29, 2014

Banks’ Foreign Credit Exposures and Borrowers’ Rollover Risks Measurement, Evolution and Determinants, Working Paper No. 13/9, January 11, 2013

The Need for "Un-consolidating" Consolidated Banks' Stress Tests, Working Paper No. 12/288, December 06, 2012

Systemic Risks in Global Banking : What Available Data Can Tell Us and What More Data Are Needed?, Working Paper No. 11/222, September 01, 2011

Bankers Without Borders? Implications of Ring-Fencing for European Cross-Border Banks, Working Paper No. 10/247, November 01, 2010

Bolivia: The Hydrocarbons Boom and the Risk of Dutch Disease, Working Paper No. 08/154, June 01, 2008

IMF Drawing Programs: Participation Determinants and Forecasting, Working Paper No. 07/152, July 01, 2007

Publications in Journals (Refereed)

"Changes in Prudential Policy Instruments -- A New Cross-Country Database," International Journal of Central Banking, vol. 13 (1), pp. 477-503, 2017 (with R. Correa, E. Fiorentino, and E. Segalla)

“Global Liquidity and Cross-Border Banking Flows,” Economic Policy, vol.32 (89), pp. 81-125, 2017 (with S. Claessens and L. Ravnostki)

“Foreign Bank Subsidiaries' Default Risk during the Global Crisis: What Factors Help Insulate Affiliates from their Parents?” Journal of Financial Intermediation, vol. 29, pp. 19-31, 2017 (with S. Martinez-Peria and D. Anginer)

“The Great Cross-Border Bank Deleveraging: Supply Constraints and Intra-Group Frictions,” Review of Finance, vol. 21 (1), pp. 201-236, 2017 (with S. Claessens)

“The Use and Effectiveness of Macroprudential Policies: New Evidence,” Journal of Financial Stability, vol. 28, pp. 203-224, 2017 (with S. Claessens and L. Laeven)

“Drivers of Cross-Border Banking Exposures During The Crisis,” Journal of Banking and Finance, vol. 55, pp. 340–357, 2015.

“Financial Crisis and the Composition of Cross-border Lending,” Journal of International Money and Finance, vol. 52, pp. 60-81, 2015 (with C. Minoiu and G. Hale).

“RingFencing and Consolidated Banks’ Stress Tests,” Journal of Financial Stability, Vol. 11, pp. 1-12, 2014 (With. C. Schmieder).

“How Banks Go Abroad: Branches or Subsidiaries?,” Journal of Banking and Finance, vol. 31, pp. 1669-1692, 2007 (with G. Dell’Ariccia, and S. Martinez-Peria)

“Housing Finance and Real Estate Booms: A Cross-Country Perspective.” Journal of Housing Economics, vol. 38, pp. 1-13, 2017 (with G. Dell’Ariccia and J. Dagher)

Publications in Books and Conference Volumes

“The Usage of Macroprudential Policies: a Cross-country Perspective”, in E. Gnan, and D. Masciandaro (editors): “New Challenges in Central Banking: Monetary Policy Governance and Macroprudential Issues”, SUERF Conference Proceedings 2017/2, November 2017.

“Inflation and Activity – Two Explorations and Their Monetary Policy Implications.” (with Olivier Blanchard and Lawrence Summers), ECB Forum on Central Banking, 2015 Conference Proceedings. Also in IMF WP 15/230, and NBER WP 21726.

“Measuring Systemic Risks in a Global Banking Sector: What Can Available Data Tell Us and What More Data are Needed?,” in M. Brunnermeier and A. Krishnamurthy (editors) “Risk Topography: Systemic Risk and Macro Modeling,” NBER, 2014 (with S. Claessens and P. McGuire). Also in IMF WP 11/222, BIS WP 376, and NBER WP 18531.

“Bankers without Borders? Implications of Ring-Fencing for European Cross-Border Banks,” in P. Backé, E. Gnan and P. Hartmann (editors): “Contagion and Spillovers: New Insights from the Crisis”, SUERF Study 2010/5. (with A. Ilyina, Y. Makarova and C. Schmieder). Also in IMF WP 247, November 2010.

“Intra-industry trade between Mercosur, the European Union (EU) and the North American Free Trade Agreement (NAFTA),” in R. Eisen (editor): “Supranational Cooperation and Integration: Goods and Services vs. Information”, Frankfurt am Main; Peter Lang, 2002. (With Hebe de Marega).