Gustavo Adler is a Deputy Division Chief at IMF's Research Department. He joined the IMF in 2004 and, since then, has worked in multiple areas, including surveillance and program cases (Chile, Romania, Uruguay, Turkey, Indonesia), development of IMF credit facilities, review of IMF programs, analytical work for Western Hemisphere's Regional Economic Outlook, etc. Recently, at the Research Department, his work has focused on foreign exchange intervention, exchange rates, capital flows and external adjustment. He currently co-leads the production of the External Sector Report on global imbalances.

Email: gadler@imf.org

Personal WebPage: www.gustavoadler.com

Fluent In: Spanish.

Education:

PhD in Economics, University of California-Los Angeles (UCLA), 2004

M.A. in Economics, UCLA, 2002

B.A. in Economics, National University of Tucuman (UNT), Argentina, 1999

Field of Expertise:

Open Economy Macroeconomics

International Finance

Monetary Policy

Gustavo Adler is a Deputy Division Chief at IMF's Research Department. He joined the IMF in 2004 and, since then, has worked in multiple areas, including surveillance and program cases (Chile, Romania, Uruguay, Turkey, Indonesia), development of IMF credit facilities, review of IMF programs, analytical work for Western Hemisphere's Regional Economic Outlook, etc. Recently, at the Research Department, his work has focused on foreign exchange intervention, exchange rates, capital flows and external adjustment. He currently co-leads the production of the External Sector Report on global imbalances.

Email: gadler@imf.org

Personal WebPage: www.gustavoadler.com

Fluent In: Spanish.

Education:

PhD in Economics, University of California-Los Angeles (UCLA), 2004

M.A. in Economics, UCLA, 2002

B.A. in Economics, National University of Tucuman (UNT), Argentina, 1999

Field of Expertise:

Open Economy Macroeconomics

International Finance

Monetary Policy

IMF Books and Working Papers:

The Measurement of External Accounts, Working Paper No. 19/132, June 28, 2019

The External Balance Assessment Methodology: 2018 Update, Working Paper No. 19/65, March 19, 2019

The Stabilizing Role of Net Foreign Asset Returns, Working Paper No. 18/79, April 06, 2018

Unconventional Policies and Exchange Rate Dynamics, Working Paper No. 17/237, November 13, 2017

Policy Mix and the US Trade Balance, Working Paper No. 17/204, September 19, 2017

Tipping the Scale? The Workings of Monetary Policy through Trade, Working Paper No. 17/142, June 28, 2017

Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?, Working Paper No. 15/159, July 16, 2015

Unveiling the Effects of Foreign Exchange Intervention : A Panel Approach, Working Paper No. 15/130, June 23, 2015

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

Latin America : New Challenges to Growth and Stability, December 23, 2014

Global Financial Shocks and Foreign Asset Repatriation: Do Local Investors Play a Stabilizing Role?, Working Paper No. 14/60, April 16, 2014

Four Decades of Terms-of-Trade Booms : Saving-Investment Patterns and a New Metric of Income Windfall, Working Paper No. 13/103, May 09, 2013

External Conditions and Debt Sustainability in Latin America, Working Paper No. 13/27, January 30, 2013

Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis, Working Paper No. 12/178, July 01, 2012

Riding Global Financial Waves : The Economic Impact of Global Financial Shocks on Emerging Market Economies, Working Paper No. 12/188, July 01, 2012

Intra-Regional Spillovers in South America : Is Brazil Systemic After All?, Working Paper No. 12/145, June 01, 2012

Does Central Bank Capital Matter for Monetary Policy?, Working Paper No. 12/60, February 01, 2012

Commodity Price Cycles : The Perils of Mismanaging the Boom, Working Paper No. 11/283, December 01, 2011

Foreign Exchange Intervention : A Shield Against Appreciation Winds?, Working Paper No. 11/165, July 01, 2011

Modernizing Bank Regulation in Support of Financial Deepening: The Case of Uruguay, Working Paper No. 09/199, September 01, 2009

Original Sin and Procylical Fiscal Policy: Two Sides of the Same Coin?, Working Paper No. 08/209, September 01, 2008

iMFdirect Blog Posts

"Global Imbalances: Avoiding a Tragedy of the Commons" July 28, 2017

"Saving Latin America’s Unprecedented Income Windfall" May 20, 2013

"Latin America’s Commodity Dependence: What if the Boom Turns to Bust?"

"Does Foreign Exchange Intervention Slow the Pace of Currency Appreciation?"

"Regional Spillovers in South America: How “Systemic” is Brazil?"

"Latin America: Riding the Global Financial Waves"

F&D articles

“Stuck in a Rut,” Finance and Development Magazine, March 2017, Vol. 54, No.

Other Published Materials

“Gone with the Headwinds; Global Productivity," IMF Staff Discussion Notes 17/04, 2017

Publications in Journals (Refereed)

"Policy Mix and the U.S. Trade Balance," International Finance, December 2018 (online version).

"The Cost of Foreign Exchange Intervention: Concepts and Measurement" Journal of Macroeconomics, August 2018 (online version).

"Unconventional policies and exchange rate dynamics," Journal of International Money and Finance, March 2018 (online version).

"Terms-of-trade cycles and external adjustment," International Review of Economics and Finance, Volume 54, March 2018, pages 103-122

"Global Financial Shocks and Foreign Asset Repatriation: Do Local Investors Play a Stabilizing Role?" Journal of International Money and Finance, Elsevier, vol. 60(C), pages 8-28, 2016.

"Does Central Bank Capital Matter for Monetary Policy?" Open Economies Review, Springer, vol. 27(1), pages 183-205, 2016.

"External Factors in Debt Sustainability Analysis: An Application to Latin America," Journal of Banking and Financial Economics, vol. 1(5), pages 81-120, June, 2016

"Four Decades of Terms-of-trade Booms: Saving-Investment Patterns and a New Metric of Income Windfall," Journal of International Money and Finance, Elsevier, vol. 55(C), pages 162-192, 2015.

"Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis," International Review of Economics & Finance, Elsevier, vol. 39(C), pages 428-448, 2015.

“Foreign Exchange Interventions and their Impact on Exchange Rate Levels," Monetaria, Centro de Estudios Monetarios Latinoamericanos, vol. 0(1), pages 1-54, enero-jun, 2014.

"Global Financial Shocks and their Economic Impact on Emerging Market Economies," Journal of International Commerce, Economics and Policy, Vol. 4, No. 2 (2013).

"Intra-Regional Spillovers in South America: Is Brazil Systemic after All?" The World Economy, Wiley Blackwell, vol. 37(3), pages 456-480, 2014.