Eugenio Cerutti
Last Updated: September 15, 2016
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:
Banking Across Borders: Are Chinese Banks Different? , Working Paper No. 2020/249 , November 13, 2020
Why Did Public Banks Lend More During the Global Financial Crisis? , Working Paper No. 2020/084 , June 05, 2020
Managed Trade: What Could be Possible Spillover Effects of a Potential Trade Agreement Between the U.S. and China? , Working Paper No. 19/251 , November 15, 2019
US vs. Euro Area: Who Drives Cross-Border Bank Lending to EMs? , Working Paper No. 19/199 , September 20, 2019
Covered Interest Parity Deviations: Macrofinancial Determinants , Working Paper No. 19/14 , January 16, 2019
China's Bond Market and Global Financial Markets , Working Paper No. 18/253 , December 07, 2018
Cross-border Banking and the Circumvention of Macroprudential and Capital Control Measures , Working Paper No. 18/217 , September 28, 2018
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
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)
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).
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:
Banking Across Borders: Are Chinese Banks Different? , Working Paper No. 2020/249 , November 13, 2020
Why Did Public Banks Lend More During the Global Financial Crisis? , Working Paper No. 2020/084 , June 05, 2020
Managed Trade: What Could be Possible Spillover Effects of a Potential Trade Agreement Between the U.S. and China? , Working Paper No. 19/251 , November 15, 2019
US vs. Euro Area: Who Drives Cross-Border Bank Lending to EMs? , Working Paper No. 19/199 , September 20, 2019
Covered Interest Parity Deviations: Macrofinancial Determinants , Working Paper No. 19/14 , January 16, 2019
China's Bond Market and Global Financial Markets , Working Paper No. 18/253 , December 07, 2018
Cross-border Banking and the Circumvention of Macroprudential and Capital Control Measures , Working Paper No. 18/217 , September 28, 2018
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
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)
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).