Deniz Igan
Last Updated: November 04, 2024
Deniz Igan is the Chief of the IMF Research Department’s World Economic Studies Division. Between 2021 and 2024, she was the Head of Macroeconomic Analysis at the Bank for International Settlements. Prior to that, she held various positions at the IMF, including as co-editor of the IMF Research Perspectives, an advisor to the editor for the IMF's Finance & Development magazine, and a recurring contributor to the Global Financial Stability Report, the World Economic Outlook, and the IMF-FSB Early Warning Exercise. Her research interests include macro-financial linkages, financial crises, real estate markets, and the political economy of financial regulation. Her work has been published in academic journals including policy-oriented volumes and presented widely in conferences and workshops. Deniz is a CEPR Research Fellow, an EUI Young Policy Leaders Fellow, an expert panelist at Zillow’s House Price Expectations Survey, and a recipient of the IMF Research Award for her innovative work on risks in real estate markets for the Early Warning Exercise and of best paper awards from the Midwest Finance Association and the American Real Estate Society.
Personal WebPage: https://ideas.repec.org/e/pig12.html
Fluent In: Turkish.
Education:
Princeton University, Ph.D.
Princeton University, M.A.
Bilkent University, B.A.
Field of Expertise:
Macro-Financial Issues
IMF Books and Working Papers:
Pricing Protest: The Response of Financial Markets to Social Unrest , Working Paper No. 2021/079 , March 19, 2021
Zombies on the Brink: Evidence from Japan on the Reversal of Monetary Policy Effectiveness , Working Paper No. 2021/044 , February 19, 2021
Government Intervention and Bank Market Power: Lessons from the Global Financial Crisis for the COVID-19 Crisis , Working Paper No. 2020/275 , December 11, 2020
Tracking the Economic Impact of COVID-19 and Mitigation Policies in Europe and the United States , Working Paper No. 20/125 , July 10, 2020
Does Going Tough on Banks Make the Going Get Tough? Bank Liquidity Regulations, Capital Requirements, and Sectoral Activity , Working Paper No. 20/103 , June 19, 2020
Discerning Good from Bad Credit Booms : The Role of Construction , Staff Discussion Notes No. 20/02 , February 12, 2020
Bank Lobbying: Regulatory Capture and Beyond , Working Paper No. 19/171 , August 09, 2019
Doing More for Less? New Evidence on Lobbying and Government Contracts , Working Paper No. 19/172 , August 09, 2019
The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector , Working Paper No. 19/164 , July 30, 2019
How Do Regulations of Entry and Credit Access Relate to Industry Competition? International Evidence , Working Paper No. 18/84 , April 06, 2018
Trade-offs in Bank Resolution , February 09, 2018
Winning Connections? Special Interests and the Sale of Failed Banks , Working Paper No. 17/262 , November 22, 2017
March Madness in Wall Street : (What) Does the Market Learn from Stress Tests? , Working Paper No. 15/271 , December 23, 2015
Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets , Working Paper No. 15/198 , September 08, 2015
Capital Inflows, Credit Growth, and Financial Systems , Working Paper No. 15/193 , August 19, 2015
The Macroeconomic Relevance of Credit Flows : An Exploration of U.S. Data , Working Paper No. 15/143 , June 30, 2015
Monetary Policy and Balance Sheets , Working Paper No. 13/158 , July 03, 2013
Fiscal Consolidation and the Cost of Credit : Evidence from Syndicated Loans , Working Paper No. 13/36 , February 01, 2013
Global Housing Cycles , Working Paper No. 12/217 , August 01, 2012
Policies for Macrofinancial Stability: How to Deal with Credit Booms , Staff Discussion Notes No. 12/6 , June 07, 2012
Policies for Macrofinancial Stability: How to Deal with Credit Booms , Staff Discussion Notes No. 12/6 , June 07, 2012
Credit Growth and Bank Soundness : Fast and Furious? , Working Paper No. 11/278 , December 01, 2011
Do Loan-To-Value and Debt-To-Income Limits Work? Evidence From Korea , Working Paper No. 11/297 , December 01, 2011
How to Deal with Real Estate Booms : Lessons From Country Experiences , Working Paper No. 11/91 , April 01, 2011
Policies for Macrofinancial Stability: Options to Deal with Real Estate Booms , Staff Discussion Notes No. 11/2 , March 01, 2011
Bank Lending in Turkey : Effects of Monetary and Fiscal Policies , Working Paper No. 10/233 , October 01, 2010
Lessons and Policy Implications from the Global Financial Crisis , Working Paper No. 10/44 , February 01, 2010
A Fistful of Dollars: Lobbying and the Financial Crisis , Working Paper No. 09/287 , December 01, 2009
Three Cycles: Housing, Credit, and Real Activity , Working Paper No. 09/231 , October 01, 2009
Exposure to Real Estate Losses: Evidence from the US Banks , Working Paper No. 09/79 , April 01, 2009
Are Weak Banks Leading Credit Booms? Evidence from Emerging Europe , Working Paper No. 08/219 , September 01, 2008
Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market , Working Paper No. 08/106 , April 01, 2008
The Dynamics of Product Quality and International Competitiveness , Working Paper No. 07/97 , April 01, 2007
IMF Survey Articles
Global House Prices Still Showing Down Trend (with Prakash Loungani), 2012, IMF Survey, September 17
Asian Real Estate Markets: On Bubble Alert? (with Hui Jin), 2010, IMF Survey, June 2
Banking Risks Rise in Eastern Europe (with Natalia Tamirisa), 2007, IMF Survey, September 25
Staying on Top of the Game (with Stefania Fabrizio and Ashoka Mody), 2007, IMF Survey, June 13
iMFdirect Blog Posts
Construction Activity Can Signal When Credit Booms Go Wrong, February 12, 2020
How To Deal With Failed Banks, July 3, 2018
Going with the Flow: Benefits of Capital Inflows for Emerging Markets, December 6, 2016
Top Five Policy Priorities to Brighten America’s Economic Future, November 5, 2014
More Jobs That Pay Decent Wages: How To Fight Poverty In The United States, August 28, 2014
U.S. Fiscal Policy: A Tough Balancing Act, July 30, 2013
F&D articles
Making Friends (with Prachi Mishra), 2011, Finance & Development, June, Vol. 48, No. 2
Selected Issue
Housing Finance, 2015, United States: 2015 Article IV Consultation IMF Country Report No. 15/169
Other Published Materials
Publications in Journals (Refereed)
Publications in Books and Conference Volumes
Distributional Effects of Monetary Policy (with Valentina Bonifacio, Luis Brandao-Marques, Nina Budina, Balazs Csonto, Philipp Engler, Chiara Fratto, Davide Furceri, Rui Mano, Machiko Narita, Murad Omoev, Gurnain Kaur Pasricha, and Helene Poirson), 2022, in Economic Challenges for Europe After the Pandemic, ed. Luigi Paganetto, Springer: Cham, Switzerland.
Bank Lobbying: Regulatory Capture and Beyond (with Thomas Lambert), 2019, (Chapter 5) in The Political Economy of Financial Regulation, eds. E. Avgouleas and D. Donald, Cambridge University Press: Cambridge, UK.
Policies for Macrofinancial Stability: Options to Deal with Credit Booms and Busts (with Giovanni Dell’Ariccia, Luc Laeven and Hui Tong), 2014, (Chapter 11) in Financial Crises: Causes, Consequences, and Policy Responses, eds. Claessens et al., IMF: Washington, DC.
Policies for Macrofinancial Stability: Managing Real Estate Booms and Busts (with Christopher Crowe, Giovanni Dell’Ariccia, and Pau Rabanal), 2014, (Chapter 12) in Financial Crises: Causes, Consequences, and Policy Responses, eds. Claessens et al., IMF: Washington, DC.
Repairing Household Balance Sheets (with Daniel Leigh, John Simon, and Petia Topalova), 2014, (Chapter 18) in Financial Crises: Causes, Consequences, and Policy Responses, eds. Claessens et al., IMF: Washington, DC.
A Cross-Country Perspective on the Causes of the Global Financial Crisis (with Stijn Claessens, Giovanni Dell’Ariccia, and Luc Laeven), 2013, (Chapter 48) in Handbooks in Financial Globalization: The Evidence and Impact of Financial Globalization, ed. Gerard Caprio, Elsevier: Oxford, UK.
Lessons and Policy Implications from the Global Financial Crisis (with Stijn Claessens, Giovanni Dell’Ariccia, and Luc Laeven), 2013, (Chapter 49) in Handbooks in Financial Globalization: The Evidence and Impact of Financial Globalization, ed. Gerard Caprio, Elsevier: Oxford, UK.
Dealing with Real Estate Booms (with Giovanni Dell'Ariccia), 2011, in Managing Real Estate Booms and Busts, eds. Stijn Claessens and Tae Soo Kang, IMF: Washington, DC.
Loan-to-Value and Debt-to-Income Limits as Macroprudential Tools: Evidence from Korea (with Heedon Kang), 2011, in Managing Real Estate Booms and Busts, eds. Stijn Claessens and Tae Soo Kang, IMF: Washington, DC.
The U.S. Subprime Mortgage Crisis: A Credit Boom Gone Bad? (with Giovanni Dell’Ariccia, and Luc Laeven), 2008, Proceedings, Federal Reserve Bank of Chicago, May, 201-204.
Are Weak Banks Leading Credit Booms? Evidence from Emerging Europe (with Natalia Tamirisa), in Macrofinancial Linkages: Trends, Crises, and Policies, 2010, eds. Christopher Crowe, Simon Johnson, Jonathan Ostry, and Jeromin Zettelmeyer, IMF: Washington, DC. [reprinted in Global Banking Crises and Emerging Markets, 2016, eds. Josef C. Brada and Paul Wachtel, Palgrave Macmillan: UK.]
Speed Kills? Mortgage Credit Boom and the Crisis (with Giovanni Dell'Ariccia and Luc Laeven), 2010, in Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future, ed. Robert Kolb, Wiley: New York.
The Relationship between the Recent Boom and the Current Delinquencies in Subprime Mortgages (with Giovanni Dell'Ariccia and Luc Laeven), 2008, (lead piece) in The First Global Financial Crisis of the 21st Century, eds. Andrew Felton and Carmen Reinhart, CEPR: London, UK.
Product Quality and International Competitiveness in the New Member States of the EU, 2008, in Currency and Competitiveness in Europe, eds. Klaus Liebscher, Josef Christl, Peter Mooslechner, and Doris Ritzberger-Grunwald, Edward Elgar Publishing: Cheltenham, UK.
Other Published Materials
Deniz Igan is the Chief of the IMF Research Department’s World Economic Studies Division. Between 2021 and 2024, she was the Head of Macroeconomic Analysis at the Bank for International Settlements. Prior to that, she held various positions at the IMF, including as co-editor of the IMF Research Perspectives, an advisor to the editor for the IMF's Finance & Development magazine, and a recurring contributor to the Global Financial Stability Report, the World Economic Outlook, and the IMF-FSB Early Warning Exercise. Her research interests include macro-financial linkages, financial crises, real estate markets, and the political economy of financial regulation. Her work has been published in academic journals including policy-oriented volumes and presented widely in conferences and workshops. Deniz is a CEPR Research Fellow, an EUI Young Policy Leaders Fellow, an expert panelist at Zillow’s House Price Expectations Survey, and a recipient of the IMF Research Award for her innovative work on risks in real estate markets for the Early Warning Exercise and of best paper awards from the Midwest Finance Association and the American Real Estate Society.
Personal WebPage: https://ideas.repec.org/e/pig12.html
Fluent In: Turkish.
Education:
Princeton University, Ph.D.
Princeton University, M.A.
Bilkent University, B.A.
Field of Expertise:
Macro-Financial Issues
IMF Books and Working Papers:
Pricing Protest: The Response of Financial Markets to Social Unrest , Working Paper No. 2021/079 , March 19, 2021
Zombies on the Brink: Evidence from Japan on the Reversal of Monetary Policy Effectiveness , Working Paper No. 2021/044 , February 19, 2021
Government Intervention and Bank Market Power: Lessons from the Global Financial Crisis for the COVID-19 Crisis , Working Paper No. 2020/275 , December 11, 2020
Tracking the Economic Impact of COVID-19 and Mitigation Policies in Europe and the United States , Working Paper No. 20/125 , July 10, 2020
Does Going Tough on Banks Make the Going Get Tough? Bank Liquidity Regulations, Capital Requirements, and Sectoral Activity , Working Paper No. 20/103 , June 19, 2020
Discerning Good from Bad Credit Booms : The Role of Construction , Staff Discussion Notes No. 20/02 , February 12, 2020
Bank Lobbying: Regulatory Capture and Beyond , Working Paper No. 19/171 , August 09, 2019
Doing More for Less? New Evidence on Lobbying and Government Contracts , Working Paper No. 19/172 , August 09, 2019
The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector , Working Paper No. 19/164 , July 30, 2019
How Do Regulations of Entry and Credit Access Relate to Industry Competition? International Evidence , Working Paper No. 18/84 , April 06, 2018
Trade-offs in Bank Resolution , February 09, 2018
Winning Connections? Special Interests and the Sale of Failed Banks , Working Paper No. 17/262 , November 22, 2017
March Madness in Wall Street : (What) Does the Market Learn from Stress Tests? , Working Paper No. 15/271 , December 23, 2015
Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets , Working Paper No. 15/198 , September 08, 2015
Capital Inflows, Credit Growth, and Financial Systems , Working Paper No. 15/193 , August 19, 2015
The Macroeconomic Relevance of Credit Flows : An Exploration of U.S. Data , Working Paper No. 15/143 , June 30, 2015
Monetary Policy and Balance Sheets , Working Paper No. 13/158 , July 03, 2013
Fiscal Consolidation and the Cost of Credit : Evidence from Syndicated Loans , Working Paper No. 13/36 , February 01, 2013
Global Housing Cycles , Working Paper No. 12/217 , August 01, 2012
Policies for Macrofinancial Stability: How to Deal with Credit Booms , Staff Discussion Notes No. 12/6 , June 07, 2012
Policies for Macrofinancial Stability: How to Deal with Credit Booms , Staff Discussion Notes No. 12/6 , June 07, 2012
Credit Growth and Bank Soundness : Fast and Furious? , Working Paper No. 11/278 , December 01, 2011
Do Loan-To-Value and Debt-To-Income Limits Work? Evidence From Korea , Working Paper No. 11/297 , December 01, 2011
How to Deal with Real Estate Booms : Lessons From Country Experiences , Working Paper No. 11/91 , April 01, 2011
Policies for Macrofinancial Stability: Options to Deal with Real Estate Booms , Staff Discussion Notes No. 11/2 , March 01, 2011
Bank Lending in Turkey : Effects of Monetary and Fiscal Policies , Working Paper No. 10/233 , October 01, 2010
Lessons and Policy Implications from the Global Financial Crisis , Working Paper No. 10/44 , February 01, 2010
A Fistful of Dollars: Lobbying and the Financial Crisis , Working Paper No. 09/287 , December 01, 2009
Three Cycles: Housing, Credit, and Real Activity , Working Paper No. 09/231 , October 01, 2009
Exposure to Real Estate Losses: Evidence from the US Banks , Working Paper No. 09/79 , April 01, 2009
Are Weak Banks Leading Credit Booms? Evidence from Emerging Europe , Working Paper No. 08/219 , September 01, 2008
Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market , Working Paper No. 08/106 , April 01, 2008
The Dynamics of Product Quality and International Competitiveness , Working Paper No. 07/97 , April 01, 2007
IMF Survey Articles
Global House Prices Still Showing Down Trend (with Prakash Loungani), 2012, IMF Survey, September 17
Asian Real Estate Markets: On Bubble Alert? (with Hui Jin), 2010, IMF Survey, June 2
Banking Risks Rise in Eastern Europe (with Natalia Tamirisa), 2007, IMF Survey, September 25
Staying on Top of the Game (with Stefania Fabrizio and Ashoka Mody), 2007, IMF Survey, June 13
iMFdirect Blog Posts
Construction Activity Can Signal When Credit Booms Go Wrong, February 12, 2020
How To Deal With Failed Banks, July 3, 2018
Going with the Flow: Benefits of Capital Inflows for Emerging Markets, December 6, 2016
Top Five Policy Priorities to Brighten America’s Economic Future, November 5, 2014
More Jobs That Pay Decent Wages: How To Fight Poverty In The United States, August 28, 2014
U.S. Fiscal Policy: A Tough Balancing Act, July 30, 2013
F&D articles
Making Friends (with Prachi Mishra), 2011, Finance & Development, June, Vol. 48, No. 2
Selected Issue
Housing Finance, 2015, United States: 2015 Article IV Consultation IMF Country Report No. 15/169
Other Published Materials
Publications in Journals (Refereed)
Publications in Books and Conference Volumes
Distributional Effects of Monetary Policy (with Valentina Bonifacio, Luis Brandao-Marques, Nina Budina, Balazs Csonto, Philipp Engler, Chiara Fratto, Davide Furceri, Rui Mano, Machiko Narita, Murad Omoev, Gurnain Kaur Pasricha, and Helene Poirson), 2022, in Economic Challenges for Europe After the Pandemic, ed. Luigi Paganetto, Springer: Cham, Switzerland.
Bank Lobbying: Regulatory Capture and Beyond (with Thomas Lambert), 2019, (Chapter 5) in The Political Economy of Financial Regulation, eds. E. Avgouleas and D. Donald, Cambridge University Press: Cambridge, UK.
Policies for Macrofinancial Stability: Options to Deal with Credit Booms and Busts (with Giovanni Dell’Ariccia, Luc Laeven and Hui Tong), 2014, (Chapter 11) in Financial Crises: Causes, Consequences, and Policy Responses, eds. Claessens et al., IMF: Washington, DC.
Policies for Macrofinancial Stability: Managing Real Estate Booms and Busts (with Christopher Crowe, Giovanni Dell’Ariccia, and Pau Rabanal), 2014, (Chapter 12) in Financial Crises: Causes, Consequences, and Policy Responses, eds. Claessens et al., IMF: Washington, DC.
Repairing Household Balance Sheets (with Daniel Leigh, John Simon, and Petia Topalova), 2014, (Chapter 18) in Financial Crises: Causes, Consequences, and Policy Responses, eds. Claessens et al., IMF: Washington, DC.
A Cross-Country Perspective on the Causes of the Global Financial Crisis (with Stijn Claessens, Giovanni Dell’Ariccia, and Luc Laeven), 2013, (Chapter 48) in Handbooks in Financial Globalization: The Evidence and Impact of Financial Globalization, ed. Gerard Caprio, Elsevier: Oxford, UK.
Lessons and Policy Implications from the Global Financial Crisis (with Stijn Claessens, Giovanni Dell’Ariccia, and Luc Laeven), 2013, (Chapter 49) in Handbooks in Financial Globalization: The Evidence and Impact of Financial Globalization, ed. Gerard Caprio, Elsevier: Oxford, UK.
Dealing with Real Estate Booms (with Giovanni Dell'Ariccia), 2011, in Managing Real Estate Booms and Busts, eds. Stijn Claessens and Tae Soo Kang, IMF: Washington, DC.
Loan-to-Value and Debt-to-Income Limits as Macroprudential Tools: Evidence from Korea (with Heedon Kang), 2011, in Managing Real Estate Booms and Busts, eds. Stijn Claessens and Tae Soo Kang, IMF: Washington, DC.
The U.S. Subprime Mortgage Crisis: A Credit Boom Gone Bad? (with Giovanni Dell’Ariccia, and Luc Laeven), 2008, Proceedings, Federal Reserve Bank of Chicago, May, 201-204.
Are Weak Banks Leading Credit Booms? Evidence from Emerging Europe (with Natalia Tamirisa), in Macrofinancial Linkages: Trends, Crises, and Policies, 2010, eds. Christopher Crowe, Simon Johnson, Jonathan Ostry, and Jeromin Zettelmeyer, IMF: Washington, DC. [reprinted in Global Banking Crises and Emerging Markets, 2016, eds. Josef C. Brada and Paul Wachtel, Palgrave Macmillan: UK.]
Speed Kills? Mortgage Credit Boom and the Crisis (with Giovanni Dell'Ariccia and Luc Laeven), 2010, in Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future, ed. Robert Kolb, Wiley: New York.
The Relationship between the Recent Boom and the Current Delinquencies in Subprime Mortgages (with Giovanni Dell'Ariccia and Luc Laeven), 2008, (lead piece) in The First Global Financial Crisis of the 21st Century, eds. Andrew Felton and Carmen Reinhart, CEPR: London, UK.
Product Quality and International Competitiveness in the New Member States of the EU, 2008, in Currency and Competitiveness in Europe, eds. Klaus Liebscher, Josef Christl, Peter Mooslechner, and Doris Ritzberger-Grunwald, Edward Elgar Publishing: Cheltenham, UK.