Thierry Tressel
Last Updated: September 23, 2019
Thierry Tressel is a Senior Economist in the Financial Sector Assessments and Policies Division in the Monetary and Capital Markets Departments at the IMF. He completed a PhD at DELTA (Ecole des Hautes Etudes en Sciences Sociales, Paris) in 2001, and holds an Engineering Degree from Ecole Polytechnique (France). His research interests include: Banking; Corporate Finance; Financial Intermediation and Stability; Growth, Trade and Productivity; Political Economy; and Capital Flows.
Email: TTRESSEL@imf.org
Fluent In: French.
Education:
2001: PhD, Economics, at DELTA (Ecole des Hautes Etudes en Sciences Sociales).
1996-97: MPhil Student at the London School of Economics (European Doctoral Program in Quantitative Economics).
1996: Diplome d’Etudes Approfondies (MSc), Economics, at DELTA.
1995: Engineering Degree, Ecole Polytechnique, France.
Previous Experience:
2016-19: European Department, IMF.
2014-15: Task Manager and Lead Economist, World Bank.
2010-13: European Department, Euro Area and EU Policies, IMF.
2004-10: Research Department, IMF.
2002-04 : Economist Program, IMF.
2001-02: Economics Department, OECD.
2000, 2001: Consultant, World Bank.
2000-01: Post-Doctoral Fellow at the Center for International Development at Harvard University. Laureate of a Lavoisier Scholarship granted by the French Ministry of Foreign Affairs.
Referee Activities:
Journal of Political Economy; Review of Economic Studies; Revue d’Economie Politique; World Bank Economic Review; Southern Economic Journal; Journal of Money, Credit and Banking; International Economic Review; Journal of Comparative Economics; Journal of Development Economics; Journal of Macroeconomics; The B.E. Journal of Economic Analysis & Policy; Journal of Financial Intermediation; Journal of Banking and Finance; European Economic Review; Journal of Empirical Finance.
IMF Books and Working Papers:
Non-Financial Corporate Debt in Advanced Economies, 2010–17 , Working Paper No. 20/120 , July 03, 2020
Where Have All the Profits Gone? European Bank Profitability Over the Financial Cycle , Working Paper No. 18/99 , May 09, 2018
Incorporating Macro-Financial Linkages into Forecasts Using Financial Conditions Indices: The Case of France , Working Paper No. 17/269 , December 01, 2017
Effectiveness and Channels of Macroprudential Instruments : Lessons from the Euro Area , Working Paper No. 16/4 , January 12, 2016
Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments , Working Paper No. 14/130 , July 22, 2014
Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies , Staff Discussion Notes No. 14/7 , July 14, 2014
Optimal Prudential Regulation of Banks and the Political Economy of Supervision , Working Paper No. 14/90 , May 28, 2014
From Fragmentation to Financial Integration in Europe , December 11, 2013
A Banking Union for the Euro Area , Staff Discussion Notes No. 13/1 , February 12, 2013
External Imbalances in the Euro Area , Working Paper No. 12/236 , September 28, 2012
External Performance in Low-Income Countries , Occasional Paper No. 272 , March 15, 2011
International Capital Flows and Development: Financial Openness Matters , Working Paper No. 10/235 , October 01, 2010
Financial Contagion through Bank Deleveraging: Stylized Facts and Simulations Applied to the Financial Crisis , Working Paper No. 10/236 , October 01, 2010
Growth and Structural Reforms: A New Assessment , Working Paper No. 09/284 , December 01, 2009
A Fistful of Dollars: Lobbying and the Financial Crisis , Working Paper No. 09/287 , December 01, 2009
External Balance in Low Income Countries , Working Paper No. 09/221 , October 01, 2009
A New Database of Financial Reforms , Working Paper No. 08/266 , December 01, 2008
Do Financial Sector Reforms Lead to Financial Development? Evidence from a New Dataset , Working Paper No. 08/265 , December 01, 2008
Does Technological Diffusion Explain Australia's Productivity Performance? , Working Paper No. 08/4 , January 01, 2008
Financial Globalization and the Governance of Domestic Financial Intermediaries , Working Paper No. 07/47 , March 01, 2007
Banking on the Principles: Compliance with Basel Core Principles and Bank Soundness , Working Paper No. 06/242 , October 01, 2006
Aid Volatility and Dutch Disease: Is There a Role for Macroeconomic Policies? , Working Paper No. 06/145 , June 01, 2006
Foreign Banks in Poor Countries: Theory and Evidence , Working Paper No. 06/18 , January 01, 2006
Finance in Lower Income Countries: An Empirical Exploration , Working Paper No. 05/167 , August 01, 2005
Selected Issue
«Corporate Debt in France», France Selected Issues Paper 2018, Country Report No. 18/244.
«Impact of Monetary Policy on Luxembourg», Luxembourg Selected Issues Paper 2018, Country Report No. 18/97.
«Housing Market: Assessment and Policy Recommendations», Luxembourg Selected Issues Paper 2018, Country Report No. 18/97.
«Revisiting the Competitiveness Problem», France Selected Issues Paper 2017, Country Report No. 17/289.
«Diversification of the Economy and the Role of the State», Luxembourg Selected Issues Paper 2017, Country Report No. 17/114.
«Selected Macro-financial Issues», France Selected Issues Paper 2016, SM/16/198.
«Investment Fund-Bank Linkages: Luxembourg as a Case Study», Luxembourg Selected Issues Paper 2016, SM 16/119.
«Rebalancing the euro area: Where Do we Stand and Where to Go», Euro Area Selected Issues Paper 2013, and IMF Working Paper.
«The Eurozone Crisis and the Sovereign-Bank Nexus: The Case for a Eurozone Banking Union», Euro Area Selected Issues Paper 2012.
« Macroprudential Policies in Europe – Progress and Challenges », Euro Area Selected Issues Paper 2011.
« Impact of Exchange Rate Movements on Export Performance and Consumer Prices », Switzerland Selected Issues Paper 2011.
Other Published Materials
«Technical Note: Non-Financial Corporations and Households Vulnerabilities», France: Financial Sector Assessment Program, October 2019.
«Technical Note: Macroprudential Framework and Policies», Luxembourg: Financial Sector Assessment Program, Country Report No. 17/256.
«Macroprudential Oversight and the Role of the ESRB», Technical Note, Financial Sector Assessment Program, The European Union, March 2013.
«Financial Integration and Fragmentation in the EU», Technical Note, Financial Sector Assessment Program, The European Union, March 2013.
Publications in Journals (Refereed)
«The Impact of the Global Financial Crisis on Firms’ Capital Structures: The Role of Financial Markets and Institutions», 2015, with Asli Demirgüç-Kunt and María Soledad Martínez Pería, Journal of Corporate Finance, forthcoming.
«Macro-Prudential Policies and Interactions with Monetary Policy: Evidence from the Euro Area», with Sophia Zhang, Journal of Financial Regulation and Compliance, 2017, Vol. 25 Issue: 3, pp.271-306.
«Determinants of Long- vs Short-Term Bank Credit in EU Countries», 2015, with Haelim Park and Claudia Ruiz-Ortega, International Journal of Finance and Economics. 2017;1–22.
« International Capital Flows and Development: Financial Openness Matters », with Dennis Reinhardt, and Luca Antonio Ricci, Journal of International Economics 2013, vol. 91(2), pages 235-251.
« Growth and Structural Reforms: A New Assessment », with Lone Christiansen and Martin Schindler, Journal of International Economics 2013, Elsevier, vol. 89(2), pages 347-356.
"Lobbying and the Financial Crisis", with Deniz Igan and Prachi Mishra, NBER Macroeconomics Annual 2011, vol. 26(1), pages 195-230
« External Balance in Low Income Countries », with Luca Ricci, Alessandro Prati and Lone Christiansen, forthcoming in: NBER volume International Seminar on Macroeconomics 2009 , edited by Lucrezia Reichlin and Kenneth West.
« A New Database of Financial Reforms », with Abdul Abiad and Enrica Detragiache, IMF Staff Papers 2009.
«Foreign Banks in Poor Countries: Theory and Evidence», with Enrica Detragiache and Poonam Gupta, The Journal of Finance, October 2008, Vol. 63 Issue 5, p2123-2160.
«Banking on the Principles: Compliance with Basel Core Principles and Bank Soundness», with Enrica Detragiache and Asli Demirguc-Kunt, The Journal of Financial Intermediation. Vol. 17 issue 4, October 2008, 511-542.
«Financial Globalization and the Governance of Domestic Financial Intermediaries», with Thierry Verdier, The Journal of the European Economic Association, 2011.
«Dual Financial Systems and Inequalities in Economic Development», The Journal of Economic Growth, 8, 223-257, 2003.
«Competition and Corporate Governance : Substitutes or Complements ? Evidence from the Warsaw Stock Exchange», with Irena Grosfeld, Economics of Transition, November 2002, p 525-551.
« Banques Commerciales et Crédit Traditionnel dans les Pays en Développement: Efficacité Informationnelle et Perspectives de Croissance». Revue d'Economie du Développement, 2001.
« Euro Area Debtor Countries: External Imbalances in the Euro Area », with Gian-Maria Milesi-Ferretti and Ruo Chen, Economic Policy Vol 28, Issue 73, 101-142, January 2013.
Other Published Materials
« Structural Reforms and Economic Performance in Advanced and Developing Countries », Occasional Paper 268, International Monetary Fund, 2009.
« Aid Volatility and Macroeconomic Policies » (with A. Prati) in: Exchange Rate Analysis at the IMF , International Monetary Fund, forthcoming 2008.
« What is the Most Effective Monetary Policy for Aid-Receiving Countries? », in Policy Matters – Economic and Social Policies to Sustain Equitable Development (U.N.), ed. J.A. Ocampo, Jomo K.S., and S. Khan. With Alessandro Prati, 2007.
« Institutional Savings and Financial Markets: The Role of Contractual Savings Institutions », with Alberto R. Musalem in : The Future of Domestic Capital Markets in Developing Countries, Ed. Robert E. Litan, Michael Pomerleano, V. Sundararajan, 2003, The Brookings Institution.
World Bank Policy Research Paper n°2186 (2001) « Contractual Savings, Capital Markets and Firms’ Financing Choices », with A. Musalem and G. Impavido.
World Bank Policy Research Paper n°2751 (2002) « Contractual Savings Institutions and Banks' Stability and Efficiency », with A. Musalem and G. Impavido.
World Bank Policy Research Paper n°2948 (2003) « The Impact of Contractual Savings Institutions on Securities Markets », with A. Musalem and G. Impavido.
World Bank Policy Research Paper n°3273 (2004) « Boosting productivity via innovation and adoption of new technologies : any role for labor market institutions? », with S. Scarpetta.
OECD working paper n°342 (2002) « Productivity and Convergence in a Panel of OECD Countries : Do Regulations and Institutions Matter ? »,with S. Scarpetta.
OECD Working Paper n°329 (2002) « The Role of Policy and Institutions for Productivity and Firm Dynamics : Evidence from Micro and Industry Data », with S. Scarpetta, P. Hemmings and J. Woo
CEPR discussion paper n°2888 (2001) « Competition and Corporate Governance : Substitutes or Complements ? Evidence from the Warsaw Stock Exchange », with Irena Grosfeld (DELTA).
«Fiji National Provident Fund: Financial Sustainability and Options for Reforms», Selected Issues Paper prepared for the 2004 IMF Article IV consultation for Fiji.
«A Family Divided – Labor Market Duality in Korea», Selected Issues Paper prepared for the 2003 IMF Article IV Consultation for Korea.
Thierry Tressel is a Senior Economist in the Financial Sector Assessments and Policies Division in the Monetary and Capital Markets Departments at the IMF. He completed a PhD at DELTA (Ecole des Hautes Etudes en Sciences Sociales, Paris) in 2001, and holds an Engineering Degree from Ecole Polytechnique (France). His research interests include: Banking; Corporate Finance; Financial Intermediation and Stability; Growth, Trade and Productivity; Political Economy; and Capital Flows.
Email: TTRESSEL@imf.org
Fluent In: French.
Education:
2001: PhD, Economics, at DELTA (Ecole des Hautes Etudes en Sciences Sociales).
1996-97: MPhil Student at the London School of Economics (European Doctoral Program in Quantitative Economics).
1996: Diplome d’Etudes Approfondies (MSc), Economics, at DELTA.
1995: Engineering Degree, Ecole Polytechnique, France.
Previous Experience:
2016-19: European Department, IMF.
2014-15: Task Manager and Lead Economist, World Bank.
2010-13: European Department, Euro Area and EU Policies, IMF.
2004-10: Research Department, IMF.
2002-04 : Economist Program, IMF.
2001-02: Economics Department, OECD.
2000, 2001: Consultant, World Bank.
2000-01: Post-Doctoral Fellow at the Center for International Development at Harvard University. Laureate of a Lavoisier Scholarship granted by the French Ministry of Foreign Affairs.
Referee Activities:
Journal of Political Economy; Review of Economic Studies; Revue d’Economie Politique; World Bank Economic Review; Southern Economic Journal; Journal of Money, Credit and Banking; International Economic Review; Journal of Comparative Economics; Journal of Development Economics; Journal of Macroeconomics; The B.E. Journal of Economic Analysis & Policy; Journal of Financial Intermediation; Journal of Banking and Finance; European Economic Review; Journal of Empirical Finance.
IMF Books and Working Papers:
Non-Financial Corporate Debt in Advanced Economies, 2010–17 , Working Paper No. 20/120 , July 03, 2020
Where Have All the Profits Gone? European Bank Profitability Over the Financial Cycle , Working Paper No. 18/99 , May 09, 2018
Incorporating Macro-Financial Linkages into Forecasts Using Financial Conditions Indices: The Case of France , Working Paper No. 17/269 , December 01, 2017
Effectiveness and Channels of Macroprudential Instruments : Lessons from the Euro Area , Working Paper No. 16/4 , January 12, 2016
Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments , Working Paper No. 14/130 , July 22, 2014
Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies , Staff Discussion Notes No. 14/7 , July 14, 2014
Optimal Prudential Regulation of Banks and the Political Economy of Supervision , Working Paper No. 14/90 , May 28, 2014
From Fragmentation to Financial Integration in Europe , December 11, 2013
A Banking Union for the Euro Area , Staff Discussion Notes No. 13/1 , February 12, 2013
External Imbalances in the Euro Area , Working Paper No. 12/236 , September 28, 2012
External Performance in Low-Income Countries , Occasional Paper No. 272 , March 15, 2011
International Capital Flows and Development: Financial Openness Matters , Working Paper No. 10/235 , October 01, 2010
Financial Contagion through Bank Deleveraging: Stylized Facts and Simulations Applied to the Financial Crisis , Working Paper No. 10/236 , October 01, 2010
Growth and Structural Reforms: A New Assessment , Working Paper No. 09/284 , December 01, 2009
A Fistful of Dollars: Lobbying and the Financial Crisis , Working Paper No. 09/287 , December 01, 2009
External Balance in Low Income Countries , Working Paper No. 09/221 , October 01, 2009
A New Database of Financial Reforms , Working Paper No. 08/266 , December 01, 2008
Do Financial Sector Reforms Lead to Financial Development? Evidence from a New Dataset , Working Paper No. 08/265 , December 01, 2008
Does Technological Diffusion Explain Australia's Productivity Performance? , Working Paper No. 08/4 , January 01, 2008
Financial Globalization and the Governance of Domestic Financial Intermediaries , Working Paper No. 07/47 , March 01, 2007
Banking on the Principles: Compliance with Basel Core Principles and Bank Soundness , Working Paper No. 06/242 , October 01, 2006
Aid Volatility and Dutch Disease: Is There a Role for Macroeconomic Policies? , Working Paper No. 06/145 , June 01, 2006
Foreign Banks in Poor Countries: Theory and Evidence , Working Paper No. 06/18 , January 01, 2006
Finance in Lower Income Countries: An Empirical Exploration , Working Paper No. 05/167 , August 01, 2005
Selected Issue
«Corporate Debt in France», France Selected Issues Paper 2018, Country Report No. 18/244.
«Impact of Monetary Policy on Luxembourg», Luxembourg Selected Issues Paper 2018, Country Report No. 18/97.
«Housing Market: Assessment and Policy Recommendations», Luxembourg Selected Issues Paper 2018, Country Report No. 18/97.
«Revisiting the Competitiveness Problem», France Selected Issues Paper 2017, Country Report No. 17/289.
«Diversification of the Economy and the Role of the State», Luxembourg Selected Issues Paper 2017, Country Report No. 17/114.
«Selected Macro-financial Issues», France Selected Issues Paper 2016, SM/16/198.
«Investment Fund-Bank Linkages: Luxembourg as a Case Study», Luxembourg Selected Issues Paper 2016, SM 16/119.
«Rebalancing the euro area: Where Do we Stand and Where to Go», Euro Area Selected Issues Paper 2013, and IMF Working Paper.
«The Eurozone Crisis and the Sovereign-Bank Nexus: The Case for a Eurozone Banking Union», Euro Area Selected Issues Paper 2012.
« Macroprudential Policies in Europe – Progress and Challenges », Euro Area Selected Issues Paper 2011.
« Impact of Exchange Rate Movements on Export Performance and Consumer Prices », Switzerland Selected Issues Paper 2011.
Other Published Materials
«Technical Note: Non-Financial Corporations and Households Vulnerabilities», France: Financial Sector Assessment Program, October 2019.
«Technical Note: Macroprudential Framework and Policies», Luxembourg: Financial Sector Assessment Program, Country Report No. 17/256.
«Macroprudential Oversight and the Role of the ESRB», Technical Note, Financial Sector Assessment Program, The European Union, March 2013.
«Financial Integration and Fragmentation in the EU», Technical Note, Financial Sector Assessment Program, The European Union, March 2013.
Publications in Journals (Refereed)
«The Impact of the Global Financial Crisis on Firms’ Capital Structures: The Role of Financial Markets and Institutions», 2015, with Asli Demirgüç-Kunt and María Soledad Martínez Pería, Journal of Corporate Finance, forthcoming.
«Macro-Prudential Policies and Interactions with Monetary Policy: Evidence from the Euro Area», with Sophia Zhang, Journal of Financial Regulation and Compliance, 2017, Vol. 25 Issue: 3, pp.271-306.
«Determinants of Long- vs Short-Term Bank Credit in EU Countries», 2015, with Haelim Park and Claudia Ruiz-Ortega, International Journal of Finance and Economics. 2017;1–22.
« International Capital Flows and Development: Financial Openness Matters », with Dennis Reinhardt, and Luca Antonio Ricci, Journal of International Economics 2013, vol. 91(2), pages 235-251.
« Growth and Structural Reforms: A New Assessment », with Lone Christiansen and Martin Schindler, Journal of International Economics 2013, Elsevier, vol. 89(2), pages 347-356.
"Lobbying and the Financial Crisis", with Deniz Igan and Prachi Mishra, NBER Macroeconomics Annual 2011, vol. 26(1), pages 195-230
« External Balance in Low Income Countries », with Luca Ricci, Alessandro Prati and Lone Christiansen, forthcoming in: NBER volume International Seminar on Macroeconomics 2009 , edited by Lucrezia Reichlin and Kenneth West.
« A New Database of Financial Reforms », with Abdul Abiad and Enrica Detragiache, IMF Staff Papers 2009.
«Foreign Banks in Poor Countries: Theory and Evidence», with Enrica Detragiache and Poonam Gupta, The Journal of Finance, October 2008, Vol. 63 Issue 5, p2123-2160.
«Banking on the Principles: Compliance with Basel Core Principles and Bank Soundness», with Enrica Detragiache and Asli Demirguc-Kunt, The Journal of Financial Intermediation. Vol. 17 issue 4, October 2008, 511-542.
«Financial Globalization and the Governance of Domestic Financial Intermediaries», with Thierry Verdier, The Journal of the European Economic Association, 2011.
«Dual Financial Systems and Inequalities in Economic Development», The Journal of Economic Growth, 8, 223-257, 2003.
«Competition and Corporate Governance : Substitutes or Complements ? Evidence from the Warsaw Stock Exchange», with Irena Grosfeld, Economics of Transition, November 2002, p 525-551.
« Banques Commerciales et Crédit Traditionnel dans les Pays en Développement: Efficacité Informationnelle et Perspectives de Croissance». Revue d'Economie du Développement, 2001.
« Euro Area Debtor Countries: External Imbalances in the Euro Area », with Gian-Maria Milesi-Ferretti and Ruo Chen, Economic Policy Vol 28, Issue 73, 101-142, January 2013.
Other Published Materials
« Structural Reforms and Economic Performance in Advanced and Developing Countries », Occasional Paper 268, International Monetary Fund, 2009.
« Aid Volatility and Macroeconomic Policies » (with A. Prati) in: Exchange Rate Analysis at the IMF , International Monetary Fund, forthcoming 2008.
« What is the Most Effective Monetary Policy for Aid-Receiving Countries? », in Policy Matters – Economic and Social Policies to Sustain Equitable Development (U.N.), ed. J.A. Ocampo, Jomo K.S., and S. Khan. With Alessandro Prati, 2007.
« Institutional Savings and Financial Markets: The Role of Contractual Savings Institutions », with Alberto R. Musalem in : The Future of Domestic Capital Markets in Developing Countries, Ed. Robert E. Litan, Michael Pomerleano, V. Sundararajan, 2003, The Brookings Institution.
World Bank Policy Research Paper n°2186 (2001) « Contractual Savings, Capital Markets and Firms’ Financing Choices », with A. Musalem and G. Impavido.
World Bank Policy Research Paper n°2751 (2002) « Contractual Savings Institutions and Banks' Stability and Efficiency », with A. Musalem and G. Impavido.
World Bank Policy Research Paper n°2948 (2003) « The Impact of Contractual Savings Institutions on Securities Markets », with A. Musalem and G. Impavido.
World Bank Policy Research Paper n°3273 (2004) « Boosting productivity via innovation and adoption of new technologies : any role for labor market institutions? », with S. Scarpetta.
OECD working paper n°342 (2002) « Productivity and Convergence in a Panel of OECD Countries : Do Regulations and Institutions Matter ? »,with S. Scarpetta.
OECD Working Paper n°329 (2002) « The Role of Policy and Institutions for Productivity and Firm Dynamics : Evidence from Micro and Industry Data », with S. Scarpetta, P. Hemmings and J. Woo
CEPR discussion paper n°2888 (2001) « Competition and Corporate Governance : Substitutes or Complements ? Evidence from the Warsaw Stock Exchange », with Irena Grosfeld (DELTA).
«Fiji National Provident Fund: Financial Sustainability and Options for Reforms», Selected Issues Paper prepared for the 2004 IMF Article IV consultation for Fiji.
«A Family Divided – Labor Market Duality in Korea», Selected Issues Paper prepared for the 2003 IMF Article IV Consultation for Korea.