Welcome !
I am an Economist at the OECD in Paris since 2016, where I work in the International Finance unit in the Investment Division on capital flows and capital controls.
Before that, I worked for the Risk Analysis team at the European Systemic Risk Board (ECB) in Frankfurt on systemic risk measurement and macroprudential policy effectiveness.
I received my PhD from City, University of London and a dual master degree from Sciences Po and the London School of Economics.
I am co-organising the BdF-BoE-IMF-OECD annual Workshop on International Capital Flows and the OECD session at the Central Bank Research Association (CEBRA) Annual Conference. I am also since 2021 a core instructor in the ESRB-ECB led EUI/FBF Course on Macroprudential Policy Implementation. I was also a Visiting Researcher at the Bank of Finland Institute for Emerging Economies (BOFIT).
I have published my research in international finance and political economy journals such as the IMF Economic Review, Journal of Banking and Finance, European Journal of Political Economy, International Journal of Central Banking, International Journal of Finance & Economics, Journal of International Financial Markets, Institutions & Money, Review of World Economics, Revue d’Economie Financière, Economy & Society, Regulation & Governance, and New Political Economy.
On this website you can find my research publications and work in progress, as well as some photography!
***** CAPITAL FLOWS AND CONTROLS *****
Taming the “Capital Flows-Credit Nexus”: A Sectoral Approach
Joint with: Daniel Carvalho (Banco do Portugal) and Rogelio Mercado (SEACEN)
Journal: Open Economies Review (2024)
[WP: SEACEN (2022); Trinity College Dublin (2021)]
Extreme capital flow episodes from the Global Financial Crisis to COVID-19: An exploration with monthly data
Joint with: Annamaria De Crescenzio (OECD)
Journal: Open Economies Review (2024), Special Issue on “Tensions within Globalisation”
[WP: OECD (2021)]
Data: Monthly Capital Flow Dataset
Capital Flow Deflection under the Magnifying Glass
Joint with: Filippo Gori (OECD) and Caroline Mehigan (Central Bank of Ireland)
Journal: International Journal of Finance and Economics (2023)
[WP: OECD (2020)]
Cross-border Real Estate Investment: A different animal? Comparative evidence from bilateral flow data
Journal: Review of World Economics (2023)
Sectoral Capital Flows: Covariates, Comovements, and Controls
Joint with: Rogelio Mercado (SEACEN)
Journal: Journal of International Financial Markets, Institutions and Money (2021)
[WP: OECD (2021), SEACEN (2020)]
The liberalization of capital movements: Between structural transformations, circular debates, and multilateral frameworks (in French)
Journal: Revue d’Economie Financière (2020)
***** FINANCIAL STABILITY *****
Assessing the effectiveness of currency-differentiated tools: the case of reserve requirements
Joint with: Annamaria De Crescenzio (OECD) & Zoe Fannon (Oxford)
Journal: International Journal of Central Banking (2023)
[WP: OECD (2021)]
Home, safe home: Cross-country monitoring framework for vulnerabilities in the residential real estate sector
Joint with: Elias Bengtsson (ESRB) and Magdalena Grothe (ESRB)
Journal: Journal of Banking and Finance (2020), Special Issue on “Challenges to global financial stability”
[WP: ECB (2017)]
Decomposing financial (in)stability in emerging economies
Joint with: Antonio Sánchez Serrano (ESRB)
Journal: Research in International Business and Finance (2020)
[WP: ESRB (2017)]
The broad policy toolkit for financial stability: Foundations, Fences, and Fire doors
Joint with: Caroline Mehigan (Bank of Ireland)
WP: OECD (2019)
***** POLITICAL ECONOMY OF FINANCE AND REGULATION *****
Macroprudential governance and Capacity to remove the punch bowl
Journal: IMF Economic Review (2024)
Data: Macroprudential Policy Independence index
Fiscal policy as credit policy: Homeownership subsidization and the household debt boom
Journal: Economy & Society (2024), Online Supplementary Material
[WP: CITYPERC (2021)]
Surfing the Credit Wave: How Political Cycles drive Credit Booms
Journal: European Journal of Political Economy (2023)
[WP: REM (2022)]
Taming the real estate boom in the EU: Pathways to macroprudential (in)action
Joint with: Matthias Thiemann (Sciences Po)
Journal: Regulation & Governance (2023)
The Neutrality Illusion: Biased Economics, Biased Training, and Biased Monetary Policy. Testing the Role of Ideology on FOMC Voting Behaviour
Journal: New Political Economy (2017)
** POLITICAL ECONOMY OF FINANCE **
Fueling or Leaning: Introducing a New Dataset of Credit Policies
Data: Credit Policy Dataset
Presented at the MPSA Annual Meeting (2021)
** GREEN FINANCE **
What Drives Capital to Green Companies in Emerging Markets: Evidence from Investment Funds
Joint with: Annamaria De Crescenzio (OECD)
Related report: OECD Report to the G20 Finance Minister and Central Bank Governors
Media: VoxEU column ; Interview for the Sustainable Finance Research Forum of the EU Joint Research Centre
Presented at Sciences Po workshop on green finance, Bordeaux School of Economics seminar, the European Commission Virtual COP28 platform, the Joint Research Centre of the European Commission, the G20 International Financial Architecture Working Group, and the G7 Working Group on Climate Change Mitigation
OECD (2023), Towards Orderly Green Transition: Investment Requirements and Managing Risks to Capital Flows
Press: VoxEU
OECD (2022), International investment implications of Russia’s war against Ukraine
BdF-BoE-IMF-OECD (2020), Global policy responses to capital flow volatility
OECD (2020), COVID-19 and Global Capital Flows, Report to the G20 International Financial Architecture Working Group
OECD (2019), Reserve Requirements:Current Use, Motivations and Practical Considerations
Press: Financial Times
ESRB (2016), Vulnerabilities in the EU residential real estate sector
Photography:https://etienne-lepers.wixsite.com/photography