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 EIU/FBF Course on Macroprudential Policy Implementation.
I have published my research in international finance and political economy journals such as the Journal of Banking and Finance, Journal of International Financial Markets, Institutions & Money, Revue d’Economie Financière, Research in International Business and Finance, and New Political Economy. I have also been a reviewer for the European Economic Review, the Journal of International Money and Finance, the Journal of International Financial Markets, Institutions & Money, the Canadian Journal of Economics.
On this website you can find my research publications and work in progress, as well as some photography!
** Capital Flows and Controls **
Sectoral Capital Flows: Covariates, Comovements, and Controls
Journal: Journal of International Financial Markets, Institutions and Money (2021)
WP: OECD Working Paper on International Investment (2021), SEACEN Working Paper (2020)
Joint with: Rogelio Mercado (ADB)
Presented at Asian Development Bank RCI-POD Webinar (2020)
Extreme capital flow episodes from the Global Financial Crisis to COVID-19: An exploration with monthly data
WP: OECD Working Paper on International Investment (2021)
Data: Monthly Capital Flow Dataset
Joint with: Annamaria De Crescenzio (OECD)
- Presented at 2nd Lille-Reading Workshop on International Finance (2022), Strasbourg Fourth ERMEES Macroeconomics Workshop (2021) and the ifo Workshop on Macroeconomics and International Finance (2021)
The liberalization of capital movements: Between structural transformations, circular debates, and multilateral frameworks (in French)
Journal: Revue d’Economie Financière (2020)
Capital Flow Deflection under the Magnifying Glass
WP: OECD Economics Department Working Papers (2020)
Joint with: Filippo Gori (OECD) and Caroline Mehigan (Central Bank of Ireland)
Presented at South East Asian Central Bank (SEACEN) Centre Annual Policy Summit (2021), Central Bank Research Association (CEBRA) Annual Conference (2020), Reserve Bank of India Seminar (2020), OECD Economics Department Brownbag Seminar (2020), at the CEREC Annual Conference on Financial Integration (2019)
** Financial Stability **
Assessing the effectiveness of currency-differentiated tools: the case of reserve requirements
WP: OECD Working Paper on International Investment (2021)
Joint with: Annamaria De Crescenzio (OECD) & Zoe Fannon (Oxford)
Decomposing financial (in)stability in emerging economies
Journal: Research in International Business and Finance (2020)
WP: ESRB Working Paper (2017)
Joint with: Antonio Sánchez Serrano (ESRB)
Presented at 5th Bordeaux Workshop in International Economics and Finance, 1st Bamberg Behavioural Macroeconomics Workshop
Home, safe home: Cross-country monitoring framework for vulnerabilities in the residential real estate sector
Journal: Journal of Banking and Finance (2020)
WP: ECB Working Paper (2017)
Joint with: Elias Bengtsson (ESRB) and Magdalena Grothe (ESRB)
The broad policy toolkit for financial stability: Foundations, Fences, and Fire doors
WP: OECD Working Paper on International Investment (2019)
Joint with: Caroline Mehigan (Bank of Ireland)
Presented at CEBRA Annual Conference (Columbia University, 2019); OECD Investment Brownbag Seminar (2018)
** Monetary Policy **
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)
Awarded the LSE Susan Strange Prize (2015)
** Political Economy of Finance **
Fiscal Policy as Credit Policy: A New Perspective on the Fiscal Spending vs. Market Trade-off
WP: CITYPERC Working Paper (2021)
Presented at SASE Annual Meeting (2020), City University of London Departmental Seminar (2020)
** Macroprudential Policy **
Taming the real estate boom in the EU: Pathways to macroprudential (in)action
Joint with: Matthias Thiemann (Sciences Po)
Presented at ECPR 11th biennual conference of SGEU (Rome, 2022), Sciences Po Departmental Seminar (2022), City University of London Departmental Seminar (2022)
Macroprudential governance and Capacity to remove the punch bowl
Presented at City University of London Departmental Seminar (2020), 1st London Political Economy Network PhD Conference (2021), the 10th PhD Student Conference in International Macroeconomics (Nanterre, 2021), APSA Annual Meeting (2021), IPES Annual Conference (2021)
** Political Economy of Finance **
Surfing the Credit Wave: How Political Cycles drive Credit Booms
WP: REM Working Paper (2022)
Presented at 10th UECE Conference on Economic and Financial Adjustments (Lisbon, 2022), CESifo Workshop on Political Economy (Dresden, 2019), Economics and Politics Workshop (Brussels, 2019)
Fueling or Leaning: Introducing a New Dataset of Credit Policies
Data: Credit Policy Dataset
Presented at the MPSA Annual Meeting (2021)
** Capital Flows **
Taming the “Capital Flows-Credit Nexus”: A Sectoral Approach
WP: SEACEN Working Paper (2022); Trinity College Dublin Working Paper (2021)
Joint with: Daniel Carvalho (Banco do Portugal) and Rogelio Mercado (ADB)
Presented at Asian Development Bank Economist Forum (2021), the CBSL-ADBI Annual Conference (2021), the 1st MGIMO “Frontiers in International Finance” Conference (2021), the Vietnam Symposium in Banking and Finance (2021), SEACEN Research Webinar (2022)
Cross-border Real Estate Investment: Drivers, Risks & Financial Policy effectiveness - Evidence from bilateral flow data
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
ESRB (2016), Vulnerabilities in the EU residential real estate sector
Photography:https://etienne-lepers.wixsite.com/photography