Deniz Igan
Head of Macroeconomic Analysis
Monetary and Economic Department
Prior to joining the BIS, Deniz Igan held several positions at the International Monetary Fund, most recently as the Chief of the Systemic Issues Division in the Research Department, co-editor of IMF Research Perspectives and an adviser to the editor of the Finance & Development magazine. Her research interests include financial crises, corporate finance, real estate markets and political economy. Her work has been published in various outlets, including policy-oriented academic journals such as NBER Macroeconomics Annual and Economic Policy. She is a CEPR research fellow, a fellow in the EUI-School of Transnational Governance Policy Leaders Program and a panellist in the Zillow House Price Expectations Survey. Deniz holds a PhD from Princeton University.
Fields of interest
- Financial stability and macro-prudential issues
- International capital flows
- Monetary policy
- " Government intervention and bank markups: lessons from the global financial crisis for covid-19 crisis" (with B Tan, M S Martinez Peria, N Pierri and A F Presbitero), Journal of Banking & Finance, vol 133(C), 2021.
- " Does going tough on banks make the going get tough? Bank liquidity regulations, capital requirements, and sectoral activity" (with A Mirzaei), Journal of Economic Behavior & Organization, vol 177(C), 2020.
- " March madness in Wall Street: (What) does the market learn from stress tests?" (with M Fernandes and M Pinheiro), Journal of Banking & Finance, vol 112(C), March 2020.
- " The real effects of capital inflows in emerging markets (with A Kutan and A Mirzaei), Journal of Banking & Finance, vol 119(C), 2020.
- " Fiscal consolidations and the cost of credit" (with S Agca), Journal of International Economics, vol 120(C), 2019.
- " Monetary policy and balance sheets" (with A Kabundi, F De Simone and N Tamirisa), Journal of Policy Modeling, vol 39, no 1, 2017.
- " Capital Inflows, Credit Growth, and Financial Systems" (with Z Tan), Emerging Markets Finance and Trade, vol 53, no 12, December 2017.
- " The macroeconomic relevance of bank and nonbank credit: An exploration of U.S. data" (with A Herman and J Solé), Journal of Financial Stability, vol 32, 2017.
- " Credit booms and macrofinancial stability" (with G Dell’Ariccia, L Laeven and H Tong), Economic Policy, vol 31, no 86, 2016.
- " Delegated portfolio management, benchmarking, and the effects on financial markets" (with M Pinheiro), Journal of Financial Transformation, vol 43, 2016.
- " A study of a market anomaly: “white men can’t jump”, but would you bet on it?" (with M Pinheiro and J Smith), Journal of Economic Behavior & Organization, vol 113, 2015.
- " Dealing with real estate booms"(with G Dell'Ariccia), in S Wachter, M Cho, M Tcha (eds), The Global Financial Crisis and Housing, Chapter 13, Edward Elgar Publishing, 2014.
- " Wall Street, Capitol Hill, and K Street: Political Influence and Financial Regulation" (with P Mishra), The Journal of Law and Economics, vol 57, no 4, November 2014.
- " How to deal with real estate booms: Lessons from country experiences" ( with C Crowe, G Dell'Ariccia and P Rabanal) Journal of Financial Stability, vol 9, no 3, 2013.
- " The power of k: politically-targeted activities, connections and the financial system" (with P Mishra) Journal of Financial Transformation, vol 35, 2012.
- " A Fistful of Dollars: Lobbying and the Financial Crisis" (with P Mishra and T Tressel), NBER Macroeconomics Annual, University of Chicago Press, vol 26, no 1, 2012.
- " The "Wal-Mart effect" in central and eastern Europe"(with J Suzuki), Journal of Comparative Economics, 2012.
- " Incentive to manipulate earnings and its connection analysts’ forecasts, trading, corporate governance" (with M Pinheiro), Journal of Economics and Finance, vol 36, no 4, October 2012.
- " Bank Lending in Turkey: Effects of Monetary and Fiscal Policies" (with B Aydin), Emerging Markets Finance and Trade, vol 48, no 5, September 2012.
- " Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market" (with G Dell'Ariccia and L Laeven), Journal of Money, Credit and Banking, vol 44, March 2012.
- " Housing, credit, and real activity cycles: Characteristics and comovement" (with A Kabundi, F De Simone, M Pinheiro and N Tamirisa), Journal of Housing Economics, vol 20, no 3, September 2011.
- " Exposure to real estate in bank portfolios" (with M Pinheiro), Journal of Real Estate Research, vol 32, no 1, 2010.
- " Cross-country experiences and policy implications from the global financial crisis" (with S Claessens, G Dell'Ariccia and L Laeven), Economic Policy, vol 25, no 62, 2010.
- " Are Weak Banks Leading Credit Booms? Evidence from Emerging Europe" (with N Tamirisa) Comparative Economic Studies, vol 50, no 4, 2008.
- " Product Quality and International Competitiveness in the New Member States of the EU", in K Liebscher, J Christl, P Mooslechner and D Ritzberger-Grünwald (eds), Currency and Competitiveness in Europe, 2008.