Karamfil Todorov

Karamfil Todorov

Senior Economist
Monetary and Economic Department, Financial Markets

Karamfil joined the Financial Markets unit after completing his PhD in finance at the London School of Economics in 2020. Before that, he worked in the financial industry and participated in several projects with central banks and the IMF. He works in empirical asset pricing, institutional investors with a focus on ETFs, macro-finance and fixed income. His research has been published in top finance journals like the Journal of Financial Economics and featured in interviews and articles in the financial press including The Wall Street Journal, Financial Times, and Bloomberg.

Fields of interest
  • Financial markets
  • Financial institutions and micro-prudential issues
  • Monetary policy

All BIS publications (17)

Goodbye Libor, hello basis traders: unpacking the surge in global interest rate derivatives turnover
Publication 8 Dec 2025
Goodbye Libor, hello basis traders: unpacking the surge in global interest rate derivatives turnover
By
Torsten Ehlers
and
Karamfil Todorov
BIS Paper No 161 27 Oct 2025
The transformation of the life insurance industry: systemic risks and policy challenges
The life insurance industry has undergone a profound structural transformation since the Great Financial Crisis, amid a…
By
Matteo Aquilina
,
Fabian Garavito
,
Gaston Gelos
,
Ulf Lewrick
,
Frank Packer
,
Gabor Pinter
,
Vladyslav Sushko
and
Karamfil Todorov
BIS Bulletin No 106
BIS Bulletin No 106 9 Jul 2025
Retail investors in private credit
Private credit is poised for wider participation from retail investors through the rapid growth of business development…
By
Iñaki Aldasoro
,
Sebastian Doerr
and
Karamfil Todorov
BIS Working Paper No 1261 17 Apr 2025
ETFs as a disciplinary device
We document a novel feature of active exchange-traded funds (AETFs): they serve as a disciplinary tool for investors to remove…
By
Yuet Chau
,
Karamfil Todorov
and
Eyub Yegen
Publication 11 Mar 2025
US spillovers amid macroeconomic divergence
By
Fernando Avalos
,
Karamfil Todorov
and
Dora Xia
BIS Bulletin No 95
BIS Bulletin No 95 29 Oct 2024
Anatomy of the VIX spike in August 2024
On 5 August 2024, the Cboe volatility index (VIX) derived from option prices on the S&P 500 recorded its biggest ever one-day…
By
Karamfil Todorov
and
Grigory Vilkov
Shifting landscapes: life insurance and financial stability
Publication 16 Sep 2024
Shifting landscapes: life insurance and financial stability
Low-for-long interest rates have squeezed life insurers' profit margins and increased their exposure to riskier assets, raising…
By
Fabian Garavito
,
Ulf Lewrick
,
Tomas Stastny
and
Karamfil Todorov
BIS Working Paper No 1140 3 Nov 2023
Relationship discounts incorporate bond trading
We find that clients with stronger past trading relationships with a dealer receive consistently better prices in corporate…
By
Simon Jurkatis
,
Andreas Schrimpf
,
Karamfil Todorov
and
Nicholas Vause
BIS Working Paper No 1128 9 Oct 2023
The cumulant risk premium
We develop a novel methodology to measure the risk premium of higher-order cumulants (closely related to the moments of a…
By
Albert S Pete Kyle
and
Karamfil Todorov

All external publications (5)

External publication 1 Mar 2026
Crypto Carry
By
Andreas Schrimpf
,
Maik Schmeling
and
Karamfil Todorov
External publication 1 Oct 2025
Crypto Carry
By
Andreas Schrimpf
,
Maik Schmeling
and
Karamfil Todorov
External publication 1 May 2024
When passive funds affect prices: Evidence from volatility and commodity ETFs
By
Karamfil Todorov
External publication 26 Jan 2024
Relationship discounts in corporate bond trading
By
Andreas Schrimpf
,
Nicholas Vause
,
Karamfil Todorov
and
Simon Jurkatis
External publication 1 Feb 2020
Quantify the quantitative easing: Impact on bonds and corporate debt issuance
By
Karamfil Todorov

All videos (2)

00:02:10
qt2409b.jpg
Shifting landscapes for insurers
Video 16 Sep 2024
Shifting landscapes for insurers
Why have insurers and private equity firms steered investments towards private markets, increasing exposure to riskier and less…
By
Karamfil Todorov
and
Fabian Garavito
00:02:20
qt2103.jpg
The pandemic-related financial turmoil of March 2020
Video 1 Mar 2021
The pandemic-related financial turmoil of March 2020
A year after the pandemic-induced financial turmoil of last March, BIS economists review some of the lessons on the functioning…
By
Dora Xia
,
Wenqian Huang
and
Karamfil Todorov

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