Marcos Valli joined the BIS in July 2016. Previously, he was the Head of the Research Division of the Department of Banking Operations and Payment System of the Central Bank of Brazil. His research has focused on foreign capital flows, financial intermediation, exchange rate bubbles, the term structure of interest rates, derivatives, payments, monetary policy and general equilibrium models. He earned his PhD in economics from the Catholic University of Brasilia (UCB) and his MSc in mathematics from the National Institute for Pure and Applied Mathematics (IMPA).