Stefan Avdjiev
Adviser for Financial Stability
Monetary and Economic Department
Stefan Avdjiev joined the BIS in 2009, immediately after the completion of his PhD in economics. Prior to assuming his current position, he worked as an Economist in the Financial Institutions and the Financial Markets groups of the BIS Monetary and Economic Department (between 2009 and 2014) and as the Deputy Head of International Banking and Financial Statistics (between 2014 and 2020). His recent research has been mainly focused on issues related to financial stability and international finance. He has also conducted and published research in macroeconomics and asset pricing.
Fields of interest
- International finance
- Macroeconomics
- Financial stability and macroprudential issues
- " Gross Capital Flows by Banks, Corporates, and Sovereigns" (with B Hardy, S Kalemli-Ozcan and L Serven), Journal of the European Economic Association, July 2022.
- " CoCo issuance and bank fragility" (with A Kartasheva, B Bogdanova, P Bolton and W Jiang), Journal of Financial Economics, December 2020.
- " The shifting drivers of global liquidity" (with L Gambacorta, L Goldberg and S Schiaffi), Journal of International Economics, July 2020. Also published as BIS Working Papers, no 644.
- " The dollar, bank leverage and the deviation from covered interest parity" (with C Koch, H S Shin and W Du), American Economic Review: Insights, September 2019. Also published as BIS Working Papers, no 592.
- " Monetary policy spillovers and currency networks in cross-border bank lending: lessons from the 2013 Fed Taper Tantrum" (with E Takáts), Review of Finance, September 2019. Also published as BIS Working Papers, no 549.
- " News driven business cycles and data on asset prices in estimated DSGE models", Review of Economic Dynamics, vol 20, April 2016, pp 181-97. Also published as BIS Working Papers, no 358.
- " External debt composition and credit cycles" (with R Sousa), Journal of International Money and Finance, forthcoming.
- " International credit to emerging market economies during the Covid-19 crisis" (with B Berger and H S Shin), Banque de France Financial Stability Review, March 2021.
- " Home sweet host: prudential and monetary policy spillovers through global banks" (with B Hardy, P McGuire and G von Peter), Review of International Economics, October 2020.
- " US monetary policy and fluctuations of international bank lending" (with G Hale), Journal of International Money and Finance, July 2019. Also published as BIS Working Papers, no 730.
- " Breaking free of the triple coincidence in international finance" (with R McCauley and H S Shin), Economic Policy, vol 31, issue 87, July 2016, pp 409-51. Also published as BIS Working Papers, no 524.
- " Measuring contagion risk in international banking" (with P Giudici and A Spelta), Journal of Financial Stability, June 2019. Also published as BIS Working Papers, no 796.
- " The dollar exchange rate as a global risk factor: evidence from investment" (with V Bruno, C Koch and H S Shin), IMF Economic Review, February 2019. Also published as BIS Working Papers, no 695.
- " Transmission of monetary policy through global banks: whose policy matters?" (with C Koch, P McGuire, G von Peter), Journal of International Money and Finance, vol 89, December 2018, pp 67-82. Also published as BIS Working Paper, no 737.
- " What drives local lending by global banks?" (with U Aysun and R Hepp), Journal of International Money and Finance, September 2018. Also published as BIS Working Papers, no 746.
- " International prudential policy spillovers: a global perspective" (with C Koch, P McGuire and G von Peter), International Journal of Central Banking, vol 13(S1), 2017, pp 5-33. Also published as BIS Working Papers, no 589.
- " Credit growth, monetary policy, and economic activity in a three-regime TVAR model" (with Z Zeng), Applied Economics, vol 46, no 24, May 2014, pp 2936-51. Also published as BIS Working Papers, no 449.
- " Rapid credit growth and international credit: challenges for Asia" (with R McCauley and P McGuire), in V Pontines and R Siregar (eds), Exchange rate appreciation, capital flows and excess liquidity: adjustment and effectiveness of policy responses, The SEACEN Centre, August 2012, pp 215-44. Also published as BIS Working Papersno 377.
- " Sovereign creditworthiness and financial stability: an international perspective" (with J Caruana), Bank of France, Financial Stability Review, no 16, April 2012.
- " Impact of heterogeneous managerial productivity on executive hedge markets in an asymmetric information environment" (with Z Zeng), Finance Research Letters, vol 6, 2009, pp 187-201.