Stefan Avdjiev
Stefan Avdjiev is a Senior Economist and Deputy Head of International Banking and Financial Statistics. He joined the BIS in September 2009 upon completion of his PhD in Economics. Prior to assuming his current position, he worked as an Economist in the Financial Institutions unit and Financial Markets group of the BIS Monetary and Economic Department. He has conducted research in macroeconomics, asset pricing and international finance. His current research is primarily focused on issues related to international capital flows and financial stability.
Fields of interest
- International finance
- Macroeconomics
- Financial stability and macroprudential issues
| Jun 2018 |
Other authors: Galina Hale
BIS Working Papers
| No 730
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| Mar 2018 |
Other authors: Mary Everett, Philip R Lane and Hyun Song Shin
BIS Quarterly Review
| March 2018
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| Jan 2018 |
Other authors: Valentina Bruno, Catherine Koch and Hyun Song Shin
BIS Working Papers
| No 695
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| Nov 2017 |
Other authors: Bilyana Bogdanova, Patrick Bolton, Wei Jiang and Anastasia Kartasheva
BIS Working Papers
| No 678
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| Jun 2017 |
Other authors: Leonardo Gambacorta, Linda Goldberg and Stefano Schiaffi
BIS Working Papers
| No 644
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| Apr 2017 |
Other authors: Stephan Binder and Ricardo Sousa
BIS Working Papers
| No 627
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| Nov 2016 |
Other authors: Wenxin Du, Catherine Koch and Hyun Song Shin
BIS Working Papers
| No 592
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| Oct 2016 |
Other authors: Catherine Koch, Patrick McGuire and Goetz von Peter
BIS Working Papers
| No 589
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| Sep 2016 |
Other authors: Agnė Subelytė and Előd Takáts
BIS Quarterly Review
| September 2016
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| Aug 2016 |
This note analyses the exposure of emerging market economies to international capital flow risks, paying particular attention to vulnerabilities in the non-financial corporate sector. It stresses the importance of studying the stocks of debt, gross rather than net flows, borrowers' nationality rather than location and the currency denomination of debt. Other authors: Nikola Tarashev and Benjamin H Cohen |
- "Monetary policy spillovers and currency networks in cross-border bank lending: lessons from the 2013 Fed Taper Tantrum" (with E Takáts), Review of Finance, forthcoming. Also published as BIS Working Papers, no 549.
- " 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.
- " 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.
- " 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.
- " 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 Papers no 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.