Stefan Avdjiev

Senior Economist and Deputy Head of International Banking and Financial Statistics

Monetary and Economic Department

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

Date	BIS research papers
Jun 2017	The shifting drivers of global liquidity BIS Working Papers No 644 Other authors: Leonardo Gambacorta, Linda Goldberg and Stefano Schiaffi
Apr 2017	External debt composition and domestic credit cycles BIS Working Papers No 627 Other authors: Stephan Binder and Ricardo Sousa
Nov 2016	The dollar, bank leverage and the deviation from covered interest parity BIS Working Papers No 592 Other authors: Wenxin Du, Catherine Koch and Hyun Song Shin
Oct 2016	International prudential policy spillovers: a global perspective BIS Working Papers No 589 Other authors: Catherine Koch, Patrick McGuire and Goetz von Peter
Sep 2016	The ECB's QE and euro cross-border bank lending BIS Quarterly Review September 2016 Other authors: Agnė Subelytė and Előd Takáts
Aug 2016	International capital flows and financial vulnerabilities in emerging market economies: analysis and data gaps Other authors: Nikola Tarashev and Benjamin H Cohen
Mar 2016	Monetary policy spillovers and currency networks in cross-border bank lending BIS Working Papers No 549 Other authors: Előd Takáts
Oct 2015	Breaking free of the triple coincidence in international finance BIS Working Papers No 524 Other authors: Robert Neil McCauley and Hyun Song Shin
Sep 2015	Enhanced data to analyse international banking BIS Quarterly Review September 2015 Other authors: Patrick McGuire and Philip Wooldridge
Dec 2014	Non-financial corporations from emerging market economies and capital flows BIS Quarterly Review December 2014 Other authors: Michael Chui and Hyun Song Shin

"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.