Stefan Avdjiev
Stefan Avdjiev is a Senior Economist and the Deputy Head of International Banking and Financial Statistics. He joined the BIS in 2009, after the completion of his PhD in economics earlier the same year. 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. He has conducted research in international finance, macroeconomics and asset pricing. 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
| Mar 2019 |
Other authors: Mary Everett and Hyun Song Shin
BIS Quarterly Review
| March 2019
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| Dec 2018 |
Other authors: Bryan Hardy, Sebnem Kalemli-Ozcan and Luis Servén
BIS Working Papers
| No 760
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| Sep 2018 |
Other authors: Uluc Aysun and Ralf Hepp
BIS Working Papers
| No 746
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| Aug 2018 |
Other authors: Catherine Koch, Patrick McGuire and Goetz von Peter
BIS Working Papers
| No 737
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| Jul 2018 |
Other authors: Bat-el Berger and Hyun Song Shin
BIS Working Papers
| No 735
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| 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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- " The dollar, bank leverage and the deviation from covered interest parity" (with C Koch, H S Shin and W Du), American Economic Review: Insights, forthcoming. Also published as BIS Working Papers, no 592.
- " US monetary policy and fluctuations of international bank lending" (with G Hale), Journal of International Money and Finance, forthcoming. Also published as BIS Working Papers, no 730.
- " 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.
- " 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.
- " 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.
- "" 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 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.