Stijn Claessens

Head of Financial Stability Policy and Deputy Head of the Monetary and Economic Department

Monetary and Economic Department

Stijn Claessens represents the BIS externally in senior groups, including the Financial Stability Board, the Basel Committee on Banking Supervision and the G20. Within the BIS, he leads policy-based analyses of financial sector issues and oversees the work of the secretariats of Committee on the Global Financial System, Markets Committee and Committee on Payments and Market Infrastructures. Between 1987 and 2006, he worked at the World Bank in various positions. From 2007 to 2014, he was Assistant Director in the Research Department of the International Monetary Fund. From 2015 to early 2017, he was Senior Adviser in the Division of International Finance of the Federal Reserve Board. He holds a PhD in business economics from the Wharton School of the University of Pennsylvania and a master's degree from Erasmus University, Rotterdam. He taught at the New York University business school and the University of Amsterdam.

Fields of interest

Finance
International finance
International capital flows

"Foreign banks and trade", Journal of Financial Intermediation, forthcoming.
" 'Low-For-Long' interest rates and banks’ interest margins and profitability: Cross-country evidence" (with N Coleman and M Donnelly), Journal of Financial Intermediation, vol 35, July 2018.
" Global liquidity and drivers of cross-border bank flows" (with E Cerutti and L Ratnovski), Economic Policy, vol 32, no 89, January 2017, pp. 81-125.
" Global banking: recent developments and insights from research", Review of Finance, European Finance Association, vol 21, no 4, July 2017, pp 1513-55.
" "Corporate governance in emerging markets: a selective review and an agenda for future research" (with M Ararat and B Yutorglu), Emerging Markets Review, forthcoming.
"Financial cycles and crises in Asia", in B Susantono and C-Y Park (eds), Future of regional cooperation in Asia and the Pacific, Asian Development Bank, November 2020.
" Basic employment protection, bargaining power, and economic outcomes" (with K Ueda), Journal of Law, Finance, and Accounting, September 2020.
" Regulation and structural change in financial systems", CEPR Discussion Papers, no 11822, CEPR, February 2017.
" Push factors and capital flows to emerging markets: why knowing your lender matters more than fundamentals" (with E Cerutti and D Puy), Journal of International Economics, vol 119, 2019, pp 133-49. Also published as IMF Working Paper, no 15/127, June 2015.
" An overview of macroprudential policy tools", Annual Review of Financial Economics, vol 7, no 1, December 2015, pp 397-422.
Financial development, property rights, and growth (with L Laeven) in A Demirgüç-Kunt and R Levine (eds), “Finance and growth”, The International Library of Critical Writings in Economics Series, vol 1, Elgar, 2018.
" How important is the global financial cycle? Evidence from capital flows" (with E Cerutti and A Rose), IMF Economic Review, February 2019. Also published as IMF Working Papers, no 17/193, September 2017 and BIS Working Papers, no 661.
" Recession: when bad times prevail" (with A Kose), in special issue of Finance and Development (Back to basics: economics concepts explained), International Monetary Fund, 2017, pp 34-5.
"The regulatory responses to the global financial crisis: some uncomfortable questions" (with L Kodres), in E Balleisen, L Bennear, K Krawiec and J Wiener (eds), Policy shock: recalibrating risk and regulation after oil spills, nuclear accidents and financial crises, Cambridge University Press, 2017.
" The use and effectiveness of macroprudential policies: new evidence" (with E Cerutti and L Laeven), Journal of Financial Stability, vol 28, February 2017, pp 203-24.
" Monopoly rights and economic growth: an inverted U-shaped relation" (with K Ueda), Research Institute of Economy, Trade and Industry (RIETI), Discussion Papers, no 16093, October 2016.
" Banking activity trends following the financial crisis: expansion or retrenchment?" (with N van Horen), in A Demirgüç-Kunt, D Evanoff and G Kaufman (eds), The future of large, internationally active banks (World Scientific Studies in International Economics), World Scientific Publishing, vol 55, 2016, pp 125-142.
" The role of foreign banks in local credit booms" (with N van Horen), in A Demirgüç-Kunt, D Evanoff and G Kaufman (eds), The future of large, internationally active banks (World Scientific Studies in International Economics), World Scientific Publishing, vol 55, 2016, pp 273-292.
" International dimensions of conventional and unconventional monetary policy" (with L Stracca and F Warnock), Journal of International Money and Finance, vol 67, October 2016, pp 1-7.
" 'Low-for-long' interest rates and net interest margins of banks in advanced foreign economies" (with N Coleman and M Donnelly), IFDP Notes, no 04-11, Board of Governors of the Federal Reserve System, 2016.
" Opening remarks", Journal of Money, Credit and Banking, vol 47, no S1, March/April 2015, pp 13-17.
" Important questions for housing markets and housing policy", Journal of Money, Credit and Banking, vol 47, no S1, March/April 2015, pp 419-421.
" What is shadow banking?" (with L Ratnovski), in S Claessens, D Evanoff, L Laeven and G Kaufman (eds), Shadow banking within and across national borders (World Scientific Studies in International Economics), vol 40, 2015, pp 405-412.
" Shadow banking within and across national borders" (with D Evanoff, L Laeven and G Kaufman), in S Claessens, D Evanoff, L Laeven and G Kaufman (eds), Shadow banking within and across national borders (World Scientific Studies in International Economics), vol 40, 2015.
" The impact of the global financial crisis on banking globalization" (with N van Horen), IMF Economic Review, vol 63, no 4, 2015, pp 868-918.
" Saving the euro: mitigating financial or trade spillovers?" (with H Tong and I Zuccardi), Journal of Money, Credit and Banking, vol 47, no 7, 2015, pp 1369-1402.
" Capital and liquidity requirements: a review of the issues and literature", Yale Journal on Regulation, vol 31, no 3, 2014, pp 735-772.
" The great cross-border bank deleveraging: supply constraints and intra-group frictions" (with E Cerutti), Review of Finance, September 2014, pp 1-36.
" What is shadow banking?" (with L Ratnovski), IMF Working Papers, no 14/25, 2014.
" The regulatory responses to the global financial crisis: some uncomfortable questions" (with L Kodres), IMF Working Papers, no 14/46, 2014.
" Foreign banks: trends and impact" (with N van Horen), Journal of Money, Credit and Banking, vol 46, no S1, 2014, pp 295-326.
" Location decisions of foreign banks and competitor remoteness" (with N van Horen), Journal of Money, Credit and Banking, vol 46, no 1, pp 145-170.
" Systemic risks in global banking: what available data can tell us and what more data are needed?" (with E Cerutti and P McGuire), in M Brunnermeier and A Krishnamurthy (eds), Systemic risk and macro modelling, NBER/University of Chicago Press, 2014, pp 235-260. Also published as BIS Working Papers, no 376, 2012.
" Institutions and financial frictions: estimating with structural restrictions on firm value and investment" (with K Ueda and Y Yafeh), Journal of Development Economics, vol 110, 2014, pp 107-122.
Financial crises: causes, consequences, and policy responses (with A Kose, L Laeven and F Valencia (eds)), International Monetary Fund, 2014.
" Corporate governance in emerging markets: a survey" (with B Yurtoglu), Emerging Markets Review, vol 15, 2013, pp 1-33.
" Capital flow volatility and systemic risk in emerging markets: the policy toolkit" (with S Ghosh), in O Canuto and S Ghosh (eds), Dealing with the challenges of macro financial linkages in emerging markets, World Bank, 2013, pp 91-118.
"Finance and hunger: empirical evidence of the agricultural productivity channel" (with S Ghosh), in R Cull, A Demirgüç-Kunt and J Morduch (eds), Banking the world: empirical foundations of financial inclusion, MIT Press, pp 157-209.
" Global banking regroups" (with J Marchetti), Finance and Development, vol 50, no 4, 2013, pp 14-17.
" Financial crises: review and evidence" (with A Kose), Central Bank Review, vol 13, no 3, 2013, pp 1-23.
" Financial crises explanations, types, and implications" (with A Kose), IMF Working Papers, no 13/28, 2013.
" Impact of foreign banks" (with N Van Horen), Journal of Financial Perspectives, vol 1, no 1, 2013, pp 29-42.
" Comovement of newly added stocks with national market indices: evidence from around the world" (with Y Yafeh), Review of Finance, vol 17, no 1, 2013, pp 203-227.
" Macro-prudential policies to mitigate financial system vulnerabilities" (with S Ghosh and R Mihet), Journal of International Money and Finance, 2013, vol 39, pp 153-185.
"Financial globalization and crises: overview" (with T Beck and S Schmukler), in G Caprio (ed), Handbooks in financial globalization, Elsevier, vol 3, 2013, pp 1-12.
"A cross-country perspective on the causes of the global financial crisis" (with G Dell'Ariccia, D Igan and L Laeven), in G Caprio (ed), Handbooks in financial globalization, Elsevier, vol 3, 2013, pp 737-752.
"Lessons and policy implications from the global financial crisis" (with G Dell'Ariccia, D Igan and L Laeven), in G Caprio (ed), Handbooks in financial globalization, Elsevier, vol 3, 2013, pp 753-761.
" The interaction of monetary and macroprudential policies", IMF Policy Papers, December 2012.
" How do business and financial cycles interact?" (with M Kose and M Terrones), Journal of International Economics, vol 87, no 1, 2012, pp 178-90.
" Shedding debt" Finance & Development, vol 49, no 2, 2012, pp 20-23.
" Being a foreigner among domestic banks: asset or liability?" (with N van Horen), Journal of Banking and Finance, vol 36, no 5, 2012, pp 1276-1290.
" Shadow banking: economics and policy" (with Z Pozsar, L Ratnovski and M Singh), IMF Staff Discussion Note, 2012, vol 12, no 12.
" How does foreign entry affect domestic banking markets?" (with A Demirgüç-Kunt and H Huizinga), in B Hoekman (ed), The WTO and trade in services, vol 1, Elgar, 2012, pp 544-564.
Macroprudential regulatory policies: the new road to financial stability?, S Claessens, D Evanoff, G Kaufman and L Kodres (eds) ( World Scientific Studies in International Economics), vol 17, World Scientific Publishing, 2012.
" Macroprudential regulatory policies: preface" (with D Evanoff, G Kaufman and L Kodres), in S Claessens, D Evanoff, G Kaufman and L Kodres (eds) ( World Scientific Studies in International Economics), vol 17, World Scientific Publishing, 2012, pp v-vi.
" From the financial crisis to the real economy: using firm-level data to identify transmission channels" (with H Tong, and S-J Wei), Journal of International Economics, vol 88, no 2, 2012, pp 375-387.
" Monetary and macroprudential policies: introduction" (with P Gourinchas and A Kose), IMF Economic Review, vol 60, no 2, 2012, pp 151-154.
" Paths to eurobonds" (with A Mody and S Vallee), IMF Working Papers, no 12/172, 2012.
" Central bank dollar swap lines and overseas dollar funding costs: commentary", Federal Reserve Bank of New York Economic Policy Review, vol 17, no 1, 2011, pp 21-23.
" Dealing with cross-border bank distress: some specific options for reform", in A Demirgüç-Kunt, D Evanoff and G Kaufman (eds), The international financial crisis (World Scientific Studies in International Economics), vol 14, World Scientific Publishing, 2011, pp 325-338.
" Financial cycles: what? how? when?" (with A Kose and M Terrones), in R Clarida and F Giavazzi (eds), NBER International Seminar on Macroeconomics 2010, 2011, pp 303-343.
" Gyrations in financial markets" (with A Kose and M Terrones), Finance and Development, vol 48, no 1, 2011, pp 30-33.
" Crisis management and resolution: early lessons from the financial crisis" (with C Pazarbasioglu, L Laeven, M Dobler, F Valencia, O Nedelescu and K Seal), IMF Staff Discussion Note, March 2011.
" Corporate governance and regulation: can there be too much of a good thing?" (with V Bruno), Journal of Financial Intermediation, vol 19, no 4, 2010, pp 461-482.
" Financial sector taxation: the IMF's report to the G-20 and background material (with M Keen and C Pazarbasioglu), September 2010.
" A safer world financial system: improving the resolution of systemic institutions" (with R Herring and D Schoenmaker), CEPR-ICMB Publication, no 12, July 2010.
" Economics aspects of corporate governance and regulation" (with V Bruno), in H Baker and R Anderson (eds), Robert W Kolb Series in Finance, Wiley, 2010, pp 599-619.
" Strategic investment and risk management for sovereign wealth funds" (with J Kreuser), in A Berkelaar, J Coche and K Nyholm (eds), Central bank reserves and sovereign wealth management, Palgrave Macmillan, 2010, pp 247-284.
" The financial crisis: policy challenges for emerging markets and developing countries", Margin: the Journal of Applied Economic Research, vol 4, no 2, 2010, pp 177-196.
" The financial crisis of 2008-2009: origins, issues, and prospects" (with A Kose), Journal of Asian Economics, vol 21, no 3, 2010, pp 239-241.
" The global financial crisis: how similar? How different? How costly?" (with A Kose, and M Terrones), Journal of Asian Economics, vol 21, no 3, 2010, pp 247-264.
" Cross-country experiences and policy implications from the global financial crisis" (with G Dell'Ariccia, D Igan and L Laeven), Economic Policy, vol 25, no 62, 2010, pp 267-293.
" Recessions and financial disruptions in emerging markets: a bird's eye view" (with A Kose and M Terrones), in L Céspedes, R Chang and D Saravia (eds), Monetary policy under financial turbulence, edition 1, volume 16, chapter 4, pages 59-104.
"Recesiones y alteraciones financieras en mercados emergentes: una vision panoramica ( Recessions and financial disruptions in emerging markets: a bird's eye viewwith English summary) (with A Kose and M Terrones), Economia Chilena, vol 13, no 2, Central Bank of Chile, pp 55-84.
" Discussion of 'Credit, asset prices, and financial stress'" International Journal of Central Banking, vol 5, no 4, 2009, pp 123-129.
" Competition in the financial sector: overview of competition policies", World Bank Research Observer, Symposium on Financial Sector, vol 24, no 1, 2009, pp 83-118.
" Global financial crisis, risk analysis and risk measurement: editorial" (with A Demirguc-Kunt, and F Moshirian), Journal of Banking and Finance, vol 33, no 11, 2009, pp 1949-1952.
" Evidence on changes in aid allocation criteria" (with D Cassimon and B Van Campenhout), World Bank Economic Review, vol 23, no 2, 2009, pp 185-208.
"Political connections and preferential access to finance: the role of campaign contributions" (with E Feijen and L Laeven), in T Beck (ed), International Library of Entrepreneurship, vol 15, Elgar, 2009, pp 734-760.
" What happens during recessions, crunches and busts?" (with A Kose and M Terrones), Economic Policy, vol 24, no 60, 2009, pp 653-700.
" Political connections and preferential access to finance: the role of campaign contributions" (with E Feijen, and L Laeven), Journal of Financial Economics, vol 88, no 3, 2008, pp 554-580.
" The political economy of Basle II: the costs for poor countries" (with G Underhill and X Zhang), World Economy, vol 31, no 3, 2008, pp 313-344.
" Finance and inequality: channels and evidence" (with E Perotti), Journal of Comparative Economics, vol 35, no 4, 2007, pp 748-773.
" From credit to crops" (with E Feijen), Finance and Development, vol 44, no 1, 2007, pp 35-37.
" International financial integration through equity markets: which firms from which countries go global?" (with S Schmukler), Journal of International Money and Finance, vol 26, no 5, 2007, pp 788-813.
" Government bonds in domestic and foreign currency: the role of institutional and macroeconomic factors" (with D Klingebiel and S Schmukler), Review of International Economics, vol 15, no 2, 2007, pp 370-413.
" Enforcement and good corporate governance in developing countries and transition economies" (with E Berglof), World Bank Research Observer, vol 21, no 1, 2006, pp 123-150.
" Strategic foreign reserves risk management: analytical framework" (with J Kreuser), Annals of Operations Research, vol 152, no 1, 2006, pp 79-113.
" Access to financial services: a review of the issues and public policy objectives", Journal of Financial Transformation, vol 17, 2006, pp 16-19.
" Access to financial services: a review of the issues and public policy objectives", World Bank Research Observer, vol 21, no 2, 2006, pp 207-240.
" Competitive implications of cross-border banking", in G Caprio, D Evanoff and G Kaufman (eds), Cross-border banking: regulatory challenges ( World Scientific Studies in International Economics), World Scientific Publishing, vol 1, 2006, pp 151-181.
" Corporate governance and development", World Bank Research Observer, vol 21, no 1, 2006, pp 91-122.
" The search for stability in an integrated global financial system", in B Vinay (ed), Global issues for global citizens: an introduction to key development challenges, World Bank, 2006, pp 51-69.
" Universal access to financial services: a review of the issues and public policy objectives", in OECD trade policy studies: liberalisation and universal access to basic services telecommunications, water and sanitation, financial services, and electricity, Organisation for Economic Co-operation and Development, and World Bank, 2006, pp 175-196.
" Financial sector development and the millennium development goals" (with E Feijen), World Bank Working Paper, no 89, 2006.
" Ownership and financing structures" (with K Tzioumis), in Corporate governance of non-listed companies in emerging markets, Organisation for Economic Co-operation and Development, and World Bank, 2006, pp 39-63.
A reader in international corporate finance, S Claessens and L Laeven (eds), World Bank, vol 1 and 2, 2006.
" Financial development, property rights, and growth" (with L Laeven), in S Claessens and L Laeven (eds), A reader in international corporate finance, World Bank, vol 1, 2006, pp 47-82.
" Stock market development and internationalization: do economic fundamentals spur both similarly?" (with D Klingebiel and S Schmukler), Journal of Empirical Finance, vol 13, no 3, 2006, pp 316-350.
" The benefits and costs of group affiliation: evidence from east Asia" (with J Fan and L Lang), Emerging Markets Review, vol 7, no 1, 2006, pp 1-26.
" Enforcing corporate governance" (with E Berglof) in G Kochendorfer-Lucius and B Pleskovic (eds), Investment climate, growth, and poverty, World Bank, 2005, pp 31-38.
" Finance and volatility", in J Aizenman and B Pinto (eds), Managing economic volatility and crises: a practitioner's guide, Cambridge University Press, 2005, pp 213-280.
" How important are financial markets in spurring growth and investment?", in G Kochendorfer-Lucius and B Pleskovic (eds), Investment climate, growth, and poverty, World Bank, 2005, pp 65-69.
" Institutional changes to prevent the recurrence of debt problems", in J Teunissen and A Akkerman (eds), Helping the poor? The IMF and low-income countries, Fondad, 2005, pp 139-151.
"Policy approaches to corporate restructuring around the world: what worked, what failed?", in M Pomerleano and W Shaw (eds), Corporate restructuring: lessons from experience, World Bank, 2005, pp 11-58.
" The future of domestic capital markets in developing countries", Journal of Economic Literature, vol 43, no 3, 2005, pp 849-851.
" The need for institutional changes in the global financial system" (with G Underhill), in J Teunissen and A Akkerman (eds), Protecting the poor: global financial institutions and the vulnerability of low-income countries, Fondad, 2005, pp 79-114.
" Bankruptcy around the world: explanations of its relative use" (with L Klapper), American Law and Economics Review, vol 7, no 1, 2005, pp 253-283.
" Financial dependence, banking sector competition, and economic growth" (with L Laeven), Journal of the European Economic Association, vol 3, no 1, 2005, pp 179-207.
" Crisis resolution, policies, and institutions: empirical evidence" (with D Klingebiel and L Laeven), in P Honohan and L Laeven (eds), Systemic financial crises: containment and resolution, Cambridge University Press, 2005, pp 169-194.
" The Basel II reform and retail credit markets" (with J Krahnen and W Lang), Journal of Financial Services Research, vol 28, no 1-3, 2005, pp 5-13.
"The separation of ownership and control in east Asian corporations" (with S Djankov and L Lang), in J Ritter (ed), International library of critical writings in financial economics, Elgar, 2005, pp 254-285.
"Disentangling the incentive and entrenchment effects of large shareholdings" (with S Djankov, J Fan and L Lang), in D Denis and J McConnell (eds), Corporate governance in the new global economy series, vol 6, Elgar, 2005, pp 433-463.
"Disentangling the incentive and entrenchment effects of large shareholdings" (with S Djankov, J Fan and L Lang), in L Lang (ed), Corporate governance in the new global economy series, vol 5, Elgar, 2005, pp 149-179.
"Contagion: understanding how it spreads" (with R Dornbusch and Y Park), in N Roubini and M Uzan (eds), New international financial architecture, vol 1, Elgar, 2005, pp 383-403.
"Comment on 'Financial restructuring', 'Corporate restructuring'and 'Changes in the labor markets and industrial relations'", in C Duck-Koo and B Eichengreen (eds), The Korean economy beyond the crisis, Elgar, 2004, pp 239-244.
" A framework for strategic foreign reserves risk management" (with J Kreuser), in C Bernadel, P Cardon, J Coche, F Diebold and S Manganelli (eds), Risk management for central bank foreign reserves, European Central Bank, 2004, pp 47-73.
" Economic crisis and corporate restructuring in Korea: reforming the chaebol", Journal of Economic Literature, vol 42, no 4, 2004, pp 1137-1138.
" The case for GDP-indexed bonds: discussion", Economic Policy, vol 19, no 38, 2004, pp 208-210.
" What drives bank competition? some international evidence" (with L Laeven), Journal of Money, Credit, and Banking, vol 36, no 3, 2004, pp 563-583.
" Policy selectivity forgone: debt and donor behavior in Africa" (with N Birdsall and I Diwan), World Bank Economic Review, vol 17, no 3, 2003, pp 409-435.
" Benefits and costs of integrated financial services provision in developing countries", Brookings-Wharton Papers on Financial Services, July 2003, pp 85-139.
" Designing financial systems in transition economies", Economics of Transition, vol 11, no 1, 2003, pp 197-199.
" Foreign direct investment: who cares about ownership? Discussion", in H Heinz and R Lipsey (eds), Foreign direct investment in the real and financial sector of industrial countries, Springer, 2003, pp 269-272.
" Household stockholding in Europe: where do we stand and where do we go? Discussion", Economic Policy, vol 18, no 36, 2003, pp 164-167.
"Regulatory reform and trade liberalization in financial services", in A Mattoo and P Sauvé (eds), Domestic regulation and service trade liberalization, World Bank and Oxford University Press, 2003, pp 129-146.
" The execution of monetary policy: a tale of two central banks: discussion", Economic Policy, vol 18, no 37, 2003, pp 463-465.
" When does corporate diversification matter to productivity and performance? Evidence from east Asia", Pacific-Basin Finance Journal, vol 11, no 3, 2003, pp 365-392.
"Foreign banks in low-income countries: recent developments and impacts" (with J-K Lee), in J Hanson, P Honohan and G Majnoni (eds), Globalization and national financial systems, World Bank and Oxford University Press, 2003, pp 109-141.
" Financial restructuring in banking and corporate sector crises: what policies to pursue?" (with D Klingebiel and L Laeven), in M Dooley and J Frankel (eds), NBER Conference Report Series, University of Chicago Press, 2003, pp 147-180.
" Financial development, property rights, and growth" (with L Laeven), Journal of Finance, vol 58, no 6, 2003, pp 2401-2436.
" The growing importance of networks in finance and its effects on competition" (with G Dobos, D Klingebiel and L Laeven), in A Nagurney (ed), Innovations in financial and economic networks, Elgar, 2003, pp 110-135.
" Resolution of corporate distress in east Asia" (with S Djankov and L Klapper), Journal of Empirical Finance, vol 10, no 1-2, 2003, pp 199-216.
" Fiscal risks of the banking system: approaches to measuring and managing contingent government liabilities in the banking sector" (with D Klingebiel), in H Brixi and A Schick (eds), Government at risk: contingent liabilities and fiscal risk, World Bank and Oxford University Press, 2002, pp 311-334.
" A European VAT on financial services? Discussion", Economic Policy: a European Forum, vol 17, no 35, 2002, pp 526-530.
" Strategic risk management for developing countries: an application to Colombia" (with J Kreuser and R Wets), in Proceedings of Second Inter-Regional Debt Management Conference, April 3-5 2000, published in 2002, pp 93-111.
"Measuring and managing government contingent liabilities in the banking sector" (with D Klingebiel), in H Hana and A Schick (eds), Government at risk: contingent liabilities and fiscal risk, World Bank and Oxford University Press, 2002, pp 311-334.
" Disentangling the incentive and entrenchment effects of large shareholdings" (with S Djankov, J Fan and L Lang), Journal of Finance, vol 57, no 6, 2002, pp 2741-71.
" Privatization benefits in eastern Europe" (with S Djankov), Journal of Public Economics, vol 83, no 3, 2002, pp 307-324.
" The future of stock exchanges in emerging economies: evolution and prospects" (with D Klingebiel, and S Schmukler), Brookings-Wharton Papers on Financial Services, 2002, pp 167-202.
" E-finance in emerging markets: is leapfrogging possible?" (with T Glaessner and D Klingebiel), Financial Markets, Institutions and Instruments, vol 11, no 1, 2002, pp 1-125.
" Electronic finance: reshaping the financial landscape around the world" (with T Glaessner and D Klingebiel), Journal of Financial Services Research, vol 22, no 1-2, 2002, pp 29-61.
" The political economy of distress in east Asian financial institutions" (with P Bongini and G Ferri), Journal of Financial Services Research, vol 19, no 1, 2001, pp 5-25.
" Competition and scope of activities in financial services" (with D Klingebiel), World Bank Research Observer, vol 16, no 1, 2001, pp 19-40.
" How does foreign entry affect domestic banking markets?" (with A Demirgüç-Kunt and H Huizinga), Journal of Banking and Finance, vol 25, no 5, 2001, pp 891-911.
" International financial contagion" (with K Forbes eds), International financial contagion, Kluwer Academic, 2001.
" International financial contagion: an overview of the issues and the book", in S Claessens and K Forbes (eds), International Financial Contagion, Kluwer Academic, 2001, pp 3-17.
"Portfolio capital flows: hot or cold?" (with M Dooley and A Warner), in G Irwin and D Vines (eds), Globalization of the World Economy, vol 11, Elgar, 2001, pp 43-64.
" Contagion: why crises spread and how this can be stopped" (with R Dornbusch and Y Park), in S Claessens and K Forbes (eds), International financial contagion, Kluwer Academic, 2001, pp 19-41.
Resolution of financial distress: an international perspective on the design of bankruptcy laws, in (S Claessens, S Djankov and A Mody (eds)), WBI Development Studies, World Bank, 2001.
" Stock markets in transition economies" (with S Djankov and D Klingebiel), in L Bokros, A Fleming and C Votava (eds), Financial transition in Europe and central Asia: challenges of the new decade, World Bank, 2001, pp 109-137.
" Developments in global e-finance" (with T Glaessner and D Klingebiel), Journal of Financial Transformation, no 2, pp 53-59.
"Finance in the new millennium" (with T Glaessner and D Klingebiel), in L Bokros, A Fleming and C Votava (eds), Financial transition in Europe and central Asia: challenges of the new decade, World Bank, 2001, pp 221-235.
"Corporate growth and risk around the world" (with S Djankov and T Nenova), in R Glick, R Moreno and M Spiegel (eds), Financial crises in emerging markets, Cambridge University Press, 2001, pp 305-338.
" Manager incentives and turnover of managers: evidence from the Czech Republic" (with S Djankov), in E Rosenbaum, F Bonker and H-J Wagener (eds), Privatization, corporate governance and the emergence of markets, St Martin's Press and Macmillan Press, 2000, pp 171-188.
" Publicly listed east Asian corporates: growth, financing, and risks," (with S Djankov), in D Dwor-Frecaut, F Colaco and M Hallward-Driemeier (eds), Asian corporate recovery: findings from firm-level surveys in five countries, World Bank, 2000, pp 97-109.
" Contagion: understanding how it spreads" (with R Dornbusch and Y C Park), World Bank Research Observer, vol 15, no 2, 2000, pp 177-97.
" Capital flows to central and eastern Europe and the former Soviet Union," (with D Oks and R Polastri), in S Edwards (ed), Capital flows and the emerging economies: theory, evidence, and controversies, University of Chicago Press, 2000, pp 299-339.
" Capital flows to central and eastern Europe and the former Soviet Union" (with D Oks and R Polastri), in European Commission and World Bank (eds), European Union accession: opportunities and risks in central European finances, World Bank, 2000, pp 38-64.
" The separation of ownership and control in east Asian corporations" (with S Djankov and L Lang), Journal of Financial Economics, vol 58, no 1-2, 2000, pp 81-112.
" Corporate performance in the east Asian financial crisis" (with S Djankov and L Xu), World Bank Research Observer, vol 15, no 1, 2000, pp 23-46.
" Roundtable: the impact of foreign banks and competition between banks and non-banks", in 1998 Annual World Bank Conference on Development in Latin America and the Caribbean, Banks and capital markets: sound Financial systems for the 21st century, World Bank, 1999, pp 135-137.
" Ownership concentration and corporate performance in the Czech Republic" (with S Djankov), Journal of Comparative Economics, vol 27, no 3, 1999, pp 498-513.
" Corporate distress in east Asia: assessing the impact of interest and exchange rates shocks" (with S Djankov and G Ferri), Emerging Markets Quarterly, vol 3, no 2, 1999, pp 8-13.
"A tool for strategic asset and liability management" (with J Kreuser, L Seigel and Rr Wets), in Proceedings of the Inter-Regional Debt Management Conference, UNCTAD, 10-19 December 1997, pp 175-187.
" Enterprise performance and management turnover in the Czech Republic" (with S Djankov), European Economic Review, vol 43, no 4-6, 1999, pp 1115-1124.
"Internationalization of financial services in Asia" (with T Glaessner), in J Hanson and S Kathuria (eds), India: a financial sector for the twenty-first century, World Bank and Oxford University Press, 1999, pp 369-433.
"Corporate ownership and valuation: evidence from east Asia" (with S Djankov and L Lang), in A Harwood, R Litan and M Pomerleano (eds), Financial markets and development: the crisis in emerging markets, Brookings Institution Press and World Bank, 1999, pp 159-178.
" Volatility and contagion in a financially integrated world: lessons from east Asia's recent experience" (with L Hernandez, P Alba, A Bhattacharya and S Ghosh), Policy Research Working Paper Series 2008, World Bank, 1999.
" Resolution of corporate distress: evidence from east Asia's financial crisis" (with L Klapper and S Djankov), Policy Research Working Paper Series, no 2133, World Bank, 1999.
"Forecasting volatility in commodity markets" (with K Kroner and D Kneafsey), in T Mills (ed), International library of critical writings in economics, vol 108, Elgar, 1999, pp 486-504.
"Estimates of capital flight and its behavior", Revista de Analisis Economico, vol 12, no 1, 1997, pp 3-34.
" Equity and bond flows to Latin America and Asia: the role of global and country factors" (with C Punam and Nlandu Mamingi), Journal of Development Economics, vol 55, no 2, 1998, pp 439-463.
" Banking reform in transition countries", Journal of Policy Reform, vol 2, no 2, 1998, pp 115-133.
" Comment on 'banking in transition economies'", Journal of Money, Credit, and Banking, vol 30, no 3, 1998, pp 651-655.
"Comments on the paper 'Rethinking emerging market equities'", in R Levich (ed), New York University Salomon Center Series on Financial Markets and Institutions, vol 2, Kluwer Academic, 1998, pp 199-205.
"The emergence of equity investment in developing countries: overview", in C Milner (ed), Developing and newly industrializing countries, vol 1, Elgar, 1998, pp 230-246.
" Conceptual and methodological issues in the measurement of capital flight" (with P Chang and R Cumby), International Journal of Finance and Economics, vol 2, no 2, 1997, pp 101-119.
" Corporate governance and equity prices: evidence from the Czech and Slovak Republics", Journal of Finance, vol 52, no 4, 1997, pp 1641-1658.
" Are financial sector weaknesses undermining the east Asian miracle?" (with T Glaessner), in Directions in development, World Bank, 1997.
" Heavily-indebted poor countries' debt: review of the issues" (with E Detragiache, R Kanbur and P Wickham), Journal of African Economies, vol 6, no 2, 1997, pp 231-254.
" State enterprise performance and soft budget constraints: the case of Bulgaria" (with R Peters), Economics of Transition, vol 5, no 2, 1997, pp 305-322.
" Comment on 'Why is there multilateral lending?'", in M Bruno and B Pleskovic (eds), Annual World Bank Conference on Development Economics, World Bank, 1996, pp 197-202.
" Estimating the likelihood of Mexican default from the market prices of Brady bonds" (with G Pennacchi), Journal of Financial and Quantitative Analysis, vol 31, no 1, 1996, pp 109-126.
" The emergence of equity investment in developing countries: overview" World Bank Economic Review, vol 9, no 1, 1995, pp 1-17.
" Bootstrapping options: an application to recapture clauses" (with Ying Qian)", Economics Letters, vol 47, no 34, 1995, pp 377-384.
" Portfolio capital flows: hot or cold?" (with M Dooley and A Warner), World Bank Economic Review, vol 9, no 1, 1995, pp 153-174.
" Return behavior in emerging stock markets" (with S Dasgupta and J Glen), World Bank Economic Review, vol 9, no 1, 1995, pp 131-151.
" Recent experience with commercial bank debt reduction: has the 'menu' outdone the market?" (with I Diwan), World Development, vol 22, no 2, 1994, pp 201-213.
"Can developing countries keep foreign capital flowing in?" (with S Gooptu), Finance and Development, vol 31, no 3, 1994, pp 62-65.
" Interest rates, growth and external debt: the macroeconomic impact of Mexico's Brady deal" (with D Oks and S van Wijnbergen), CEPR Discussion Papers, no 904, 1994.
" The effect of equity barriers on foreign investment in developing countries" (with M-W Rhee), in J Frankel (ed), Internationalization of equity markets, NBER/University of Chicago Press, 1994, 231-271.
" Oil price instability, hedging, and an oil stabilization fund: the case of Venezuela" (with P Varangis), Policy Research Working Paper Series, no 1290, World Bank, 1994.
" Alternative forms of external finance: a survey", World Bank Research Observer, vol 8, no 1, 1993, pp 91-117.
"Hedging commodity price risks in Papua New Guinea" (with J Coleman), in S Claessens and R Duncan (eds), Managing commodity price risk in developing countries, Johns Hopkins University Press, 1993, pp 254-281.
"An oil import risk management program for Costa Rica" (with P Varangis), in S Claessens and R Duncan (eds), Managing commodity price risk in developing countries.Johns Hopkins University Press, 1993, pp 231-253.
"Implementing risk management strategies in Costa Rica's coffee sector" (with P Varangis), in S Claessens and R Duncan (eds), Managing commodity price risk in developing countries,Johns Hopkins University Press, 1993, pp 185-205.
"Managing commodity price risk in developing countries: overview" (with R Duncan), in R Claessens and R Duncan (eds), Managing commodity price risk in developing countries, Johns Hopkins University Press, 1993, pp 3-29.
"Managing commodity price risk in developing countries: preface" (with R Duncan), in S Claessens and R Duncan (eds), Managing commodity price risk in developing countries, Johns Hopkins University Press, 1993, pp ix-xi.
Managing commodity price risk in developing countries, S Claessens and R Duncan (eds), Johns Hopkins University Press, 1993.
" Secondary market prices and Mexico's Brady deal " (with S van Wijnbergen), Quarterly Journal of Economics, vol 108, no 4, 1993, pp 967-982.
" The 1990 Mexico and Venezuela recapture clauses: an application of average price options" (with S van Wijnbergen), Journal of Banking and Finance, vol 17, no 4, 1993, pp 733-745.
"Financial risk management in sub-saharan Africa" (with Y Qian), in S Claessens and R Duncan (eds), Managing commodity price risk in developing countries, Johns Hopkins University Press, 1993, pp 330-357.
" Recent estimates of capital flight" (with D Naude), Policy Research Working Paper Series, no 1186 , World Bank, 1993.
" How can developing countries hedge their bets?" Finance and Development, vol 29, no 3, 1992, pp 13-15.
" The optimal currency composition of external debt: theory and applications to Mexico and Brazil", World Bank Economic Review, vol 6, no 3, 1992, pp 503-528.
" Balance of payments crises in an optimal portfolio model", European Economic Review, vol 35, no 1, 1991, pp 81-101.
"Integrating commodity and exchange rate risk management: implications for external debt management", in T Priovolos and R Duncan (eds), Commodity risk management and finance, Oxford University Press, 1991, pp 95-114.
" Risk management in sub-saharan Africa" (with Y Qian), in I Husain and J Underwood (eds), African external finance in the 1990s, World Bank, 1991, pp 154-162.
" Optimal dynamic hedging portfolios and the currency composition of external debt" (with K Kroner), Journal of International Money and Finance, vol 10, no 1, 1991, pp 131-148.
" Hedging crude oil imports in developing countries" (with P Varangis), Policy Research Working Paper Series, no 755, World Bank, 1991.
" Market-based debt reduction: principles and prospects" (with I Diwan, K Froot and P Krugman), in World Bank Policy and Research Series, no 16, World Bank, 1990.
" The debt Laffer curve: some estimates" World Development, vol 18, no 12, 1990, pp 1671-1677.
" Investment incentives: new money, debt relief, and the critical role of conditionality in the debt crisis" (with I Diwan), World Bank Economic Review, vol 4, no 1, 1990, pp 21-41.
" Liquidity, debt relief, and conditionality" (with I Diwan), in I Husain and I Diwan (eds), Dealing with the debt crisis, World Bank, 1989, pp 213-225.
" Market-based debt reduction" (with I Diwan), in I Husain and I Diwan (eds), Dealing with the debt crisis, World Bank, 1989, pp 258-272.
" Balance-of-payments crises in a perfect foresight optimizing mode", Journal of International Money and Finance, vol 7, no 4, 1988, pp 363-372.

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