Financial Stability
For the decade 2007-17, while still at the IMF, Dimitri focused on financial stability analysis and policies. He was asked to revamp the IMF’s Financial Sector Assessment Program (FSAP) in light of the lessons learned from the global financial crisis. This led to the biggest reforms to the FSAP program since its inception, including sharpening the focus on financial stability, in 2009; and making the FSAP mandatory for jurisdictions with systemically important financial sectors starting in 2010.
Dimitri managed the FSAP program for seven years, leading a number of FSAP assessments, including to the United Kingdom, Italy, Saudi Arabia, Brazil, Russia, and the Philippines. He represented the IMF in a number of Financial Stability Board (FSB) committees and working groups.
During that time, Dimitri oversaw the IMF’s research and analytical work on systemic risk assessment and stress testing. He led the development and dissemination of new stress testing tools, and organized the 4th, 5th, and 6th Expert Forum on Advanced Stress Testing Techniques in 2011 (Stockholm), 2012 (Hong Kong), and 2014 (London), in cooperation with the respective central banks in each jurisdiction. He has participated in several conferences on stress testing and has led IMF technical assistance missions on stress testing to central banks in Israel, South Africa, Lithuania, and India. He has published papers on macroprudential stress testing, systemic risk assessment, and the challenges for systemic risk assessment in emerging market and low-income countries. He has also published papers and shorter pieces on financial stability policy design and governance, and the implications for central bank independence.
Dimitri is currently a Special Adviser to the Bank of England on financial stability and stress testing issues, focusing in particular on system-wide stress testing models, climate-related stress testing, and the response of the regulatory regime to climate-related risks. He has been a Senior Adviser to a number of public and private organizations on projects related to financial stability, capital markets, bank vulnerabilty assessment, and financial regulation. Since 2023, Dimitri also teaches macroprudential policy at the School of International and Public Affairs at Columbia University.