Selected Publications
Publications in peer-reviewed journals
2024, "'Tis New to Thee': Response to Gruenewald, Knijp, Shoenmaker, and van Tilburg," Journal of Financial Regulation, 00, pp. 1-10 (with P. Grippa).
2022, "Walking the Tightrope: Financial Regulation, Climate Change, and the Transition to a Low-Carbon Economy," Journal of Financial Regulation, vol. 8, No. 2, pp. 203-229 (with P. Grippa).
2017, “Stress Tests as a Systemic Risk Assessment Tool,” Journal of Risk Management in Financial Institutions, vol. 10, No. 1, pp. 36-44.
2015, "Challenges for Systemic Risk Assessment in Low-Income Countries," Journal of Risk Management in Financial Institutions, vol. 8, 2. pp. 118-129 (with M. Catalán).
2007, "Foreign Direct Investment in European Transition Economies: The Role of Policies," Journal of Comparative Economics, vol. 35, No. 2, pp. 369-386 (with B. Horvàth, E. Ribakova, and Y. Wu).
2000, "Government Employment and Wages and Labor Market Performance," Oxford Bulletin of Economics and Statistics, vol. 62, No. 3, pp. 391-415 (with Z. Kontolemis).
1998, "An Index of Coincident Economic Indicators for Estonia," Review of Economies in Transition, vol. 6, pp. 77-88 (with Ü. Lõhmus).
1997, "Labor Market Performance and Institutions in Greece," South European Society and Politics, vol. 2, No. 2, pp. 78-109 (with Z. Kontolemis).
1995, "Labor Market Institutions and Flexibility in Italy," Labour, vol. 9, No. 1, pp. 1-43.
1993, "An Empirical Analysis of the Output Decline in Three Eastern European Countries," IMF Staff Papers, vol. 40, No. 1, pp. 1-31 (with E. Borenzstein and J. Ostry).
1990, “Labor Market Segmentation in a Two-Sector Model of an Open Economy,” IMF Staff Papers, vol. 37, No. 4, pp. 849-864.
1988, "The Effects of the Common Agricultural Policy of the European Community: A Survey of the Literature," Journal of Common Market Studies, vol. 27, No. 2, pp. 113-45 (with K. Bartholdy, S. Gupta, L. Lipschitz, and T. Mayer).
1987, "The Nature of Unemployment in Segmented Labor Markets," Economics Letters, Vol. 25, No. 1, pp. 91-94.
1986, "Non-Traded Goods in an Asymmetric Trade Model," Journal of Economic Integration, vol. 1, No. 2, pp. 171-12.
2026, “Climate Change and Financial Regulation” in: Caporale, Guglielmo (ed.), Handbook of Climate Change and Financial Markets, E. Elgar Publishing (with P. Grippa).
2026, “Just Transition: Issues for Central Banks and Financial Regulators” in: Caporale, Guglielmo (ed.), Handbook of Climate Change and Financial Markets, E. Elgar Publishing (with P. Calice).
2024, "Central Banks and the Just Energy Transition: A Realistic Path Forward," International Banker, November 11, 2024 (with P. Calice).
2024, "A Comparative Analysis of Financial Sector Reforms and Policies in Countries Exiting Fragility," Policy Research Working Paper 10853, July 2024, The World Bank (with P. Calice).
2024, "Just Transition: Issues for Central Banks and Financial Regulators," Policy Research Working Paper 10685, January 2024, The World Bank (with P. Calice)
2023, “Green Finance in Emerging Markets: A Ground-Level View,” OMFIF commentary, Official Monetary and Financial Institutions Forum, November 29, 2023.
2023, "Challenges of Green Finance: Private Sector Perspectives from Emerging Markets," International Finance Corporation, November 15, 2023 (with Jessica Stallings).
2023, "Mobilizing Finance for the Just Energy Transition in the European Union," EFI Policy Note, World Bank (with P. Calice).
2022, "Central Bank Independence and Financial Stability Policy," Macroprudential Matters, June 1, 2022.
2021, "Financial Regulation, Climate Change, and the Transition to a Low-Carbon Economy: A Survey of the Issues," IMF Working Paper WP/2021/296, International Monetary Fund, Washington DC (with P. Grippa).
2021, "2008 is a Cautionary Tale for Climate Crisis," OMFIF commentary, Official Monetary and Financial Institutions Forum, June 11, 2021, London.
2021, "Walking the Tightrope to Net Zero," OMFIF commentary, Official Monetary and Financial Institutions Forum, June 2, 2021, London.
2021, "The G20 has been criticised for its pandemic response. Is that fair?" #LSEThinks blog, The London School of Economics and Political Science, January 29, 2021.
2021, A conversation with Ludger Schuknecht, Deputy Secretary General of the OECD and Chief Economist of the German Finance Ministry on Financial Stability Issues in the EU and the UK, OMFIF podcast, January 19.
2020, “Is International Relations Theory Relevant for International Monetary and Financial Policy? Reflections of an Economist” in: Maliniak, D., S. Peterson, R. Powers, and M. Tierney (eds.) Bridging the Theory-Practice Divide in International Relations, Georgetown University Press.
2020, "Creating Domestic Capital Markets in Developing Countries: Perspectives from Market Participants", EM Compass Note No. 77, January 2020, IFC (with A. Nerlich).
2019, “The Architecture of Financial Stability Policy: Unfinished Business” in: Nagy-Mohàcsi, P. and A. Belaisch (eds.) Financial Resilience and Systemic Risk, London School of Economics and Political Science.
2019, "Building an Effective Financial Stability Policy Framework: Lessons From the Post-crisis Decade", LSE Working Paper, The London School of Economics and Political Science, London, UK.
2019, “Emerging Technology-Related Issues in Finance and the IMF: A Stocktaking”, Independent Evaluation Office Paper BP/18-02/07, IMF, Washington DC.
2015, "Challenges for Systemic Risk Assessment in Low-Income Countries," Brookings blog, July 6, 2015 (with M. Catalan).
2015, “A Wider Field of Vision”, Finance & Development, vol. 52, no. 3, September.
2015, “Designing Effective Macroprudential Stress Tests: Progress So Far and the Way Forward”, IMF Working Paper WP/15/146, International Monetary Fund.
2005, "Foreign Direct Investment in Southeastern Europe: What Do the Data Tell Us?" in Liebscher, K. et al. (eds.), European Economic Integration and South-East Europe, Edward Elgar, London.
2002, "The Economics of Post Conflict Aid", IMF Working Paper WP/02/198, International Monetary Fund, Washington, DC (with J. McHugh and T. Kosma).
2002, Kosovo: Institutions and Policies for Reconstruction and Growth, International Monetary Fund, Washington, DC (with D. Jacobs and J. Herderschee).
2002, “Southeastern Europe After the Kosovo Crisis”, Finance & Development, vol. 39, no.1, March.
2001, Building Peace in Southeastern Europe: Macroeconomic Policies and Structural Reforms Since the Kosovo Conflict, Joint IMF and World Bank paper, World Bank, Washington DC (with J. Herderschee, J. McHugh, and S. Mitra).
1997, “Unemployment in Greece: A Survey of the Issues”, EUI Working Paper RSC No. 97/17,
European University Institute, Florence (with Z. Kontolemis).
1991, The Romanian Economic Reform Program, IMF Occasional Paper No. 89, International Monetary Fund (with M. Khan).
Selected other publications and activities
