Eugenio Cerutti

International Monetary Fund (IMF)

700 19th Street N.W.

Washington, DC 20431

United States

Johns Hopkins University

Baltimore, MD 21218

United States

SCHOLARLY PAPERS

32

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Top 20,453

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3,271

SSRN CITATIONS
Rank 1,619

SSRN RANKINGS

Top 1,619

in Total Papers Citations

419

CROSSREF CITATIONS

352

Scholarly Papers (32)

1.

How Banks Go Abroad: Branches or Subsidiaries?

World Bank Policy Research Working Paper No. 3753
Number of pages: 34 Posted: 10 Nov 2005
International Monetary Fund (IMF), International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 413 (92,934)
Citation 4

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foreign banks, organizational choice

2.

Bankers Without Borders? Implications of Ring-Fencing for European Cross-Border Banks

Number of pages: 36 Posted: 01 Feb 2011
International Monetary Fund (IMF), affiliation not provided to SSRN, Independent and Bank for International Settlements (BIS)
Downloads 378 (102,962)
Citation 2

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Banks, Capital, Credit risk, Cross country analysis, Eastern Europe, International banking, Regional shocks

3.

Systemic Risk in Global Banking: What Can Available Data Tell Us and What More Data are Needed?

BIS Working Paper No. 376
Number of pages: 26 Posted: 12 Apr 2012
Eugenio Cerutti, Stijn Claessens and Patrick McGuire
International Monetary Fund (IMF), Bank for International Settlements (BIS) and Bank for International Settlements (BIS)
Downloads 299 (133,072)
Citation 5

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systemic risks, banking system, international, contagion, vulnerabilities

Global Liquidity and Drivers of Cross-Border Bank Flows

Number of pages: 26 Posted: 10 May 2014 Last Revised: 10 Jun 2014
International Monetary Fund (IMF), Bank for International Settlements (BIS) and International Monetary FundEuropean Central Bank, Financial Research Division
Downloads 116 (308,526)
Citation 7

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Global Liquidity, International Banking, Capital Flows

Global Liquidity and Drivers of Cross-Border Bank Flows

Number of pages: 34 Posted: 03 Jun 2014
International Monetary Fund (IMF), Bank for International Settlements (BIS) and International Monetary FundEuropean Central Bank, Financial Research Division
Downloads 82 (388,084)

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International banking, Banks, Liquidity, Capital flows, Bank regulations, Bank supervision, Cross country analysis, Global Liquidity, Capital Flows., bank claims, bank borrowers, bank risk, capital regulation, banking statistics, financial markets, bank capital, global financial crisis, banking system, bank risk-taking, bank capital regulation, bank risk taking, bank for international settlements, globalization, banking sector, banking capital, capital adequacy, banking systems, financial intermediation, banking regulation, global financial markets, global financial system, global financial stability, international financial markets, capital requirement, financial integration, bank balance s

Global Liquidity and Drivers of Cross-Border Bank Flows

Number of pages: 28 Posted: 23 Jan 2015
International Monetary Fund (IMF), Bank for International Settlements (BIS) and International Monetary FundEuropean Central Bank, Financial Research Division
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Citation 9
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Capital Flows, Global liquidity, International Banking

Inflation and Activity - Two Explorations and Their Monetary Policy Implications

Number of pages: 30 Posted: 05 Jan 2016
National Bureau of Economic Research (NBER)Peter G. Peterson Institute for International Economics, International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 75 (409,015)

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Recessions, Hysteresis, Phillips Curve, Monetary Policy, inflation, recession, gap, unemployment, gdp, General, All Countries,

Inflation and Activity: Two Explorations and Their Monetary Policy Implications

Peterson Institute for International Economics Working Paper No. 15-19
Number of pages: 29 Posted: 12 Nov 2015 Last Revised: 19 Feb 2018
National Bureau of Economic Research (NBER)Peter G. Peterson Institute for International Economics, International Monetary Fund (IMF) and Harvard University
Downloads 56 (476,858)
Citation 1

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Recessions, Hysteresis, Phillips Curve, Monetary Policy

Inflation and Activity – Two Explorations and Their Monetary Policy Implications

HKS Working Paper No. 070
Number of pages: 29 Posted: 17 Nov 2015
National Bureau of Economic Research (NBER)Peter G. Peterson Institute for International Economics, International Monetary Fund (IMF) and Harvard University
Downloads 33 (589,815)

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Economics, International Economics, Markets, Recession, Inflation, Monetary Policy

Inflation and Activity – Two Explorations and Their Monetary Policy Implications

NBER Working Paper No. w21726
Number of pages: 29 Posted: 16 Nov 2015 Last Revised: 13 Nov 2021
National Bureau of Economic Research (NBER)Peter G. Peterson Institute for International Economics, International Monetary Fund (IMF) and Harvard University
Downloads 32 (595,775)
Citation 24

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Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More than Fundamentals

Institute of Global Finance Working Paper Vol. 3, No. 1, Paper 1
Number of pages: 41 Posted: 23 Dec 2016
Eugenio Cerutti, Stijn Claessens and Damien Puy
International Monetary Fund (IMF), Bank for International Settlements (BIS) and International Monetary Fund (IMF)
Downloads 64 (446,182)
Citation 7

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Push factors, capital flows, emerging markets, mutual funds, global banks

Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More than Fundamentals

Number of pages: 44 Posted: 21 Jul 2015
Eugenio Cerutti, Stijn Claessens and Damien Puy
International Monetary Fund (IMF), Bank for International Settlements (BIS) and International Monetary Fund (IMF)
Downloads 61 (457,267)

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Capital flows, Mutual funds, International banks, Emerging markets, Capital inflows, Cross country analysis, Sensitivity analysis, Push factors, global banks, portfolio, equity, bond, financial markets, monetary policy, monetary fund

Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More than Fundamentals

ADBI Working Paper 528
Number of pages: 38 Posted: 07 Jun 2018
Eugenio Cerutti, Stijn Claessens and Damien Puy
International Monetary Fund (IMF), Bank for International Settlements (BIS) and International Monetary Fund (IMF)
Downloads 60 (461,029)
Citation 16

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capital flows, emerging markets, global banks, mutual funds, push factors

How Important is the Global Financial Cycle? Evidence from Capital Flows

BIS Working Paper No. 661
Number of pages: 63 Posted: 07 Sep 2017
International Monetary Fund (IMF), Bank for International Settlements (BIS) and NUS Business SchoolUniversity of California - Haas School of Business
Downloads 83 (385,246)
Citation 1

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empirical, data, centre, country, panel, fit, VIX, equity, bonds, FDI, credit

How Important is the Global Financial Cycle? Evidence from Capital Flows

Number of pages: 68 Posted: 20 Feb 2018
International Monetary Fund (IMF), Bank for International Settlements (BIS) and NUS Business SchoolUniversity of California - Haas School of Business
Downloads 62 (453,529)

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Capital flows, Globalization, Monetary policy, Financial cycles, Panel analysis, Cross-country analysis, Capital market volatility, empirical; data; center; country; panel; fit; VIX; equity; bonds; FDI; credit, empirical, data, center, country, panel, fit, VIX, equity, bonds, FDI, credit, Financial Aspects of Economic Integration, Globalization: Finance

How Important is the Global Financial Cycle? Evidence from Capital Flows

NBER Working Paper No. w23699
Number of pages: 66 Posted: 06 Sep 2017 Last Revised: 04 Apr 2021
International Monetary Fund (IMF), Bank for International Settlements (BIS) and NUS Business SchoolUniversity of California - Haas School of Business
Downloads 15 (721,774)
Citation 1

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How Important is the Global Financial Cycle? Evidence from Capital Flows

Number of pages: 63 Posted: 05 Jun 2017
International Monetary Fund (IMF), Bank for International Settlements (BIS) and NUS Business SchoolUniversity of California - Haas School of Business
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Citation 18
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bonds, center, country, data, empirical, equity, FDI, fit, panel, VIX

Systemic Risks in Global Banking: What Available Data Can Tell Us and What More Data are Needed?

Number of pages: 27 Posted: 28 Sep 2011
Eugenio Cerutti, Stijn Claessens and Patrick McGuire
International Monetary Fund (IMF), Bank for International Settlements (BIS) and Bank for International Settlements (BIS)
Downloads 145 (260,338)

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Bank credit, Banking systems, Credit risk, Data collection, Financial risk, International banking, International financial system

Systemic Risks in Global Banking: What Available Data Can Tell Us and What More Data are Needed?

NBER Working Paper No. w18531
Number of pages: 27 Posted: 11 Nov 2012 Last Revised: 21 Aug 2021
Eugenio Cerutti, Stijn Claessens and Patrick McGuire
International Monetary Fund (IMF), Bank for International Settlements (BIS) and Bank for International Settlements (BIS)
Downloads 11 (756,256)

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9.

Bolivia: The Hydrocarbons Boom and the Risk of Dutch Disease

Number of pages: 22 Posted: 01 Jul 2008
Eugenio Cerutti and Mario Mansilla
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 143 (262,544)

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10.

The Use and Effectiveness of Macroprudential Policies: New Evidence

Number of pages: 44 Posted: 14 Apr 2015
Eugenio Cerutti, Stijn Claessens and Luc Laeven
International Monetary Fund (IMF), Bank for International Settlements (BIS) and European Central Bank (ECB)
Downloads 123 (294,434)
Citation 85

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Macroprudential Policy, Emerging markets, Developed countries, Procyclicality of financial system, Cross country analysis, Time series, Macroprudential policies, Effectiveness, Financial cycles, credit growth, monetary fund, borrower, instruments, exchange, capital flow

Changes in Prudential Policy Instruments -- A New Cross-Country Database

Number of pages: 31 Posted: 21 Jun 2016
International Monetary Fund (IMF), Board of Governors of the Federal Reserve System, Dresden University of Technology and Oesterreichische Nationalbank (OeNB)
Downloads 62 (453,529)
Citation 14

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Macroprudential policies, Microprudential policies, Financial cycles

Changes in Prudential Policy Instruments - A New Cross-Country Database

Number of pages: 24 Posted: 09 Dec 2016
International Monetary Fund (IMF), Board of Governors of the Federal Reserve System, Dresden University of Technology and Oesterreichische Nationalbank (OeNB)
Downloads 47 (515,994)
Citation 1

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Policy instruments, Macroprudential Policy, Financial institutions, Business cycles, Developed countries, Emerging markets, Data collection, Cross country analysis, Macroprudential policies, Microprudential Policies, Financial cycles

12.

The Use and Effectiveness of Macroprudential Policies

BIS Paper No. 86n
Number of pages: 8 Posted: 05 Oct 2016
Eugenio Cerutti, Stijn Claessens and Luc Laeven
International Monetary Fund (IMF), Bank for International Settlements (BIS) and European Central Bank (ECB)
Downloads 97 (346,416)

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Covered Interest Parity Deviations: Macrofinancial Determinants

Number of pages: 37 Posted: 13 Feb 2019
Eugenio Cerutti, Maurice Obstfeld and Haonan Zhou
International Monetary Fund (IMF), University of California, Berkeley and Princeton University - Department of Economics
Downloads 81 (391,025)

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Interest parity, Foreign exchange markets, Interest rate differential, Monetary policy, Covered Interest Parity, Interest Rate Differentials, Forward FX M, Forward FX Market

Covered Interest Parity Deviations: Macrofinancial Determinants

NBER Working Paper No. w26129
Number of pages: 51 Posted: 07 Aug 2019 Last Revised: 24 Nov 2021
Eugenio Cerutti, Maurice Obstfeld and Haonan Zhou
International Monetary Fund (IMF), University of California, Berkeley and Princeton University - Department of Economics
Downloads 14 (730,374)

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Covered Interest Parity Deviations: Macrofinancial Determinants

Number of pages: 52 Posted: 02 Aug 2019 Last Revised: 07 Sep 2020
Eugenio Cerutti, Maurice Obstfeld and Haonan Zhou
International Monetary Fund (IMF), University of California, Berkeley and Princeton University - Department of Economics
Downloads 0
Citation 1
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Covered Interest Parity, forward FX market, Interest Rate Differentials

14.

The Great Cross-Border Bank Deleveraging: Supply Constraints and Intra-Group Frictions

Number of pages: 39 Posted: 22 Oct 2014
Eugenio Cerutti and Stijn Claessens
International Monetary Fund (IMF) and Bank for International Settlements (BIS)
Downloads 66 (433,313)
Citation 4

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Cross-border banking, International banks, Loans, Credit, Supply and demand, Banking systems, Balance sheets, Financial statements, Global banks, Credit supply, Financial crisis, Deleveraging, International capital markets, systemic crisis, systemic_crisis, global financial crisis, return on assets, banking statistics, systemic risk, pre-crisis, banking crisis, systemic banking crisis, banking activities, home banking, bank capital, financial crises, banking crises, bank liquidity, banking network, recession, bank of international settlements, debt crisis, bank behavior, banking markets, banks loans, bank of international settlements (bis), bank subsidiaries, crisis episodes, domestic liquid

15.

Financial Crises and the Composition of Cross-Border Lending

Number of pages: 60 Posted: 02 Jun 2015
Eugenio Cerutti, Galina Hale and Camelia Minoiu
International Monetary Fund (IMF), University of California, Santa Cruz and Board of Governors of the Federal Reserve System
Downloads 61 (450,733)
Citation 9

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Financial crises, Cross-border banking, Loans, Regression analysis, syndicated loans, global financial crisis, BIS international banking statistics, Dealogic Loan Analytics, bank assets, bank capital, banking system, return on assets, banking systems, banking sector, banking crises

16.

Banking Across Borders: Are Chinese Banks Different?

Number of pages: 48 Posted: 05 Jan 2021
International Monetary Fund (IMF), SNB and Bank for International Settlements (BIS)
Downloads 53 (481,045)
Citation 1

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17.

Imf Drawing Programs: Participation Determinants and Forecasting

Number of pages: 29 Posted: 23 Aug 2007
Eugenio Cerutti
International Monetary Fund (IMF)
Downloads 51 (489,269)

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Working Paper, Use of Fund resources, Extended arrangements, Stand-by arrangements

18.

Foreign Bank Subsidiaries'Default Risk During the Global Crisis: What Factors Help Insulate Affiliates from Their Parents?

World Bank Policy Research Working Paper No. 7053
Number of pages: 45 Posted: 20 Apr 2016
Simon Fraser University (SFU), International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 48 (502,070)

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Economic Insecurity

19.

The Need for 'Un-Consolidating' Consolidated Banks' Stress Tests

Number of pages: 22 Posted: 18 Jan 2013
Eugenio Cerutti and Christian Schmieder
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 47 (506,456)

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Stress testing, International banks, Banking sector, Cross-border banking, Stability, Ring-fencing, Subsidiaries, banking, subsidiaries, capital adequacy, bank data, banking system, excess liquidity, bank subsidiaries, banking sector, bank size, bank regulators, capital needs, banking supervision, banking stability, bank capital, bank solvency, tier 1 capital, banking authority, capital ratio, bank groups, capital market, capital markets, bank profit, bank structures, bank of international settlements, national bank, flows of capital, financial risk, bankers, bank structure, subordinated debt, banking operations, bank group, bank losses, bank activities, capital adequacy ratios, banks balanc

20.

Cross-Border Banking and the Circumvention of Macroprudential and Capital Control Measures

Number of pages: 47 Posted: 15 Nov 2018
Eugenio Cerutti and Haonan Zhou
International Monetary Fund (IMF) and Princeton University - Department of Economics
Downloads 45 (515,381)

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International financial markets, Capital controls, Cross-Border Banking Flows, Macroprudential Policies, International Policy Coordination and Transmission

21.

The Growing Footprint of EME Banks in the International Banking System

BIS Quarterly Review December 2018
Number of pages: 11 Posted: 29 Jan 2019
International Monetary Fund (IMF), SNB and Bank for International Settlements (BIS)
Downloads 42 (529,447)
Citation 2

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22.

The Global Banking Network in the Aftermath of the Crisis: Is There Evidence of De-Globalization?

Number of pages: 46 Posted: 01 Dec 2017
Eugenio Cerutti and Haonan Zhou
International Monetary Fund (IMF) and Princeton University - Department of Economics
Downloads 40 (539,118)
Citation 2

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International financial markets, Cross-border Lending, Banking Network, Financial Interconnectedness, International Lending and Debt Problems, Financial Aspects of Economic Integration, Other

23.

Are Foreign Banks a 'Safe Haven'? Evidence from Past Banking Crises

Number of pages: 28 Posted: 26 Mar 2015
Gustavo Adler and Eugenio Cerutti
International Monetary Fund (IMF) - Research Department and International Monetary Fund (IMF)
Downloads 40 (539,118)

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Foreign banks, Argentina, Uruguay, Banking crisis, Bank deposits, Banking systems, Emerging markets, Cross country analysis, bank run, foreign banks., interest, subsidiaries, risk, subsidiary, banking crises

24.

China's Bond Market and Global Financial Markets

Number of pages: 18 Posted: 14 Jan 2019
Eugenio Cerutti and Maurice Obstfeld
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 36 (559,487)

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Globalization, Asia and Pacific, China, International financial markets, Bond Market, Market Integration, Financial Aspects of Economic Integration, International Business Cycles

25.

Portfolio Inflows Eclipsing Banking Inflows: Alternative Facts?

Number of pages: 35 Posted: 12 Mar 2018
Eugenio Cerutti and Gee Hee Hong
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 27 (611,311)
Citation 1

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Capital flows, portfolio inflows, bank inflows, global financial cycle, General, Open Economy Macroeconomics, International Policy Coordination and Transmission

26.

Managed Trade: What Could Be Possible Spillover Effects of a Potential Trade Agreement between the U.S. And China?

Number of pages: 22 Posted: 22 Jan 2020
International Monetary Fund (IMF), International Monetary Fund (IMF), International Monetary Fund (IMF), International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 26 (617,836)

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Bilateral trade, Balance of trade, Patterns of trade, Trading systems, Trade policy, Managed trade deal, spillover effects., WP, extra purchase, size-based, trade gap, spillover effect, U.S. export

27.

The Slowdown in Global Trade: A Symptom of a Weak Recovery

Number of pages: 38 Posted: 01 Feb 2018
International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF), International Monetary Fund (IMF), International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 26 (617,836)

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Economic growth, International trade, Globalization, Investment, Trade policy, General, Country and Industry Studies of Trade, Trade Forecasting and Simulation, International Business Cycles

28.

The Global Banking Network: What is Behind the Increasing Regionalization Trend?

Number of pages: 60 Posted: 15 Nov 2018
Eugenio Cerutti and Haonan Zhou
International Monetary Fund (IMF) and Princeton University - Department of Economics
Downloads 25 (624,501)

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Cross-border banking, International financial markets, Econometric models, Globalization, Cross country analysis, Cross-border Lending, Banking Network, Financial Regionalization, International Lending and Debt Problems, Financial Aspects of Economic Integration, Other

29.

Why Did Public Banks Lend More During the Global Financial Crisis?

Number of pages: 37 Posted: 23 Jul 2020
Joshua Bosshardt and Eugenio Cerutti
Federal Housing Finance Agency and International Monetary Fund (IMF)
Downloads 24 (631,459)

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30.

Banks' Foreign Credit Exposures and Borrowers' Rollover Risks Measurement, Evolution and Determinants

Number of pages: 45 Posted: 28 Feb 2013
Eugenio Cerutti
International Monetary Fund (IMF)
Downloads 23 (638,332)
Citation 1

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Bank credit, Banking systems, Borrowing, Credit risk, International banks, Systemic risks, banking system, contagion, international, vulnerabilities

31.

Foreign Bank Subsidiaries' Default Risk During the Global Crisis: What Factors Help Insulate Affiliates from Their Parents?

Number of pages: 32 Posted: 09 Dec 2016
Simon Fraser University (SFU), International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 22 (645,447)
Citation 6

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Foreign banks, Default, Financial risk, Cross-border banking, Bank regulations, Developing countries, Global Financial Crisis 2008-2009, Banking crises, default risk, ring-fencing, bank subsidiaries, distance to default, Mertonmodel.

32.

US vs. Euro Area: Who Drives Cross-Border Bank Lending to EMS?

Number of pages: 33 Posted: 08 Nov 2019
Eugenio Cerutti and Carolina Osorio-Buitron
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 17 (681,455)

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Central banking and monetary issues, Financial crises, Real sector, Reserve requirements, Market interest rates, cross-border bank lending, emerging markets, global banks, WP, sign restriction, monetary shock, cross-border, euro area, real shock