Work in progress
International Balance Sheets: Taking Stock (with Seungyub Han and Luciana Juvenal)
Working Papers
The Role of Currencies in External Balance Sheets, 2025 (with Luciana Juvenal) [Paper] [Online Appendix] [Data] (accepted at Journal of International Economics)
Previous version IMF Working Paper, 2023 (with Deepali Gautam and Luciana Juvenal)
Demand for Safe Assets and Spillovers from the Global Dollar Cycle, 2025 (with Rudolfs Bems, Lukas Boer, and Racha Moussa) [IMF Working Paper]
An Updated Action-based Dataset of Fiscal Consolidation, 2024 (with Gustavo Adler, Giovanni Ganelli, and Daniel Leigh) [IMF Working Paper] [Data]
2022 Update of the External Balance Assessment Methodology (with Camila Casas; Giovanni Ganelli; Luciana Juvenal; Daniel Leigh; Pau Rabanal; Cyril Rebillard; Jair Rodriguez; João Tovar Jalles) [IMF Working Paper]
Publication
Revisiting External Imbalances: Insights from Sectoral Accounts [WP version] (Journal of International Money and Finance, 2019)
Other work
Saving Across the Income Distribution: an International Perspective (with Christina Kolerus and Ying Xu)
Retained Earnings and Cross-Border Investment Flows
Policy contributions
External Sector Report, 2024 [link]
External Sector Report, 2023 [link]
Box 1.1. The Financial Side of Global Imbalances (with Cyril Rebillard)
Box 1.2. Trends in Currency Exposures of External Balance Sheets (with Luciana Juvenal)
Analytical chapter: External Sector Implications of the Global Dollar Cycle (with Rudolfs Bems, Lukas Boer, Allan Dizioli and Racha Moussa)
External Sector Report, 2022 [link]
Box 1.1. Saving and Wealth Dynamics in the Aftermath of COVID-19 (with Cyril Rebillard)
Box 1.2. Current Account Rebalancing: At What Speed? Assessment of Current Account Gaps Historical Persistence (with Cyril Rebillard)
World Economic Outlook, April 2022, Chapter 2, Private Sector Debt and the Global Recovery [link]
Box 2.2. Rising Household Indebtedness, the Global Saving Glut of the Rich, and the Natural Interest Rate (with Christina Kolerus)
External Sector Report, 2021 [link]
Analytical chapter: Fiscal Policy and External Adjustment: What’s Coming?
Blog: The Unequal COVID Saving and Wealth Surge [link]
Online Annex 1.2. The COVID-19 Crisis and “Downhill” Flow of Capital
Selected Issues paper on Denmark, Current Account Surplus in Denmark, 2022 [link]
Sub-Saharan Africa Regional Economic Outlook, Analytical Note, The Role of Foreign Exchange Intervention in sub-Saharan Africa’s Policy Toolkit, 2022 [link]
Sub-Saharan Africa Regional Economic Outlook, April 2021 [link]
Remittances in Sub-Saharan Africa: An Update, IMF Special Series on COVID-19, 2021 [link]
Sub-Saharan Africa Regional Economic Outlook, October 2020 [link]
Dormant work
Household Wealth and the Net International Investment Position
The Rise of German Corporate Saving (with Ruo Chen, and Joana Pereira)