Publications
Demand for Safe Assets and Spillovers from the Global Dollar Cycle, 2026 (with Rudolfs Bems, Lukas Boer, and Racha Moussa) Journal of International Economics, 2026 [Online Appendix] [IMF Working Paper version]
The Role of Currencies in External Balance Sheets, 2025 (with Luciana Juvenal) Journal of International Economics, 2025 [Paper] [Online Appendix] [Data]
Revisiting External Imbalances: Insights from Sectoral Accounts Journal of International Money and Finance, 2019 [WP version]
Working Papers
An Updated Action-based Dataset of Fiscal Consolidation, 2024 (with Gustavo Adler, Giovanni Ganelli, and Daniel Leigh) [IMF Working Paper] [Data]
Currencies of External Balance Sheets, 2023 (with Deepali Gautam and Luciana Juvenal) [IMF Working Paper]
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]
Work in progress
International Balance Sheets: Taking Stock (with Seungyub Han and Luciana Juvenal)
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, 2025 [link]
External Sector Report, 2024 [link]
External Sector Report, 2023 [link]
External Sector Report, 2022 [link]
World Economic Outlook, April 2022, Chapter 2, Box 2.2. Rising Household Indebtedness, the Global Saving Glut of the Rich, and the Natural Interest Rate (with Christina Kolerus) [link]
External Sector Report, 2021 [link]
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)