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Liliana Schumacher

2020-02-05T12:53:17-05:00February 4, 2020|

Liliana Schumacher is a senior economist with the IMF. She has written extensively on topics related to financial stability, bank runs, bank performance and stress testing. Her papers were published as IMF working papers and by peer-reviewed economic and finance journals. She has led the Guatemala, Paraguay, Kosovo and Armenia FSAPs and acted as deputy in past Singapore, Sweden and Spain and Latvia FSAPs. She has also been the stress tester in many FSAPs. Before joining the IMF, she was assistant professor of International Business at George Washington University. She holds a PhD in Economics from the University of Chicago.

Latest posts:

Countries in the IMF Financial Spotlight in 2018

2020-03-23T10:06:04-04:00January 31, 2018|

By IMF Blog

January 31, 2018

Versions in عربي (Arabic),  中文 (Chinese), Français (French), 日本語 (Japanese), Español (Spanish), Русский (Russian)

Financial sector assessments are showing that countries and financial systems are adapting better methods to monitor financial vulnerabilities (photo: Ingram Publishing/Newscom).

The IMF in 2018 will complete ten assessments of countries’ financial systems, to identify risks and propose policies to strengthen their financial stability. Three of this year’s reviews will be for countries with Systemically Important Financial Systems : Belgium, Brazil and Poland. In addition, IMF experts will assess the euro area’s financial stability. Other financial stability assessments will cover Armenia, Jamaica, Namibia, Peru, Romania, and Tanzania.

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Tigran Poghosyan

2017-10-02T17:38:31-04:00October 2, 2017|

Tigran Poghosyan is Senior Economist at IMF’s Fiscal Affairs Department, where he covers fiscal issues in the euro area, and serves as an assistant to the Director. He also covered Ireland, Ukraine, Lithuania, Jordan, and Yemen in his previous assignments at the IMF, and was a principal contributor to various issues of the IMF Fiscal Monitor from 2012 to 2016. Prior to the IMF, he worked at the Central Bank of Armenia and was a visiting researcher at the Deutsche Bundesbank. His work on banking, international finance, asset pricing, and public finance has featured in IMF research and policy publications, books, and peer-reviewed journals, including Journal of Money, Credit, and Banking, Journal of Banking and Finance, Economics of Transition, Empirical Economics. He holds two PhDs in Economics; from CERGE-EI and the University of Groningen.

Five Lessons from a Review of Recent Crisis Programs

2019-03-26T17:29:10-04:00July 11, 2016|

Vivek Arora.Feb2015-thumbBy Vivek Arora

Version in 中文 (Chinese), Español (Spanish)

IMF lending increased to unprecedented levels in the aftermath of the global financial crisis. As difficulties emerged, we extended financial support to countries across the world—in the euro area, Africa, Asia, the Middle East, and emerging economies in Europe.

The IMF tried to draw lessons in real time as the crisis evolved in order to adapt our operations. We reviewed individual programs and, from time to time, paused and took stock of our experience across countries.

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Building a Camaraderie of Central Bankers: How Monetary Policymakers in the Caucasus and Central Asia Can Learn From Each Other

2017-04-14T01:51:29-04:00November 17, 2014|

Min ZhuBy Min Zhu

(Versions in 中文Русский)

The world’s central bankers are certainly in the news these days. Not a week goes by without the Fed, the European Central Bank or the Bank of Japan taking big and often unprecedented actions to fight deflation, preserve financial stability, or address mediocre growth. We tend to forget, however, that these are not the only central banks that are struggling to adapt their policies to changing circumstances in our connected world.

Take the Caucasus and Central Asia — Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan. Central banking in these former Soviet republics rarely makes international headlines. But figuring out how best to design and run monetary policy is no less a challenge than in the United States or the euro zone.

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Links and Levers: How the Caucasus and Central Asia Are Tied to Russia

2017-04-14T01:58:07-04:00August 1, 2014|

Alberto BeharBy Alberto Behar

(Version in Русский)

The countries of the Caucasus and Central Asia (CCA) are closely linked with Russia through trade, financial, and labor market channels. These ties have served the region well in recent years, helping it make significant economic gains when times were good. But how is the region affected when Russia’s economy slows down?

Underlying structural weaknesses have reduced Russia’s growth prospects for this year and over the medium term. Tensions emanating from developments in eastern Ukraine—including an escalation of fighting, the downing of Malaysian Airlines Flight 17, and new sanctions—have led to renewed market turbulence in Russian markets.

Experience has shown that lower growth in a large country can inflict significant collateral damage on neighboring countries with strong linkages of the type that the CCA has with Russia. (See also separate blog on Russia-Europe links.) We took a closer look at these connections to see how they transmit shocks, with particular attention to the impact on the region’s two main categories of economies—hydrocarbon importers and hydrocarbon exporters (see map).

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What to Do About Unemployment in the Caucasus and Central Asia

2017-04-15T14:16:17-04:00October 31, 2011|

By Masood Ahmed

Judging by growth levels alone, the economies of the Caucasus and Central Asia are doing well. The region’s recovery from the global financial crisis is gaining momentum, with the oil and gas exporters profiting from the high price of oil and the oil and gas importers benefiting from rising export demand and the continued recovery in Russia, which is translating into a steady increase in workers’ remittances.

 As elsewhere, uncertainties over the robustness of the global recovery could cloud the region’s growth outlook. Assuming, however, that these external risks do not materialize, we foresee good prospects for the region, with fairly robust growth over the coming year. We are projecting growth in both groups of countries in the range of about 5½ and 6½ percent in 2011 and 2012—as detailed in our latest Regional Economic Outlook: Middle East and Central Asia.  

 Looking beyond growth rates, however, one challenge that stands out for the region as a whole is to create jobs. (more…)

The MENA Jobs and Growth Challenge: How Can Finance Help?

2017-04-15T14:22:23-04:00May 23, 2011|

By Masood Ahmed

Most policymakers in the Middle East and North Africa agree that stronger economic growth is a crucial component of any strategy to address the region’s persistently high levels of unemployment and raise its living standards. One question that arises is: What role can the financial sector play?

It is well known that a dynamic and vibrant financial sector will improve economic outcomes for a country, leading to faster and more equitable economic growth. The key to answering this question, therefore, is to look to the past and examine how the financial sector has contributed historically to growth in the region. (more…)

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