Giovanni Dell'Ariccia is an Assistant Director in the IMF Research Department where he coordinates the activities of the Macro-Financial Linkages Unit. Previously he worked in the IMF Asia and Pacific Department. His research interests include: banking; the macroeconomics of credit; monetary policy, international finance; and conditionality in international lending and aid programs. He has published on major finance and economics journals. He holds a Ph.D. from MIT and is a Research Fellow at the Centre for Economic Policy Research (CEPR).