Luis Brandao Marques
Last Updated: December 19, 2023
Luis Brandao-Marques, a national of Portugal, is Deputy Chief in the Advanced Economies Unit of the IMF’s European Department (EUR). Prior to joining the IMF, he was Assistant Professor of International Economics at Johns Hopkins University (SAIS). Luis also worked as a corporate banker in Portugal and as a lecturer at the University of Oporto earlier in his career. Luis holds a Ph.D. in Economics from the University of Rochester and has published in top finance and macroeconomics journals, including the Journal of Finance, the Review of Financial Studies, and the Journal of Monetary Economics.
Email: LMARQUES@imf.org
Personal WebPage: https://sites.google.com/site/lbrandaom/
Fluent In: Portuguese, Spanish.
Education:
Ph.D. in Economics, University of Rochester
M.A. in Economics, University of Rochester
M.A. in Economics, University of Porto
Lic. in Economics (Licenciatura), University of Porto
Referee Activities:
Journal of Monetary Economics, Journal of Corporate Finance, International Finance, Journal of Financial Stability, Journal of International Money and Finance, IMF Economic Review, Economic Systems, Journal of International Trade and Economic Development, Portuguese Economic Journal, South African Journal of Economics
Current Position:
Deputy Division Chief Monetary and Macroprudential Policies Division Monetary and Capital Markets Department International Monetary Fund
Country work or Mission Assignment:
Deputy Mission Chief for the Euro Area (2023-...)
Mission Chief, Finland FSAP (2021-2023)
Deputy Mission Chief, Singapore FSAP (2018-19)
Systemic risk analysis expert, Japan FSAP (2016-17)
MCM economist, Chile team (2015-17)
Systemic risk analysis expert, Norway FSAP (2014-15)
Teaching:
Taught multiple courses on macroeconomic and macro-financial topics for government officials at the Institute for Capacity Development (IMF), 2010-13
Work in progress:
Monetary policy transmission in emerging markets and developing economies (with Gaston Gelos, Thomas Harjes, Ratna Sahay, and Yi Xue). Revise and Resubmit at Journal of Money, Credit, and Banking.
Field of Expertise:
Monetary Policy
Macro-Financial Issues
International Macroeconomics
International Finance
Banking
IMF Books and Working Papers:
Distributional Effects of Monetary Policy , Working Paper No. 2021/201 , July 30, 2021
Negative Interest Rates , Departmental Paper No 2021/003 , March 03, 2021
Leaning Against the Wind: A Cost-Benefit Analysis for an Integrated Policy Framework , Working Paper No. 2020/123 , July 07, 2020
Monetary Policy Transmission in Emerging Markets and Developing Economies , Working Paper No. 20/35 , February 21, 2020
The Riskiness of Credit Allocation and Financial Stability , Working Paper No. 2019/207 , September 27, 2019
How Financial Conditions Matter Differently across Latin America , Working Paper No. 17/218 , October 30, 2017
Central Bank Emergency Support to Securities Markets , Working Paper No. 17/152 , July 10, 2017
Stock Market Liquidity in Chile , Working Paper No. 16/223 , November 16, 2016
Changes in the Global Investor Base and the Stability of Portfolio Flows to Emerging Markets , Working Paper No. 15/277 , December 28, 2015
Country Transparency and the Global Transmission of Financial Shocks , Working Paper No. 13/156 , July 03, 2013
International Evidence on Government Support and Risk Taking in the Banking Sector , Working Paper No. 13/94 , May 02, 2013
Business Cycles in Emerging Markets: The Role of Durable Goods and Financial Frictions , Working Paper No. 11/133 , June 01, 2011
IMF Country Reports
IMF, 2023. Euro Area Policies: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Euro Area; IMF Country Report No. 23/264.
IMF, 2023. Finland: Financial System Stability Assessment. Country Report No. 2023/039. Lead author.
IMF, 2019. “Singapore: Financial System Stability Assessment.” Country Report No. 19/224.
iMFdirect Blog Posts
Kammer, Alfred and Luis Brandao-Marques, 2023. “Europe Should Tighten Monetary Policy Further.” July 21, 2023.
The Evidence Is in on Negative Interest Rate Policies
Good Governance Curbs Excessive Bank Risks
F&D articles
"Transparency Matters," (with L. Brandao-Marques and N. Melgar), Finance & Development, December 2013, Vol. 50 (4)
Other Published Materials
Brandão-Marques, Luis, Marco Casiraghi, Gaston Gelos, Günes Kamber, and Roland Meeks, 2021. “Negative Interest Rates: Taking Stock of the Experience So Far,” IMF Departmental Paper No. 2021/003.
IMF, 2018. “Is the Riskiness of Credit Allocation a Source of Financial Vulnerability?” in Global Financial Stability Report, April 2018, Chapter 2.
IMF, 2017. “Is Growth at Risk?” in Global Financial Stability Report, October 2017, Chapter 1.
IMF, 2017. “Are Countries Losing Control of Domestic Financial Conditions?” in Global Financial Stability Report, April 2017, Chapter 3.
Publications in Journals (Refereed)
Brandao-Marques, Luis, Marco Casiraghi, Gaston Gelos, Gunes Kamber, and Roland Meeks, 2024. "Negative Interest Rate Policies: A Survey," Annual Review of Economics, Volume 16, forthcoming.
Albuquerque, Rui, Luis Brandão-Marques, Bruno Araujo, Pippy Vletter, Gerivasia Mosse, and Helder Zavale, 2024. Market timing, farmer expectations, and liquidity constraints. Journal of Development Economics, forthcoming.
Brandao-Marques, Luis, Gaston Gelos, Hibiki Ichiue, and Hiroko Oura, 2022. "Changes in the global investor base and the stability of portfolio flows to emerging markets," Journal of Banking & Finance, Volume 144, 106615.
Brandão-Marques, Luis, Qianying Chen, Claudio Raddatz, Jérôme Vandenbussche, and Peichu Xie, 2022. "The riskiness of credit allocation and financial stability," Journal of Financial Intermediation, Volume 51, 100980.
Brandao-Marques, L., Correa, R. and Sapriza, H., 2020. Government support, regulation, and risk taking in the banking sector. Journal of Banking & Finance, 112, p.105284.
Albuquerque, R., Brandão-Marques, L., Ferreira, M.A. and Matos, P., 2019. International corporate governance spillovers: Evidence from cross-border mergers and acquisitions. The Review of Financial Studies, 32(2), pp.738-770.
Brandao-Marques, L., Gelos, G. and Melgar, N., 2018. Country transparency and the global transmission of financial shocks. Journal of Banking & Finance, 96, pp.56-72.
Alvarez-Parra, F., Brandao-Marques, L. and Toledo, M., 2013. Durable goods, financial frictions, and business cycles in emerging economies. Journal of Monetary Economics, 60(6), pp.720-736.
Albuquerque, R., De Francisco, E. and Marques, L.B., 2008. Marketwide private information in stocks: Forecasting currency returns. The Journal of Finance, 63(5), pp.2297-2343.
Publications in Journals (Referred)
Publications in Books and Conference Volumes
Brandao-Marques, Luis, Gaston Gelos, Machiko Narita, and Erlend Nier, 2023. “Leaning Against the Wind: A Cost-Benefit Analysis for an Integrated Policy Framework. In Gelos, Gaston, and Ratna Sahay, eds. 2023. Shocks and Capital Flows: Policy Responses in a Volatile World, Chapter 18, pp. 429-460. Washington, DC: International Monetary Fund.
Brandao-Marques, Luis, Lucyna Górnicka, and Günes Kamber, 2023. “Exchange Rate Fluctuations in Advanced and Emerging Economies: Same Shocks, Different Outcomes.” In Gelos, Gaston, and Ratna Sahay, eds. 2023. Shocks and Capital Flows: Policy Responses in a Volatile World, Chapter 7, pp. 147-160. Washington, DC: International Monetary Fund.
Bonifacio, Valentina, Luis Brandao-Marques, Nina Budina, Balazs Csonto, Chiara Fratto, Philipp Engler, Davide Furceri, Deniz Igan, Rui Mano, Machiko Narita, Murad Omoev, Gurnain Kaur Pasricha, and Hélène Poirson, 2022. Distributional Effects of Monetary Policy. In: Paganetto, L. (eds) Economic Challenges for Europe After the Pandemic. Springer Proceedings in Business and Economics. Springer.
Other Published Materials
Brandao-Marques, Luis, Marco Casiraghi, Gaston Gelos, Olamide Harrison, and Gunes Kamber, 2023. “High Debt Levels Can Impede Monetary Policy.” SUERF Policy Brief November 9, 2023.
Brandao-Marques, Luis, Marco Casiraghi, Gaston Gelos, Olamide Harrison, and Gunes Kamber, 2023. “High debt levels can hinder the fight against inflation.” VOX—CEPR’s Policy Portal, July 28, 2023.
Kammer, Alfred, Luis Brandao-Marques, and Lev Ratnovski, 2023. “Staying ahead of the curve: financial policies in Europe,” The EUROFI Magazine—Stockholm 2023, April 2023.
Brandao-Marques, Luis, 2022. “Monetary and Macroprudential Policies’ Interaction,” keynote speech at XIII Bank of Mozambique Research Conference, June 2022.
Brandao-Marques, Luis, Marco Casiraghi, Gaston Gelos, Gunes Kamber and Roland Meeks. 2021. “Negative Interest Rate Policies: Taking Stock of the Experience So Far.” SUERF Policy Note, Issue No 235, May 2021.
Luis Brandao-Marques, a national of Portugal, is Deputy Chief in the Advanced Economies Unit of the IMF’s European Department (EUR). Prior to joining the IMF, he was Assistant Professor of International Economics at Johns Hopkins University (SAIS). Luis also worked as a corporate banker in Portugal and as a lecturer at the University of Oporto earlier in his career. Luis holds a Ph.D. in Economics from the University of Rochester and has published in top finance and macroeconomics journals, including the Journal of Finance, the Review of Financial Studies, and the Journal of Monetary Economics.
Email: LMARQUES@imf.org
Personal WebPage: https://sites.google.com/site/lbrandaom/
Fluent In: Portuguese, Spanish.
Education:
Ph.D. in Economics, University of Rochester
M.A. in Economics, University of Rochester
M.A. in Economics, University of Porto
Lic. in Economics (Licenciatura), University of Porto
Referee Activities:
Journal of Monetary Economics, Journal of Corporate Finance, International Finance, Journal of Financial Stability, Journal of International Money and Finance, IMF Economic Review, Economic Systems, Journal of International Trade and Economic Development, Portuguese Economic Journal, South African Journal of Economics
Current Position:
Deputy Division Chief Monetary and Macroprudential Policies Division Monetary and Capital Markets Department International Monetary Fund
Country work or Mission Assignment:
Deputy Mission Chief for the Euro Area (2023-...)
Mission Chief, Finland FSAP (2021-2023)
Deputy Mission Chief, Singapore FSAP (2018-19)
Systemic risk analysis expert, Japan FSAP (2016-17)
MCM economist, Chile team (2015-17)
Systemic risk analysis expert, Norway FSAP (2014-15)
Teaching:
Taught multiple courses on macroeconomic and macro-financial topics for government officials at the Institute for Capacity Development (IMF), 2010-13
Work in progress:
Monetary policy transmission in emerging markets and developing economies (with Gaston Gelos, Thomas Harjes, Ratna Sahay, and Yi Xue). Revise and Resubmit at Journal of Money, Credit, and Banking.
Field of Expertise:
Monetary Policy
Macro-Financial Issues
International Macroeconomics
International Finance
Banking
IMF Books and Working Papers:
Distributional Effects of Monetary Policy , Working Paper No. 2021/201 , July 30, 2021
Negative Interest Rates , Departmental Paper No 2021/003 , March 03, 2021
Leaning Against the Wind: A Cost-Benefit Analysis for an Integrated Policy Framework , Working Paper No. 2020/123 , July 07, 2020
Monetary Policy Transmission in Emerging Markets and Developing Economies , Working Paper No. 20/35 , February 21, 2020
The Riskiness of Credit Allocation and Financial Stability , Working Paper No. 2019/207 , September 27, 2019
How Financial Conditions Matter Differently across Latin America , Working Paper No. 17/218 , October 30, 2017
Central Bank Emergency Support to Securities Markets , Working Paper No. 17/152 , July 10, 2017
Stock Market Liquidity in Chile , Working Paper No. 16/223 , November 16, 2016
Changes in the Global Investor Base and the Stability of Portfolio Flows to Emerging Markets , Working Paper No. 15/277 , December 28, 2015
Country Transparency and the Global Transmission of Financial Shocks , Working Paper No. 13/156 , July 03, 2013
International Evidence on Government Support and Risk Taking in the Banking Sector , Working Paper No. 13/94 , May 02, 2013
Business Cycles in Emerging Markets: The Role of Durable Goods and Financial Frictions , Working Paper No. 11/133 , June 01, 2011
IMF Country Reports
IMF, 2023. Euro Area Policies: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Euro Area; IMF Country Report No. 23/264.
IMF, 2023. Finland: Financial System Stability Assessment. Country Report No. 2023/039. Lead author.
IMF, 2019. “Singapore: Financial System Stability Assessment.” Country Report No. 19/224.
iMFdirect Blog Posts
Kammer, Alfred and Luis Brandao-Marques, 2023. “Europe Should Tighten Monetary Policy Further.” July 21, 2023.
The Evidence Is in on Negative Interest Rate Policies
Good Governance Curbs Excessive Bank Risks
F&D articles
"Transparency Matters," (with L. Brandao-Marques and N. Melgar), Finance & Development, December 2013, Vol. 50 (4)
Other Published Materials
Brandão-Marques, Luis, Marco Casiraghi, Gaston Gelos, Günes Kamber, and Roland Meeks, 2021. “Negative Interest Rates: Taking Stock of the Experience So Far,” IMF Departmental Paper No. 2021/003.
IMF, 2018. “Is the Riskiness of Credit Allocation a Source of Financial Vulnerability?” in Global Financial Stability Report, April 2018, Chapter 2.
IMF, 2017. “Is Growth at Risk?” in Global Financial Stability Report, October 2017, Chapter 1.
IMF, 2017. “Are Countries Losing Control of Domestic Financial Conditions?” in Global Financial Stability Report, April 2017, Chapter 3.
Publications in Journals (Refereed)
Brandao-Marques, Luis, Marco Casiraghi, Gaston Gelos, Gunes Kamber, and Roland Meeks, 2024. "Negative Interest Rate Policies: A Survey," Annual Review of Economics, Volume 16, forthcoming.
Albuquerque, Rui, Luis Brandão-Marques, Bruno Araujo, Pippy Vletter, Gerivasia Mosse, and Helder Zavale, 2024. Market timing, farmer expectations, and liquidity constraints. Journal of Development Economics, forthcoming.
Brandao-Marques, Luis, Gaston Gelos, Hibiki Ichiue, and Hiroko Oura, 2022. "Changes in the global investor base and the stability of portfolio flows to emerging markets," Journal of Banking & Finance, Volume 144, 106615.
Brandão-Marques, Luis, Qianying Chen, Claudio Raddatz, Jérôme Vandenbussche, and Peichu Xie, 2022. "The riskiness of credit allocation and financial stability," Journal of Financial Intermediation, Volume 51, 100980.
Brandao-Marques, L., Correa, R. and Sapriza, H., 2020. Government support, regulation, and risk taking in the banking sector. Journal of Banking & Finance, 112, p.105284.
Albuquerque, R., Brandão-Marques, L., Ferreira, M.A. and Matos, P., 2019. International corporate governance spillovers: Evidence from cross-border mergers and acquisitions. The Review of Financial Studies, 32(2), pp.738-770.
Brandao-Marques, L., Gelos, G. and Melgar, N., 2018. Country transparency and the global transmission of financial shocks. Journal of Banking & Finance, 96, pp.56-72.
Alvarez-Parra, F., Brandao-Marques, L. and Toledo, M., 2013. Durable goods, financial frictions, and business cycles in emerging economies. Journal of Monetary Economics, 60(6), pp.720-736.
Albuquerque, R., De Francisco, E. and Marques, L.B., 2008. Marketwide private information in stocks: Forecasting currency returns. The Journal of Finance, 63(5), pp.2297-2343.
Publications in Journals (Referred)
Publications in Books and Conference Volumes
Brandao-Marques, Luis, Gaston Gelos, Machiko Narita, and Erlend Nier, 2023. “Leaning Against the Wind: A Cost-Benefit Analysis for an Integrated Policy Framework. In Gelos, Gaston, and Ratna Sahay, eds. 2023. Shocks and Capital Flows: Policy Responses in a Volatile World, Chapter 18, pp. 429-460. Washington, DC: International Monetary Fund.
Brandao-Marques, Luis, Lucyna Górnicka, and Günes Kamber, 2023. “Exchange Rate Fluctuations in Advanced and Emerging Economies: Same Shocks, Different Outcomes.” In Gelos, Gaston, and Ratna Sahay, eds. 2023. Shocks and Capital Flows: Policy Responses in a Volatile World, Chapter 7, pp. 147-160. Washington, DC: International Monetary Fund.
Bonifacio, Valentina, Luis Brandao-Marques, Nina Budina, Balazs Csonto, Chiara Fratto, Philipp Engler, Davide Furceri, Deniz Igan, Rui Mano, Machiko Narita, Murad Omoev, Gurnain Kaur Pasricha, and Hélène Poirson, 2022. Distributional Effects of Monetary Policy. In: Paganetto, L. (eds) Economic Challenges for Europe After the Pandemic. Springer Proceedings in Business and Economics. Springer.
Other Published Materials
Brandao-Marques, Luis, Marco Casiraghi, Gaston Gelos, Olamide Harrison, and Gunes Kamber, 2023. “High Debt Levels Can Impede Monetary Policy.” SUERF Policy Brief November 9, 2023.
Brandao-Marques, Luis, Marco Casiraghi, Gaston Gelos, Olamide Harrison, and Gunes Kamber, 2023. “High debt levels can hinder the fight against inflation.” VOX—CEPR’s Policy Portal, July 28, 2023.
Kammer, Alfred, Luis Brandao-Marques, and Lev Ratnovski, 2023. “Staying ahead of the curve: financial policies in Europe,” The EUROFI Magazine—Stockholm 2023, April 2023.
Brandao-Marques, Luis, 2022. “Monetary and Macroprudential Policies’ Interaction,” keynote speech at XIII Bank of Mozambique Research Conference, June 2022.
Brandao-Marques, Luis, Marco Casiraghi, Gaston Gelos, Gunes Kamber and Roland Meeks. 2021. “Negative Interest Rate Policies: Taking Stock of the Experience So Far.” SUERF Policy Note, Issue No 235, May 2021.