Andrea Deghi
Work Experience
International Monetary Fund (IMF), Monetary and Capital Markets Department
(August 2018-)
Financial Sector Expert
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Led "Sovereign-Bank Nexus in Emerging Markets: A Risky Embrace" chapter in the April 2022 Global Financial Stability Review (GFSR)
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Led "Commercial Real Estate: Financial Stability Risks During the COVID-19 Crisis and Beyond" chapter in the April 2021 Global Financial Stability Review (GFSR)
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Coauthored "Liquidity Strains Cushioned by a Powerful Set of policies" chapter in the Oct 2020 Global Financial Stability Review (GFSR)
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Coauthored "Climate Change: Physical Risk and Equity Prices" chapter in the Apr 2020 Global Financial Stability Review (GFSR)
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Coauthored "Bank Dollar Funding and Financial Stability" chapter in the Oct 2019 Global Financial Stability Review (GFSR)
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Coauthored "Downside Risks to House Prices" chapter in the Apr 2019 Global Financial Stability Review (GFSR)
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Contributed to the construction of financial condition indices and asset pricing models currently used in the Global Financial Stability Review (GFSR)
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Analyzed systemic risk in the Hong Kong housing market as part of the Hong Kong SAR FSAP team
European Central Bank (ECB), Systemic Risk and Financial Institutions Division,
(August 2017-July 2018)
Research Analyst / Expert
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Proposed and constructed a composite index of systemic risk to predict negative GDP shocks using time-varying factor models and quantile regressions
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Measured interbank contagion risk by applying agent-based network models to bilateral exposures between euro area banks
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Modeled the term structure implications of negative interest rate policy
European Central Bank (ECB), Financial Stability Surveillance Division
(2016 – 2017)
PhD Trainee
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Quantified the effects of negative interest rates on bank profitability and systemic risk
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Identified the determinants of bank mergers through an endogenous matching model
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Analyzed the effects of loan market concentration on firm loan rates
Deutsche Bundesbank, Research Department
(2015 – 2016)
PhD Research Assistant
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Modeled and estimated the impact of interbank market frictions on firm loan supply
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Conducted policy analysis on banks’ strategic choice of network position
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Designed machine learning algorithms for the harmonization of supervisory data


