Matthieu Bussière

• Matthieu Bussière

Current Position

Director of Monetary and Financial Analysis

Previous position

• Deputy Director then Director of Economics and International and European Relations (2013-2018)
•  Head of the Macroeconomic Analysis and International Syntheses Division.
• European Central Bank (2002-2009).
• IMF (1998-1999) and, for shorter periods, the US Federal Reserve (2004, as part of an exchange with the ECB) and the Bank of England (2000).

Diplomas

• PhD in Economics, European University Institute, Florence
• Masters degree in Economics, Cambridge University
• Graduate of the Institut d'Études Politiques de Paris.

Research interest

Macroeconomics and International Trade, International Finance, Financial Crises, Monetary Policy

Contact

• matthieu.BUSSIERE@banque-france.fr
• +33(0)1 42 92 29 21
• Banque de France, 49-1454 DERIE, 75049 Paris Cedex 01

Academic Publications

Articles

• "International Prudential Policy Spillovers: Evidence from the International Banking Research Network" with Claudia M. Buch and Linda Goldberg, 2017, International Journal of Central Banking, vol. 13(2), pages 1-4, March 2017.
• "International Banking and Cross-Border Effects of Regulation : Lessons from France" with Julia Schmidt and Frédéric Vinas, 2017,  International Journal of Central Banking, vol. 13(2), pages 163-193, March 2017.  
• “Commonality in Hedge Fund Returns: Driving factors and implications”, with Benjamin Klaus and Marie
• For a Few Dollars More: Reserves and Growth in Times of Crises, with Gong Cheng, Menzie D. Chinn, and Noëmie Lisack,  Journal of International Money and Finance, Vol. 52, April 2015, pp. 127-145.
• Do real exchange rate appreciations matter for growth?, with Claude Lopez and Cédric Tille,  Economic Policy, vol. 30(81), January 2015, pp. 5-45.
• Exchange Rate Pass-Through in the Global Economy, with Simona Delle Chiaie and Tuomas Peltonen, IMF Economic Review, vol. 62(1), pp. 146-178, April 2014 .
• Commonality in Hedge Fund Returns: A Determinant of Systemic Risk?, with Benjamin Klaus and Marie Hoerova, forthcoming in: Journal of Banking and Finance.
• Estimating Trade Elasticities: Demand Composition and the Trade Collapse of 2008-09, 2013, with G. Callegari (IMF), F. Ghironi (Boston College), G. Sestieri (BdF) and N. Yamano (OECD); the American Economic Journal: Macroeconomics.
• Chronicle of Large Currency Devaluations: Re-Examining the Effects on Output, with S. Saxena and C. Tovar, Journal of International Money and Finance, Volume 31, Issue 4, pages 680–708, June 2012.
• Exchange Rate Pass-through to Trade Prices: the Role of Non-Linearities and Asymmetries, Oxford Bulletin of Economics and Statistics, volume 74, Issue 4, 2012.
• Balance of Payment Crises in Emerging Markets - How Early were the “Early Warning Signals?, Applied Economics, Vol. 45, N°12, pages 1601-1623, April 2013.
• Sovereign Debt and Fiscal Policy in the Aftermath of the Financial Crisis: Introduction, 2013, Economic Journal, Royal Economic Society, vol. 0, pages F1-F3, 02.
• The Financial Crisis: Lessons for International Macroeconomics, 2013, with Jean Imbs, Robert Kollmann & Romain Rancière, American Economic Journal: Macroeconomics, American Economic Association, vol. 5(3), pages 75-84, July.
• Protectionist Responses to the Crisis: Global Trends and Implications, 2011, with E. Perez, R. Straub and D. Taglioni, The World Economy, Wiley Blackwell, vol. 34, 05, pages 826-852.
• Productivity shocks, budget deficits and the current account, with Fratzscher, Marcel & Müller, Gernot J., Journal of International Money and Finance, Elsevier, vol. 29(8), pages 1562-1579, December, 2010 
• A Framework for Assessing Global Imbalances, with Thierry Bracke & Michael Fidora & Roland Straub, The World Economy, Wiley Blackwell, vol. 33(9), pages 1140-1174, 09, 2010 
• Evaluating China’s Integration in World Trade with a Gravity Model Based Benchmark, with Bernd Schnatz, Open Economies Review, Springer, vol. 20(1), pages 85-111, February, 2009 
• Financial Openness and Growth: Short-run Gain, Long-run Pain?, with Marcel Fratzscher, Review of International Economics, Wiley Blackwell, vol. 16(1), pages 69-95, 02, 2008 
• Low probability, high impact: Policy making and extreme events, with Fratzscher, Marcel, Journal of Policy Modeling, Elsevier, vol. 30(1), pages 111-121, 2008 
• Towards a new early warning system of financial crises, with Fratzscher, Marcel, Journal of International Money and Finance, Elsevier, vol. 25(6), pages 953-973, October, 2006 
• Uncertainty and Debt-Maturity in Emerging Markets, with Marcel Fratzscher & Winfried Koeniger, The B.E. Journal of Macroeconomics, Berkeley Electronic Press, vol. 6(1), pages 5, 2006 
• Current Accounts, Net Foreign Assets and the Implications of Cyclical Factors, with Georgios Chortareas & Rebecca Driver, Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 269-286, Spring, 2003 
• Political Instability and Economic Vulnerability, with Mulder, Christian, International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 5(4), pages 309-30, October, 2000 

Others

• 2016 with Hukkinen Juhana, Gächter Martin, Ferrara Laurent, Dimitropoulou Dimitra, Keeney Mary, Lodge David, Derviz Alexis, Cezar Raphael, Mroczek Wojciech and Borin Alessan. "Understanding the weakness in global trade - What is the new normal ?," Occasional Paper Series 178, European Central Bank.
• 2016 IRC Task Force on IMF issues with L´Hotellerie-Fallois Pilar, Moreno Pablo, Balteanu Irina, Beirne John, Brüggemann Axel, Estrada Ángel, Frost Jon and Herzberg Valerie. "Dealing with large and volatile capital flows and the role of the IMF," Occasional Paper Series 180, European Central Bank.
• 2016, with Julia Schmidt and Natacha Valla. "International Financial Flows in the New Normal : Key Patterns (and Why We Should Care)," CEPII Policy Brief 2016-10, CEPII research center.
• For a Few Dollars More: Reserves and Growth in Time of Crises, 2014, avec Gong Cheng, Noëmie Lisack et Menzie D. Chinn, NBER Working Paper N°19791.
• Understanding household savings in China: the role of the housing market and borrowing constraints, 2013, avec Yannick Kalantzis, Romain Lafarguette, et Terry Sicular, MPRA Paper 44611, University Library of Munich, Germany.
• Currency Crises in Reverse: Do Large Real Exchange Rate Appreciations Matter for Growth?, 2013, avec Claude Lopez et Cédric Tille, MPRA Paper 44053, University Library of Munich, Germany.
• Estimating trade elasticities: demand composition and the trade collapse of 2008-09, avec Giovanni Callegari, Fabio Ghironi, Giulia Sestieri et Norihiko Yamano, Working Papers No. 17712, National Bureau of Economic Research, 2011
• A decade (and a global financial crisis) after Blinder: The interaction between researchers and policy-makers in central banks, avec Livio Stracca, Working Paper Series 1260, European Central Bank, 2010
• Methodological advances in the assessment of equilibrium exchange rates, avec Michele Ca’ Zorzi & Alexander Chudík & Alistair Dieppe, Working Paper Series No.1151, European Central Bank, 2010
• Chronicle of currency collapses: re-examining the effects on output, avec Sweta c Saxena & Camilo Tovar, BIS Working Papers No. 314, Bank for International Settlements, 2010
• Modelling Global Trade Flows - Results from a GVAR Model, avec Alexander Chudik & Giulia Sestieri, Working Paper Series No 1087, European Central Bank, 2009
• Balance of payment crises in emerging markets - how early were the “early” warning signals?, Working Paper Series No 713, European Central Bank, 2007
• Exchange rate pass-through to trade prices - the role of non-linearities and asymmetries, Working Paper Series No 822, European Central Bank, 2007
• Productivity shocks, budget deficits and the current account, avec Marcel Fratzscher & Gernot J. Müller, Working Paper Series No 509, European Central Bank, 2005
• Currency mismatch, uncertainty and debt maturity structure, avec Marcel Fratzscher & Winfried Koeniger, Working Paper Series No 409, European Central Bank, 2004
• Current accounts, net foreign assets and the implications of cyclical factors, avec Georgios Chortareas & Rebecca L Driver, Bank of England working papers No 173, Bank of England, 2003
• External Vulnerability in Emerging Market Economies - How High Liquidity Can Offset Weak Fundamentals and the Effects of Contagion, avec Christian B. Mulder, IMF Working Papers No 99/88, International Monetary Fund, 1999
• Political Instability and Economic Vulnerability, avec Christian B. Mulder, IMF Working Papers No 99/46, International Monetary Fund, 1999