Salih Fendoglu

Welcome !

I'm a financial sector expert at the International Monetary Fund. Prior to joining the Fund, I worked as an economist at the Central Bank of the Republic of Turkey. I obtained my Ph.D. from the University of Maryland College Park.

Research Interests: Monetary and Macro-Financial Policies, Banking, International Finance, International Trade, Open Economy Macroeconomics.


  • Working Papers
  • Publications
  • All
  • "Tracing the Impact of a Sudden Stop: The Role of Bank Rollover Risks, Expectations, and Domestic Production Networks". with Steven Ongena. Submitted. [pdf]

  • "Global Liquidity and the Impairment of Local Monetary Policy Transmission". with Eda Gulsen and Jose-Luis Peydro. Submitted. [earlier version: pdf]

  • "Exports, Imported Inputs, and Domestic Supply Networks". with Y. Emre Akgunduz. Submitted. [earlier version: pdf]

  • "Foreign Currency Debt and Credit Network Externalities". with Eda Gulsen and Jose-Luis Peydro. Working Paper. [available upon request]

  • "Domestic-Currency Reserve Requirements When They Leak". Working Paper. [available soon]

  • "Limiting Short-term Bank Foreign Wholesale Funding as a Macro-Financial Policy: Loan-Level Evidence". with Eda Gulsen. Working Paper. [available soon]

  • "Credit Cycles and Capital Flows: Effectiveness of the Macroprudential Policy Framework in Emerging Market Economies". Journal of Banking and Finance 79, 110-128. (2017). [pdf]

  • "Reserve Option Mechanism as a Stabilizing Policy Tool: Evidence from Exchange Rate Expectations". with Ahmet Degerli. International Review of Economics and Finance 35, 166-179. (2015) [pdf]

  • "Optimal Monetary Policy Rules, Financial Amplification and Uncertain Business Cycles". Journal of Economic Dynamics and Control 46, 271-305. (2014). [pdf]

  • "MIDAS Volatility Forecast Performance Under Market Stress: Evidence from Emerging Stock Markets". Economics Letters 117, 528-532. with C. Emre Alper and B. Saltoglu. (2012). [pdf]

  • "The Economics of The Uncovered Interest Parity Condition For Emerging Markets". Journal of Economic Surveys 23, 115-138. with Pinar Ardic and C. Emre Alper (2009). [pdf]

  • Policy Notes
  • "Foreign Currency Debt and the Exchange Rate Pass-Through". with S. Colak and Y.S. Hacihasanoglu. Applied Economics Letters (2019). [pdf]

  • "Credit cycles and macroprudential policy framework in emerging countries". BIS Papers No.86d. (2016). [pdf]

  • "Macroprudential policies as buffer against volatile cross-border capital flows". Singapore Economic Review (2014). [pdf]

  • "Cross-border portfolio flows and the role of macroprudential policies: experiences from Turkey". BIS Papers No.78x (2014). [pdf]

  • "Managing Short-Term Capital Flows in New Central Banking: Unconventional Monetary Policy Framework in Turkey". Eurasian Economic Review (2014). [pdf]


2019: Central Bank Research Association (CEBRA) Annual Meetings - NYC; IMF - Washington, DC; Swiss Society for Financial Market Research - Zurich

2018: CBRT Annual Intl'l Research Conference (December); ECB-CBRT Conference on Macro-Finance Interlinkages (October); European Economic Association / Econometric Society European Meetings - Cologne (August); Society for Computational Economics - Milan (June)

2016: European Economic Association / Econometric Society European Meetings - Geneva (August); Swiss Society for Financial Market Research - Zurich (January);

2015: Midwest Macro Spring Meetings - St.Louis (May)

2014: TEA - IVth International Conference - Antalya (November); XXIII International Conference on Money, Banking and Finance - Rome (December); ECB-IMF Conference on ''International dimensions of conventional and unconventional monetary policy'' - Frankfurt (April)

2011: Society for Computational Economics, San Francisco (June); Eastern Economics Association - DC (May); International Atlantic Economic Society - NYC (April)


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