Luc Laeven is Deputy Division Chief in the Research Department of the International Monetary Fund. Prior to this, he was a Senior Financial Economist in the Financial Sector Department of the World Bank and worked at ABN Amro Bank. His research focuses on international banking and corporate finance issues and has been published in top academic journals, including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He has also co-edited a book on Systemic Financial Crises: Containment and Resolution published by Cambridge University Press, a book on Deposit Insurance around the World: Issues of Design and Implementation published by MIT Press, and a Reader on International Corporate Finance. He is a Research Fellow at the Centre for Economic Policy Research (CEPR) in London and a Research Associate at the European Corporate Governance Institute (ECGI). He studied at Tilburg University, the University of Amsterdam, and the London School of Economics.

Email: llaeven@imf.org

Fluent In: Dutch.

Referee Activities:

American Economic Review, Economic Journal, Economica, Economics Letters, Financial Management, Journal of Banking and Finance, Journal of Comparative Economics, Journal of Development Economics, Journal of Economic Growth, Journal of the European Economic Association, Journal of Finance, Journal of Financial Economics, Journal of Financial Intermediation, Journal of Financial Services Research, Journal of Financial and Quantitative Analysis, Journal of International Money and Finance, Journal of Law and Economics, Journal of Monetary Economics, Journal of Money, Credit, and Banking, Journal of Public Economics, Quantitative Finance, Review of Economic Studies, Review of Economics and Statistics, Review of Finance, Review of Financial Studies, Rivista di Politica Economica, World Bank Economic Review, World Development

Work in Progress:

“The Investment Allocation of Sovereign Wealth Funds” (with V. Chhaochharia).

“Institutional Investments During Financial Crises” (with V. Chhaochharia).

“Trade Credit Contracts” (with L. Klapper and R. Rajan).

“Real Effects of Financial Crises” (with R. Kroszner).

“Investment and Location of Multinational Firms” (with H. Huizinga, and G. Nicodeme).

“Financial Development, Innovation, and Growth” (with R. Levine and S. Michalopoulos).

“Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market” (with G. Dell’Ariccia and D. Igan).

Luc Laeven is Deputy Division Chief in the Research Department of the International Monetary Fund. Prior to this, he was a Senior Financial Economist in the Financial Sector Department of the World Bank and worked at ABN Amro Bank. His research focuses on international banking and corporate finance issues and has been published in top academic journals, including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He has also co-edited a book on Systemic Financial Crises: Containment and Resolution published by Cambridge University Press, a book on Deposit Insurance around the World: Issues of Design and Implementation published by MIT Press, and a Reader on International Corporate Finance. He is a Research Fellow at the Centre for Economic Policy Research (CEPR) in London and a Research Associate at the European Corporate Governance Institute (ECGI). He studied at Tilburg University, the University of Amsterdam, and the London School of Economics.

Email: llaeven@imf.org

Fluent In: Dutch.

Referee Activities:

American Economic Review, Economic Journal, Economica, Economics Letters, Financial Management, Journal of Banking and Finance, Journal of Comparative Economics, Journal of Development Economics, Journal of Economic Growth, Journal of the European Economic Association, Journal of Finance, Journal of Financial Economics, Journal of Financial Intermediation, Journal of Financial Services Research, Journal of Financial and Quantitative Analysis, Journal of International Money and Finance, Journal of Law and Economics, Journal of Monetary Economics, Journal of Money, Credit, and Banking, Journal of Public Economics, Quantitative Finance, Review of Economic Studies, Review of Economics and Statistics, Review of Finance, Review of Financial Studies, Rivista di Politica Economica, World Bank Economic Review, World Development

Work in Progress:

“The Investment Allocation of Sovereign Wealth Funds” (with V. Chhaochharia).

“Institutional Investments During Financial Crises” (with V. Chhaochharia).

“Trade Credit Contracts” (with L. Klapper and R. Rajan).

“Real Effects of Financial Crises” (with R. Kroszner).

“Investment and Location of Multinational Firms” (with H. Huizinga, and G. Nicodeme).

“Financial Development, Innovation, and Growth” (with R. Levine and S. Michalopoulos).

“Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market” (with G. Dell’Ariccia and D. Igan).

IMF Books and Working Papers:

Accounting Discretion of Banks During a Financial Crisis, Working Paper No. 09/207, September 01, 2009

Principles of Household Debt Restructuring, Staff Position Note No. 2009/15, June 26, 2009

The Use of Blanket Guarantees in Banking Crises, Working Paper No. 08/250, October 01, 2008

Systemic Banking Crises: A New Database, Working Paper No. 08/224, September 01, 2008

Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market, Working Paper No. 08/106, April 01, 2008

Complex Ownership Structures and Corporate Valuations, Working Paper No. 07/140, June 01, 2007

Capital Structure and International Debt Shifting, Working Paper No. 07/39, February 01, 2007

Corporate Governance Quality: Trends and Real Effects, Working Paper No. 06/293, December 01, 2006

Publications in Refereed Journals

“Pension Reform, Ownership Structure, and Corporate Governance: Evidence from Sweden” (with M. Giannetti), Review of Financial Studies, October 2009.

“Bank Governance, Regulation, and Risk Taking” (with R. Levine), Journal of Financial Economics, August 2009.

“Corporate Governance Norms and Practices” (with V. Chhaochharia), Journal of Financial Intermediation, July 2009.

“The Impact of Organizational Structure and Lending Technology on Banking Competition” (with H. Degryse and S. Ongena), Review of Finance, April 2009.

“Finance, Firm Size, and Growth” (with T. Beck, A. Demirguc-Kunt, and R. Levine), Journal of Money, Credit, and Banking, October 2008.

“Banking and Bank Regulation: Challenges for the Future” (with T. Beck, R. Levine, and G. Pennacchi), Journal of Financial Intermediation, October 2008.

“Determinants of Deposit-Insurance Adoption and Design” (with A. Demirgüç-Kunt and E.J. Kane), Journal of Financial Intermediation, July 2008.

“Political Connections and Preferential Access to Finance: The Role of Campaign Contributions” (with S. Claessens and E. Feijen), Journal of Financial Economics, June 2008.

“International Profit Shifting within European Multinationals: A Multi-Country Perspective” (with H. Huizinga), Journal of Public Economics, June 2008.

“Corporate Governance Quality: Trends and Real Effects” (with G. De Nicolò and K. Ueda), Journal of Financial Intermediation, April 2008.

“Capital Structure and International Debt Shifting in Europe” (with H. Huizinga and G. Nicodème), Journal of Financial Economics, April 2008.

“Complex Ownership Structures and Corporate Valuations” (with R. Levine), Review of Financial Studies, April 2008.

“The Quality of the Legal System and Firm Size” (with C. Woodruff), Review of Economics and Statistics, November 2007.

“Governance and Bank Valuation” (with G. Caprio and R. Levine), Journal of Financial Intermediation, October 2007.

“Is There a Diversification Discount in Financial Conglomerates?” (with R. Levine), Journal of Financial Economics, August 2007.

“International Portfolio Diversification Benefits: Cross-Country Evidence from a Local Perspective” (with J. Driessen), Journal of Banking and Finance, June 2007.

“Banking Crises, Financial Dependence, and Growth” (with D. Klingebiel and R. Kroszner), Journal of Financial Economics, April 2007.

Entry Regulation as a Barrier to Entrepreneurship (with Leora Klapper and Raghuram Rajan), Journal of Financial Economics, Vol. 82, No. 3, pp. 591-629, December 2006.

The Determinants of Financing Obstacles” (with Thorsten Beck, Asli Demirgüç-Kunt, and Vojislav Maksimovic), Journal of International Money and Finance, Vol. 25, No. 6, pp. 932-952, October 2006.

Institutions and Growth in Transition Economies (with Thorsten Beck), Journal of Economic Growth, Vol. 11, No. 2, pp. 157-186, June 2006.

Corporate Governance Provisions and Firm Ownership: Firm-Level Evidence from Eastern Europe (with Leora Klapper and Inessa Love), Journal of International Money and Finance, Vol. 25, No. 3, pp. 429-444, April 2006.

Does Judicial Efficiency Lower the Cost of Credit? (with Giovanni Majnoni), Journal of Banking and Finance, Vol. 29, No. 7, pp. 1791-1812, 2005.

Financial Sector Competition, Financial Dependence, and Growth (with Stijn Claessens), Journal of the European Economic Association, Vol. 3, No. 1, pp. 179-207, 2005.

The Political Economy of Deposit Insurance, Journal of Financial Services Research, Vol. 26, No. 3, pp. 201-224, 2004.

Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation (with Asli Demirguc-Kunt and Ross Levine), Journal of Money, Credit, and Banking, Vol. 36, No. 3, pp. 593-622, June 2004.

What Drives Bank Competition ? Some International Evidence (with Stijn Claessens), Journal of Money, Credit, and Banking, Vol. 36, No. 3, pp. 563-583, June 2004.

Financial Development, Property Rights, and Growth (with Stijn Claessens), Journal of Finance, Vol. 58, No. 6, pp. 2401-2436, December 2003. (This paper was nominated for the 2004 Brattle award for best corporate finance paper in the Journal of Finance).

How Country and Safety-Net Characteristics Affect Bank Risk-Shifting (with Armen Hovakimian and Edward Kane), Journal of Financial Services Research, Vol. 23, No. 3, pp. 177-204, 2003.

Does Financial Liberalization Reduce Financing Constraints?, Financial Management, Vol. 32, No. 1, pp. 5-34, 2003. (This paper won third place for the 2004 Addison-Wesley prize).

Loan Loss Provisioning and Economic Slowdowns: Too Much, Too Late? (with Giovanni Majnoni), Journal of Financial Intermediation, Vol. 12, No. 2, pp. 178-197, 2003.

How Good is the Market at Assessing Bank Fragility? A Horse Race Between Different Indicators (with Paola Bongini and Giovanni Majnoni), Journal of Banking and Finance, Vol. 26, No. 5, pp. 1011-1028, 2002.

Bank Risk and Deposit Insurance, World Bank Economic Review, Vol. 16, No. 1, pp. 109-137, 2002.

Insider Lending and Bank Ownership: The Case of Russia, Journal of Comparative Economics, Vol. 29, No. 2, pp. 207-229, 2001.

Books

Deposit Insurance (co-edited with Asli Demirguc-Kunt and Edward Kane), Cambridge, MA: MIT Press, forthcoming.

A Reader in International Corporate Finance (co-edited with Stijn Claessens), Two volumes, World Bank, 2006.

Systemic Financial Distress: Containment and Resolution (co-edited with Patrick Honohan), Cambridge, UK: Cambridge University Press, 2005. [An annotation of the book appeared in the March 2006 issue of the Journal of Economic Literature, pp. 230]

Managing the Real and Fiscal Effects of Banking Crises (co-edited with Daniela Klingebiel), World Bank Discussion Paper No. 428, Washington, DC, 2003.