Research economist and adviser Camelia Minoiu

Camelia Minoiu

Research Economist and Adviser
personal websiteOff-site link :: email

To interview economists, press should contact Public Affairs at 470-249-8348.

  • Biography

    Camelia Minoiu is a research economist and adviser on the financial markets team in the Research Department at the Federal Reserve Bank of Atlanta. Before joining the Atlanta Fed in 2022, Dr. Minoiu was a principal economist in the Division of Monetary Affairs at the Federal Reserve Board of Governors and a senior economist in the Research Department at the International Monetary Fund. From 2016 to2018, Dr. Minoiu spent a research sabbatical at the Wharton School of the University of Pennsylvania. Dr. Minoiu received her doctorate in economics in 2007 from Columbia University and her master's degree in econometrics and mathematical economics in 2001 from London School of Economics.

    Dr. Minoiu's research interests are in the areas of financial intermediation, international finance, and international development, with a focus on banks. In many of her papers she studies the effects of macroeconomic policies and real and financial shocks on banks and firms. Her work emphasizes the critical role of the banking sector for financial access and economic growth. Dr. Minoiu has published papers in several leading economics and finance journals, including the Review of Economics and Statistics, Review of Financial Studies, Journal of Financial Economics, Journal of International Economics, and Journal of Development Economics.

  • Working Papers

    Finance and Economics Discussion Series (FEDS)Off-site link


    July 2021
    Serving the Underserved: Microcredit as a Pathway to Commercial Banks
    Sumit Agarwal, Thomas Kigabo, Camelia Minoiu, Andrea F. Presbitero, André F Silva
    Abstract | Full text Adobe PDF file format


    May 2020
    Bank Lending in the Knowledge Economy
    Giovanni Dell'Ariccia, Dalida Kadyrzhanova, Camelia Minoiu, and Lev Ratnovski
    Abstract | Full text Adobe PDF file format

  • Other Fed Work



    "U.S. Zombie Firms: How Many and How Consequential?" (with Giovanni Favara, Camelia Minoiu, and Ander Pérez-Orive). FEDS Notes.

  • Publications


    "Expansionary Yet Different: Credit Supply and Real Effects of Negative Interest Rate Policy" (with Margherita Bottero). Forthcoming, Journal of Financial Economics.


    "Serving the Underserved: Microcredit as a Pathway to Commercial Banks" (with Sumit Agarwal, Thomas Kigabo, Andrea Presbitero, and André F. Silva). Forthcoming, Review of Economics and Statistics.

    "Motivating Banks to Lend? Credit Spillover Effects of the Main Street Lending Program" (with Rebecca Zarutskie, and Andrei Zlate). Finance and Economics Discussion Series.

    "Bank Lending in the Knowledge Economy" (with Giovanni Dell'Ariccia, Dalida Kadyrzhanova, and Lev Ratnovski). Review of Financial Studies.

    "Corporate Investment and the Real Exchange Rate" (with Mai Chi Dao, and Jonathan D. Ostry). Journal of International Economics.


    "Shock Transmission Through Cross-Border Bank Lending: Credit and Real Effects" (with Galina Hale and Tümer Kapan). Review of Financial Studies.


    "Monetary Policy and Bank Lending in Developing Countries: Loan Applications, Rates, and Real Effects" (with Charles Abuka, Ronnie K. Alinda, José-Luis Peydró, and Andrea F. Presbitero). Journal of Development Economics.


    "Balance Sheet Strength and Bank Lending: Evidence from the Global Financial Crisis" (with Tümer Kapan). Journal of Banking & Finance.

    "Managing the Sovereign-Bank Nexus" (with Giovanni Dell'Ariccia, Caio Ferreira, Nigel Jenkinson, Luc Laeven, Alberto Martin, and Alex Popov). IMF Departmental Papers.

    "Household Credit, Global Financial Cycle, and Macroprudential Policies: Credit Register Evidence from an Emerging Country" (with Mircea Epure, Irina Mihai, and José-Luis Peydró). IMF Working Papers.


    "Does Financial Connectedness Predict Crises?" (with Chanhyun Kang, V.S. Subrahmanian, and Anamaria Berea). Quantitative Finance.

    "Business Cycle Fluctuations, Large Macroeconomic Shocks, and Development Aid" (with Era Dabla-Norris, and Luis-Felipe Zanna). World Development.

    "Financial Crises and the Composition of Cross-Border Lending" (with Eugenio Cerutti and Galina Hale). Journal of International Money and Finance.


    "A Network Analysis of Global Banking: 1978–2010" (with Javier A. Reyes). Journal of Financial Stability.

    "Strength in Lending" (with Tümer Kapan). Finance and Development.


    "Caught in the Web". Finance and Development.