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Economist, International Consultant, and former University Professor, with work experience in Economic Development, Macroeconomics, International Finance, and Fiscal Affairs.

  • 2015 to 2020: Full Professor of Economics, University of Strasbourg, and International Consultant in development policy and public finance

  • 2000 to 2015: Lead Economist, Economic Advisor, and Country Manager, World Bank, Washington DC

  • 1995 to 2000: Senior Economist, Organisation for Economic Cooperation and Development (OECD), Paris

  • 1990 to 1995: Professor of Economics, University of Strasbourg

  • 1988 to 1990: Lecturer, Faculty of Economics, University of Strasbourg 



  • Author or co-author of six books

  • Has published professional articles in a number of leading journals: Journal of Development Economics, Oxford Economic Papers, Journal of International Development, Economic Development and Cultural Change, Applied Economics, International Economics and Economic Policy, Development Policy Review, Revue Economique, Annales d’Economie et de Statistique 

  • Lead author or co-author of several World Bank and OECD reports.

  • Author of opinion articles in economic newspapers, bulletins, blogs

  • Has been privileged to collaborate with several influential senior academics.

Home: Publications


May 2019

Présente les grands concepts et mécanismes de la macroéconomie en alliant la théorie à l’étude des faits, et en analysant les implications des réalités
observées pour la politique macroéconomique. Dunod, Paris.



Economic Policy and Country Studies

·   “Η Μακρο-οικονομία στην πράξη”, (με Μωϋσή Σιδηρόπουλο), Gutenberg, Αθήνα, 2021,  

·   “Comment gérer le coût de la défense contre la pandémie?”, Bulletin de l''Observatoire des Politiques Economiques en Europe, Université de Strasbourg, No 42, Été 2020.

·      “Macroéconomie en pratique” (with M. Sidiropoulos), Dunod, Paris, 2019. 

·      “La zone euro et son avenir : Un état des savoirs ” (with A. Barbier-Gauchard and M. Sidiropoulos), Revue d’Economie Financière, No 133, juin 2019, pp. 249-272.

·      “La Gouvernance économique de la zone euro—réalités et perspectives” (with A. Barbier-Gauchard and M. Sidiropoulos), De Boeck, Brussels, 2018.

·      “Les excédents extérieurs élevés de l’Allemagne: Causes et conséquences”, Bulletin de l’Observatoire des Politiques Economiques en Europe, Université de Strasbourg, No 38, Été 2018.

·      “Crisis Response and Resilience to Systemic Shocks—Lessons from IEG Evaluations”, (co-author), Independent Evaluation Group, The World Bank, 2017.

·      “Tracking the Causes of Eurozone External Imbalance: New Evidence and some Policy Implications”, (with J.-L. Diaz Sanchez), International Economics and Economic Policy, 2016, vol 13, p. 641-668.

·      “Comments on how useful is inequality of opportunity as a policy construct”,in K. Basu and J.E. Stiglitz (eds), Inequality and Growth: Patterns and Policy, Vol I, Palgrave MacMillan, London, p.148-150.

·      “The Post-Crisis Growth Slowdown in Emerging Economies and the Role of Structural Reforms”, (with M. Z. Qureshi and J.L. Diaz Sanchez), Global Journal of Emerging Market Economies, 2015, 7(2), p.179-200. 

·      “Turkey Country Economic Memorandum: Promoting Sustained Growth and Convergence with the European Union”, (lead author), The World Bank, Washington D.C, Report No. 33549-TR, February 2006. 

·      Turkey Country Economic Memorandum: Sustaining High Growth” (lead author),The World Bank, Washington D.C, Report No. 39194-TR, April 2008 

·      “Republic of Tunisia—Development Policy Review”,(lead author), The World Bank, Washington D.C., Report No. 29847-TN, October 2004. 

·      “Libya Country Economic Report”, (lead author), The World Bank, Washington D.C., Report No. 30295-LY, May 2006. 

·      “A Medium-term macroeconomic strategy for Algeria: Sustaining faster growth with economic and social stability”, (lead author), The World Bank, Washington D.C., Report No. 26005-AL, May 2003. 

·      “Policies to promote Competitiveness in Manufacturing in Sub-Saharan Africa”, (co-edited with S. Nsouli and A. Fosu), OECD Development Centre Seminars with the IMF and the African Economic Research Consortium, OECD, Paris, 2001 

·      “Manufacturing Competitiveness in Africa: Evidence from Cameroon, Côte d’Ivoire, Nigeria, and Senegal”, (with, A. Adenikinju, L. Söderling, and C. Soludo), Economic Development and Cultural Change, April 2002, 50, p.643-665.

·        “Regulatory Reform and Performance in Telecommunications: Unrealized Potential in the MENA Countries”.(with C. Rossotto), Telecommunications Policy, 2004, (28), p.59-78.

·      “Economic Policy Reform and Growth Prospects in Emerging African Economies”, (with P. Guillaumont and S. Guillaumont Jeanneney), Technical Paper No 145, OECD, Development Centre, Paris, March 1999 

·       "Policies for Economic Take-Off", (with J.-C. Berthélemy), Policy Brief No 12, OECD, Development Centre, Paris, 1996 

·       “Spain: Economic Survey 2000”, (lead author), OECD, Paris, January 2000. 

·      "La politique macroéconomique", Dunod, Paris, 1994.


Public Finance

·      “Croatia Revenue Administration Modernization Project: Project Performance Assessment Report", Independent Evaluation Group, The World Bank, June 2020.  

·      “Uzbekistan Public Expenditure Review”, (author of chapter on State-owned enterprises and public finance), The World Bank, August 2019,

·      “Public Finance for Development Evaluation”, (case study for Georgia), The World Bank, Independent Evaluation Group, July 2018.

·      “Georgia Public Sector Financial Management Reform Support Project”, Project Performance Assessment Report, Independent Evaluation Group, World Bank, June 2018.

·      “Kazakhstan Public Finance Review”, (author of chapter on the fiscal framework), The World Bank, November 2017.

·      “Fiscal Policy in Support of Shared Prosperity”, (with Z. Bogetic, M. Piatti, and F. Oppong), background paper for IEG evaluation of the World Bank’s contribution to Shared Prosperity, January 2017.

·       “La trappe de la dette grecque et les échecs de la gouvernance financière internationale”, Bulletin de l’Observatoire des Politiques Economiques en Europe, Université de Strasbourg, No 34, Été 2016. []

·      “Fiscal Rules and the Pro-cyclicality of Public Investment in the West African Economic and Monetary Union”, (with S. Dessus and J.L. Diaz Sanchez), Journal of International Development, 2016, vol 28, p.887-901. []

·      “Labor Taxation in Romania: Issues and Policy Reform Options”, (lead author), The World Bank, Europe and Central Asia Region, October 2013. 

·      “World Bank Support to Fiscal Management in the Crisis”, (lead author),Chapter 5 in “The World Bank Group’s Response to the Global Economic Crisis: Phase II”, The World Bank, Independent Evaluation Group, 2012. 


·      “Fiscal Policy and Economic Growth: Lessons for Eastern Europe and Central Asia”,(with C. Gray and T. Lane), The World Bank, June 2007. 

·       “Public Finance, Governance, and Growth in Transition Economies: Empirical Evidence from 1992-2004”, (with T. Pushak and E. Tiongson), Policy Research Working Paper No 4255, The World Bank, June 2007. 

·      “The Quality of Fiscal Adjustments in Transition Economies”, (with A. Rzonca), Bank i Kredyt, National Bank of Poland, No 7, 2007, p.7-28. 

·      “Assessing Overall Fiscal Effort in Europe and Central Asia”, (with Emilia Skrok), in Banca d’Italia “Fiscal Policy: Current Issues and Challenges”, 2007, p.307-348. 

·      “Public Expenditure Review of Turkey”, (lead author), The World Bank, Washington D.C., Report No. 36764-TR, December 2006. 

·      “Public Debt Management strategy for Tunisia”, (lead author), The World Bank, Washington D.C., Report No. 27559-TN, January 2004.

·      “Options for Reforming the Spanish Tax System”, (with I. Joumard), Working Paper No 249, OECD, Economics Department, Paris, June 2000. 

·      "Endogenous growth and budgetary policy in the open economy", in P. Capros, D. Meulders (eds), «Budgetary Policy Modelling: Public Expenditures», Routledge, London, 1997, p.29-48.


Financial Sector Policy and International Finance

·      “L’union bancaire et la reforme de l’architecture financière de la zone euro”, Bulletin de l’Observatoire des Politiques Economiques en Europe, Université de Strasbourg, No 40, Été 2019, []

·      “How to move the exchange rate if you must: The diverse practice of foreign exchange intervention by central banks and a proposal for doing it better”, (with K. Basu), Policy Research Working Paper 6460, The World Bank, May 2013. 

·      “World Bank Assistance to Financial Sector Reform—Project Performance Assessment Review in Egypt, Guatemala, Morocco, and Pakistan”, The World Bank, Independent Evaluation Group, Washington D.C., Report No. 70030, June 2012. 

·       “Financial Sector Assessment Program for Algeria”, (co-author), The World Bank and IMF, September 2003. []

·      "Financial Development Policy and Growth", (with J.-C. Berthélemy), OECD, Development Centre, Paris, 1996, 146 p.

·      "Economic growth, convergence, and the role of financial development", (with J.-C. Berthélemy), Oxford Economic Papers, (48), April 1996, p.300-328.

·      "Thresholds in financial development and economic growth", (with J.-C. Berthélemy), The Manchester School, (63), June 1995, Supplement, p.70-84.

·      "Financial development, policy, and economic growth", (with J.-C. Berthélemy), in R. Lensink, N. Hermes (eds), « Financial Development and Economic Growth: Theory and Experiences from Developing Economies », Routledge, London, 1996, p.66-93.

·      “Exchange Rate Management and Manufactured Exports in Sub-Saharan Africa”, (with K. Sekkat), Journal of Development Economics, February 2000, 61(1), p.237-253.

·       “Real Exchange Rate and Openness in Emerging Economies: Argentina in the Long Run” (with C. Richaud and M.-A. Véganzonès), Applied Economics, January 2000, 32, p.1-11.

·      “The participation of foreign banks in poor countries’ financial systems”, (co-author), Global Development Finance 2002, Chapter 3, The World Bank, Washington D.C.

·       “Effective Use of Development Finance for International Public Goods”, (with A. Mody and M. Ferroni), Global Development Finance 2001, Chapter 5, The World Bank, Washington D.C.


Economic Growth, International Trade, and Employment

·       “La pandémie peut-elle ralentir durablement la croissance?", in "Covid-19 : Quelles consequences et quelles politiques économiques?", ERMEES, April 2020

·       “Productivity and Technical Efficiency in Indian States’ Manufacturing: The Role of Infrastructure”, (with A. Mitra and M.-A. Véganzonès), Economic Development and Cultural Change, January 2002, 50, p.395-426.

·      “Long-Run Growth Trends and Convergence Across Indian States”, (withR. Nagaraj and M.-A. Véganzonès), Journal of International Development, January 2000, 12(1), p. 45-70.

·        “Human Capital and growth: The Cost of Rent-Seeking Activities”, (with J.-C. Berthélemy and C. Pissarides), in M. Oosterbaan, T. de Ruyter van Steveninck, N. van der Windt (eds), “The Determinants of Economic Growth”, Kluwer Academic Publishers, Dordrecht, September, 2000, p.209-229.

·       “Trade, Investment, and Development in the Middle East and North Africa—Engaging with the World”, (co-author) The World Bank, Washington D.C., 2003. 

·      “Market Access and the World’s Poor”, (principal author), Global Economic Prospects 2002, Chapter 2, The World Bank, Washington D.C.

·        “Making Trade Work for Jobs: International Evidence and Lessons for MENA”, (with D. Dasgupta, M. Nabli, and C. Pissarides), in M. Nabli (ed), “Breaking the Barriers to Higher Economic Growth in the Middle east and North Africa”, The World Bank, Washington D.C., 2007. p. 329-354.


Evaluation reports 

·       “Georgia First, Second, and Third Development Policy Operations 2009-11”, Project Performance Assessment Report, Independent Evaluation Group, World Bank, June 2018.

·       “First Macroeconomic Management and Competitiveness Programmatic Development Policy Loan to Kazakhstan”, Implementation Completion and Results Report, The World Bank, November 2017.

·       “Romania Development Policy Loan with a Deferred Drawdown Option”, Project Performance Assessment Report, Independent Evaluation Group, World Bank, December 2016

·       “Indonesia Public Expenditure Support Facility”, Project Performance Assessment Report, Independent Evaluation Group, World Bank, November 2016

·       “Evaluation of Knowledge-Based World Bank Country Programs”, (lead author), The World Bank, Independent Evaluation Group,  Washington D.C. ,July 2013  



Opinion articles (newspapers, bulletins, blogs)

*    Regular opinion column in "Money Review"

*    "H παγκοσμια προκληση των ανισοτητων” Orthos Logos, February 2021

*    "Διεθνής οικονομική διακυβέρνηση: Οι προκλησεις της παγκοσμιοποιησης και των κρισεων” Orthos Logos, November/December 2020

*   “Διεθνής οικονομική διακυβέρνηση: Οι θεσμοί και η αρχιτεκτονική τους” Orthos Logos, October 2020

*   “Η διαχείριση του κόστους της άμυνας κατά της πανδημίας” Orthos Logos, June 2020

*   “Το "οπλοστασιο" της μαχης για στηριξη των οικονομιων” Orthos Logos, May 2020

*   “Αναδιαρθρωση της ελληνικης οικονομιας εν μεσω της πανδημιας” Kathimerini, 13 May 2020

*   "The long-term growth impact of the pandemic", Equipe de Recherche en Macro-Economie Européenne de Strasbourg, 26 April, 2020

*    “Joint-liability bonds for a joint European defense against the pandemic” Kathimerini, 6 April 2020

*    “Αμοιβαια ευρωπαικα ομολογα για αμοιβαια οικονομικη αμυνα” Kathimerini, 31 March 2020

*    “The European response to the epidemic” Kathimerini, 25 March 2020

*     "Κλείσιμο των συνόρων ή κοινή ευρωπαϊκή διαχείριση του Covid-19", Kathimerini, 19 March 2020

*     "Η ανατομια των "πηλινων ποδιων" της τουρκικης οικονομις", Kathimerini, 8 March 2020

*     "Η αποτελεσματική διαχείριση του δημοσιονομικού χώρου απαιτεί βελτίωση της αποδοτικότητας των δημοσίων δαπανών", Naftemboriki, 24 December 2019.

"     "Η παραγωγικότητα το κλειδί για την αύξηση μισθών και την ανάπτυξη", Naftemboriki, 4 October 2019,   

*      "Η αποδοτικότητα των δημοσίων δαπανών κλειδί για την δημοσιονομική σταθερότητα και την ανάπτυξη”Naftemporiki, 27 August 2019, []

*      “Τα επιδόματα και το έλλειμμα στις δημόσιες επενδύσεις”, Naftemporiki, 17 May 2019, []

*      “Η «χαμηλή πτήση» και το έλλειμμα ανταγωνιστικότητας”, Naftemporiki, 18 January 2019, []

*       “Χρέος διαχειρίσιμο δεν σημαίνει χρέος βιώσιμο, όμως προσφέρει ένα «παράθυρο ευκαιρίας»”, Naftemporiki, 25 June 2018, []

*      “Αξιοπιστία και ελάφρυνση του χρέους”, Naftemporiki, 13 June 2018, []

*      “Comment renforcer la croissance des économies émergentes ?” Le Bulletin du CERDI, Hiver 2016, []

*      “How to Reverse the Post-Crisis Slowdown of Growth in Emerging Economies?”, (with Z. Qureshi and J-L Diaz Sanchez), 9 February 2015, Let’s Talk Development, World Bank Blog, []

*       “Can Tax Reforms Help Create Jobs?”, (with S. Eckardt and J-L Diaz Sanchez), Future Development, World Bank Blog, 19 March 2014, []

*       “Tracking the causes of Eurozone external imbalances: New evidence”, (with J.L. Diaz-Sanchez), VOX EU, 6 February 2014, []

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