Javier Suarez
Professor of Finance
CEMFI - Casado del Alisal 5 - 28014 Madrid - Spain
Phone: +34 914290551 - E-mail: suarez@cemfi.es CV in PDF
Doctoral studies
Ph.D. in Economics, Universidad Carlos
III de Madrid, 1991-1994.
Current positions
Full Professor at CEMFI.
Research Fellow of the Center for Economic Policy Research (CEPR).
Research Associate of the European Corporate Governance Institute (ECGI).
Member of the Advisory Scientific
Committee (ASC) of the European Systemic Risk Board (ESRB).
Previous positions (reverse chronological order)
OeNB Visiting Professorship at the
University of Vienna, March-April 2025.
Visiting Scholar at Columbia
Business School, October-November 2024.
Vice-Chair (2015-2018; 2019-2020,
2022-2023) and Chair (2018-2019; 2020-2021) of the ASC of the ESRB.
Chair of the ESRB Task Force
Financial Stability Implications of IFRS 9, 2016-2017.
Academic advisor of the
Macro-prudential Research Network (MaRs) of the ESCB, 2013-2014.
Associate editor of the Journal of the European Economic Association,
2009-2012.
Visiting Scholar at the Federal
Reserve Bank of New York, September-November 2011.
Swiss Finance Institute Visiting
Professor at the University of Zurich, February-April 2011.
Associate editor of the Review
of Finance, 2003-2009.
Associate Professor at CEMFI,
2001-2004.
Assistant Professor at CEMFI,
1996-2001.
Research Affiliate of the CEPR,
1996-2001.
Member of the Financial Markets
Group of the LSE, 1994-1996.
Lecturer in Economics at the
Postdoctoral fellow,
Teaching
Corporate Finance, Banking.
Current research
Corporate finance, banking theory,
banking regulation, financial crises, venture capital.
Selected research
papers (highlighted papers can be downloaded in pdf format)
A.
Published or accepted for publication in refereed journals (reverse chronological order)
·
"Twin defaults and bank capital requirements" (with C. Mendicino, K. Nikolov, J. Rubio-Ramirez and
D. Supera), Journal of Finance, 81 (2026), 2887-2931. (Revised version of CEPR DP
14427, January 2021.)
·
"Optimal patent screening
with imperfect enforcement" (with G. Llobet and A. Parra), International
Journal of Industrial Organization, 105 (2026), 103248. (Revised version of CEPR DP 16715, November 2021.)
·
"Bank restructuring under
asymmetric information: The role of bad loan sales" (with A.
Segura), Journal of Financial Intermediation, 56 (2023), 101058. [Revised version of CEPR DP
13718, April 2019.]
·
"Capital
forbearance in the bank recovery and resolution game" (with N. Martynova and E. Perotti), Journal
of Financial Economics,
146 (2022), 884-904. [Revised version of CEPR DP 13617, March 2019.]
·
"Growth-at-risk and macroprudential policy design", Journal of Financial Stability, 60 (2022), 101008. (Revised version of ESRB Occasional Paper No. 19,
September 2021.)
·
"Bank capital in the short and in the long run" (with C. Mendicino, K. Nikolov and D. Supera), Journal
of Monetary Economics, 115
(2020), 64-79. [Available online, June 2019].
·
"Liquidity
standards and the value of an informed lender of last resort" (with J. Santos), Journal of Financial Economics, 132 (2019), 351-368. [Online Appendix for
January 2018 version]
·
"Optimal
dynamic capital requirements" (with C. Mendicino, K. Nikolov and
D. Supera), Journal of Money, Credit, and Banking, 50 (2018), 1271-1297. [Online Appendix for
October 2017 version.]
·
"How
excessive is banks’ maturity transformation?" (with A. Segura), Review of Financial Studies, 30 (2017), 3538-3580. (Based on an old paper titled "Recursive
maturity transformation", September 2013.) [Online Appendix for
September 2016 version.]
· "Capital regulation in a
macroeconomic model with three layers of default" (with L.
Clerc, A. Derviz, C. Mendicino, S. Moyen, K. Nikolov, L. Stracca, and A.
Vardoulakis), International Journal of Central Banking, 11 (2015), 9-64.
·
"Interest rates and
credit risk" (with C. González-Aguado), Journal
of Money, Credit, and Banking, 47 (2015), 445-480.
·
"The
procyclical effects of bank capital regulation" (with R. Repullo), Review of Financial Studies, 26 (2013), 452-490. (Revised version of "The
procyclical effects of Basel II", CEPR DP 6862, June 2008.)
· "Patent litigation and
the role of enforcement insurance" (with G. Llobet), Review
of Law & Economics, 8
(2012), 789-821. [Revised version of "Financing and the protection of
innovators", CEPR DP 4944, March 2005.]
· "A
Pigovian approach to liquidity regulation" (with E. Perotti), International Journal of Central Banking, 7 (2011), 3-41.
· "The Spanish crisis: Background and policy challenges", Moneda y Crédito, 232 (2011), 151-192.
· "Deposit insurance and money market
freezes" (with M. Bruche), Journal of Monetary Economics, 57 (2010), 45-61. (A previous version circulated
under the title "The macroeconomics of money market freezes".)
· "Social
contacts and occupational choice" (with S. Bentolila and C. Michelacci), Economica, 77 (2010), 20-45.
· "Firms'
stakeholders and the costs of transparency" (with A. Almazan and S. Titman), Journal of Economics and Management Strategy, 18 (2009), 871-900.
· "Financial
distress, bankruptcy law, and the business cycle" (with O. Sussman), Annals of Finance, 3 (1) (2007), 5-35.
· "Incomplete
wage posting" (with C. Michelacci), Journal of Political Economy, 114 (6) (2006),
1098-1123.
· "Loan
pricing under Basel capital requirements" (with R. Repullo), Journal of Financial Intermediation, 13 (4) (2004), 496-521.
· "Venture
capital finance: A security design approach" (with R. Repullo), Review of Finance, 8 (2004), 75-108.
· "Business
creation and the stock market" (with C. Michelacci), Review of Economic Studies, 71 (2) (2004), 459-481.
· "Entrenchment
and severance pay in optimal governance structures" (with A. Almazan), Journal of Finance, 58 (2) (2003), 519-548.
· "Managerial
compensation and the market reaction to bank loans" (with A. Almazan), Review of Financial Studies, 16 (1) (2003), 237-261.
·
"Last
bank standing: What do I gain if you fail?" (with E. Perotti), European
Economic Review, 46 (09) (2002), 1599-1622.
· "Entrepreneurial
moral hazard and bank monitoring: A model of the credit channel" (with R. Repullo), European Economic Review, 44 (10) (2000), 1931-1950.
· "Financial
distress and the business cycle" (with O. Sussman), Oxford Review of Economic Policy, 15 (3) (1999), 39-51.
· "Risk-taking and the prudential regulation of banks", Investigaciones
Económicas, 22
(1998), 307-336.
· "Monitoring, liquidation, and security design" (with R. Repullo), Review of Financial Studies, 11 (1998), 163-187. Reprinted in S. Bhattacharya, A.
Boot, and A. Thakor (eds.), Credit, Intermediation, and the Macroeconomy,
· "Endogenous cycles in a
Stiglitz-Weiss economy" (with O. Sussman), Journal of Economic Theory, 76 (1997), 47-71. Reprinted in B. Biais and M.
Pagano (eds.), New Research in Corporate Finance and Banking,
B. Unpublished (reverse chronological order)
· "Banks, venture capitalists, and low innovation traps" (with A. Segura), October 2026.
· "From incurred to expected loss: Implications for bank lending" (with J. Abad and D. Ikeda), CEMFI Working Paper No.
2509, May 2025.
· "A model of interacting
banks and money market funds" (with M. Farias), CEMFI Working Paper No. 2508, May
2025.
· "A macroeconomic model of banks’ systemic risk
taking" (with J. Abad and D. Martínez-Miera), September 2024.
(New paper based on "Banks’ endogenous systemic risk taking",
September 2014.)
C. Permanent working papers (reverse chronological order)
·
"Optimally solving banks’ legacy problems" (with A. Segura), March 2020. (Revised version of
CEPR DP 13718, April 2019.)
· "The procyclicality of expected credit loss provisions" (with J. Abad), October 2018. (Revised version of "Assessing the cyclical
implications of IFRS 9 – A recursive model", ESRB Occasional
Paper No. 12, July 2017.)
·
"Equity versus bail-in debt in banking: An agency perspective" (with C. Mendicino and K. Nikolov), January 2018.
· "Banks’ endogenous
systemic risk taking" (with D. Martínez-Miera), September
2014.
· "Entrepreneurial
innovation, patent protection, and industry dynamics" (with G.
Llobet), March 2013. (Revised version of "Financially constrained
innovation, patent protection, and industry dynamics", RICAFE WP 052,
January 2008.)
· "Hot
and cold housing markets: International evidence" (with J. Ceron), CEPR DP 5411, January 2006.
· "Closure
rules, market power and risk-taking in a dynamic model of bank behavior", LSE Financial Markets Group DP 196, November 1994.
(Re-typed version of the original manuscript, with new pagination.)
Selected contributions to policy reports (reverse
chronological order)
·
Addressing banks’
vulnerability to deposit runs: revisiting the facts, arguments and policy
options (with T. Beck, V. Ioannidou, E. Perotti, A. Sánchez-Serrano,
X. Vives), Reports of the
Advisory Scientific Committee No. 15, European Systemic Risk Board, August
2024.
·
Corporate credit and leverage
in the EU: Recent evolution, main drivers and financial stability implications
(with T. Beck, T. Peltonen, E. Perotti, A. Sánchez-Serrano), Reports of the Advisory Scientific Committee No. 14,
European Systemic Risk Board, June 2023.
·
On the stance of macroprudential policy (with S. Cecchetti), Reports of the Advisory Scientific Committee No. 11,
European Systemic Risk Board, December 2021.
·
Approaching non-performing loans from a macroprudential angle (with A. Sánchez-Serrano), Reports of the Advisory Scientific Committee No. 7,
European Systemic Risk Board, September 2018.
· Financial stability implications of IFRS 9, ESRB Report, European Systemic Risk Board, July
2017.
·
Too late, too sudden: Transition to a low-carbon economy and systemic
risk,
Reports of the Advisory Scientific Committee No. 6, European Systemic Risk
Board, February 2016.
Policy papers, non-refereed publications and other
writings (reverse chronological order)
·
"Addressing interest rate risk when banking on deposits: a simple
framework",
mimeo, September 2023.
· "Reforming bank stress testing in the EU: reflections in light of
the EBA’s discussion paper on the issue" (with W. Buiter), ASC Insight No. 1, European Systemic Risk Board,
August 2020.
·
"IFRS 9 and COVID-19: Delay and freeze
the transitional arrangements clock" (with J. Abad), in A. Bénassy-Quéré and B. Weder di Mauro (eds.), Europe in the Time of Covid19, A
VoxEU.org eBook, CEPR Press (2020), 98-103.
·
"The simple analytics of systemic liquidity risk regulation" (with E. Perotti), in D. Schoenmaker (ed.), Macroprudentialism,
A VoxEU.org eBook, CEPR Press (2014), 129-135.
·
"Macroprudential capital tools: assessing their rationale and
effectiveness" (with L. Clerc, A. Derviz, C. Mendicino, S. Moyen, K. Nikolov, L.
Stracca, and A. Vardoulakis), Banque de France Financial Stability Review, 18 (2014), 183-193.
·
"The socially optimal level of capital requirements: a view from two
papers", in
V. Acharya, T. Beck, D. Evanoff, G. Kaufman, and R. Portes (eds.), The Social Value of the Financial Sector:
Too Big to Fail or Just Too Big, World Scientific Studies in International
Economics, vol. 29 (2013), 257-266.
· "A three-pillar solution to the Eurozone crisis", VOX column 6874, 15 August 2011.
· "Discussion
of: Procyclicality of capital requirements in a general equilibrium model of
liquidity dependence", International Journal of Central Banking 6(4) (2010), 175-186.
· "Liquidity
insurance for systemic crises" (with E. Perotti), CEPR Policy Insight 31, February
2009. Summarized in FT.com/economistsforum (24/02/2009). Republished in Italian as
"Un’assicurazione contro le crisi sistemiche", Equilibri, 13(3) (Dicembre 2009), 391-396.
·
"La gestión de los
problemas de confianza en tiempos de crisis sistémica" (in
Spanish), Perspectivas
del Sistema Financiero, 95 (2009), 1-17.
· "Bringing money markets back to life", VOX column 2411, 13 October 2008. Republished in
French as "Ramener rapidement les marchés monétaires à la vie", Commentaire, 124 (Hiver 2008-2009), 1001-1004.
· "The need for an emergency bank debt insurance mechanism", CEPR Policy Insight 19, March
2008. (A summary of this piece appeared as VOX column 1013, 27 March 2008.)
Participation in policy-oriented forums in the
aftermath of the Global Financial Crisis (years 2009-2012) (reverse
chronological order)
· 15th Annual International Banking
Conference, Federal
Reserve Bank of
· Spanish Capital Market Forum 2012, Euromoney Conferences,
· Workshop on "Liquidity Regulation", Federal Reserve Board,
· Panel on "Crisis Resolution in Financial
Institutions and Countries", 38th Annual Meeting of the European Finance
Association,
· XXIII Symposium Moneda y Crédito: The Way Out of the
World Recession: Policy Strategies and Trade-Offs", Fundación Banco
· CEPR Conference on "The Future of Regulatory
Reform", Grocers’ Hall,
· DNB/UvA Workshop on Preventive Macro Prudential
Instruments, De
Nederlandsche Bank,
· Roundtable on the Macroeconomic Impact of Strengthened
Capital and Liquidity Requirements, Macroeconomic Assessment Group, Bank for
International Settlements, Basel, 17 May 2010.
· World Bank training hub on "Macro-Financial
Policies",
Joint
· Roundtable to discuss contingent capital and systemic
resolution levies, HM
Treasury,
· Seminar on "The procyclical effects of bank
capital regulation", DG
Internal Market and Services, European Commission,
· DNB/UvA/IMF Workshop on Concrete Macro-Prudential
Tools, De Nederlandsche Bank,
·
Desayuno de Redacción: "El sistema
financiero mundial tras la crisis", Cinco Días, Madrid,
12 November 2009. [Media coverage, in
Spanish]
·
Seminario de Discusión Económica y
Financiera: "Supervisión Macroprudencial",
Banco de España, Madrid, 11 November 2009. Comments to presentation by Claudio
Borio.
· 10th Bank of Finland/CEPR Conference on "Credit
Crunch and the Macroeconomy",
· BCBS/CGFS roundtable on Systemic Liquidity Risk, Bank of France, Paris, 13 October 2009. Invited
speaker.
· ECB / DG ECFIN (European Commission) Workshop
"The Crisis: Impact so Far and Possible Lessons", European Central Bank, Frankfurt, 1-2 October 2009.
Discussant.
· Bernácer Conference "The future of central
banking: Lessons from the genesis and management of the crisis", Banco de España, 10 June 2009. Panellist. [Transcript]
· CFS Research Conference on "A New Supervisory
Architecture for Europe’s Banking System", Frankfurt, 5 June 2009. Invited speaker. [Slides]
· CEPR-NCAER Conference on "India in the G20:
Macroeconomic Policy Coordination, Regulation and Global Governance",
·
2009
International Conference "Financial System and Monetary Policy
Implementation",
Bank of Japan, 27-28 May 2009. Invited speaker. [Conference summary]
· 37th Economics Conference "Beyond the Crisis:
Economic Policy in a New Macroeconomic Environment", Oesterreichische Nationalbank,
Recent
participation in
externally funded research teams and networks (reverse chronological order)
·
Financial
Intermediation and Aggregate Performance, funded by Ministerio de Ciencia e Innovación
(PID2022-142998NB-I00), 2023-2025.
·
Economic
Analysis of Bank Risk: Implications for Regulation, Supervision, Resolution,
and Macroeconomic Performance,
funded by Ministerio de Economía y Competitividad (PGC2018-097044-B-I00),
2019-2021.
·
New
Frontiers in Financial Economics,
funded by Ministerio de Economía y Competitividad (ECO2014-59262), 2015-2017.
·
Banking
Regulation after the Crisis,
funded by Ministerio de Economía y Competitividad (ECO2011-26308), 2012-2014.
·
Corporate
Finance and Banking under Information and Incentive Problems, funded by Ministerio de
Ciencia e Innovación (ECO2008-00801), 2009-2011.
· Regional Comparative Advantage and Knowledge-Based
Entrepreneurship (RICAFE2), funded by the European Commission (RCIT5-CT-2006-028942), 2006-2008.
· The Economics of Intermediation: Real, Financial and
Regulatory Aspects, funded by
Ministerio de Educación y Ciencia (SEJ2005-08875), 2005-2008.
· European Corporate Governance Training Network (ECGTN), funded by the European Commission
(MRTM-CT-2003-504799), 2005-2007.
· Risk Capital and the Financing of European Innovative Firms (RICAFE), funded by the European Commission
(HPSE-CT-2002-00140), 2003-2005.
· Capital and Risk in Banking, funded by Ministerio de Educación y Ciencia
(BEC2002-03034), 2002-2005.
· Understanding Financial Architecture, funded by the European Commission
(HPRN-CT-2000-00064), 2000-2004.
Awards and scholarships
CEMFI MSc Scholarship (1989-1991),
CEMFI Prize to the Best Student of the Class (1991), Pre-doctoral grant from
the Spanish Ministry of Education (1992), Research grant from Fundación BBVA
(1993).
V Premio Fundación Banco Herrero (2006) (5th Fundacion Banco Herrero Prize for
researchers younger than 40 years old in the fields of economics, business, and
social research).
2018
Journal of the European Economic Association (JEEA) “Excellence in Refereeing
Award”.
Useful links
Author page at Google Scholar
Author page at the Social Science Research Network
Author page at CEPR.org
Updated: October 2026