Elina Ribakova

External speakers

Deputy Chief Economist, Institute of International Finance

Elina Ribakova directs the IIF’s economic research on emerging markets. Ms. Ribakova was previously a visiting fellow at Bruegel, where her research focused on financial markets, EMs, and central banks. Prior to Bruegel, she held senior level roles in economic research at a diverse set of financial institutions, most recently with Deutsche Bank in London as Head of EEMEA Research, as well as leadership positions at Amundi (Pioneer) Asset Management, Avantium Investment Management, and Citigroup. She has also taught graduate and undergraduate courses at the Stockholm School of Economics and given guest lectures at the London School of Economics, New Economic School in Moscow and Chicago Booth in London. Ms. Ribakova began her career as an economist at IMF headquarters in Washington D.C.

Credible emerging market central banks could embrace quantitative easing to fight COVID-19

Emerging economies are fighting COVID-19 and the economic sudden stop imposed by the containment and lockdown policies, in the same way as advanced economies. However, emerging markets also face large and rapid capital outflows as a result of the pandemic. This column argues that credible emerging market central banks could rely on purchases of local currency government bonds to support the needed health and welfare expenditures and fiscal stimulus. In countries with flexible exchange rate regimes and well-anchored inflation expectations, such quantitative easing would help ease financial conditions, while minimising the risks of large depreciations and spiralling inflation.

By: Gianluca Benigno, Jon Hartley, Alicia García-Herrero, Alessandro Rebucci, Elina Ribakova and alihan Topic: Global economy and trade Date: July 6, 2020

COVID-19’s reality shock for external-funding dependent emerging economies

COVID-19 is by far the biggest challenge policymakers in emerging economies have had to deal with in recent history. Beyond the potentially large negative impact on these countries’ fiscal accounts, and the related solvency issues, worsening conditions for these countries’ external funding are a major challenge.

By: Alicia García-Herrero, Elina Ribakova and alihan Topic: Banking and capital markets, Global economy and trade Date: May 28, 2020

Redefining Europe’s economic sovereignty

This Policy Contribution delves into the position of the EU in the current global order. China and the United States increasingly trying to gain geopolitical advantage using their economic might. The authors examine the specific problems that China and the US pose for European economic sovereignty, and consider how the EU and its member states can better protect European economic sovereignty.

By: Mark Leonard, Jean Pisani-Ferry, Elina Ribakova, Jeremy Shapiro, Guntram B. Wolff and Bruegel Topic: Global economy and trade Date: June 25, 2019

How the EU could transform the energy market: The case for a euro crude-oil benchmark

There is a strong case for an oil benchmark in euros. Trading energy markets in more than one currency is not unprecedented, and indeed used to be the norm. Europe – with its powerful currency and reliable regulatory environment – should stand a good chance of success.

By: Elina Ribakova and Bruegel Topic: Green economy Date: February 13, 2019

Something Putin and Juncker appear to agree on – the euro

“It is absurd that Europe pays for 80% of its energy import bill – worth €300 billion a year – in US dollars when only roughly 2% of our energy imports come from the United States,” said President Juncker in his state of the union speech.* Europe’s largest supplier of energy – Russia, who accounts for a third of that bill – couldn’t agree more. Russia’s offer to switch to euros in trade with the EU will likely be costly to implement, but the US switch towards unilateralism is forcing its long-standing partners to question the dollar’s global dominance.

By: Elina Ribakova Topic: Macroeconomic policy Date: September 25, 2018