CV - Job Market Paper  

Khametshin, Dmitry

Job market candidate

Contact information

Tel. +34 93 542 1621

Personal web page:



Available for Interviews at :

Simposio de la Asociación Española de Economía (SAEe), December 14-16, Barcelona, Spain

Allied Social Science Associations (ASSA), January 5-7, Philadelphia, US



Research interests

Financial Intermediation, Financial Markets, Corporate Finance, International Finance.

Placement officer

Filippo Ippolito



José Luis Peydró (Advisor)

Xavier Freixas

Albert Banal-Estañol

Javier Gómez-Biscarri


"Central Bank Liquidity Provision and Segmentation of Collateral Markets" (Job Market Paper)
Are central bank policies of liquidity provision neutral for the underlying collateral markets? Because of data non-availability and difficulties in identification, academic discussion of collateral frameworks remains predominantly theoretical. This paper provides an empirical evidence suggesting that the liquidity provision policy may affect the primary collateral markets and redistribute the funding risks among the ultimate borrowers. To demonstrate this, I trace the outcomes of the collateral policy amendment that took place in Russia in 2015. Using difference-in-difference setup, I document that the borrowers earned an interest rate discount as long as their liabilities were collateralizable under the updated refinancing program. To isolate the credit supply role, I show that it is the liquidity-constrained banks who competed more frequently for the pledgeable claims and offered noticeably lower interest rates to the collateralizable contracts. The effect is robust to a wide range of tests, including a control for unobservable heterogeneity at the loan contract level. These results suggest that, while designed to ensure financial stability, liquidity provision mechanisms may have significant redistributive implications.

“Hedger of Last Resort: Evidence from Brazil on FX Interventions, Local Credit and Global Financial Cycles” (joint with Rodrigo Gonzalez Barbone, José-Luis Peydró, Andrea Polo)
We analyze whether changes in global financial conditions affect local credit and the real economy in emerging markets and whether local central banks can attenuate such spillovers. For identification, we exploit macro shocks and three matched administrative registers in Brazil: a register of foreign credit flows to Brazilian commercial banks, a credit register from the Central Bank of Brazil, and a matched employer-employee dataset from the Ministry of Labor and Employment. We show that after the announcement of US Quantitative Easing tapering by Ben Bernanke in May 2013, which was associated with massive depreciation and increased volatility of the local currency, domestic commercial banks with larger foreign liabilities reduced the supply of credit to firms and this had real effects in terms of formal employment. However, these negative effects were attenuated in the following months when the Central Bank of Brazil announced a massive intervention program to provide liquidity in the FX derivatives’ market, i.e. insurance against exchange rate risks (hedger-of-last-resort). On top of these two subsequent shocks, we also analyze a full panel dataset from 2008 to 2015 and identify a broader channel: banks with larger FX liabilities reduce their supply of credit after episodes of US Dollar appreciation. Moreover, these effects are partially mitigated in the two years after the intervention of the central bank confirming that this hedger-of-last-resort policy has been effective in decreasing local economy exposure to global financial conditions.



“Asset Encumbrance and Bank Risk: First Evidence from Public Disclosures in Europe”, Enrique Benito, Albert Estañol-Banal, Dmitry Khametshin. Forthcoming in "Finance and Investment: The European Case" edited by C. Mayer, et al., Oxford, UK: Oxford University Press, 2018