WIIW The Vienna Institute for International Economic Studies - Wiener Institut für Internationale Wirtschaftsvergleiche

Daniel C. L. Hardy

• Curriculum Vitae
• List of Publications

Senior Research Associate

email: hardy@wiiw.ac.at
telephone: (+43-1) 533 66 10

Daniel C. L. Hardy is Senior Research Associate at wiiw and a consultant on economic policy issues for various bodies. In the recent past he has been an Academic Visitor at St. Antony’s College, University of Oxford, and a Visiting Scholar at the Vienna University of Economics and Business. For most of his career he worked at the International Monetary Fund, contributing to macroeconomic and financial sector surveillance; Fund-supported programs; Fund policies; and technical assistance in a wide range of industrialized, emerging market, and developing countries. Recently he was in charge of the Debt Capital Markets Division, leading work on debt management; debt market development; and sovereign debt restructurings. He has held positions at the Deutsche Bundesbank, the Austrian Financial Market Authority, and St. Antony’s College, Oxford. His recent research has addressed topics in public sector governance; the development of the European Monetary Union and the Capital Market Union; and sovereign debt management. He studied at the universities of Oxford and Princeton.

Austria, Vienna

External Publications

• 'Bank resolution costs, depositor preference and asset encumbrance', Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, Vol. 22, No. 2, May 2014, pp. 96-114
• 'Cooperative Banking and Ethics - Past, Present, and Future' (with Wim Fonteyne), Ethical Perspectives, Volume 18, Issue 4, 2011, pp. 491-514

• 'Governance of Financial Sector Policies in an Era of Climate Change', in: Robert Holzmann and Fernando Restoy (eds), Central Banks and Supervisory Architecture in Europe - Lessons from Crises in the 21st Century, Edward Elgar Publishing Ltd, 2022, forthcoming
• 'Rules of Thumb for Bank Solvency Stress Testing' (with Christian Schmieder), in: Andreas A. Jobst and Li Lian Ong (eds), Stress Testing: Principles, Concepts, and Frameworks, Chapter 7, 'A Guide to IMF Stress Testing II' series, International Monetary Fund, November 2020
• 'A Simple Macroprudential Liquidity Buffer' (with Philipp Hochreiter), in: Clemens Bonner, Paul Hilbers and Iman van Lelyveld (eds), Liquidity Risk Management and Supervision - A Guide to Better Practice, Chapter 14, Risk Books, 23 December 2015
• 'Risks and Vulnerabilities' (with Jorge Chan-Lau, Luc Everaert, Heiko Hesse and Nadege Jassaud), in: Charles Enoch, Luc Everaert, Thierry Tressel and Jianping Zhou (eds), From Fragmentation to Financial Integration in Europe, Chapter 6, IMF Books, 11 December 2013
• ' Stress Testing European Banks' (with Heiko Hesse), in: Charles Enoch, Luc Everaert, Thierry Tressel and Jianping Zhou (eds), From Fragmentation to Financial Integration in Europe, Chapter 17, IMF Books, 11 December 2013

• 'State-contingent debt instruments for sovereigns: A balanced view' (with S. M. Ali Abbas, Jun Kim and Alex Pienkowski), VOXEU CEPR, 6 June 2017
• 'Incentive-Compatible Contracts and the “Efficiency Cost” of Sharīʿah-Compliance', Journal of King Abdulaziz University, Islamic Economics Institute, Vol. 30, No. 1, January 2017, pp. 87-90
• 'Ignore at your peril: Liquidity risk and macroprudential policy' (with Philipp Hochreiter), VOXEU CEPR, 26 February 2015
• 'The future of Europe-wide stress testing' (with Heiko Hesse), VOXEU CEPR, 20 April 2013

• 'Should we bother with sovereign sustainability bonds?', SUERF Policy Brief, No 656, August 2023
• 'Five Actions to Strengthen the Euro Area Banking Union' (with Atilla Arda and Maike B. Luedersen), IMFBlog, 14 December 2018
• 'The Medium-Term Debt Management Strategy: An Assessment of Recent Capacity Building', IMF Policy Papers, 28 July 2017
• 'State-Contingent Debt Instruments for Sovereigns', IMF Policy Papers, 22 May 2017

• 'Sovereign green bonds: appearance and reality', WUW Working Paper, 2022, forthcoming
• 'Eurobond Yields and Liquidity', IMF Working Paper, 2022, forthcoming
• 'The Governance of Monetary and Prudential Policy in Good Times and Bad', in: Robert Holzmann (eds), How Do Monetary, Micro- and Macroprudential Policies Interact?, OeNB Workshops, Workshop No. 22, August 2020, pp. 41-50
• 'Issues in the Governance of Monetary, Microprudential and Macroprudential Policy', in: Robert Holzmann (eds), How Do Monetary, Micro- and Macroprudential Policies Interact?, OeNB Workshops, Workshop No. 22, August 2020, pp. 31-40
• 'ECB Debt Certificates: the European counterpart to US T-bills', Department of Economics Discussion Paper Series, University of Oxford, July 2020
• 'Euro Area Policies: Financial System Stability Assessment', IMF Staff Country Reports, Country Report No. 2018/226, July 2018
• 'A Simple Macroprudential Liquidity Buffer' (with Philipp Hochreiter), IMF Working Paper, WP/14/235, December 2014
• 'Rules of Thumb for Bank Solvency Stress Testing' (with Christian Schmieder), IMF Working Paper, WP/13/232, November 2013
• 'Bank Resolution Costs, Depositor Preference, and Asset Encumbrance', IMF Working Paper, WP/13/172, July 2013
• 'Crisis Management and Resolution for a European Banking System' (with Wouter Bossu, Luis Cortavarria-Checkley, Wim Fonteyne, Alessandro Giustiniani, Alessandro Gullo and Sean Kerr), IMF Working Paper, WP/10/70, March 2010
• 'Innovation in Banking and Excessive Loan Growth' (with Alexander F. Tieman), IMF Working Paper, WP/08/188, July 2008
• 'Regulatory Capture in Banking', IMF Working Paper, WP/06/34, January 2006

wiiw Publications

• 'Alternatives in the Design of Sovereign Green Bonds', wiiw Policy Note/Policy Report, No. 62, Vienna, December 2022