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Alicia Garcia-Herrero


Areas of Expertise

Monetary and financial issues in emerging markets; Banking crises and resolution strategies; Financial development; Financial regulation; Trade and FDI trends in emerging economies; RMB internationalization; China outward foreign direct investment (OFDI) 

Short Bio

Alicia Garcia Herrero is Chief Economist for Asia Pacific at NATIXIS based in Hong Kong. 

In previous years Alicia held the following positions: Chief Economist for Emerging Markets at Banco Bilbao Vizcaya Argentaria (BBVA), Member of the Asian Research Program at the Bank of International Settlements (BIS), Head of the International Economy Division of the Bank of Spain, Member of the Counsel to the Executive Board of the European Central Bank (ECB), Head of Emerging Economies at the Research Department of Banco Santander and Economist at the International Monetary Fund (IMF). 

Alicia has always combined her career in the private and public sectors with a commitment to applied research and teaching. Alicia serves as a non-resident Senior Fellow in several think tanks, in particular BRUEGEL in Brussels, Emerging Market Institute at Johnson Graduate School of Management (Cornell) and at Real Instituto El Cano in Madrid. She is also adjunct professor at HKUST and visiting faculty at China-Europe International Business School (CEIBS) in Shanghai. Alicia is also a member of the Council of Advisor of the Hong Kong Institute for Monetary Research (HKIMR). 

Alicia holds a PhD in Economics from George Washington University and has published extensively in refereed journals and books. Alicia is also very active with international media (Bloomberg, CNBC, Reuters, Financial Times, and the Wall Street Journal, among others). 

Selected Papers and Publications

  • “Internationaliser la monnaie tout en s’endettant massivement : le cas de la Chine”, REVUE D’ÉCONOMIE FINANCIÈRE.
  • Some International Policy Issues on China, China Economic Policy Review (CEPR) Volume 04, issue 01, 2015.
  • “French, German, and Japanese FDI on Intra-East Asian Trade”, Journal of Economic Integration Vol. 28 No. 2, June 2013 (SSRN# 2275115).
  • “International Diversification Gains and Home Bias in Banking", Journal of Banking and Finance, Elsevier Volume 37, Issue 7, July 2013, Pages 2560–2571.
  • “Dynamic provisioning: a buffer rather than a countercyclical tool?”, Economia : Spring 2013 (June 28).
  • “Trade in Services : East Asian and Latin American experiences”, published in International Journal of Services Technology and Management, Special Issue on Global Economy and the Service Sectors 2012 Vol. 17 No. 2/3/4 and BBVA Working Paper 1204 (SSRN #2253083).
  • “Hong Kong as an International Banking center : Present and Future” in the Journal of the Asia Pacific Economy, Vol. 16, No. 3, August 2011.
  • Contributed to Annual Report 2009 of the Boao Forum for Asia on Progress of Asian Economic Integration, launched on April 9, 2010, published by Global Research Unit (GRU) at the University of International Business and Economics (UIBE).
  • “A Comparative Empirical Examination of Outward Foreign Direct Investment from Four Asian Economies: People’s Republic of China; Japan; Republic of Korea; and Taipei, China” Asia Development Review, December 2009 Vol. 26 No. 2.
  • “Why Don't Asians Invest in Asia? The Determinants of Cross-Border Portfolio Holdings”, Asian Economic Papers, 2009, Vol. 8, Issue 3, pp. 228-246.
  • “What Explains the Low Profitability of Chinese Banks?” Journal of Banking and Finance, Vol 33 No.11.
  • “China Exchange Rate Policy and Asian Trade” Economie Internationale No. 116 (4Q 2008).