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Agustín S. Bénétrix

Associate Professor and Head of Department at TCD Economics, Trinity College Dublin

Research

New/Coming soon

The Elusive Link Between FDI and Economic Growth: Sectoral Heterogeneity and Global Value Chains (with Hayley Pallan and Ugo Panizza), CEPR Discussion Paper DP21021, January 2026.

Mapping Global Debt: A New Measure of Currency Dominance and Uncertainty Shock Effects (with Beren Demirölmez), Trinity Economic Papers, September 2025.

Cross-Sectoral Arbitrage: The Unintended Consequences of Macroprudential Policy on Non-Bank Financial Intermediation (with Stephen Byrne), coming soon

Journal publications

19. “Unravelling Household Financial Assets and Demographic Characteristics: a novel data perspective,” (with Simone Arrigoni, Tara McIndoe-Calder and Davide Romelli), Open Economies Review, October 2025.

18. “Uncertainty Shocks and the Cross-Border Funding of Banks: Unmasking Heterogeneity,” (with Michael Curran), Journal of Money Credit and Banking, September 2025 (Twitter thread)

17. “Automatic for the (tax) people: information sharing and cross-border investment in tax havens,” (with Lorenz Emter and Martin Schmitz), Economic Policy, August 2024. (Twitter thread; CEPR Economic Policy Blog).

16. “The Shock Absorbing Role of Cross-Border Investments: Net Positions versus Currency Composition,” (with Beren Demirölmez and Martin Schmitz), Open Economies Review, September 2023. Twitter thread; Video recording (in Spanish)

15. “Corporate Taxation and International Financial Integration: U.S. evidence from a consolidated perspective,” (with André Sanchez Pacheco), Oxford Open Economics, Vol 2 2023; Twitter thread; Econbrowser article 

14. “Financial deglobalisation in banking?,” (with Robert McCauley, Patrick McGuire and Goetz von Peter), Journal of International Money and Finance: 94(C): 116-131, 2019.

13.   “International Currency Exposures, Valuation Effects and the Global Financial Crisis,” (with Philip Lane and Jay Shambaugh), Journal of International Economics, 96: 98-109, January 2015. Dataset.

12.   “International Differences in Fiscal Policy During the Global Crisis,” (with Philip Lane), Fiscal Studies 36(1): 1–27, March 2015.

11.   “International Risk Sharing and the Irish Economy,”  The Economic and Social Review 46(1): 29-49, Spring 2015.

10.  “The Spread of Manufacturing to the Poor Periphery 1870‐2007,” (with Kevin O’Rourke and Jeffrey Williamson), Open Economies Review 26(1): 1-37, January 2015.

9.   “Fiscal Shocks and The Real Exchange Rate,” (with Philip Lane), International Journal of Central Banking 9(3):1-32, September 2013.

8.   “Fiscal Cyclicality and EMU,” (with Philip Lane), Journal of International Money and Finance 34: 164-176, April 2013. Media coverage: The Economist

7.   “The Cyclical Conduct of Irish Fiscal Policy,” (with Philip Lane), The World Economy 35(10): 1277–1290, October 2012.

6.   “How Housing Slumps End” (with Barry Eichengreen and Kevin O’Rourke), Economic Policy 72: 647-692, October 2012.

5.   “Fiscal Shocks and Real Wages,” International Journal of Finance & Economics 17(3): 203-220, July 2012.

4.  “Fiscal Shocks and The Sectoral Composition of Output,” (with Philip Lane), Open Economies Review 21(3): 335-350, July 2010.

3.  “From Great Depression to Great Credit Crisis: similarities, differences and lessons,” (with Miguel Almunia, Barry Eichengreen, Kevin O’Rourke and Gisela Rua), Economic Policy 62: 219-265, April 2010. Media Coverage: The New York Times (Paul Krugman’s blog), The New York Review of Books (article by Paul Krugman and Robin Wells)

2.  “The Impact of Government Spending Shocks on The Irish Economy,” (with Philip Lane), The Economic and Social Review 40(4): 407-434, December 2009.

1.  “The Anatomy of Large Valuation Episodes,” Review of World Economics 145(3): 489-511, October 2009.

Book chapters

3. “Cross-country Exposures to the Swiss Franc,” (with Philip Lane), July 2017

2. “Financial Cycles and Fiscal Cycles,” (with Philip Lane), May 2017

1. “Measuring the Spread of Modern Manufacturing to the Poor Periphery,” (with Kevin O’Rourke and Jeffrey Williamson), March 2017. Data files.

Recent papers

2. “The Elusive Link Between FDI and Economic Growth,“(with Ugo Panizza and Hayley Pallan), November 2022, CEPR Discussion paper DP17692. Blog entries: World Bank Blog

1. “Cross-Border Currency Exposures. New evidence based on an enhanced and updated dataset,” (with Deepali Gautam, Luciana Juvenal and Martin Schmitz), Trinity Economic Papers, January 2020. (Data, IMF version, ECB version)

Workshops

1. IMTCD-SNB Workshop on International Macroeconomics and Finance, Zurich, 14 November 2025

2. IMTCD Workshop on International Capital Flows and Financial Globalisation, Dublin, 17 December 2020

3. CBI-ECB-IMTCD Workshop on International Capital Flows and Exchange Rates, Dublin 6 September 2019

4. IMTCD-ND Workshop on International Macroeconomics and Capital Flows, Dublin, 19-20 June 2017