Fabián Valencia is a Senior Economist in the IMF’s Western Hemisphere Department covering Mexico. Prior to his current position, he worked in the macro-finance group of the Research Department and in the crisis resolution group of the Monetary and Capital Markets Department. His research focuses on financial intermediation and the real economy, banks’ capital structure, and banking crises, in particular on their consequences and policy responses to resolve them. He holds a Ph.D. in Economics from The Johns Hopkins University.