I am a Senior Global Economist and Chief Economist for Germany at Banco Santander.
Get in touch at: mhengge[at]gmail.com
All views expressed on this site are my own and do not necessarily reflect the position of Banco Santander.
Papers and Work in Progress
Stablecoin Shocks with E. Cerutti, M. Firat and T. Sagawa, IMF Working Paper 2026/44.
Global Cross-Border Payments: A Quadrillion-Dollar Evolving Market? with E. Cerutti and M. Firat, Conditionally accepted at IMF Economic Review.
Carbon Risk and Loan Pricing: Commitment Channels and Real Effects with Y. Dong, F. Valencia and R. Varghese (submitted).
Carbon Policy Surprises and Stock Returns: Signals from Financial Markets with U. Panizza and R. Varghese, IMF Working Paper 2023/013.
Coverage: VoxEU, speech by Catherine Mann
Capital Markets, Covid-19, and Policy Measures with K. ElFayoumi, IMF Working Paper 2021/033, International Finance, 0: 1-23.
Coverage: VoxEU
A Primer on Bitcoin Capital Flows: Measurement and Drivers with E. Cerutti and J. Chen, Journal of International Money and Finance, vol. 159, December 2025.
Coverage: Financial Times ; Data: LocalBitcoins
Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty with N. Biljanovska and F. Grigoli, Review of International Economics 29(2), 2021.
Working Papers
Effective Monetary-Fiscal Interactions in Severe Recessions with J. Chen, R. A. Espinoza, C. Goncalves, T. Gudmundsson, Z. Jakab and J. Lindé , IMF Working Paper 2022/170.
Uncertainty as Predictor of Economic Activity, IHEID Working Paper 19-2019.
Factor Models for Non-Stationary Series: Estimates of Monthly U.S. GDP with S. Leonard, IHEID Working Paper 13-2017.
Policy Contributions
Ukraine: 2024 Sixth Review under the Extended Arrangement under the EFF; 2025 Seventh Review under the Extended Arrangement under the EFF; 2025 Eighth Review under the Extended Arrangement under the EFF; 2026 Request for an Extended Arrangement under the EFF.
Chile. 2023 Review under the FCL; 2023 AIV Consultation; 2024 Request for an Arrangement under the FCL.
Zimbabwe: 2022 AIV Consultation.
Costa Rica: 2021 AIV Consultation and Request for an Extended Arrangement under the EFF; 2020 Request for Purchase Under the RFI.
El Salvador: 2020 Request for Purchase Under the RFI.
Understanding Stablecoins with MCM, RES, and SPR, IMF Departmental Paper 2025/9.
Guidance Note for Fund Staff on the Treatment and Use of SDR Allocations with FIN, MCM, SPR, and STA, IMF Policy Paper 2021/59.
Contribution to Tourism in the Post-Pandemic World, IMF Departmental Paper 2021/02.