Fabián Valencia is an economist in the Research Department of the International Monetary Fund. While at the IMF he has also held appointments in the Western Hemisphere and in the Monetary and Capital Markets departments, prior to acquiring his current position. He holds a Master of Sciences in Economics from the Catholic University of Leuven (Belgium) and a Ph.D. in Economics from The Johns Hopkins University (USA). His research focuses on the implications of financial intermediation for the real economy. In particular, he studies banking crises, their consequences, and the effectiveness of policies to resolve them as well as banks' decisions in choosing their capital structure and how these decisions affect the real economy.