Samuel LigonniereI hold a Ph.D. in Economics from LEM-CNRS (UMR 9221) University of Lille and from Ecole Normale Supérieure Paris-Saclay. My research interests are international macroeconomics and inequalities, with an emphasis on national and international financial cycles.

My Curriculum Vitae is here in english and in french.

I am on the Job Market this year.



  1. Trilemma, Dilemma and Global Players, Journal of International Money and Finance, 2018, 85(6), 20-39. Supplementary Material

  2. La relation circulaire entre inégalités de revenu et finance: tour d’horizon de la littérature et résultats récents, Revue d’Economie Financière, 2018, 128(1), 127-152 (with Rémi Bazillier and Jérôme Héricourt).

Working Papers

  1. Fire Sales and Debt Maturity (Job Market Paper) GSIE

Abstract: How does debt maturity structure affect fire sales? By introducing debt maturity in a Fisherian deflation model, I show how it could trigger financial crises. Using a stock-flow analysis, I highlight that (i) an excessive reliance on short-term debt exacerbates the risk of financial crises through fire sales and (ii) it is driven by a rise in the term premium. These two testable predictions are empirically confirmed by a study based on 118 developing countries over the period 1970-2017. I highlight that debt maturity structure is a good early-warning indicator of fire sales, which provides information that adds up to the level of external debt.

      2. Structure of Income Inequality and Household Leverage: Theory and Cross-Country Evidence (with Rémi Bazillier and Jérôme Héricourt) (New Version)

CEPII Working Paper (2017-01), Lettre du CEPII N°379. In the media: Le Monde, The Conversation

Abstract: How do income inequality and its structure affect the volume of credit? We extend the theoretical framework by Kumhof et al. (2015) to distinguish between upper, middle and low-income classes, and show that most of the positive impact of inequality on credit predicted by Kumhof et al. (2015) should be driven by the share of total output owned by the middle classes. Consistently, this impact should weaken in countries where financial markets are insufficiently developed. These theoretical predictions are empirically confirmed by a study based on a 41-country dataset over the period 1970-2014, where exogenous variations of inequality are identified with a new instrument variable, the total number of International Labor Organization conventions signed at the country-level.

Work in Progress

  1. Financial Protection for Sale. (with Clément Nedoncelle)

Contact: samuel.ligonniere@ens-paris-saclay.fr