2019+: Director of Financial Research Division, Financial Stability Department, Czech National Bank
2023+: Participation in the “Challenges for Monetary Policy Transmission in a Changing World” (ChaMP) ESCB Research Network
2021+: Participation in the International Banking Research Network (IBRN)
5/2024: Visiting the Bank of Finland Institute for Emerging Economies (BOFIT) as visiting researcher
2020-2021: Coordinator of the ESCB Research Cluster 3 on Financial Stability, Macroprudential Regulation and Microprudential Supervision
2017-2019: Head of Financial Research Unit, Financial Stability Department, Czech National Bank
2014-2016: Economist, Financial Stability Department, Czech National Bank
Short biography:
Simona Malovana is the Director of Financial Research at the Czech National Bank (CNB) and editor of the CNB Working Papers series. She has a decade of experience producing policy-oriented research, advising central bank policymakers, setting research priorities, and leading project teams. Her research interests include financial stability topics, macro-financial linkages, interaction and coordination of central bank policies, green finance, and climate risks. Her work has been published in peer-reviewed journals such as the International Journal of Central Banking and the Journal of Financial Stability. She participates in various international research networks, including the International Banking Research Network and the ChaMP ESCB Research Network. She holds a PhD from Charles University.
Academic activities
Research grants:
2024-2026: Czech Science Foundation (GACR) “Central Bank Policies, Financial Sector, and Inequality” (24-12098S), Principal Investigator
We will investigate how macroprudential measures and monetary policy influence income and wealth distribution, utilizing both micro-level household data and macro-level data across various countries. Additionally, we will explore the interactions between different central bank policies and their combined effects on inequality. Our study will also examine the spillover effects of monetary policy from core economies to peripheral countries and the role of domestic macroprudential policies. Lastly, we will assess how financial regulation impacts inequality, especially considering the evolving non-bank financial sector.
Positions:
2025+: Assistant Professor (part-time), Department of Finance and Capital Markets, Faculty of Social Sciences, Charles University in Prague
2024+: Researcher (part-time), Department of Finance and Capital Markets, Faculty of Social Sciences, Charles University in Prague
2022+: Researcher (part-time), Department of Monetary Theory and Policy, Faculty of Finance and Accounting, Prague University of Economics and Business
2023+: Associate Editor, Political Economy, Prague University of Economics and Business
Conferences & Workshops
2024
— 13th Biennial Conference of the Czech Economic Society in Prague, Czechia. Presented papers:
- Mutual Funds in Face of Domestic and Foreign Monetary Policy: Insights from Supervisory Data
- Bank Lending Channel of Monetary Policy: Insights from AnaCredit (*presented by co-author)
- Drying Up: The Effect of Drought on Corporate Loans with AnaCredit Data (*presented by co-author)
- Distributional Effects of Borrower-Based Macroprudential Measures (*presented by co-author)
— 1st ChaMP Online Workshop. Presented paper: Monetary Policy Has a Long-Lasting Impact on Credit: Evidence from 91 VAR Studies
— IBRN Winter Meeting 2024 (IBRN & Banco de México, Mexico City, Mexico). Presented papers: “Mutual Funds in Face of Domestic and Foreign Monetary Policy: Insights from Supervisory Data” and “Climate Risks and Sovereign Risks Nexus” (*presented by co-author)
— 8th Annual Workshop of the ESCB Research Cluster 3 Workshop on Financial Stability, Macroprudential Regulation and Microprudential Supervision (Banca d’Italia & Bank of Finland, Rome, Italy). Discussed paper: “Market-based finance and the business cycle” by Katharina Cera, Sujit Kapadia, Linda Rousová, and Christian Weistroffer
— Research seminar at the Bank of Greece (online). Presented paper: Distributional Effects of Borrower-Based Macroprudential Measures
— Research seminar at the Bank of Estonia (Tallinn, Estonia). Presented paper: Distributional Effects of Borrower-Based Macroprudential Measures
— SEAM 2024 (Bratislava, Slovakia). Presented paper: Monetary Policy Has a Long-Lasting Impact on Credit: Evidence from 91 VAR Studies
— CEBRA Annual Meeting 2024 (Frankfurt am Main, Germany).
– Presented paper: How Do Climate Policies Affect Holdings of Green and Brown Firms’ Securities?
– Discussed paper: “Pension Liquidity Risk” by Kristy Jansen, Sven Klingler, Angelo Ranaldo, and Patty Duijm
— EEA-ESEM Congress 2024 (Rotterdam, Netherlands). Presented paper: How Do Climate Policies Affect Holdings of Green and Brown Firms’ Securities?
— First Annual Czech National Bank Workshop on “Monetary and financial stability policies in a changing economic landscape” (Czech National Bank, Prague, Czechia). Discussed paper: “Buying Insurance at Low Economic Cost - The Effects of Bank Capital Buffer Increases Since the Pandemic” by Markus Behn, Marco Forletta, and Alessio Reghezza
— BOFIT seminar (Bank of Finland, Helsinki, Finland). Presented paper: Macroprudential Policy and Income Inequality: Trade-off Between Crisis Prevention and Credit Redistribution
— 2nd Workshop of the ESCB Research Network “Challenges for Monetary Policy Transmission in a Changing World” (ChaMP): Workstream 1 (European Central Bank, Frankfurt am Main, Germany). Presented paper: Corporate lending in face of domestic and foreign monetary policy: Insights from AnaCredit
— Research Café (Department of Economics, VSB-Technical University of Ostrava, Czechia). Presented paper: How Do Climate Policies Affect Holdings of Green and Brown Firms’ Securities?
2023
— IBRN Winter Meeting 2023 (IBRN & BIS, Basel, Switzerland). Presented papers: “Mutual Funds Facing Domestic and Foreign Monetary Policy” and “New Cross-country Metric on Climate Transition Risk”
— 7th Annual Workshop of the ESCB Research Cluster 3 on “Financial Stability, Macroprudential Regulation and Microprudential Supervision” (Bank of Finland & Banco de Portugal, Saariselkä, Finland).
– Discussed paper: “Same Same but Different – Credit Risk Provisioning under IFRS 9” by Markus Behn and Cyril Couaillier
– Presented paper: Macroprudential Policy and Income Inequality: Trade-off Between Crisis Prevention and Credit Redistribution (*presented by co-author)
— 2nd Annual Workshop of the ESCB Research Cluster 4 on “Climate Change” (ECB, Frankfurt am Main, Germany). Discussed paper: “Carbon Home Bias of European Investors” by Martijn Boermans and Rients Galema
— 1st Workshop of the ESCB Research Network “Challenges for Monetary Policy Transmission in a Changing World” (ChaMP): Workstream 1 (Banco de Portugal, Lisbon, Portugal). Discussed paper: “Low Interest Rates and the Distribution of Household Debt” by Emiris Marina and François Koulischer
— Seminar of the ESCB Research Cluster 4 on “Climate Change” (online). Paper: How Do Climate Policies Affect Securities Holdings of Green and Brown Firms?
— 2023 Annual Meeting of the Central Bank Research Association (New York City, USA). Discussed paper: “Effects of Bank Capital Requirements on Lending by Banks and Non-Bank Financial Institutions” by Peter Bednarek, Olga Briukhova, Steven Ongena, and Natalja von Westernhagen
— 12th International Conference of the Financial Engineering and Banking Society (Chania, Greece). Paper: What Do Economists Think About the Green Transition? Exploring the Impact of Environmental Awareness
— CCBS Macro-finance workshop 2023 (Bank of England, London, United Kingdom). Paper: Monetary policy spillover to small open economies: Is the transmission different under low interest rates?
— CNB Research Open Day 2023 (Czech National Bank, Prague, Czechia). Keynote speech: Research at the CNB: Evolution, Current Challenges, and Future Directions
2022
— 12th Biennial Conference of the Czech Economic Society (Prague, Czech Republic). Paper: Macroprudential Policy and Income Inequality: Trade-off Between Crisis Prevention and Credit Redistribution
— XXVII Meeting of the Central Bank Researchers Network (CEMLA, Mexico City, Mexico). Paper: Borrower-Based Macroprudential Measures and Credit Growth: How Biased is the Existing Literature?
— Joint ECB & Central Bank of Malta Macroprudential Policy Group (MPPG) research workshop on Macroprudential policy and real estate markets: objectives, effectiveness and new challenges (Central Bank of Malta, Valletta, Malta). Paper: Borrower-Based Macroprudential Measures and Credit Growth: How Biased is the Existing Literature?
— MAER-Net Colloquium 2022 (Kyoto, Japan). Paper: Borrower-Based Macroprudential Measures and Credit Growth: How Biased is the Existing Literature?
— ESHS Brussels 2022 conference (Brussels, Belgium). Paper: Researching the Research: A Central Banking Edition. Symposium on The Scientization of Central Banks
— EEA-ESEM 2022 (Bocconi University, Milan, Italy). Paper: A Tale of Different Capital Ratios: How to Correctly Assess the Impact of Capital Regulation on Lending. Session on Bank Capital Regulation
2021 and earlier
— IFABS 2021 Oxford Conference (2021, online). Paper: A Prolonged Period of Low Interest Rates in Europe: Unintended Consequences
— 17th Annual NBP-SNB Joint Seminar: Modelling of the financial system for systemic risk assessmen (2021 online). Paper: Introducing Macro-Financial Variables into Semi-Structural Model
— Joint ECB & Banca d'Italia Macroprudential Policy Group (MPPG) research workshop on Macroprudential policy: effectiveness, interactions and spillovers (2019, Rome, Italy). Paper: The Effect of Higher Capital Requirements on Bank Lending: The Capital Surplus Matters
— The 13th Edition of the Seminar on Financial Stability Issues, National Bank of Romania and IMF (2019, Bucharest, Romania). Paper: The Effect of Higher Capital Requirements on Bank Lending: The Capital Surplus Matters
— CNB Research Open Day (2018, Prague, Czech Republic). Paper: Banks’ Capital Surplus and the Impact of Additional Capital Requirements
— 3rd HenU / INFER Workshop on Applied Macroeconomics (2017, Kaifeng, Henan, China). Paper: Monetary Policy and Macroprudential Policy: Rivals or Teammates?
— Royal Economic Society PhD Meeting (2017, London, UK). Paper: Monetary Policy and Macroprudential Policy: Rivals or Teammates?
— Third Research Workshop of the Task Force on Banking Analysis for Monetary Policy of the MPC (2016, Lisbon, Portugal). Paper: The Interaction of Monetary and Macroprudential Policies in the Pursuit of the Central Bank’s Primary Objectives
— The 8th Biennial Conference of the Czech Economic Society (2014, Prague, Czech Republic). Paper: Foreign Exchange Interventions at the Zero Lower Bound in the Czech Economy: A DSGE Approach
I also co-organized several workshops and conferences.
— 5th Annual Workshop of the ESCB Research Cluster 3 on “Financial Stability, Macroprudential Regulation and Microprudential Supervision” (November 2021, joint workshop of the Czech National Bank and Bank of England)
— 4th Annual Workshop of the ESCB Research Cluster 3 on “Financial Stability, Macroprudential Regulation and Microprudential Supervision” (October 2020, joint workshop of the Czech National Bank and Banco de Espana)