Grzegorz Halaj is a Principal Researcher in Financial Stability Department. Prior to joining the Bank of Canada, he was an Economist in the Financial Stability and Macroprudential Policy Directorate of the ECB and before that he worked as an expert in asset/ liability management in a large banking group in Europe and as an expert in Financial stability of the National Bank of Poland.
How do banks' interconnections in the euro area contribute to the vulnerability of the banking system? We study both the direct interconnections (banks lend to each other) and the indirect interconnections (banks are exposed to similar sectors of the economy). These complex linkages make the banking system more vulnerable to contagion risks.
"A macro stress testing framework for assessing systemic risks in the banking sector" (with Henry J., Zimmermann M., Leber M., Kolb M., Grodzicki M., Amzallag A., Vouldis A., Pancaro C., Gross M., Baudino P., Sydow M., Kok C., Cabral I. and Żochowski D.), ECB Occasional Paper, no 152, 2013.
"A global study on uncovering financial network structures from partial data" (with Anand A., van Lelyveld I., Banai A., Friedrich S., Garratt R., Fique J., Hansen I., Martínez Jaramillo S., Lee H., Molina-Borboa J.L., Nobili S., Rajan S., Salakhova D., Silva T., Silvestri L. and Stancato de Souza S.R.), Journal of Financial Stability 2018, Volume 35, April 2018, pp 107-119.