Heider, Florian


  • Principal Economist, Financial Reserach Division

Fields of interest:

  • Corporate Finance
  • Banking
  • Money Markets


  • Universite catholique de Louvain - M.A., 1995; Ph.D., 2001, Economics
  • Oxford University - B.A., 1994, Politics, Philosophy and Economics

Professional experience:

  • European Central Bank, Monetary Policy Strategy Division - Principal Economist 2013 - 2014
  • European Central Bank, Market Operations Analysis Division - Senior Economist 2011 - 2012
  • European Central Bank, Financial Research Division - Economist, 2004 - 2006; Senior Economist, 2006 - 2011, 2012 -2013
  • New York University Stern Business School - Instructor, 2001; Visiting Assistant Professor (Finance), 2002 - 2004
  • London School of Economics - Research Fellow (Financial Markets Group), 2000 – 2001


  • China International conference Xia Yihong best paper prize (for "Capital Structure and Volatility of Risk" 2011)
  • Bocconi University conference on "Business Models in Banking" best paper prize" (for "Liquidity Hoarding and Interbank Market Spreads" 2010)
  • Marjolin prize of SUERF (for paper "Liquidity Hoarding and Interbank Market Spreads" 2010)
  • Belgian National Fund for Reseach (Assistantship 1995-96, Fellowship 1996-97 & 1998-2001)
  • St. Peter’s College, Oxford (Domus Scholarship - distinction in exams 1992 - 1994)
  • German National Merit Foundation (Scholarship 1989-91)
Title Authors Where
Lending-of-last-resort is as lending-of-last-resort-does: Central bank liquidity provision and interbank market functioning in the euro area Carlos Garcia-de-Andoain, Florian Heider, Marie Hoerova, Simone Manganelli Journal of Financial Intermediation, forthcoming
Risk-sharing or risk-taking? Counterparty risk, incentives and margins Bruno Biais, Florian Heider, Marie Hoerova Journal of Finance, forthcoming
Liquidity hoarding and interbank market spreads: the role of counterparty risk Florian Heider, Marie Hoerova, Cornelia Holthausen Journal of Financial Economics, 118, 336-354
As certain as debt and taxes: Estimating the tax sensitivity of leverage from state tax changes Florian Heider, Alexander Ljungqvist Journal of Financial Economics, 118, 684-712
Loan Prospecting Roman Inderst, Florian Heider Review of Financial Studies, 25, 2381-2415
Clearing, counterparty risk and aggregate risk Bruno Biais, Florian Heider, Marie Hoerova IMF Economic Review, 60, 193-222
Capital structure, risk and asymmetric information Florian Heider, Nikolay Halov Quarterly Journal of Finance, 1, 767-809
The determinants of bank capital structure Reint Gropp, Florian Heider Review of Finance, 14, 587-622
Interbank lending, credit risk premia and collateral Florian Heider, Marie Hoerova International Journal of Central Banking, 5, 1-39
The benefit and cost of winner-picking: redistribution vs. incentives Axel Gautier, Florian Heider Journal of Institutional and Theoretical Economics, 165, 622-649
Title Authors Where
Ensuring the transmission of the policy signal: A review of the ECB’s monetary policy from 2007 to 2013 Peter Praet, Philippine Cour-Thimann, Florian Heider J. Valles (ed.), Monetary Policy after the Great Recession, Funcas Studies
Incentive compatible centralised clearing Bruno Biais, Florian Heider, Marie Hoerova Banque de France, OTC derivatives: new rules, new actors, new risks, Financial Stability Review Nr. 17
The role of financial markets and innovation for productivity and growth in Europe Philipp Hartmann, Florian Heider, Marco Lo Duca, Elias Papaioannou Freixas, X., Hartmann, P. and C. Mayer (eds), Handbook of European Financial Markets and Institutions, Oxford University Press