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Gardó, Sándor

Macro Prud Policy&Financial Stability

Division

Systemic Risk&Financial Institutions

Current position

Lead Financial Stability Expert

Fields of interest

Financial Economics,
Macroeconomics and Monetary Economics,
International Economics

Email

Sandor.Gardo@ecb.europa.eu

Education
  • 1999-2002
    PhD in Economics, Vienna University of Economics and Business
  • 1993-1998
    MA in Economics, Vienna University of Economics and Business
Professional experience
  • 2012-
    Senior Financial Stability Expert, European Central Bank
  • 2007-2012
    Economist, Oesterreichische Nationalbank
  • 2003-2007
    Economist, Bank Austria Creditanstalt (Member of UniCredit Group)

ECB Occasional Paper Series

2019
Gardó, Sándor, Klaus, Benjamin
Overcapacities in banking: measurements, trends and determinants
No 236
2010
Bracke, Thierry
Task Force International Relations Committee

Polgár, Éva Katalin, Buysse, Kristel, Rusinova, Desislava, Francart, Alexandre, Christensen, Jakob Eckholdt, Knobloch, Corinna, Stavrianou, Nikolaos, Diev, Pavel, Cocozza, Emidio, Frost, Jon, Gardó, Sándor, Farelius, David

Financial stability challenges in EU candidate countries - Financial systems in the aftermath of the global crisis
No 115
Martin, Reiner, Gardó, Sándor
The impact of the global economic and financial crisis on central, eastern and south-eastern Europe: A stock-taking exercise
No 114
2008
Winkler, Adalbert, Backé, Peter, Geis, André, Zumer, Tina, Bracke, Thierry, Habib, Maurizio Michael, Polgár, Éva Katalin, Chmielewski, Tomasz, Gardó, Sándor, de Lannoy, Anthony, Móré, Csaba, Herzberg, Valerie, Cocozza, Emidio, Schokker, Hubert
Task Force International Relations Committee

Financial stability challenges in candidate countries managing the transition to deeper and more market-oriented financial systems
No 95

ECB Financial Stability Review Article

2014
Beirne, John, Gardó, Sándor, Zboromirski, Piotr
Risks from Euro Area Banks’ Emerging Market Exposures

ECB Financial Stability Review Box

2019
Gardó, Sándor, Grodzicki, Maciej, Klaus, Benjamin, Metzler, Julian
Do corporate fundamentals explain differences in sectoral NPLs?
Andersson, Magnus, Bijsterbosch, Martin, Gardó, Sándor, Habib, Maurizio Michael
Policy uncertainty and the risk of market repricing
2018
Gardó, Sándor, Klaus, Benjamin, Kostka, Thomas
The growing systemic footprint of Chinese banks
2020
Gardó, Sándor, Grodzicki, Maciej, Wendelborn, Jonas
Dividend payouts and share buybacks of global banks
2019
Busetto, Filippo, Gardó, Sándor, Klaus, Benjamin
Implications of bank misconduct costs for bank equity returns and valuations

Journal publications

2009
Gardó S., Martin R.
The Impact of the Financial Crisis on CESEE Member States: Vulnerabilities, Capital Flows and Banking Sector
Slovenian Journal for Money and Banking, Vol. 58 (11); November 2009; pp. 66-76
2006
Gardó, S., Pavlov, K.
Bulgaria and Romania on the Launching Pad
East (Europe and Asia Strategies), December 2006, pp. 180-183
Gardó, S., Pudschedl, W.
Inflation - Kein Gespenst für Zentral- und Osteuropa
Bank & Börse, Heft 10, pp. 26-28, March 2006
Gardó, S.
Bulgarien – Das Ziel vor Augen
Bank & Börse, Heft 8, pp. 26-28, February 2006
2005
Gardó, S.
Rumänien – Im Härtetest
Bank & Börse, Heft 43, pp. 9-11, October 2005
Kager, M., Gardó, S.
Banking in Serbia - Due for Revival
The Banker, May 2005, pp. 126-127
2003
Gardó, S.
Bankenmärkte Mittel- und Osteuropas: Rumänien – Im Zeichen der Konsolidierung
Die Bank, November 2003, pp. 780-784
Gardó, S.
Bankenmärkte Mittel- und Osteuropas: Slowakei – Vom Nachzügler zum Musterschüler?
Die Bank, May 2003, pp. 326-330

Other publications

2008
Pudschedl, W., Gardó, S.
Bosnia and Herzegovina: Economic Performance and Outlook
Terterov M., Henson A. (2008): Bosnia & Herzegovina’s Business Environment, GMB Publishing, London, pp. 17-25
2006
Gardó, S.
Rumänien – Wirtschaft in Transformation
Österreichische Osthefte – „Rumänien”, Österreichisches Ost- und Südosteuropainstitut; Peter Lang Verlag; Frankfurt am Main; November 2006; pp. 655-692
2018
Gardó S., Klaus B and Kostka T.
The Growing Systemic Footprint of Chinese Banks
European Central Bank; Financial Stability Review, May 2018, pp. 36-38
2016
Gardó S., Klaus B
Bank Litigation Costs: Trends, Drivers and Implications
European Central Bank; Financial Stability Review, May 2016, pp. 138-140
2012
Backé P., Gardó S.
Spillovers of the Greek Crisis to Southeastern Europe: Manageable or a Cause for Concern?
Oesterreichische Nationalbank; Focus on European Economic integration, Q1/12, pp. 31-48
2011
Gardó, S.
Preserving Macrofinancial Stability in Serbia: Past legacies, Present Dilemmas and Future Challenges
Oesterreichische Nationalbank; Financial Stability Report 21, p. 79-104
2010
Gallego S., Gardó S., Martin R., Molina L., Serena J.M.
The Global Economic and Financial Crisis – A Comparative Assessment of its Impact on the CESEE Region and Latin America
SUERF Studies 2010/5, pp. 215-248
Gardó, S.
Macrofinancial Stability in Croatia in the Wake of the Global Crisis: Risks and Policy Responses
Oesterreichische Nationalbank; Focus on European Economic integration Q3/10, pp. 6-37
Gallego S., Gardó S., Martin R., Molina L., Serena J.M.
The Impact of the Global Economic and Financial Crisis on CESEE and Latin America
Banco de España, Occasional Paper No. 1002, July 2010
Backé P., Gallego S., Gardó S., Martin R., Molina L., Serena J.M.
How Did the Global Financial Crisis Affect the CESEE Region and Latin America? A Comparative Analysis
Oesterreichische Nationalbank; Focus on European Economic integration, Q1/10, pp. 49-66
Gardó, S.
Bank Governance and Financial Stability in CESEE: A Review of the Literature
Oesterreichische Nationalbank; Focus on European Economic integration, Q1/10, pp. 6-31
2009
Barisitz S., Gardó S.
Banking Sector Transformation in CESEE
Oesterreichische Nationalbank; Focus on European Economic integration, Special Issue 2009 on „Twenty Years of East-West Integration: Hopes and Achievements”; pp. 92-100
2008
Barisitz, S., Gardó, S.
Financial Sector Development in Serbia: Closing Ranks with Peers
Oesterreichische Nationalbank; Focus on European Economic integration 2/08, pp. 94-119
Gardó, S.
Croatia: Coping with Rapid Financial Deepening
Oesterreichische Nationalbank; Focus on European Economic integration 1/08, pp. 61-81
Gardó S., Hildebrandt A., Walko Z.
Walking the Tightrope: A First Glance on the Impact of the Recent Financial Market Turbulence on Central, Eastern and Southeastern Europe
Oesterreichische Nationalbank; Financial Stability Report 15, pp. 119-140