Stefan Avdjiev is an Adviser for Financial Stability at the Bank for International Settlements (BIS). He joined the BIS in 2009, immediately after the completion of his PhD in economics. Prior to assuming his current position, he worked as an Economist in the Financial Institutions and the Financial Markets groups of the BIS Monetary and Economic Department (between 2009 and 2014) and as the Deputy Head of International Banking and Financial Statistics (between 2014 and 2020). His recent