Headshot of Elina Ribakova

Elina Ribakova

Deputy Chief Economist

Elina Ribakova directs the IIF’s economic research on emerging markets.

Ms. Ribakova was previously a visiting fellow at Bruegel, where her research focused on financial markets, EMs, and central banks. Prior to Bruegel, she held senior level roles in economic research at a diverse set of financial institutions, most recently with Deutsche Bank in London as Head of EEMEA Research, as well as leadership positions at Amundi (Pioneer) Asset Management, Avantium Investment Management, and Citigroup. She has also taught graduate and undergraduate courses at the Stockholm School of Economics and given guest lectures at the London School of Economics, New Economic School in Moscow and Chicago Booth in London. Ms. Ribakova began her career as an economist at IMF headquarters in Washington D.C. 

Education

Ms. Ribakova received her Master’s in Economics from University of Warwick in the United Kingdom, funded by Chevening Scholarship, and a Bachelor’s degree in Economics and Business Administration from the Stockholm School of Economics, funded by a Swedish Government Scholarship.


Publications

Macro Notes – Ukraine: Tough Financial position
Macro Notes – Russia: (Un)Successful Data Weaponization?
Macro Notes – Russia: What to Do with $250 bn CA Surplus?
Macro Notes – Russia: Budget Built on Energy Revenues
Macro Notes – ASEAN-5: Impact of China Slowdown
Macro Notes – Bank Indonesia Chooses to Wait
Climate and Capital: Views from the Institute of International Finance
Macro Notes: South Africa - Load Shedding Clouds the Outlook
Macro Notes: EM Inflation - The End of Great Moderation?
Macro Notes: Ukraine Trip Notes - Financing Shortfalls
Russia Sanctions: Adapting to a Moving Target
Macro Notes: Russia - Crypto Assets and Sanctions Avoidance
Capital Flows Report: Rising Global Recession Risk
Current Account with Clay Lowery - Episode 10: The Energy Wars Are On
Macro Notes: Russia’s External Balance under EU Embargo
Macro Notes: Russian Natural Gas Exports to Europe Set to Fall
Macro Notes: Russia - The Impact of an EU Oil Embargo
Global Macro Views: What Russia’s Current Account Surplus Means
Macro Notes: The Ukraine War’s Impact on Southeast Asia
Macro Notes: Ukraine - Economy Likely to Contract by >35%
Macro Notes: Russia Sanctions - Financial System Stabilizing
Global Macro Views: Russia’s Current Account Surplus
Macro Notes: Russia Sanctions - A Possible Energy Embargo
Macro Notes: Russia - Economy to Contract Sharply in 2022
Macro Notes: Ukraine War Weighs on EM Europe Outlook
Global Macro Views: Russia’s Invasion of Ukraine and EM
Macro Notes: Russia Sanctions - China’s Potentially Crucial Role
Russia Sanctions: Climbing the Escalation Ladder
Macro Notes: Europe's National Gas Conundrum
Macro Notes: Russia - International Financial Linkages
Macro Notes: Russia - Payments Systems and Digital Ruble
Macro Notes: Russia - Less U.S. Dollar and More Gold
Macro Notes: Nord Stream 2 - Outlook for 2022
Macro Notes: Ukraine - Another IMF Program Extension
Macro Notes: Russia - High Oil Prices and Sound Macro
Macro Notes: Virtual Trip Notes from Nigeria
Macro Notes: EM Local Markets - Shifting Allocations
Macro Notes: EM Local Markets - Recovery from the Covid Shock
Macro Notes: EM Local Rates - Exposed to Global Risk Factors
Macro Notes: EM Credit Spreads - Conditions Remain Benign
Macro Notes: ASEAN+ - Strong Capital Flows Rebound
Macro Notes: CEEMEA - Capital Flows Recovery in 2021-22
Capital Flows Report: The Divergent Recovery
Macro Notes: EM Monetary Policy - How Much More Hiking?
Macro Note: Virtual Trip Notes from Kenya and Uganda
Macro Notes: Cautious Central Banks in CEEMEA
Macro Notes: ASEAN-5 - Delta Variant Threatening Recovery
Macro Notes: Ukraine - Growth Momentum Stalls
Macro Notes: Lower FX Pass-Through in Emerging Markets
Macro Notes: Belarus - Precedents for Sovereign Debt Sanctions
Macro Notes: Inflation - Passthrough from FX and Commodities
Macro Notes: Inflation in Russia, South Africa, and Turkey
Macro Notes: Are Commodity Prices a Threat to EM Inflation?
Macro Notes: EM Central Banks Respond to Higher Inflation
Macro Notes: Ukraine - Virtual Trip Notes
Macro Notes: CEE-4 - Inflation Points to Monetary Tightening
Macro Notes: EM Inflation and Local Bond Yields
Macro Notes: Tourism - Long Road to Recovery
Macro Notes: ASEAN - Uneven Recovery from COVID-19 Shock
Macro Notes: South Africa - Virtual Trip Notes
Macro Notes: Russia - Virtual Trip Notes
Macro Notes: Turkey - Policy Uncertainty Clouds Outlook
Macro Notes: South Africa - Moderate Pressure on Yields
Macro Notes: Ukraine - No Signs of Foreign Investor Exit
Macro Notes: Russia - Taper Tantrum Redux?
Macro Notes: Pressure on EM Local Markets
Macro Notes: Have Drivers Behind EM Spreads Changed?
Macro Notes: South Africa - Optimistic Budget Assumptions
Macro Notes: Deep Local Financial Markets Provide Backstop
Macro Notes: Africa and the Eurobond Market in 2021
Macro Notes: Frontier Asia Remains a Bright Spot
Macro Notes: The Costs of the “Fortress Russia” Strategy
Macro Notes: CEEMEA Avoids Worst Case COVID-19 Scenario
Macro Notes: Russia - Geopolitical Risks Dominate in 2021
Frontier Africa Report: COVID-19 Exposes Pre-Existing Challenges
China Spotlight: U.S. Sanctions: Lessons from the Russia Case 
Market Snapshot: Better Funding Conditions for EM and FM
Macro Notes: Virtual Trip Notes from Ghana, Kenya, and Nigeria
Macro Notes: Taking Stock of the 2020 EM Policy Response
Macro Notes: Ukraine - Muddling Through for a Bit Longer
Macro Notes: Zambia - Changes to the Policy Mix Are Needed
Macro Notes: Zambia - Debt Dynamics Remain Unfavorable
Macro Notes: Tourism-Related BoP Adjustments in 2020-21
Market Snapshot: All Eyes on Africa's External Financing Needs
CEEMEA Views: South Africa - Debt Rises Amid SOE Bailout
Macro Notes: Tourism - Downside Risks Dominate Outlook
China Spotlight: Implications of U.S. Sanctions on Hong Kong 
Macro Notes: EM Asia - Gradual Recovery in Capital Flows
Macro Notes: CEE-4 - Outperforming the Euro Area
Macro Notes: CEE-4 - Promising Medium-Term Outlook
Macro Notes: EM Asia - Much Less QE Than Expected
Macro Notes: Russia - NS2 and Other Sanctions Explained
Macro Notes: South Africa (Virtual) Trip Notes - Deficit Financing
Macro Notes: Belarus - External Financing Scenarios
Macro Notes: Belarus - Political Stalemate
Macro Notes: EM Asia - COVID-Induced External Adjustment
GMV: Ecuador and Ukraine Exchange Rate Valuation
Macro Notes: EM Core Inflation Subdued During COVID-19
Macro Notes: EM Challenges - Tourism Comes to a Halt
Macro Notes: South Africa - Issuance to Rise as Investors Return
Market Snapshot: EM and FM Sovereign Credit Markets - Open for Business
Market Insight: Markets Open for Business
Macro Notes: EM Relying on Unconventional Policy Tools
Macro Notes: ASEAN-4 - Worst Recession since the Asia Crisis
Macro Notes: Ukraine - Another Stopgap IMF Program
Macro Notes: The EM/FM Remittances Challenge
Macro Notes: The COVID-19 Recession in CEEMEA
Macro Notes: Russia - Safe Haven Among EM
Macro Notes: SSA Increasingly Reliant on Portfolio Flows
GMV: COVID-19 and EM Stabilization
Macro Notes: BoP Shocks in Sub-Saharan Africa
Macro Notes: Sub-Saharan Africa - Key Vulnerabilities
Macro Notes: Sharp Growth Slowdown in Sub-Saharan Africa
Macro Notes: COVID-19 Policy Response in Emerging Markets
Capital Flows Report: Sudden Stop in Emerging Markets
Macro Notes: 2020 Capital Flows Outlook for Emerging Markets
Macro Notes: South Africa - In Need of IMF Program
Macro Notes: COVID19-Induced Recession in CEEMEA
Macro Notes: Russia - TBD
Macro Notes: Russia - Low Sensitivity to External Shocks
Macro Notes: COVID-19 - Uneven Policy Space Among EM
Macro Notes: South Africa’s Budget Promises Wage Bill Cuts
Macro Notes: SSA - Low Productivity Gains Weigh on Growth
IIF White Paper - Market Interventions: U.S. Sanctions on Russia
Macro Notes: Russia - Unintended Consequences of Sanctions
Macro Notes: Russia - 2020 Sovereign Debt Sanctions Outlook
Macro Notes: Struggling Systemic SOEs in South Africa and Mexico
Macro Notes: Sub-Saharan Africa’s Eurobond Risks
Macro Notes: Growth Fails to Drive Income Convergence in SSA
Macro Notes: EM Flows - Investors Likely More Selective in 2020
CEEMEA Views: South Africa - Growth Will Remain Weak
Macro Notes: New IMF Program Will Prolong Ukraine Rally
Macro Notes: South Africa - The Government Must Hold the Line
Macro Notes: EU Structural Funds Boost Growth in CEE
Macro Notes: Is Lower EM Inflation Here to Stay?
Macro Notes: Can Russia Boost Growth?
Macro Notes: South Africa - Time is Running Out
Macro Notes: South Africa - MTBPS and Eskom Plan Disappoint
Macro Notes: CEE - Robust Growth and Limited Spillovers
Macro Notes: IMF Meetings - Not as Bad as You Think
Macro Notes: Portfolio Flows - Moderate Recovery to Continue
CFR October 2019: Capital Flows Swing on Trade Tensions
Macro Notes: Romania - Investors Betting on Course Correction
Macro Notes: South Africa - Debt Sustainability in Question
Macro Notes: Sanctions Unlikely to Stop Nord Stream 2
Macro Notes: Nigeria - Relying on Costly Short-Term Inflows
Macro Notes: Interest in Russia Remains Despite Sanctions
Macro Notes: Russia - BoP Buildup of Foreign Assets
Macro Notes: Impact of Sanctions on Russian Assets
CEEMEA Views: Ukraine - Foreign Investor Interest is Picking Up
CEEMEA Views: South Africa - Challenging Fiscal Outlook
Macro Notes: Ukraine’s Debt Dynamics Still Positive
Macro Notes: Positive Shift in Ukraine’s Current Account
Global Macro Views: The FDI Shortage in EM
Macro Notes: Ukraine Will Need the IMF in 2020
Global Macro Views: The EM Positioning Problem
Global Macro Views: Nothing Idiosyncratic about the EM Malaise
Global Macro Views: Credit-Dependent Growth in EM
Global Macro Views: A Destabilizing Dovish Shift from the Fed