M. Udara Peiris

Publications

• Stabilizing Credit When Nonperforming Loans Surge: The Role of Asset Management Companies
  Martin, R., O'Brien, E., Peiris, M.U., and Tsomocos, D.P.
  Journal of Economic Dynamics and Control, Volume 183, February 2026
  paper
• Capital Flow Freezes
  Peiris, M.U., Sokolova, A. and Tsomocos, D.P.
  Economic Theory, September 2024
  paper slides
• Commodity Cycles and Financial Instability in Emerging Economies
  Andreev, M., Peiris, M.U., Shirobokov, A., and Tsomocos, D.P.
  Annals of Finance, May 2024
  paper
• Does "Lean Against the Wind" Monetary Policy Improve Welfare in a Commodity Exporter?
  Peiris, M.U., Shirobokov, A., and Tsomocos, D.P.
  Journal of International Money and Finance, Volume 41, March 2024
  paper
• Macroprudential Policy Analysis in an Estimated DSGE Model with a Heterogeneous Banking System: An Application to Chile
  Martinez, J-F., Peiris, M.U., and Tsomocos, D.P.
  Latin American Journal of Central Banking, 1(1-4), 2020
  paper
• Macroprudential Policy and Financial (In)stability Analysis in the Russian Federation
  Andreev, M., Peiris, M.U., Shirobokov, A., and Tsomocos, D.P.
  Russian Journal of Money and Finance, 78(3), pp. 3–37, 2019
  paper
• Debt Overhang and Monetary Policy in Czech Republic
  Goodhart, C.A.E., Isakov, K., Peiris, M.U. and Tsomocos, D.P.
  HSE Economic Journal, vol. 22(3), pp. 460-479, 2018
  paper
• Perils of Unconventional Monetary Policy
  Peiris, M.U., McMahon, M. and Polemarchakis, H.
  Journal of Economic Dynamics and Control, Volume 93, August, pp. 92-114, 2018
  paper
• Debt, Recovery Rates and the Greek Dilemma
  Goodhart, C.A.E., Peiris, M.U. and Tsomocos, D.P.
  Journal of Financial Stability, Volume 36, June, pp. 265-278, 2018
  paper
• Collateral and the Efficiency of Monetary Policy
  Peiris, M.U. and Vardoulakis, A.P.
  Economic Theory, Volume 59, Issue 3, pp. 579-603, 2015
  paper
• International Monetary Equilibrium with Default
  Peiris, M.U. and Tsomocos, D.P.
  Journal of Mathematical Economics, Volume 56, pp. 47-57, 2015
  paper
• Savings and Default
  Peiris, M.U. and Vardoulakis, A.P.
  Economic Theory, Volume 54, Issue 1, pp. 153-180, September 2013
  paper
• Global Imbalances and Taxing Capital Flows
  Goodhart, C.A.E., Peiris, M.U. and Tsomocos, D.P.
  International Journal of Central Banking, Lead Article, June 2013
  paper
• On Dividend Restrictions and the Collapse of the Interbank Market
  Goodhart, C.A.E., Peiris, M.U., Vardoulakis, A.P. and Tsomocos, D.P.
  Annals of Finance, Volume 6, Number 4, pp. 455-473, 2010
  paper
• A Markov Chain Modulated Short-Term Interest Rate Model: Inference on Central Bank Transparency
  Bhar, R., Colwell, D. and Peiris, M.U.
  Journal of Applied Statistical Science, Volume 17, Issue 3, 2010
  paper

Chapters in Books

• Liquidity, Default and the Interaction of Financial Stability and Monetary Policy
  Peiris, M.U., Tsomocos, D.P. and Vardoulakis, A.P.
  in "The Changing Fortunes of Central Banking", Eds: Hartmann, Huang, Shoenmaker, Cambridge University Press, 2018
• On Dividend Restrictions and the Collapse of the Interbank Market
  Goodhart, C.A.E., Peiris, M.U., Tsomocos, D.P. and Vardoulakis, A.P.
  in "Financial Stability in Practice", Vol. 2, Eds: Goodhart, Tsomocos, Edward Elgar Publishing, 2012

Working Papers

• Distressed Assets and Fiscal-Monetary Support: Are AMCs a Third Way?
  Martin, R., O'Brien, E., Peiris, M.U., and Tsomocos, D.P.
  European Central Bank Working Paper, No 3023, February 2025
  paper slides
• Corporate Legacy Debt, Inflation, and the Efficacy of Monetary Policy
  Goodhart, C.A.E., Peiris, M.U., Tsomocos, D.P., and Wang, X.
  CEPR Discussion Paper D16799, 2021
  paper slides SED slides AEA slides
• The Fisher Equation Reconsidered
  Peiris, M.U. and Polemarchakis, H.
  CRETA Discussion Series University of Warwick, No. 37, 2017
• Capital Flows, Default and Renegotiation
  Peiris, M.U., Sokolova, A. and Tsomocos, D.P.
  Saïd Business School WP 2017-03, 2016
  paper

Public Engagement

Sri Lanka Debt Crisis — Reports

• Debt Update, May 2023
  Verite Research
  report
• Debt Update, March 2023
  Verite Research
  report
• Debt Update, February 2023
  Verite Research
  report
• The Desirability of Domestic Debt Restructuring
  Verite Research Background Note, October 2022
  report

Public Events

• Public Finance Lounge, Verite Research, July 5, 2024
• Public Finance Lounge, Verite Research, January 11, 2023
• Public Finance Lounge, Verite Research, December 12, 2022
• Domestic Debt Restructuring: The Way Forward
  Hosted by Acuity Partners and FT Lanka, November 2, 2022
  video
• Public Finance Lounge, Verite Research, March 2, 2021

Television Interviews

• Newsline: International Creditors Meeting — Why is it Important?
  NewsFirst/TV1 (Sri Lanka), September 21, 2022
  video
• Face the Nation: Navigating Sri Lanka's Economy in Turbulent Times
  NewsFirst/TV1 (Sri Lanka), April 25, 2022
  video
• Newsline
  NewsFirst/TV1 (Sri Lanka), April 7, 2022
  video
• Face the Nation: Economy in Turmoil — Is Sri Lanka on the Verge of Bankruptcy?
  NewsFirst/TV1 (Sri Lanka), March 21, 2022
  video

Op-Eds & Articles

• Sri Lanka's Reform Drive Faces Tariff Risks
  Daily Mirror (Sri Lanka), July 10, 2025
  article
• SL Should Strive for Lower US Tariffs than its Apparel Rivals
  The Morning (Sri Lanka), June 8, 2025
  article
• Unlocking Sri Lanka's Credit Markets: The Case for a National Asset Management Company
  Daily Mirror (Sri Lanka), February 20, 2025
  article
• Freeing the Balance Sheets of Banks: Sri Lanka Needs an AMC
  Daily Mirror (Sri Lanka), August 22, 2024
  article
• Debt Restructuring Before Election, a Risk to Economy
  The Morning (Sri Lanka), May 14, 2024
  interview
• Poorer than India and Bangladesh: Where is IMF Program Taking Sri Lanka?
  Daily FT (Sri Lanka), March 13, 2024
  article
• The Rise of the Zombie Firms: The Problem with Recapitalising Banks
  Daily Mirror (Sri Lanka), January 4, 2024
  article
• Schrödinger's Banks: The Immediate Need for Policies to Ensure Financial Stability
  Daily Mirror (Sri Lanka), September 14, 2023
  article
• Restructuring Domestic Debt Must be Fast, Credible, Comprehensive
  Daily Mirror (Sri Lanka), June 8, 2023
  article
• The Need for Governance-Linked State-Contingent IMF Programmes: A Third Way for Sri Lanka
  Goodhart, C.A.E., Peiris, M.U., and Tsomocos, D.P.
  International Banker, April 27, 2023
  article
• Sharing the Cost of the Crisis: The Need to Restructure Domestic Debt Together with an Asset Management Company
  Daily FT (Sri Lanka), April 19, 2022
  article
• Debt Restructuring and a Path to Confidence and Hope
  Daily FT (Sri Lanka), January 14, 2022
  article

VoxEU & Policy Briefs

• Distressed Assets and Fiscal-Monetary Support: Are AMCs a Third Way?
  Martin, R., O'Brien, E., Peiris, M.U., and Tsomocos, D.P.
  SUERF Policy Brief 1020, November 2024
  policy brief
• Corporate Legacy Debt, Inflation, and the Efficacy of Monetary Policy
  Peiris, M.U., Tsomocos, D.P. and Wang, X.
  VoxEU, March 2022 · CD Howe Intelligence Memo, April 2022
  VoxEU CD Howe
• Outright Monetary Transactions Sterilized
  McMahon, M., Peiris, M.U. and Polemarchakis, H.
  VoxEU, October 2012
  VoxEU
• Dividend Restrictions as Macroprudential Regulation
  Goodhart, C.A.E., Peiris, M.U., Vardoulakis, A.P. and Tsomocos, D.P.
  VoxEU, February 2010
  VoxEU

Press Citations

• Government Told to Act Soon on Re-profiling Domestic Debt to Avoid Haircuts
  Daily Mirror (Sri Lanka), October 25, 2022
  article

Presentations & Seminars

2025

• World Congress of the Econometric Society, Seoul
• Yale Fighting a Financial Crisis Conference, Yale University
• LSE Workshop on Debt Sustainability Assessments, London School of Economics
• Liberal Arts Macro Conference, Swarthmore College

2024

• European Economic Association Annual Meeting, Rotterdam — Distressed Assets and Fiscal-Monetary Support: Are AMCs a Third Way?, August 26
• Liberal Arts Macro Conference, Kenyon College — Capital Flow Freezes, August 9
• Oxford-VU Macro-Finance Conference, University of Oxford — Discussant, June 20
• ICMAIF, Crete — Distressed Assets and Fiscal-Monetary Support: Are AMCs a Third Way?, May 30
• American Economic Association Annual Meeting (ASSA), San Antonio — Corporate Legacy Debt, Inflation, and the Efficacy of Monetary Policy, January 5

2023

• Northeast Ohio Economics Workshop, Cleveland State University — Disentangling the Effectiveness of Pandemic Policies, November 10
• 5th Warsaw Money-Macro-Finance Conference, University of Warsaw — Distressed Assets and Fiscal-Monetary Support: Are AMCs a Third Way?, September 22
• DGMF Seminar Series, European Central Bank — Distressed Assets and Fiscal-Monetary Support: Are AMCs a Third Way?, September 20
• Society for Economic Dynamics Annual Meeting, Cartagena — Corporate Legacy Debt, Inflation, and the Efficacy of Monetary Policy, June 30
• Liberal Arts Macro Conference, Furman University — Distressed Assets and Fiscal-Monetary Support: Are AMCs a Third Way?, August 10
• Midwest Macro Meeting, Clemson University — Corporate Legacy Debt, Inflation, and the Efficacy of Monetary Policy, May 21
• IBEFA Annual Meeting (ASSA), New Orleans — Corporate Legacy Debt, Inflation, and the Efficacy of Monetary Policy, January 7