Publications

Books, policy briefs, working papers, and analytical studies synthesizing complex macro-financial developments into authoritative, accessible scholarship.

Forthcoming

Research currently in progress or under review — building on the firm's ongoing advisory and policy engagement work.

Forthcoming Book

Generative AI and the Future of Financial Regulation

An examination of how large-scale AI systems are reshaping financial markets, supervisory frameworks, and central banking operations — and the policy architecture required to manage systemic risks.

Expected 2025 · Policy Press
In Progress Policy Brief

Climate Transition Risk and Financial Stability in Emerging Markets

Assessing how physical and transition climate risks transmit to banking systems and sovereign balance sheets in low-income and developing economies, with implications for prudential regulation.

Expected 2025 · Lukonga Global Consulting
In Progress Working Paper

Digital Payment Infrastructure and Financial Inclusion: Lessons from Sub-Saharan Africa

Empirical analysis of how national payment system design choices affect financial inclusion outcomes, drawing on central bank data from multiple African jurisdictions.

Expected 2025 · Research Paper
Forthcoming Policy Brief

Cross-Border Spillovers of U.S. Monetary Policy Tightening: 2022–2024

A post-crisis assessment of how Federal Reserve rate hikes transmitted through capital flows, exchange rate pressures, and debt service costs to emerging market and developing economies.

Expected 2025 · Lukonga Global Consulting

Past Publications

A selection of books, policy briefs, working papers, and analytical studies published through multilateral institutions and independent outlets.

2023
Book

Digital Finance and Financial Stability: Policy Frameworks for the 21st Century

A comprehensive analysis of how digital finance innovation — from mobile money and fintech platforms to decentralised finance — interacts with financial stability and the frameworks regulators need to manage emerging risks while preserving the benefits of innovation.

Book Details
2022
Policy Brief

Central Bank Digital Currencies: Design Principles and Implementation Challenges for Emerging Economies

Identifies core design choices for CBDC architectures — retail vs. wholesale, account-based vs. token-based, domestic vs. cross-border — and maps their implications for monetary transmission, financial inclusion, and banking system stability in developing countries.

Policy Brief Download
2021
Working Paper

Macroprudential Policy in Emerging Markets: Lessons from the COVID-19 Pandemic

Examines how emerging market central banks deployed macroprudential tools during the COVID-19 shock, evaluates their effectiveness in preventing a financial crisis, and draws lessons for calibrating countercyclical buffers in the face of non-financial shocks.

Working Paper IMF.org
2021
Policy Brief

Sovereign Debt Restructuring in the Post-COVID Era: The Case for a Strengthened International Framework

Argues for a reformed sovereign debt architecture that can resolve debt crises faster, reduce creditor-debtor coordination failures, and incorporate new creditor classes — particularly bilateral official creditors from emerging market economies.

Policy Brief Download
2019
Book

Banking Supervision in Developing Economies: Risk-Based Frameworks and Institutional Capacity

A practitioner's guide to designing and implementing risk-based banking supervision frameworks in developing economies, drawing on technical assistance missions across Africa, Asia, and the Middle East. Covers organisational structure, licensing, on-site examination, and crisis preparedness.

Book Details
2018
Article

Cross-Border Spillovers of U.S. Monetary Policy: Evidence from Sub-Saharan Africa

Uses panel data from 30 Sub-Saharan African countries to quantify how U.S. interest rate changes affect capital flows, exchange rates, and domestic monetary conditions in the region, and assesses the effectiveness of policy buffers — reserves, capital flow measures, and macroprudential tools — in dampening spillovers.

Article Journal
2016
Working Paper

Reserve Management in Small Open Economies: Frameworks, Benchmarks, and Investment Guidelines

Reviews international reserve management practices at central banks in small open economies, proposes a risk-return framework for reserve portfolio optimisation, and provides practical guidance on governance structures, investment policy statements, and performance benchmarking.

Working Paper IMF.org
2014
Policy Brief

Mobile Money and Financial Inclusion in Africa: Regulatory Lessons from M-Pesa and Beyond

Analyses the regulatory conditions that enabled mobile money's success in East Africa, identifies barriers to replication in other markets, and makes recommendations for financial sector regulators seeking to support digital financial services without compromising systemic stability.

Policy Brief Download
2011
Article

Bank Resolution Frameworks and Systemic Risk: Lessons from the Global Financial Crisis

Evaluates resolution frameworks used during the 2008–2009 global financial crisis across advanced economies, identifies gaps in bail-in powers, cross-border coordination, and depositor protection, and lays out the principles for a more effective global resolution architecture.

Article IMF.org

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