***my picture***


Dobromił Serwa


Warsaw School of Economics                                                                                                                     + 48 22 564 9256

Institute of Econometrics                                                                                                                             + 48 22 564 9259

ul.Madalińskiego 6/8, bud. M p.219                                                                                                      

02-513 Warsaw, Poland                                                                                                                               www.dserwa.pl




2001 – 2004                Ph.D. Research Program „Capital Markets and Finance in the Enlarged Europe

                                    at the European University Viadrina in Frankfurt (Oder), Germany.

2000                            - one semester scholarship at Gerhard-Mercator University in Duisburg, Germany

1996 –  2001               M.A. at Warsaw School of Economics,

majors: finance and banking, quantitative methods and information systems.


Teaching experience

2001 – now                 Lectures and exercise classes for undergraduate students at Warsaw School of Economics:

(1)   econometrics,

(2)   advanced econometrics – nonlinear models      

(3)   financial econometrics     (also for PhD students)

2003                            Lectures on financial contagion for Ph.D. students at the European University Viadrina

2004                            Lectures on asset pricing for undergraduate students at the European University Viadrina


Professional experience

1996 – 2001                internships at National Bank of Poland, ING Bank, and PKO Bank Polski, and two market research companies.

2001 – present             Lecturer at Warsaw School of Economics

2004 – present             Economic expert at the National Bank of Poland, Financial Stability Department


More important presentations during scientific conferences

2006-present  several presentations in the National Bank of Poland and in other European central banks,

                       Warsaw School of Economics, University of Munster, Germany, G-20 Financial Systemic Risk Conference, Istanbul, Turkey.

2005, 2011     Global Finance Conference, Dublin, Ireland, Symposium on International Equity Market Integration, Dublin

2004                3rd International Conference of the Portuguese Finance Network, Lisbon, 3rd Annual Conference

                       “Forecasting Financial Markets and Economic decision-making” Łódź, Poland

                        European Summer Symposium in Financial Markets (CEPR), Gerzensee, Switzerland

2003                MACROMODELS, Warsaw, Poland, 3rd Annual Conference of the Viessmann Research Centre, Waterloo, Canada

                        Symposium on International Equity Market Integration, Dublin, Ireland, Conference of the European Economics

                        and Finance Society, Bologna, Italy


More important publications in refereed international journals

Identifying multiple regimes in the model of credit to households, accepted for publication in: International Review of Economics and Finance.

Banking crises and nonlinear linkages between credit and output, Applied Economics 44, 2012, 1025 – 1040.

Larger crises cost more: impact of banking sector instability on output growth, Journal of International Money and Finance 29, 2010, 1463 – 1481.

(with Adam Pawlikowski) The costs of banking sector restructuring in Poland, Bank & Credit 8/9, 2007, 84 – 95.

(with Bartosz Gębka) Intra- and Inter-regional Spillovers between Emerging Capital Markets around the World, Research in International Business and Finance 21, 2007, 203 – 221.

(with Jędrzej Białkowski and Martin T. Bohl) Testing for Financial Spillovers in Calm and Turbulent Periods, Quarterly Review of Economics and Finance 46, 2006, 397 – 412.

Do Emerging Financial Markets React to Monetary Policy Announcements? Evidence from Poland, accepted for publication in Applied Financial Economics 16, 2006, 513 – 523.

(with Bartosz Gębka) Are Financial Spillovers Stable Across Regimes? Evidence from the 1997 Asian Crisis, Journal of International Financial Markets, Institutions and Money 16, 2006, 301 – 317.

 (with Jędrzej Białkowski) Financial Contagion, Spillovers, and Causality in the Markov Switching Framework, Quantitative Finance 5, 2005, 123 – 131.

(with Martin T. Bohl) Financial Contagion Vulnerability and Resistance: Empirical Evidence on Emerging European Capital Markets, Economic Systems 29, 2005, 344 – 362.


Other more important research

(in Polish) Predicting currency crises – early warning system for Poland, Bank i Kredyt 9, 2005.

(with Magdalena Szymańska – in Polish) Reaction of financial markets to monetary policy changes, Bank i Kredyt 6, 2004.

(with Agnieszka Smolińska-Skarżyńska – in Polish) Reaction of foreign exchange rate to interest rate changes – event study approach, Bank i Kredyt 1, 2004.

(with Wanda Marcinkowska-Lewandowska – in Polish) Two threshold models to analyze financial markets, in: Waldemar Tarczyński (ed.) Capital Market, Effective Investing, 2002.

(with Michał Rubaszek – in Polish) Forecasting foreign exchange rate. Risk-premium model, Bank i Kredyt 9, 2001.


(with Michał Rubaszek and Wanda Marcinkowska-Lewandowska – in Polish) Analysis of the foreign exchange rate (title in Polish: Analiza kursu walutowego), to be published, C.H. Beck, Warsaw, 2009.


Refereed for: Economic Systems, Applied Economics, Bank & Credit, NBP Working Paper Series, CEJEME, Journal of Multinational Financial Management, Emerging Markets Finance and Trade, Eastern European Economics, Journal of International Money and Finance, several scientific conferences

Associate editor: Bank & Credit


Awards and scholarships

2000                            One semester scholarship at Gerhard-Mercator University in Duisburg, Germany.

2001                            Distinction from the president of the Warsaw School of Economics for the paper “Modeling foreign exchange rate. Risk-premium model” (with Michał Rubaszek – in Polish).

2001-2004                   Ph.D. scholarship at the European University Viadrina.

2005, 2006                  Foundation for Polish Science Award for young economists (two times),

2011-2012                   Research grant from the Ministry of Science and Higher Education



Polish (fluent), English (very good), German (advanced), Spanish (very basic)


Scientific interests

Econometrics of financial markets, nonlinear econometric models, financial crises and contagion, banking sector and financial markets, monetary policy



Born:  March 2, 1977 in Częstochowa, Poland

Citizenship: Polish


Other interests: Sailing, football, chess