Tibor Balazs | Research Economist

Along my risk lead role, I am currently collaborating with Gábor Oblath, Judit Krekó, and István Kónya at the ELTE Centre for Economic and Regional Studies on a research project that revisits the empirical relationship between FDI penetration, sectoral productivity patterns, and the evolution of the labor share. My contribution focuses on constructing a structured synthesis of the literature using cross-country panel evidence, firm-level studies, and identification strategies based on input–output linkages and vertical spillover mechanisms.

Taking on a leadership role, I spearheaded the design and implementation of the risk framework at the Hungarian subsidiary of Veolia, a French multinational in the energy industry. My work focused on developing and implementing advanced quantitative frameworks such as DCC–GARCH, Black–Scholes, and Bachelier models for option pricing and portfolio volatility forecasting. I contributed to dynamic correlation modeling, analyzing time-varying volatility, cross-asset interactions, and implied volatilities across Power, Gas, EUA, and FX markets to support hedging and risk management strategies.

I obtained my Master’s degree in Economics at Central European University (CEU) in Vienna, where my academic performance earned me a rank among the top students in my cohort. During my studies at CEU, I conducted research in three core areas: macroeconomic fluctuations and stabilization policy, economic growth and institutional development, and global financial systems. I am particularly motivated by the empirical challenges of causal inference in macroeconomics and the policy trade-offs involved in fostering both stability and long-term prosperity.

Before returning to academia, I worked as a financial analyst and model developer at Morgan Stanley, contributing to revenue forecasting for the Federal Reserve’s Comprehensive Capital Analysis and Review (CCAR). There, I specialized in the design and implementation of advanced econometric and machine learning models using granular U.S. macroeconomic and firm-level data. This experience continues to shape my research, which is grounded in both structural modeling and data-driven analysis.

I earned my bachelor’s degree in Applied Economics from Eotvos Lorand University (ELTE), Hungary’s premier economics program, where I graduated with distinction as one of the top performers in my cohort. During my studies at ELTE, my research focused on the empirical and theoretical aspects of macroeconomic fluctuations and the effects and history of the respective stabilization policies from Keynes to Lucas.

I have additional experience as a research assistant at Central European University and as a co-author in joint academic–industry projects focused on Hungarian macroeconomic data. I am also engaged in geospatial data analytics and have hands-on experience with programming tools such as R, Python, and Julia.

This site offers an overview of my work, research interests, and professional experience. Feel free to explore and get in touch.