Clément Berthou

Université Grenoble Alpes

Clément Berthou is an economist whose career bridges banking practice and academic research. He spent nine years at Société Générale, where he headed the Network Management for the bank’s global correspondent banking division, before joining the National Bank of Cambodia’s Institute for Banking Studies (IBS) as Chief Learning Officer for Banking and Finance. Clément also serves as a Short-Term Expert (STX) for the International Monetary Fund on payment systems, and teaches at the Royal University of Law and Economics in Phnom Penh. He holds a PhD in economics from Université Grenoble Alpes, where his research examined the political economy of money and payment infrastructures, with a focus on monetary hierarchy, Cambodian dollarisation, and renminbi internationalisation.

Articles by Clément Berthou

Journal of Financial Market Infrastructures

Original research

Eclipsing the pyramid: stablecoins and settlement

This paper proposes the concept of the "settlement eclipse" which occurs when the settlement function of a layer of the monetary pyramid is occulted by the layer beneath it.

27 Jul 2026

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