Research

Publications

Market Power and the Transmission of Loan Subsidies. Jose Renato Haas Ornelas, Alvaro Pedraza, Thiago Christiano Silva and Claudia Ruiz-Ortega. The Review of Corporate Finance Studies, 13(4), 931-965.

Climate Change Regulations: Bank Lending and Real Effects (2024). Faruk Miguel, Alvaro Pedraza and Claudia Ruiz-Ortega. Journal of Financial Stability, 70, 101212.

Global Bank Lending under Climate Policy (2023). Asli Demirgüç-Kunt, Alvaro Pedraza, Fredy Pulga and Claudia Ruiz-Ortega. IMF Economic Review, 72(2). 1-44.

Banking Sector Performance During the COVID-19 Crisis (2021). Asli Demirgüç-Kunt, Alvaro Pedraza and Claudia Ruiz-Ortega. The Journal of Banking and Finance, 133, 106305.

Borrower Leakage from Costly Screening: Evidence from SME Lending in Peru (2021). Irani Arraiz, Miriam Bruhn, Ben Roth, Claudia Ruiz-Ortega and Rodolfo Stucchi. Journal of Development Economics, 153, p.102719.

The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects (2019). Bernardo Morais, Jose-Luis Peydro, Jessica Roldan and Claudia Ruiz-Ortega. The Journal of Finance, 74(1), 55-90.

Estimating Treatment Effects with Big Data When Take-up is Low: An Application to Financial Education (2019). Gabriel Lara-Ibarra, David McKenzie and Claudia Ruiz-Ortega. The World Bank Economic Review, 35(2), 248-375.

Determinants of Long-Term versus Short-Term Bank Credit in EU countries (2017). Haelim Anderson, Claudia Ruiz-Ortega, Thierry Tressel. International Journal of Finance and Economics, 22(4), 274-295. 

Labor Supply and Household Dynamics (2014). Maurizio Mazzocco, Claudia Ruiz-Ortega and Shintaro Yamaguchi. American Economic Review: Paper and Proceedings, 104(5), 354-359.

Working Papers

Owe a Bank Millions, the Bank Has a Problem: Credit Concentration in Bad Times (with Sumit Agarwal, Ricardo Correa, Bernardo Morais and Jessica Roldan). World Bank Policy Research Working Paper No. 9202. 

Conditionally accepted at The Journal of Financial Economics.

Expansionary Austerity: Reallocating Credit Amid Fiscal Consolidation (with Bernardo Morais, Javier Perez-Estrada and José Luis Peydró). World Bank Policy Research Working Paper No. 9655. 

Winner of the Best Paper Award at the IFABS 2023 Oxford Conference.

Do Formal Loans Boost SME Performance? Key Takeaways from a Meta-Analysis (with Miriam Bruhn and Johan Ortega Hernandez). World Bank Policy Research Working Paper No. 11140.

Access to Finance for MSMEs in Ecuador: A Firm-Level Impact Evaluation (with Miriam Bruhn, Federico Diaz Kalan, and Nicolò Fraccaroli). World Bank Policy Research Working Paper No. 11121.

Winner of the Best Learning from a World Bank Operation Award at the 2025 WB LACademia.

Mobilizing Private Capital for the Sustainable Development Goals (with Robert Cull, Indermit Gill, Alvaro Pedraza, and Federica Zeni). World Bank Policy Research Working Paper No. 10838.

Procurement Rules in Bank Lending: Evidence from an Emerging Market (with Sumit Agarwal, Bernardo Morais and Jian Zhang). World Bank Policy Research Working Paper No. 7577.

Sowing the Seeds for Rural Finance: The Impact of Support Services for Credit Unions in Mexico (with Miriam Bruhn and Rekha Reddy). World Bank Policy Research Working Paper No. 8483.

Public Versus Private Protection Against Crime: The Case of Somali Piracy (with Quy-Toan Do and Lin Ma). World Bank Policy Research Working Paper No. 7757.

From Pawn Shops to Banks: The Impact of Formal Credit on Informal Households. World Bank Policy Research Working Paper No. 6634.

Work in Progress

Certification and Forest Outcomes: Lessons from Colombia’s Carbon Credit Market (with Miriam Bruhn, Johan Ortega, and Alvaro Pedraza).

Eliminating Gender Bias in SME Lending (with Irani Arraiz, Miriam Bruhn and Rodolfo Stucchi).

The Long-Term Effects of Access to Credit on Small Business Survival (with Irani Arraiz, Miriam Bruhn and Rodolfo Stucchi).

The Impact of Asset Composition on Credit Access and Risk-Taking (with Bernardo Morais, José-Luis Peydró and Martin Tobal).