Research

Publications

Owe a Bank Millions, the Bank Has a Problem: Credit Concentration in Bad Times 

Journal of Financial Economics (forthcoming). With Sumit Agarwal, Ricardo Correa, Bernardo Morais, and Jessica Roldan. 

 Market Power and the Transmission of Loan Subsidies
Review of Corporate Finance Studies (2024). With Jose Renato Haas Ornelas, Alvaro Pedraza, and Thiago Christiano Silva.

Climate Change Regulations: Bank Lending and Real Effects
Journal of Financial Stability (2024). With Faruk Miguel and Alvaro Pedraza.

Global Bank Lending under Climate Policy
IMF Economic Review (2023). With Asli Demirgüç-Kunt, Alvaro Pedraza, and Fredy Pulga.

Banking Sector Performance During the COVID-19 Crisis
Journal of Banking and Finance (2021). With Asli Demirgüç-Kunt and Alvaro Pedraza.

Borrower Leakage from Costly Screening: Evidence from SME Lending in Peru
Journal of Development Economics (2021). With Irani Arraiz, Miriam Bruhn, Ben Roth, and Rodolfo Stucchi.

The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects
Journal of Finance (2019). With Bernardo Morais, José-Luis Peydró, and Jessica Roldan.

Estimating Treatment Effects with Big Data When Take-up is Low: An Application to Financial Education
World Bank Economic Review (2019). With Gabriel Lara-Ibarra and David McKenzie.

Determinants of Long-Term versus Short-Term Bank Credit in EU countries
International Journal of Finance and Economics (2017). With Haelim Anderson and Thierry Tressel.

Labor Supply and Household Dynamics
American Economic Review: Papers & Proceedings (2014). With Maurizio Mazzocco and Shintaro Yamaguchi. 

Working Papers

Do State SME Programs Work? Evidence from Loan Subsidies and Credit Guarantees in Kazakhstan
World Bank Policy Research Working Paper No. 11344. With Martin Melecky, Asset Bizhan and Ganbaatar Jambal.

 
The Effects of Regulatory Information Systems on Credit Allocation: Evidence from Brazil's Rural Credit Bureau
World Bank Policy Research Working Paper No. 11318.
With Silvio Arduini, Faruk Miguel, Claudio Moreira, Alvaro Pedraza, Paulo Sampaio, Lucas Dos Santos.

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

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

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

 
Access to Finance for MSMEs in Ecuador: A Firm-Level Impact Evaluation
World Bank Policy Research Working Paper No. 11121. With Miriam Bruhn, Federico Diaz Kalan, and Nicolò Fraccaroli.
Winner of the Best Learning from a World Bank Operation Award at the 2025 WB LACademia.

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

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

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

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

 
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).