Gustavo S. Cortes

International Finance, Corporate Finance,
Money & Banking

Financial Crises, Financial History,
International Contagion

Intermediate Macroeconomics,
Economics of Money, Credit & Banking

214 David Kinley Hall
1407 W. Gregory Drive
Urbana, IL 61801
dslvcrt2 (at)
GustavoCortesGoncalves (at)
    CV : [ PDF ]
     dslvcrt2 [at]
gustavocortesgoncalves [at]
    (please print for personal use only)
  • The Evolution of Brazil's Banking System
    The Oxford Handbook of the Brazilian Economy, 2017, forthcoming (with R. Marcondes)
    Short Abstract: A discussion of the origins and development of Brazil's banking system from colonial times to present days.
    [ DOI Link | Working Paper (pdf) | 
    Press Coverage (IMB Podcast, in Portuguese) 
  • Mortgages for Machinery: Credit and Industrial Investment in Pre-World War I Brazil
    Financial History Review, 2014, 21(2), 191-212 (with R. Marcondes and M.D. Diaz)
    Short Abstract: Non-banking private lenders in the market of collateralized debt obligations financed Brazil's first manufacturing firms.
    DOI Link | Published Version (pdf) | Working Paper (pdf) ]

  • On the Irrelevance of Mercosur: Evidence from Foreign Direct Investment
    Latin American Business Review, 2014, 15(3-4), 291-314 (with C. Paiva)
    Short Abstract: Membership at Mercosur did not help in attracting FDI inflows.
    DOI Link | Published Version (pdf) | Working Paper (pdf) ]
        (asterisks refer to presentations by co-authors)
    • Exporting Uncertainty (with M. Campello and F. d'Almeida)
      Presentations: University of Illinois | Cambridge Judge Business School* | Warwick Business School* | University of Connecticut* [scheduled]
      Short Abstract:
      We look at how uncertainty generated by Brexit ended up affecting Corporate America.
      Working Paper (pdf) | Press Coverage (Cambridge Judge Business School) ]
    • Fearing the Collapse of Capital? International Stock Volatility in the Great Depression
    • Academic Year 2015-16: The Robert E. Demarest Memorial Teaching Award
      This award is made to Economics Teaching Assistants "in recognition of outstanding performance in the classroom."
      Course: ECON 303 - Intermediate Macroeconomic Theory (Undergraduate) - Head Teaching Assistant

     Semester Course and Position Avg. Student Ratings
    and Teaching Awards
    Spring 2016 Intermediate Macroeconomic Theory (Undergrad)
    Head Teaching Assistant
    4.7 / 5.0
    Questionnaires: 24
    Awards: (**)
    Fall 2015 Intermediate Macroeconomic Theory (Undergrad)
    Head Teaching Assistant
    4.6 / 5.0
    Questionnaires: 17
    Awards: (**)
    Spring 2015 Intermediate Macroeconomic Theory (Undergrad)
    Teaching Assistant
    4.7 / 5.0
    Questionnaires: 28
    Awards: (**)
    Fall 2014 Microeconomic Principles (Undergrad)
    Teaching Assistant
    4.6 / 5.0
    Questionnaires: 42
    Awards: (*)
    (*) Awarded in the "List of Teachers Ranked as Excellent by their Students"
    (**) Awarded in the "List of Teachers Ranked as Excellent by their Students" with Outstanding Rating (Distinction for University-wide Top 10% rated Teaching Assistants)