Gustavo S. Cortes

 CV | [ PDF ]

 Financial Intermediation, Macroeconomics,
 Corporate Finance, Economic History

 Financial Crises, Uncertainty,
 International Contagion

 Economics of Money, Credit & Banking,
 Intermediate Macroeconomics,
 Macroeconomics Principles

 dslvcrt2 [at]
 gustavocortesgoncalves [at]

 214 David Kinley Hall
 1407 W. Gregory Drive
 Urbana, IL 61801
    I am a Ph.D. Candidate in Economics at the University of Illinois. I am currently on the
    job market and will be available for interviews at the 2019 ASSA meetings in Atlanta.
    (asterisks refer to presentations by co-authors)
  • Credit Shock Propagation in Firm Networks: Evidence from Government Bank Credit Expansions (with B. van Doornik and T. Silva)
    Abstract. We study how bank credit shocks propagate through supplier-customer firm networks. We do so using administrative data that covers the near-universe of firm-to-firm transactions in Brazil around the debacle of Lehman Brothers. Using the counter-cyclical reaction of government-owned banks in Brazil after Lehman’s failure as a policy experiment, we show that credit shocks originated in bank-firm relationships are transmitted throughout the network of suppliers and customers, with measurable consequences for firms real outcomes and survival probability. A firm with direct and indirect access to government credit (through its customers or suppliers) observed a 12.5% greater survival probability, vis-à-vis 4% when the firm has only direct access. Critically, we uncover drawbacks of these interventions, including a persistent increased concentration in the market power of firms that benefited from government liquidity.
     Central Bank of Brazil | University of Illinois
    [ Working Paper under approval by the Central Bank of Brazil for public disclosure. Email me at for the Updated draft ]
  • Exporting Uncertainty: The Impact of Brexit on Corporate America (with M. CampelloF. d'Almeida, and G. Kankanhalli)
    Under Review
    Presentations: Bank of Portugal* | Cambridge University (Judge)* | Drexel University (LeBow)* | George Washington University*
    KU Louvain* | Manchester Business School* | National Bank of Belgium* | Penn State (Smeal)* | Syracuse University (Whitman)*
    University of Connecticut* | University of Illinois | University of Kentucky (Gatton)* | University of Georgia (Terry)* | LUBRAFIN 2018*
    Warwick Business School* | Washington University, St. Louis (Olin)*

    Working Paper (pdf) | Press Coverage (Cambridge Judge Business School) ]

    (please print for personal use only)

    • 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
    Fall 2017Macroeconomics Principles (Undergrad)
    Teaching Assistant
    4.7 / 5.0
    Questionnaires: 10
    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 Microeconomics 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)