Research and Policy Work

Journal Articles

Macroeconomic Effects of Dividend Taxation with Investment Credit Limits - Co-authored with Roy Zilberman (Lancaster University) - Journal of Political Economy Macroeconomics  - Vol. 2024 2:3, pages 409-448. - [Journal Version] [Revised Working Paper Version: Lancaster University Working Paper - First Version: IMF Working Paper] 

Dividend Taxation and Financial Business Cycles - Co-authored with Roy Zilberman (Lancaster University) - Economics Letters - Volume 238, May 2024. -  [Journal Version]

Public Investment in a Developing Country Facing Natural Resource Depletion - Co-authored with Adrian Alter and Dalia Hakura (IMF) - Journal of African Economies - Vol. 26(3), pages 295-321, June 2017. [Journal Version]

Capital Flows, Financial Intermediation and Macroprudential Policies - Co-authored with Shanaka J. Peiris (IMF) - Open Economies Review - Vol. 27(4), pages 721-746, September 2016. [Journal Version] [IMF Working Paper Version]

Investment Scaling-up and the Role of Government - Co-authored with Sergio Sola (IMF) - Applied Economics - Vol. 48(38), pages 3605-3625, 2016. [Journal Version] [IMF Working Paper Version]

Aggregate Stability and Balanced-Budget Rules - Co-authored with Raffaele Rossi (University of Manchester) - Journal of Money, Credit and Banking - Vol. 46, pages 1787-1809, December 2014. [Journal Version] [IMF Working Paper Version]

Working Papers

Labor Market Consequences of Homicides: A Gender Perspective from Mexico - Co-authored with Lorenzo Aldeco Leo (Bank of Mexico) and Hugo Tuesta (IMF) - [IMF Working Paper]  - Revisions Requested at the Journal of Development Economics

Fiscal Uncertainty in Habit-Forming and Lumpy Economies -  Co-authored with Roy Zilberman (Lancaster University) - [Revised Working Paper Version:  SSRN Working Paper - First Version: IMF Working Paper] - Submitted

Work in Progress

A Theory of Nominal Irrelevance - Co-authored with Mishel Ghassibe (CREI)

Monetary Policy Transmission in Latin America: What Really Matters? - Co-authored with Pau Rabanal (IMF) and Hou Wang (IMF)

The Dividend Tax Laffer Curve - Co-authored with Roy Zilberman (Lancaster University)

Books

Climate Mitigation in Latin America and the Caribbean: An Illustration of Labor Market Impact - Co-authored with Isabela Duarte (IMF) and Christopher Evans (IMF) - in "Climate Change Challenges in Latin America and the Caribbean" edited by Anna Ivanova, Julie Kozack, and Sònia Muñoz,  IMF 2024. [Available Here]

Capital Flows and Macroprudential Policy: a Framework for Emerging Asia - Co-authored with Shanaka J. Peiris (IMF) - In "Macroprudential Policy and Practice", Cambridge University Press, 2018.

IMF Departmental Papers

A Growth Friendly Path for Building Fiscal Buffers in CCA Countries - Co-authored with Edward Gemayel, Lorraine Ocampos and James Aylward - Middle East and Central Asia Departmental Paper No. 18/6. [PDF Version]

Make Investment Scaling-up Work for Stronger Growth in Benin: A Systematic Macro-Fiscal Analysis - Co-authored with Karim Barhoumi, Qiang Cui, Christine Dieterich, Nicolas End, Alexander Raabe, and Sergio Sola - African Departmental Paper No. 16/1, 2016. [PDF Version]

Sustaining More Inclusive Growth in the Republic of Congo - Co-authored with Adrian Alter, Dalia Hakura, Rodolfo Maino, Cameron McLoughlin and Maximilien Queyranne - African Departmental Paper No. 15/2, 2015. [PDF Version]

Policy Notes

Withdrawal of Correspondent Banking Relationships in the Caucasus and Central Asia: Recent Trends, Drivers and Impact - Co-authored with Rayah Al-Farah (IMF) and Padamja Khandelwal (IMF).

Regional Economic Outlook

2021 October - Western Hemisphere Regional Economic Outlook - Chapter 3 Climate Change Challenges in Latin America and the Caribbean

2020 October - Western Hemisphere Regional Economic Outlook - Box 1 Sovereign Debt Restructuring in Argentina and Ecuador - Co-authored with Michael Perks

2017 October - Middle East and Central Asia Regional Economic Outlook - Box 3.2 Setting the Course for Growth-Friendly Fiscal Policy in the Caucasus and Central Asia - Co-authored with Edward Gemayel, Lorraine Ocampos and James Aylward.

2016 October - Middle East and Central Asia Regional Economic Outlook - Box 3.1 Exploring Effects of Currency Adjustment in CCA Countries - Co-authored with Tarak Jardak, Keyra Primus, Saad Quayyum, Juan Treviño, and Hong Yang. 

2014 April - Asia and Pacific Regional Economic Outlook - Box 4.3 Countercyclical Capital Requirements Amid Capital Flows Volatility: Possible Benefits for Asia - Co-authored with Shanaka J. Peiris. 

IMF Country Focus 

Navigating Fiscal Policy in Uncharted Waters: What's Next for the CCA region? [Link]

Selected Issues Papers 

2023 - Mexico -  Gender Participation Gaps, Fiscal Policies, and Legal Impediments to Women Empowerment: a Deep Dive on Gender Issues in Mexico - IMF Country Report No. 2023/357

2021 - Ecuador - Natural Disasters, Climate-Related Physical and Transition Risks in Ecuador - IMF Country Report No. 2021/229

2018 - Republic of Kazakhstan - Fiscal Risk Management -  IMF Country Report No. 18/278 

2017 - Republic of Kazakhstan - Oil Rules and Anchoring Fiscal Policy - IMF Country Report No. 17/109 

2015 - Central African Economic and Monetary Community -  CEMAC: Application of a Debt-Investment-Growth Model - IMF Country Report No. 15/308 

2014 - Republic of Congo - Public Investment, Natural Resources, and Debt Sustainability -  IMF Country Report No. 14/273 

Country Reports 

2025 - Argentina - Ex-post Evaluation of Exceptional Access under the 2022 Extended Fund Facility Arrangement - IMF Country Report No. 2025/003 

2024 - Mexico - 2024 Article IV Consultation and Review Under the Flexible Credit Line Arrangement - IMF Country Report No. 2024/317

2023 - Mexico - Arrangement Under the Flexible Credit Line and Cancellation of Current Arrangement  - IMF Country Report No. 2023/368

2023 - Mexico - Staff Report for the 2023 Article IV Consultation - IMF Country Report No. 2023/356

2023 - Brazil - Staff Report for the 2023 Article IV Consultation - IMF Country Report No. 2023/288 

2021 -  Ecuador - Article IV Consultation, Second and Third Review under the Extended Fund Facility Arrangement - IMF Country Report No. 2021/228

2020 - Ecuador - First Review under the Extended Fund Facility Arrangement - IMF Country Report No. 20/325

2020 - Ecuador - Request for an Extended Arrangement Under the Extended Fund Facility - IMF Country Report No. 20/286 

2020 - Ecuador - Request for Purchase under the Rapid Financing Instrument and Cancellation of Arrangement under the Extended Fund Facility - IMF Country Report No. 20/178 

2019 - Ecuador - Second and Third Reviews under the Extended Fund Facility Arrangement - IMF Country Report No. 19/379 

2019 - Ecuador - First Review under the Extended Fund Facility Arrangement - IMF Country Report No. 19/210 

2019 - Ecuador - Staff Report for the 2019 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility - IMF Country Report No. 19/97 

2018 - Republic of Kazakhstan - Staff Report for the 2018 Article IV Consultation - IMF Country Report No. 18/277 

2018 - Republic of Uzbekistan - Staff Report for the 2018 Article IV Consultation - IMF Country Report No. 18/117 

2017 - Republic of Kazakhstan - Staff Report for the 2017 Article IV Consultation - IMF Country Report No. 17/108 

2015 - Republic of Kazakhstan - Staff Report for the 2015 Article IV Consultation - IMF Country Report No. 15/241 

2014 - Republic of Congo - Staff Report for the 2014 Article IV Consultation - IMF Country Report No. 14/272 

2013 - Chad - Staff Report for the 2013 Article IV Consultation - IMF Country Report No. 14/100