Journal Articles
Cortina, Juan, Martinez Peria, Maria Soledad, Schmukler, Sergio, Xiao, Jasmine, 2024. “The Internationalization of China’s Equity Markets,” IMF Economic Review, 10.1057.
Longer versions appeared as CEPR DP18267, IMF Working Paper No. 2023/026, World Bank Policy Research Working Paper 10513.
Broner, Fernando, Didier, Tatiana, Schmukler, Sergio, and von Peter Goetz, 2023. “Bilateral International Investments: The Big Sur?” Journal of International Economics, 103795.
Replication files available here.
Early versions appeared as CEPR Discussion Paper DP17656, Bank for International Settlements Working Paper 911, and World Bank Policy Research Working Paper 9501.
Featured in Let’s Talk Development.
Selected as one of the Best of 2022 CEPR Discussion Papers.
Calomiris, Charles, Larrain, Mauricio, Schmukler, Sergio, Williams, Tomas, 2022. "Large International Corporate Bonds: Investor Behavior and Firm Responses," Journal of International Economics, 103624.
Replication files available upon request.
Early versions appeared as "Search for Yield in Large International Corporate Bonds: Investor Behavior and Firm Responses," NBER Working Paper 25979 and World Bank Policy Research Working Paper 8890.
Featured in the Financial Times, "Reaching for Yield: The Reshaping of the EM Corporate Debt Market," June 27, 2019.
Featured as lead entry in the NBER Digest, August 2019.
Didier, Tatiana, Levine, Ross, Llovet, Ruth, and Schmukler, Sergio, 2021. “Capital Market Financing and Firm Growth,” Journal of International Money and Finance, 118, 102459.
Cortina, Juan Jose, Didier, Tatiana, and Schmukler, Sergio, 2021. “Global Corporate Debt during Crises: Implications of Switching Borrowing across Markets," Journal of International Economics, 131, 103487.
Best Paper Award, Borsa Istanbul Finance and Economics Conference, “A New Era in Capital Markets."
Featured in All About Finance Blog, October 20, 2015.
Featured in Global Debt Dynamics, August 12, 2016.
Didier, Tatiana, Huneeus, Federico, Larrain, Mauricio, and Schmukler, Sergio, 2021. “Financing Firms in Hibernation during the COVID-19 Pandemic,” Journal of Financial Stability, 53, 100837.
Abraham, Facundo, Cortina, Juan Jose, and Schmukler, Sergio, 2021. “The Expansion of Corporate Bond Markets in East Asia and Latin America,” Revue D'Economie Financière, 141, 45-70.
Featured in Let’s Talk Development, Mar 9, 2021.
Abraham, Facundo, Cortina, Juan Jose, and Schmukler, Sergio, 2021. “The Rise of Domestic Capital Markets for Corporate Financing,” Journal of Banking and Finance, 155, 105987.
Featured in Let’s Talk Development, June 13, 2019 and June 27, 2019.
Featured in Interest Bearing Notes, June 2019.
Featured in Asia Pathways, Asian Development Bank Institute, July 16, 2019.
Featured in Private Sector Development Blog, October 22, 2019.
Abraham, Facundo, Cortina, Juan Jose, and Schmukler, Sergio, 2021. “The Growth of Global Corporate Debt: Main Facts and Policy Challenges,” Oxford Research Encyclopedia of Economics and Finance, April 26.
Featured in All About Finance, October 5, 2020.
Calomiris, Charles, Larrain, Mauricio, and Schmukler Sergio, 2021. “Capital Inflows, Equity Issuance Activity, and Corporate Investment,” Journal of Financial Intermediation, 46, 100845 .
Featured in Let's Talk Development, May 11, 2018.
Cortina, Juan Jose, Didier, Tatiana, and Schmukler Sergio, 2018. "Corporate Debt Maturity in Developing Countries," World Economy, 41:12, 3288-3316.
Cortina, Juan Jose, Ismail, Soha, and Schmukler, Sergio, 2018. “Firm Financing and Growth in the Arab Region,” Economic Systems, 42:2, 361-383.
Raddatz, Claudio, Schmukler, Sergio, and Williams, Tomás, 2017. “International Asset Allocations and Capital Flows: The Benchmark Effect,” Journal of International Economics, 108, 413-430.
Featured in World Bank Research Highlights.
Featured in World Bank Research Newsletter.
Featured in the Financial Times, “Emerging Market Investors Dominated by Indices,” August 4, 2015.
Didier, Tatiana, Llovet Montanes, Ruth, and Schmukler, Sergio, 2017. “The International Financial Integration of East Asia and the Pacific,” Journal of the Japanese and International Economies, 44, 52-66.
Opazo, Luis, Raddatz, Claudio, and Schmukler, Sergio, 2015. “Institutional Investors and Long-term Investment: Evidence from Chile,” World Bank Economic Review, 29:3, 479-522.
Featured in World Bank Research Newsletter.
Featured in World Bank Research Highlights.
Featured in Interest Bearing Notes.
Featured in ENP Newswire, February 7, 2012.
Featured in World Bank Research E-Newsletter, July, 2014.
Gozzi, Juan Carlos, Levine, Ross, Martínez Pería, María Soledad, and Schmukler, Sergio, 2015. “How Firms Use Domestic and International Corporate Bond Markets,” Journal of Banking and Finance, 58, 532-551.
Featured in World Bank Research Newsletter, April 2013.
Featured in World Bank Research Highlights, November 2012.
Didier, Tatiana, and Schmukler, Sergio, 2014. “Debt Markets in Emerging Economies: Major Trends,” Comparative Economic Studies, 56, 200-228.
Featured in Monthly Research Highlights, December 2014.
Didier, Tatiana, Rigobon, Roberto, and Schmukler, Sergio, 2013. “Unexploited Gains from International Diversification: Patterns of Portfolio Holdings around the World,” Review of Economics and Statistics, 95:5, 1562-1583.
Winner of the World Bank’s Finance and Private Sector Development Academy Award, 2011.
Featured in All About Finance Blog, 2011.
Didier, Tatiana, and Schmukler, Sergio, 2013. “The Financing and Growth of Firms in China and India: Evidence from Capital Markets,” Journal of International Money and Finance, 39, 111-137.
Winner of the World Bank’s Finance and Private Sector Development Academy Award, 2013.
Featured in World Bank Research Digest 7:3, Spring 2013, cover page.
Featured in Monthly Research Highlights, May 2013.
Featured in All About Finance Blog, May 13, 2013.
Featured in Asia Pathways, Asian Development Bank Institute, July 16, 2013.
Featured in Let’s Talk Development, August 2, 2013.
Featured in Ideas for India, August 8, 2014.
Broner, Fernando, Didier, Tatiana, Erce, Aitor, and Schmukler, Sergio, 2013. “Gross Capital Flows: Dynamics and Crises,” Journal of Monetary Economics, 60:1, 113–133.
Featured in World Bank Research Digest 6:1, Fall 2011, cover page.
Featured in Let’s Talk Development Blog, May 1, 2013.
Previous version appeared as CEPR Discussion Paper No. 8591, 2001.
Broner, Fernando, Lorenzoni, Guido, and Schmukler, Sergio, 2013. “Why Do Emerging Economies Borrow Short Term?” Journal of the European Economic Association, 11:s1, Decennial Celebratory Issue, 67-100.
Best Paper Award, XII Finance Forum, Barcelona, Spain.
Previous version appeared as CEPR Discussion Paper No. 6249 and NBER Working Paper No. 13076, 2007.
Raddatz, Claudio, and Schmukler, Sergio, 2013. “Deconstructing Herding: Evidence from Pension Fund Investment Behavior,” Journal of Financial Services Research, 43:1, 99-126.
Featured in Interest Bearing Notes, July 2011.
Raddatz, Claudio, and Schmukler, Sergio, 2012. “On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios,” Journal of International Economics, 88:2, 357 - 374.
Global Financial Crisis project featured in NBER Reporter, 2011 Number 3.
Didier, Tatiana, Hevia, Constantino, and Schmukler, Sergio, 2012. “How Resilient and Countercyclical Were Emerging Economies to the Global Financial Crisis?” Journal of International Money and Finance, 31:8, 2052-2077.
Featured in World Bank Research Digest 5:3, Spring 2011.
Featured in World Bank Monthly Research Highlights, May 2011.
Featured in All About Finance Blog, July 15 2011.
Featured in World Bank Research E-Newsletter, July 15 2011.
de la Torre, Augusto, Martínez Pería, María Soledad, and Schmukler, Sergio, 2010. “Bank Involvement with SMEs: Beyond Relationship Lending,” Journal of Banking and Finance, 34:9, 2280-2293.
Levy Yeyati, Eduardo, Martínez Pería, María Soledad, and Schmukler, Sergio, 2010. “Depositor Behavior under Macroeconomic Risk: Evidence from Bank Runs in Emerging Economies,” Journal of Money, Credit, and Banking, 42:4, 585-614.
Featured in World Bank Research Digest 5:1, Fall 2010.
Featured in World Bank Monthly Research Highlights 36, August 2011.
Featured in World Bank Research Newsletter, September 2011.
Gozzi, Juan Carlos, Levine, Ross, and Schmukler, Sergio, 2010. “Patterns of International Capital Raisings,” Journal of International Economics, 8:1, 45-57.
Previous version appeared as NBER Working Paper No. 14961, 2009.
Levy Yeyati, Eduardo, Schmukler, Sergio, and van Horen, Neeltje, 2009. “International Financial Integration through the Law of One Price: The Role of Liquidity and Capital Controls,” Journal of Financial Intermediation, 18:3, 432-463.
Gozzi, Juan Carlos, Levine, Ross, and Schmukler, Sergio, 2008. “Internationalization and the Evolution of Corporate Valuation,” Journal of Financial Economics, 88:3, 607-632.
Previous version appeared as NBER Working Paper No. 11023, 2005.
Didier, Tatiana, Mauro, Paolo, and Schmukler, Sergio, 2008. “Vanishing Financial Contagion?” Journal of Policy Modeling, 30:5, 775-791.
Featured in the Dow Jones Newswires, January 25, 2006 and Clarín (Argentina) January 27, 2006.
Kaminsky, Graciela, and Schmukler, Sergio, 2008. “Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles,” Review of Finance, 12:2, 253-292.
Lead article.
Reprinted in Capital Controls, A. Ghosh, J. Ostry, and M. Qureshi, (Eds.), IMF, 2015.
Featured in the Wall Street Journal of the Americas, October 2002 and Frontline (India’s National Magazine), April 12, 2003.
Levy Yeyati, Eduardo, Schmukler, Sergio, and van Horen, Neeltje, 2008. “Emerging Market Liquidity and Crises,” Journal of the European Economic Association, 6:2-3, 668-682, April-May.
Lane, Philip, and Schmukler, Sergio, 2007. “The Evolving Role of China and India in the Global Financial System,” Open Economies Review, 18:4, 499-520.
Claessens, Stijn, and Schmukler, Sergio, 2007. “International Financial Integration through Equity Markets: Which Firms from Which Countries Go Global?” Journal of International Money and Finance, 26:5, 788-813.
Featured in IMF Survey, March 2008.
Longer version appeared as CEPR Discussion Paper No. 6137, 2007.
de la Torre, Augusto, Gozzi, Juan Carlos, and Schmukler, Sergio, 2007. “Financial Development: Maturing and Emerging Policy Issues,” World Bank Research Observer, 22:1, 67-102, Spring.
de la Torre, Augusto, Gozzi, Juan Carlos, and Schmukler, Sergio, 2007. “Stock Market Development under Globalization: Whither the Gains from Reforms?” Journal of Banking and Finance, 31:6, 1731-1754.
Featured in Beyond Transition-The Newsletter about Reforming Economies, April-June, 2007.
Claessens, Stijn, Klingebiel, Daniela, and Schmukler, Sergio, 2007. “Government Bonds in Domestic and Foreign Currency: The Role of Institutional and Macroeconomic Factors,” Review of International Economics, 15:2, 370-413.
Levine, Ross, and Schmukler, Sergio, 2007. “Migration, Spillovers, and Trade Diversion: The Impact of Internationalization on Stock Market Activity,” Journal of Banking and Finance, 31:6, 1595-1612.
Previous version appeared as NBER Working Paper No. 9614, 2003.
Claessens, Stijn, Klingebiel, Daniela, and Schmukler, Sergio, 2006. “Stock Market Development and Internationalization: Do Economic Fundamentals Spur Both Similarly?” Journal of Empirical Finance, 13:3, 316-350, March.
Previous version appeared as “Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centers,” CEPR Discussion Paper No. 3301, April 2002.
Levine, Ross, and Schmukler, Sergio, 2006. “Internationalization and Stock Market Liquidity,” Review of Finance, 10:1, 153-187, March.
Schmukler, Sergio, and Vesperoni, Esteban, 2006. “Financial Globalization and Debt Maturity in Emerging Economies,” Journal of Development Economics. 79:1, 183-207, February.
Kaufmann, Daniel, Mehrez, Gil, and Schmukler, Sergio, 2005. “Predicting Currency Fluctuations and Crises: Do Resident Firms Have an Informational Advantage?” Journal of International Money and Finance, 24:6, 1012-1029.
Kawai, Hiro, Newfarmer Richard, and Schmukler, Sergio, Spring 2005. “Financial Crises: Nine Lessons from East Asia,” Eastern Economic Journal, 31:2, 185-207.
de la Torre, Augusto, and Schmukler, Sergio, 2004. “Coping with Risks Through Mismatches: Domestic and International Financial Contracts for Emerging Economies,” International Finance, 7:3, 349–390.
Lead article.
International Finance most downloaded paper in 2005.
Halac, Marina, and Schmukler, Sergio, 2004. “Distributional Effects of Crises: The Financial Channel,” Economia-Journal of the Latin American and Caribbean Economic Association, 5:1, 1 - 67, Fall.
Lead article.
Featured in front page of La Jornada (México), September 21, 2005.
Kaminsky, Graciela, Lyons, Rich, and Schmukler, Sergio, October 2004, “Managers, Investors, and Crises: Mutual Fund Strategies in Emerging Markets,” Journal of International Economics, 64:1, 113-134.
Featured in NBER Reporter January 2001.
Also available as NBER Working Paper No. 7855, 2000.
Schmukler, Sergio, 2004. “Financial Globalization: Gain and Pain for Developing Countries,” Economic Review, Federal Reserve Bank of Atlanta, 39-66, Second Quarter.
Frankel, Jeffrey, Schmukler, Sergio, and Servén, Luis, 2004. “Global Transmission of Interest Rates: Monetary Independence and Currency Regime,” Journal of International Money and Finance, 23:5, 701-733.
Lead article.
Levy Yeyati, Eduardo, Schmukler, Sergio, and van Horen, Neeltje, 2004. “The Price of Inconvertible Deposits: The Stock Market Boom during the Argentine Crisis,” Economics Letters, 83:1, 7-13, April.
de la Torre, Augusto, Levy Yeyati, Eduardo, and Schmukler, Sergio, 2003. “Living and Dying with Hard Pegs: The Rise and Fall of Argentina’s Currency Board,” Economia-Journal of the Latin American and Caribbean Economic Association, 3:2, 43-107, Spring.
Reprinted in Monetary Unions and Hard Pegs: “Effects on Trade, Financial Development, and Stability,” V. Alexander, J. Mélitz, and G. von Furstenberg (Eds.), Oxford University Press, 2004.
Featured in The Economist, Economics Focus, August 8, 2002, Clarín (Argentina), August 11, 2002, La Nación (Argentina), August 4, 2002.
de la Torre, Augusto, Levy Yeyati, Eduardo, and Schmukler, Sergio, 2002. “Financial Globalization: Unequal Blessings,” International Finance, 5:3, 335-357, Winter.
Schmukler, Sergio, and Servén, Luis, 2002. “Pricing Currency Risk under Currency Boards,” Journal of Development Economics, 69:2, 367-391, December.
Kaminsky, Graciela, and Schmukler, Sergio, 2002. “Emerging Markets Instability: Do Sovereign Ratings Affect Country Risk and Stock Returns?” World Bank Economic Review, 16:2, 171 - 195.
Claessens, Stijn, Klingebiel, Daniela, and Schmukler, Sergio, 2002. “The Future of Stock Exchanges in Emerging Economies: Evolution and Prospects,” in Robert Litan and Richard Herring (Eds.), Brookings-Wharton Papers on Financial Services, 167-202.
Reprinted in European Business Organization Law Review, 3:2, 403-438, 2002.
Frankel, Jeffrey, Fajnzylber, Eduardo, Servén, Luis, and Schmukler, Sergio, 2001. “Verifying Exchange Rate Regimes,” Journal of Development Economics, 66:2, 351-386, December.
Martínez Pería, María Soledad, and Schmukler, Sergio, 2001. “Do Depositors Punish Banks for Bad Behavior? Market Discipline, Deposit Insurance, and Banking Crises,” Journal of Finance, 56:3, 1029:1051, June.
Reprinted in A Reader in International Corporate Finance, S. Claessens and L. Laeven (Eds.), World Bank, 2006.
Reprinted in Financial Crises in Japan and Latin America, E. Demaestri and P. Masci (Eds.), Inter-American Development Bank, 2003.
Reprinted in Banking, Financial Integration, and International Crises, L. Hernandez and K. Schmidt-Hebbel (Eds.), Central Bank of Chile, 2001.
Kaminsky, Graciela, Lyons, Rich, and Schmukler, Sergio, 2001. “Mutual Funds in Emerging Markets: An Overview,” World Bank Economic Review, 15:2, 315-340.
Reprinted in International Financial Contagion, Stijn Claessens and Kristin Forbes (Eds.), Kluwer Academic Press, 2001.
Frankel, Jeffrey, Servén, Luis, and Schmukler, Sergio, 2001. “Verifiability and the Vanishing Intermediate Exchange Rate Regime,” Susan Collins and Dani Rodrik (Eds.), Brookings Trade Forum, 59-123, February.
Kaminsky, Graciela, and Schmukler, Sergio, 2001. “Short - and Long-Run Integration: Do Capital Controls Matter?” Susan Collins and Dani Rodrik (Eds.), Brookings Trade Forum, 125-178, February.
Frankel, Jeffrey, and Schmukler, Sergio, 2000. “Country Funds and Asymmetric Information,” International Journal of Finance and Economics, 5:3, 177-195, July.
Kaminsky, Graciela, and Schmukler, Sergio, 1999. “What Triggers Market Jitters? A Chronicle of the East Asian Crisis,” Journal of International Money and Finance, 18:4, 537-560, August.
Featured in Business Week, August 9, 1999.
Frankel, Jeffrey, and Schmukler, Sergio, 1996. “Country Fund Discounts and the Mexican Crisis of December 1994: Did Local Residents Turn Pessimistic Before International Investors?” Open Economies Review, 7:1, 511-534.
Reprinted in The Collapse of Exchange Rate Regimes, G. Tavlas (Eds.), Kluwer Academic Press, 1996.