Publications:
NEW: "What is the impact of a major unconventional monetary policy intervention?”, with Carlo Alcaraz, Stijn Claessens, Gabriel Cuadra and David Marques. Journal of the European Economic Association, conditionally accepted.
"Economic activity and the bank credit channel", with Judit Temesvary. Journal of Banking and Finance, vol. 164 (July) 107216, 2024.
"Improving sovereign debt restructurings", with Maximiliano Dvorkin, Juan M. Sanchez and Emircan Yurdagul. Journal of Economic Dynamics and Control, vol. 139 (June) 104435, 2022.
"Cross-Border Bank Flows and Monetary Policy", with Ricardo Correa, Teodora Paligorova, and Andrei Zlate. Review of Financial Studies, vol. 35 (January), pp. 438-481, 2022. [WP version] [Online Appendix]
"Wholesale Funding Runs, Global Banks' Supply of Liquidity Insurance, and Corporate Investment", with Ricardo Correa and Andrei Zlate. Journal of International Economics, vol. 133 (November) 103519, 2021.
“Sovereign debt restructurings”, with Maximiliano Dvorkin, Juan M. Sanchez and Emircan Yurdagul. American Economic Journal-Macroeconomics, vol. 13 (April), pp. 26-77, 2021.
“News, sovereign debt maturity, and default risk”, with Maximiliano Dvorkin, Juan M. Sanchez and Emircan Yurdagul. Journal of International Economics, vol. 126 (9), pp. 1-23, 2020.
“Asymmetries in the bank lending channel of monetary policy in the United States”, with Judit Temesvary, Economics Letters, vol. 30, pp. 276-279, 2020.
“Government support, regulation, and risk-taking in the banking sector”, with Luis Marques and Ricardo Correa, Journal of Banking and Finance, vol. 112 (March), pp. 1-15, 2020.
“Sovereign default and maturity choice”, with Juan Sanchez and Emircan Yurdagul, Journal of Monetary Economics, vol. 95, pp. 72-85, 2018.
“Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies”, with Tamim Bayoumi, Joseph Gagnon, Juan M. Londono and Christian Saborowski. Open Economies Review, vol. 28 (2), pp. 191-232, 2017 (lead article).
“Sovereign Debt Ratings and Stock Liquidity around the World”, with Yangru Wu and Kuan-Hui Lee. Journal of Banking and Finance, vol. 73, pp. 99-112, 2016.
“U.S. unconventional monetary policy and transmission to emerging market economies”, with David H. Bowman and Juan M. Londono. Journal of International Money and Finance, vol. 55, pp. 27-59, 2015.
“Sovereign credit risk, banks’ government support, and bank stock returns around the world”, with Ricardo Correa, Kuan-Hui Lee and Gustavo Suarez. Journal of Money, Credit and Banking, vol. 46, pp. 93-121, 2014.
“News and sovereign default risk in small open economies”, with Bora Durdu and Ricardo Nunes. Journal of International Economics, vol. 91, No. 1, pp. 1-17, 2013 (lead article).
“Financial Frictions, Trade Credit, and the 2008-09 Global Financial Crisis”, with Brahima Coulibaly and Andrei Zlate. International Review of Economics and Finance 26, pp. 25-38, April 2013 [WP version]
“Quantitative properties of sovereign default models: solution methods matter”, with Juan C. Hatchondo and Leonardo Martinez, Review of Economic Dynamics, vol. 13(4), pp. 919-933, 2010.
“Fiscal policy and default risk in emerging economies”, with Gabriel Cuadra and Juan M. Sanchez, Review of Economic Dynamics, vol. 13(2), pp. 452-469, 2010.
“Financially constrained stock returns”, with Dmitry Livdan and Lu Zhang, Journal of Finance, vol. 64(4), pp. 1827-62, 2009.
“Heterogeneous borrowers in quantitative models of sovereign default”, with Juan C. Hatchondo and Leonardo Martinez, International Economic Review, vol. 50(4), pp.1129-1151, November 2009.
“Sovereign default, interest rates and political uncertainty in emerging market economies”, with Gabriel Cuadra, Journal of International Economics 76, pp. 78-88, 2008.
“The economics of sovereign defaults”, with Juan C. Hatchondo and Leonardo Martinez, Economic Quarterly, 93(2), pp. 163-187, Federal Reserve Bank of Richmond, 2007.
“Quantitative models of sovereign default and the threat of financial exclusion”, with Juan C. Hatchondo and Leonardo Martinez, Economic Quarterly, 93(3), pp. 251-286, Federal Reserve Bank of Richmond, 2007.
Articles in books and handbook chapters
“Sovereign Debt Crises”, with Ricardo Correa, The Oxford Handbook of Banking, Second Edition, in Allen N. Berger, Philip Molyneux and John O.S. Wilson, ed., Ch. 30, 737-755, Oxford University Press, 2014.
''Understanding Sovereign Default'', with Juan Carlos Hatchondo and Leonardo Martinez, in Robert W. Kolb, ed., Sovereign Debt: From Safety to Default. United States: John Wiley & Sons, March 2011.
''Sovereign Default Risk and Implications for Fiscal Policy'', with Gabriel Cuadra, in Robert W. Kolb, ed., Sovereign Debt: From Safety to Default. United States: John Wiley & Sons, March 2011.
Working papers
“Credit market sentiment: Estimation and macroeconomic implications", with Danilo Leiva-Leon, Gabriel Perez-Quiros, Francisco Vazquez-Grande and Egon Zakrajsek.
"The historical roots of lending discrimination", with Andrew Ellul, David Marques and Alex Sclip.
“Bank lending standards and the U.S. economy", with Elijah Broadbent, Huberto M. Ennis and Tyler J. Pike. Federal Reserve Bank of Richmond Working Paper August 2024, No. 24-07.
“The collateral channel and bank credit", with Arun Gupta and Vladimir Yankov. Federal Reserve Bank of Richmond Working Paper May 2022, No. 22-04.
"Do costly internal equity injections reveal bank expectations about post-crisis real outcomes?", with Arun Gupta. Federal Reserve Bank of Richmond Working Paper January 2023, No. 23-03.
"Real effects of credit supply shocks: Evidence from Mexico", with A. Rivadeneira, C. Alcaraz, N. Amoroso, R. Oviedo and B. Samaniego.
Work in progress
“Bailout guarantees, banking crises and sovereign debt crises”, with Javier Bianchi, Ignacio Presno and Sandra Lizarazo.
"Public investment and sovereign default", with Alejandro Izquierdo and Juan M. Sanchez.
"Collateral choice and financial frictions", with Marios Karabarbounis, Patrick Macnamara and Vladimir Yankov.
“The effect of capital and liquidity shortfalls on banks’ credit supply”, with Allen Berger, Christa Bouwman and Judit Temesvary.
"Unconventional monetary policy and corporate debt structure", with Martin Arazi.
Other work
“Bottom-up leading macroeconomic indicators: An application to non-financial corporate defaults using machine learning”, with Tyler Pike and Tom Zimmermann. Board of Governors Finance and Economics Discussion Series 2019-070.
“GDP indexed bonds: an applied framework”, with Lucas Bertinatto, David Gomtsyan, Guido Sandleris and Filippo Tadei. Collegio Carlo Alberto Working Paper N.104.
“Sovereign default, terms of trade and interest rates in emerging market economies”, with Gabriel Cuadra. Banco de Mexico Working Paper 2006-01.
“Bank stress, credit and macroeconomic activity”, with Tom Zimmermann and Clay Wagar. Manuscript.
