Journal Articles
“Excessive Bank Risk-Taking in an Infinite Horizon Economy”. Journal of Financial Stability; 77, 2024.
“Nonlinear Impact of the Conventional Monetary Policy: A Cross-Country Evidence” (with Youel Rojas). Latin American Journal of Central Banking. Forthcoming.
"Bank risk-taking in emerging economies: Empirical evidence and theory". Journal of Financial Stability; 67. 2023
"The effects of countercyclical leverage buffers on macroeconomic and financial stability". The Quarterly Review of Economics and Finance; 89, 194-217. 2023.
"Bank Competition and Credit Risk: The Case of Peru" (with Youel Rojas) . Journal of Financial Stability; 66. 2023
"Sectoral credit reallocation: An excessive bank risk-taking explanation". Emerging Markets Review 2023; 54. 2023.
"Competition, bank risk-taking and monetary policy: The case of Guatemala", Banca Central N° 84, 21-40. 2022.
Working papers
"Financing Imbalances and Heterogeneous Effects of Monetary Policy " (with Youel Rojas), Working Papers 2023-008, Banco Central de Reserva del Perú.
"The Impact of REACTIVA on the Real Economy and on Bank Risk-Taking" (with Balila Acurio, Renzo Pardo and José, Luis Peydro), Working Papers 2023-005, Banco Central de Reserva del Perú.
"Interest Rate Caps in an Economy with Formal and Informal Credit Markets," IHEID Working Papers 16-2022, Economics Section, The Graduate Institute of International Studies.
"Unconventional Credit Policy in an Economy under Zero Lower Bound," (with Youel Rojas) Working Papers 2021-005, Banco Central de Reserva del Perú. Paper.
"The Risk-Taking Channel of Monetary Policy: A New Approach and Evidence from Peru," (with Youel Rojas) Working Papers 2020-019, Banco Central de Reserva del Perú. Paper.
"Unconventional Credit Policy in an Economy with Supply and Demand Credit Frictions," (with Youel Rojas) Working Papers 2020-014, Banco Central de Reserva del Perú. Paper.
Projects
Policy Interest Rate Expectations and the Behavior of the Interbank Money Market (with Piero Garcia and Rafael Velarde, BCRP). Mimeo
The role of the Income Structure in Credit dynamics and financial stability (with Juan Carlos Otoya, BCRP)
The impact of exchange rate depreciation and interest rate differentials on credit dollarization of firms: A grannular approach for Peru (with Renzo Pardo, BCRP)
Financial Vulnerability from Climate Shocks: Peruvian Evidence (with Youel Rojas, BCRP). Mimeo
The Economic Footprint of Natural Disasters: Demand-side or supply-side forces? (with Youel Rojas, BCRP). Mimeo
The impact of REACTIVA Perú (with Youel Rojas). Mimeo.
The Impact of Deposit Dollarization on Credit Dollarization: Evidence of Natural Hedging and Excessive Risk-Taking Channels. To be submitted.
Short Articles
Efectos no deseados de los topes a las tasas de interés: Una revisión empírica y teórica. Revista Moneda 183. 2020. Banco Central de Reserva del Perú. Paper.
Older papers
Dinámica del Mercado Interbancario en el Perú (con José Lupú). 2011. Slides.
Crecimiento económico y distribución de los ingresos en el Perú: 1970-2007. 2008. Paper.
Descripción de la crisis financiera Asiática y Rusa. Identificación de los factores que explican los movimientos de Flujos de Capitales de Corto Plazo. La experiencia Peruana 2000-2008. 2008. Paper.