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I am Research Economist (associate) at the Financial Stability Department of the Banco de la República (the Central Bank of Colombia) and Fellow of the European Banking Center (EBC). My research areas are financial intermediation, financial stability and international economics. I have worked as Visiting Economist at the International Monetary Fund (Washington, DC), Visiting Researcher at the Graduate Institute of Geneva (Switzerland), and Central Bank Research Fellow of the Bank for International Settlements (BIS). I have been member of the Working Group of Financial Stability of the BIS. Currently, I am member of the International Banking Research Network (IBRN), and founder member of the International Banking and Finance Society (IFABS) Latin-American Chapter. My academic formation includes a PhD in Economics from Tilburg University (The Netherlands), a Master of Science in Economics from University of Illinois at Urbana-Champaign (The United States) and a B.A. in Economics from Universidad Externado de Colombia.
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Announcements
Announcements
I have obtained the 2024 Central Bank Research Fellowship of the Bank for International Settlements (BIS) to develop the research project: Funding Dry-Ups, Interest Rate Risk, and Bank Lending
Second Place of the 2024 Central Bank Award Rodrigo Gómez granted by the Center of Latin-American Monetary Studies (CEMLA) to the best research on central banking. The price was granted for my work "The real effects of Too-Big-To-Fail regulation: Evidence from emerging markets
First Place of the 2023 Central Bank Award Rodrigo Gómez granted by the Center of Latin-American Monetary Studies (CEMLA) to the best research on central banking. The price was granted for my work "The Transmission of Non-Banking Liquidity Shocks to the Banking Sector"
Publications
Publications
Sarmiento, M., (2024). The Transmission of Non-Banking Liquidity Shocks to the Banking Sector, Latin American Journal of Central Banking 100139, https://doi.org/10.1016/j.latcb.2024.100139
Parra-Polanía, J. A., Sánchez-Jabba, A. M., Sarmiento, M., (2024) Are FX Communications Effective? Evidence from Emerging Markets. Emerging Markets Review 59, https://doi.org/10.1016/j.ememar.2023.101091
Morales, A. P., Osorio, D. E., Lemus, J. S., Sarmiento, M., (2022) . The internationalization of domestic banks and the credit channel of monetary policy. Journal of Banking & Finance 135 (pp. 1-21)
Sarmiento, M., (2022) . Sudden Yield Reversals and Financial Intermediation in Emerging Markets. Journal of Financial Stability 101050, https://doi.org/10.1016/j.jfs.2022.101050
Gurara, D., Presbitero, A., Sarmiento, M., (2020) . Borrowing costs and the role of multilateral development banks: Evidence from cross-border syndicated bank lending. Journal of International Money and Finance 100, 102090. https://doi.org/10.1016/j.jimonfin.2019.102090
Ahn, J., Sarmiento, M., (2019) . Estimating the direct impact of bank liquidity shocks on the real economy: Evidence from letter-of-credit import transactions in Colombia. Review of International Economics 27 (5), 1510-1536.
León, C., Machado-Franco, C. L., Sarmiento, M., (2018) . Identifying central bank liquidity super-spreaders in interbank funds networks. Journal of Financial Stability 35, 75-92.
Sarmiento, M., Galán, J. E., (2017) . The influence of risk-taking on bank efficiency: Evidence from Colombia. Emerging Markets Review 32 (pp. 52-73)
Working Papers
How capital inflows translate into new bank lending: tracing the mechanism (with Carlos Cantú and Catherine Casanova) BIS WP No. 1051, 2022, available at: https://www.bis.org/publ/work1051.htm
Forward Looking Loan Provisions: Credit Supply and Risk-Taking. (with Bernardo Morais, Gaizka Ormazabal, José Luis Peydró, and Monica Roa, Borradores de Economia No. 1159, 2021, Banco de la República Colombia.
In Progress
How do capitals flow? Evidence from Colombia (with Gabriela Cugat, Andrea Manera and Camilo Gómez), International Monetary Fund and Banco de la Repúblic, Presented at IMF RESMD (July 2024)
The Ripple Effect: Supply Chain Reconfigurations and Cross-border Credit Dynamics (with Ricardo Correa, Matias Ossandon-Busch and Andrea Fabiani) (in progress), Federal Reserve Board, CEMLA, Bank of Italy, and Banco de la República. Presented at IMF RESMD (June 2024), CEBRA (August 2024)
Fragile wholesale deposits, liquidity risk and banks' maturity transformation (with Carola Müller, Matias Ossandon-Busch, Freddy Pinzón), (in progress), CEMLA, Chicago University, BIS and Banco de la República. Presented at Winter 2023 IBRN Workshop and at the Bank of International Settlements Seminar (2023), 2024 IBEFA-WEIA (Seattle).
Taxing Wealth: Capital Structure, Credit Supply and Real Effects (with Hernán Rincón, Alejandro Granados and José-Luis Peydró), (in progress), Banco de la República, Inter-American Development Bank and CEPR. Presented at IFABS (Oxford, 2023), World of Finance Conference (Norway, 2023) and World Bank (2023).
Monetary Policy Transmission with and without Capital Controls: Evidence from Colombia (with Yi. Huang, Daniel Dias and Hélène Rey), (in progress), Presented at NBER Emerging and Frontier Markets: Capital Flows, Resiliency, Risks, and Growth (October, 2020) and, the First Latin American Journal of Central Banking Conference (Mexico, 2023).
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