Research

Working Papers

"The ripple effect: supply chain reconfigurations and cross-border credit dynamics" (with Andrea Fabiani, Matias Ossandon-Busch, and Miguel Sarmiento)

"Trade uncertainty and U.S. bank lending" (with Julian di Giovanni, Linda Goldberg and Camelia Minoiu)  

"Debt Overhang and the Retail Apocalypse" (with Jack Liebersohn and Martin Sicilian) 

Publications

Correa, Ricardo & Ai He & Christoph Herpfer & Ugur Lel, 2026. "The rising tide lifts some interest rates: climate change, natural disasters, and loan pricing," Journal of Finance (forthcoming).

Agarwal, Sumit & Ricardo Correa & Bernardo Morais & Jessica Roldan & Claudia Ruiz, 2026. "Related Exposures to Distressed Borrowers and Bank Lending", Journal of Financial Economics (forthcoming).   

Correa, Ricardo & Wenxin Du & Gordon Liao, 2025. "U.S. Banks and Global Liquidity," Journal of Political Economy: Macroeconomics, vol. 3 (4).  

Correa, Ricardo & DeMarco, Laurie, 2025. "Dealer leverage and exchange rates: Heterogeneity across intermediaries," Journal of Banking & Finance, Elsevier, vol. 174(C). 

Londoño, Juan M. & Stijn Claessens & Ricardo Correa, 2024. "Financial Stability Governance and Central Bank Communications," International Journal of Central Banking, vol. 20(4), pages 175-220, October.  

Ahmed, Shaghil & Ricardo Correa & Daniel A. Dias & Nils Gornemann & Jasper Hoek & Anil Jain & Edith Liu & Anna Wong, 2022. "Global Spillovers of a Chinese Growth Slowdown," JRFM, MDPI, vol. 15(12), pages 1-23, December.

Correa, Ricardo & Teodora Paligorova & Horacio Sapriza & Andrei Zlate, 2022. "Cross-Border Bank Flows and Monetary Policy". Review of Financial Studies, vol. 35(1).  

Correa, Ricardo & Linda S. Goldberg, 2022. "Bank Complexity, Governance, and Risk".  Journal of Banking and Finance, vol. 134(C). Online appendix.

Correa, Ricardo & Horacio Sapriza & Andrei Zlate, 2021. "Wholesale Funding Runs, Global Banks’ Supply of Liquidity Insurance, and Corporate Investment", Journal of International Economics, vol. 133(C). Online appendix.

Correa, Ricardo & Keshav Garud & Juan M. Londoño & Nathan Mislang, 2021. "Sentiment in Central Banks' Financial Stability Reports," Review of Finance, vol. 25(1), pages 85-120.  Link to financial stability sentiment indexes and financial stability dictionary. 

Calem, Paul & Ricardo Correa &  Seung J. Lee, 2020. "Prudential policies and their impact on credit in the United States," Journal of Financial Intermediation, vol. 42.

Arteta, Carlos & Mark Carey & Ricardo Correa & Jason Kotter, 2020. "Revenge of the Steamroller: ABCP as a Window on Risk Choices," Review of Finance, vol. 24(3), pages 497-528. 

Brandao-Marques, Luis & Correa, Ricardo & Sapriza, Horacio, 2020. "Government support, regulation, and risk taking in the banking sector," Journal of Banking & Finance, vol. 112(C). 

Argimon, Isabel & Bonner, Clemens & Correa, Ricardo & Duijm, Patty & Frost, Jon & de Haan, Jakob & de Haan, Leo & Stebunovs, Viktors, 2019. "Financial institutions’ business models and the global transmission of monetary policy," Journal of International Money and Finance, vol. 90(C), pages 99-117. 

Berrospide, Jose M & Ricardo Correa & Linda S Goldberg & Friederike Niepmann, 2017. "International Banking and Cross-Border Effects of Regulation: Lessons from the United States," International Journal of Central Banking, vol. 13(2), pages 435-476, March. 

Cerutti, Eugenio & Ricardo Correa & Elisabetta Fiorentino & Esther Segalla, 2017. "Changes in Prudential Policy Instruments - A New Cross-Country Database,"  International Journal of Central Banking, vol. 13(2), pages 477-503, March. 

Black, Lamont & Correa, Ricardo & Huang, Xin & Zhou, Hao, 2016. "The systemic risk of European banks during the financial and sovereign debt crises," Journal of Banking & Finance, vol. 63(C), pages 107-125. 

Correa, Ricardo & Lel, Ugur, 2016. "Say on pay laws, executive compensation, pay slice, and firm valuation around the world," Journal of Financial Economics, vol. 122(3), pages 500-520. 

Correa, Ricardo & Linda S Goldberg & Tara Rice, 2015. "International Banking and Liquidity Risk Transmission: Evidence from the United States," IMF Economic Review, vol. 63(3), pages 626-643, November. 

Correa, Ricardo & Kuan‐Hui Lee & Horacio Sapriza & Gustavo A. Suarez, 2014. "Sovereign Credit Risk, Banks' Government Support, and Bank Stock Returns around the World," Journal of Money, Credit and Banking, vol. 46(s1), pages 93-121, February. 

Correa, Ricardo, 2009. "Cross-Border Bank Acquisitions: Is there a Performance Effect?," Journal of Financial Services Research,  vol. 36(2), pages 169-197, December. 

Short Articles

Eugenio Cerutti, Ricardo Correa, Linda S. Goldberg, and Anni Norring, 2025. "Prudential instruments and the recent inflationary episode," VoXEU, September 10. 

Ricardo Correa, Linda S. Goldberg,  Juan M. Londono, and Fabiola Ravazzolo, 2024. "Third Conference on the International Roles of the U.S. Dollar," FEDS Notes 2024-08-12, Board of Governors of the Federal Reserve System.

Ricardo Correa,  Julian di Giovanni,  Linda S. Goldberg, and Camelia Minoiu, 2024. "Banks' responses to trade uncertainty," VoxEU, March 11. 

Ricardo Correa,  Julian di Giovanni,  Linda S. Goldberg, and Camelia Minoiu, 2023. "Does Trade Uncertainty Affect Bank Lending?," Liberty Street Economics 20231220, Federal Reserve Bank of New York.

Alain P. Chaboud,  Ricardo Correa,  Patrick Douglass,  Linda S. Goldberg,  Juan M. Londono, and Fabiola Ravazzolo, 2023. "2nd Annual International Roles of the U.S. Dollar Conference," FEDS Notes 2023-06-23-4, Board of Governors of the Federal Reserve System

Ricardo Correa, Linda S. Goldberg, Robert Lerman, and Bo Sun, 2022. "The Fed’s Inaugural Conference on the International Roles of the U.S. Dollar," FEDS Notes 2022-07-05-1, Board of Governors of the Federal Reserve System. 

Ricardo Correa, Juan M. Londoño, and Jerry Yang, 2020. "Central Banks' Financial Stability Communications during the COVID-19 Pandemic," FEDS Notes 2020-09-18-3, Board of Governors of the Federal Reserve System. 

Ricardo Correa, Linda Goldberg, and Kevin Lai, 2020.  “Have the Risk Profiles of Large U.S. Bank Holding Companies Changed?,” Federal Reserve Bank of New York Liberty Street Economics, February 3.

Ricardo Correa,  Rochelle M. Edge, and  J. Nellie Liang, 2017. "A New Dataset of Macroprudential Policy Governance Structures," IFDP Notes 2017-11-07, Board of Governors of the Federal Reserve System. 

Ricardo Correa,  Keshav Garud,  Juan M. Londono, and Nathan Mislang, 2017. "Constructing a Dictionary for Financial Stability," IFDP Notes 2017-06-28, Board of Governors of the Federal Reserve System. 

Ricardo Correa,  Linda S. Goldberg, and Tara Rice, 2014. "How Do Liquidity Conditions Affect U.S. Bank Lending?," IFDP Notes 2014-10-15, Board of Governors of the Federal Reserve System.