My research lies in the intersection of international finance and macroeconomics. It aims at understanding how the increasing interconnectedness of global markets affects the economy. In my work, I use statistical analyses and applied econometrics to generate data-driven insights about economic issues. My work spans research papers and other writings on international finance, financial markets, international capital flows, international trade, financial networks, financial crises, macroeconomics of emerging markets, and economic policy analysis.

Peer-Reviewed Papers

"On Corporate Borrowing, Credit Spreads and Business Cycles in Emerging Economies, An Empirical Investigation," with Fernández and Park.

Journal of International Economics. 2019.

Vol. 118, pp. 160-178.

DOI: 10.1016/j.jinteco.2018.11.010

"Bank Linkages and International Trade,"

with Candelaria and Hale
Journal of International Economics. 2018.

Vol. 115, pp. 30-47

DOI: 10.1016/j.jinteco.2018.08.006

"Foreign Bank Behavior During Financial Crises,"

with Adams-Kane and Lim
Journal of Money, Credit and Banking, 2017,

Vol. 49, Issue 2-3, pp 351-392.

DOI: 10.1007/s10614-015-9493-8.

Do Surges in International Capital Inflows Influence the Likelihood of Banking Crises? 

The Economic Journal, 2016,

Vol. 126, Issue 591, pp 281-316.
DOI: 10.1111/ecoj.12172.

"Bank Capital Shock Propagation via Syndicated Interconnectedness," with Nirei and Sushko
Computational Economics, 2015,

Vol. 47, Issue 1, pp 67-96.

DOI: 10.1007/s10614-015-9493-8.

Banking Crises and Financial Integration,

Insights from Networks Science.”

Journal of International Financial Markets,

Institutions & Money, 2014,

Vol. 34, pp. 127-146.
DOI: 10.1016/j.intfin.2014.11.005.

Dollarization:Really a Dilemma?,” 

with Herrera.

Cuadernos de Cuadernos de Economía, 2002,

Vol. XXI (36), pp. 101-152.


Research in Progress

Blog posts

"Corporate Dollar Debt and Depreciations: All's well that ends well?," manuscript (under revision).

​“Corporate Bond Markets in EMs, the Role of SOEs”, with Lim, Sánchez and Winterberg.

"The Second Wave of Global Liquidity: Why are …Firms Acting like Financial Intermediaries?" with Panizza and Powell

CEPR working paper, #10926 and IDB working paper #641 (under revision).

"Financial Soundness of Firms in Emerging Markets," with Powell, IDB Research Department, manuscript.


“Autonomy of Foreign Banks in Latin America Vs. Eastern Europe”, with Powell and Schüler, IDB Research Department, manuscript (under revision).

Other Writings

"Firm Financial Positions and Firm Performance," (with Powell). Chapter 5 of IDB Macro Economic Report 2016, Time to Act.
"Monetary and Financial Developments," (with Fernández and Powell). Chapter 5 of IDB Macro Economic Report 2015, The Labyrinth: How Can Latin America and the Caribbean Navigate the Global Economy.
"Balance Sheets and Credit Growth," (with Powell).  Chapter 4 of IDB Macro Economic Report 2014, Global Recovery and Monetary Normalization: Escaping a Chronicle Foretold?
"Capital Flows to South America. An Overview," with Borensztein, Bastos, and Piedrabuena. Papers & Proceedings FLAR, 2013.
"Banking on Europe," (with Powell). Chapter 8 of IDB Macro Economic Report 2012, The World of Forking Paths: Latin America and the Caribbean Facing Global Economic Risks.
Bank Relationships and the Depth of the Current Economic Crisis,” (with Candelaria and Hale). FRBSF Economic Letter 2009-38, December, 2009.