Forthcoming Publications

"Evergreening"
with Miguel Faria e Castro and  Pascal Paul
Journal of Financial Economics

Journal Publications

"Natural Resources and Global Misallocation"
with Alexander Monge-Naranjo and Raul Santaeulalia-Llopis
American Economic Journal-Macroeconomics
Working Paper
https://doi.org/10.1257/mac.20170381

"The Persistence of Financial Distress"
with  Kartik Athreya and  José Mustre-del-Río
Review of Financial Studies
Working Paper
https://doi.org/10.1093/rfs/hhz009

"Improving Sovereign Debt Restructurings"
with Maximiliano A. Dvorkin,  Horacio Sapriza, and  Emircan Yurdagul
Journal of Economic Dynamics & Control, June 2022, Vol. 139, No. June 2022, 104435, pp. 1
Working Paper

"Financing Ventures"
with  Jeremy Greenwood and  Pengfei Han
International Economic Review, August, Vol. 63, No. 3, pp. 1021-1053
Working Paper
https://doi.org/10.1111/iere.12561

"Designing Unemployment Insurance for Developing Countries"
with  Fernando Cirelli and  Emilio Espino
Journal of Development Economics, January 2021, Vol. 148, pp. 1-14
Working Paper
https://doi.org/10.1016/j.jdeveco.2020.102565

"News, sovereign debt maturity, and default risk"
with Maximiliano A. Dvorkin,  Horacio Sapriza, and  Emircan Yurdagul
Journal of International Economics, September, Vol. 126, No. 09, 103352, pp. 1-23
Working Paper
Online Appendix
https://doi.org/10.1016/j.jinteco.2020.103352

"Sovereign Debt Restructurings"
with Maximiliano A. Dvorkin,  Horacio Sapriza, and  Emircan Yurdagul
American Economic Journal-Macroeconomics, April, 2021, Vol. 13, No. 2, pp. 26-77
Working Paper
https://doi.org/10.1257/mac.20190220

"Investment and Bilateral Insurance"
with  Emilio Espino and Julian Kozlowski
Journal of Economic Theory, July 2018, Vol. 176, pp. 311-341
Working Paper
https://doi.org/10.1016/j.jet.2018.04.002

"Bankruptcy and Delinquency in a Model of Unsecured Debt"
with  Kartik Athreya,  Xuan S. Tam, and  Eric R. Young
International Economic Review, May 2018, Vol. 59, No. 2, pp. 593-623
Working Paper
https://doi.org/10.1111/iere.12281

"Sovereign Default and Maturity Choice"
with  Horacio Sapriza and  Emircan Yurdagul
Journal of Monetary Economics, May 2018, Vol. 95, pp. 72-85
Working Paper
https://doi.org/10.1016/j.jmoneco.2018.01.001

"The IT revolution and the unsecured credit market"
Economic Inquiry, Novemeber 2017, Vol. 56, No. 2
Working Paper
https://doi.org/10.1111/ecin.12519

"Revisiting Gertler-Gilchrist Evidence on the Behavior of Small and Large Firms"
with  Marianna Kudlyak
Journal of Economic Dynamics & Control, April 2017, Vol. 77, pp. 48-69
Working Paper
https://doi.org/10.1016/j.jedc.2017.01.017

"Why Doesn't Technology Flow from Rich to Poor Countries?"
with  Harold L. Cole and  Jeremy Greenwood
Econometrica, July 2016, Vol. 84, No. 4, pp. 1477-1521
Working Paper
https://doi.org/10.3982/ecta11150

"Mortgage Defaults"
with  Juan Carlos Hatchondo and  Leonardo Martinez
Journal of Monetary Economics, November 2015, Vol. 76, pp. 173-190
Working Paper
https://doi.org/10.1016/j.jmoneco.2015.09.011

"Labor Market Upheaval, Default Regulations, and Consumer Debt"
with  Kartik Athreya,  Xuan S. Tam, and  Eric R. Young
Review of Economic Dynamics, January 2015, Vol. 18, No. 1, pp. 32-52
Working Paper
https://doi.org/10.1016/j.red.2014.08.001

"Quantifying the Impact of Financial Development on Economic Development"
with  Jeremy Greenwood and  Cheng Wang
Review of Economic Dynamics, January 2013, Vol. 16, pp. 194-215
Working Paper
https://doi.org/10.1016/j.red.2012.07.003

"Financing Development: The Role of Information Costs"
with  Jeremy Greenwood and  Cheng Wang
American Economic Review, September 2010, Vol. 100, No. 4, pp. 1875–91
Working Paper
https://doi.org/10.1257/aer.100.4.1875

"Fiscal Policy and Default Risk in Emerging Markets"
with  Gabriel Cuadra and  Horacio Sapriza
Review of Economic Dynamics, April 2010, Vol. 13, No. 2, pp. 452-469
https://doi.org/10.1016/j.red.2009.07.002

"Unemployment Insurance with a Hidden Labor Market"
with  Fernando Alvarez-Parra
Journal of Monetary Economics, October 2009, Vol. 56, No. 7, pp. 954-67
https://doi.org/10.1016/j.jmoneco.2009.09.006

"Optimal State-contingent Unemployment Insurance"
Economics Letters, March 2008, Vol. 98, No. 3, pp. 348-57