Sustainable Shadow Banking
AEJ: Macroeconomics. 10(1): 33-56. (2018).

Banks as Secret Keepers
(with Tri Vi Dang, Gary Gorton and Bengt Holmstrom)

American Economic Review. 107(4): 1005-1029. (2017). [appendix]

Network Reactions to Banking Regulations
(with Selman Erol)
Journal of Monetary Economics. 89: 51-67. (2017). [appendix]

Deceptive Redistribution
(with Simeon Alder
Review of Economic Dynamics. 22: 223-239.
(2016). [appendix]

Uncertainty as Commitment
(with Jaromir Nosal)
Journal of Monetary Economics. 80: 124-140. (2016). [appendix]

Optimal Regulation in the Presence of Reputation Concerns
(with Andrew Atkeson and Christian Hellwig)

Quarterly Journal of Economics
. 130(1): 415-464. (2015). [continuous time version]

Collateral Crises
(with Gary Gorton)

American Economic Review. 104(2): 343-378. (2014). (lead article). [appendix]

The Asymmetric Effects of Financial Frictions
Journal of Political Economy. 121(5): 844-895. (2013). [appendix]

Fragility of Reputation and Clustering of Risk-Taking
Theoretical Economics
. 8(3): 653-700. (2013).

Reputation from Nested Activities
Economic Theory. 52 (3): 915-940. (2013).

Which Workers Get Insurance Within the Firm?
(with David Lagakos)
Journal of Monetary Economics. 58: 632-645. (2011). [appendix]

The Currency Union Effect on Trade: Early Evidence from the European Union
(with Alejandro Micco and Ernesto Stein)

Economic Policy, 18(37): 315-356. (2003)

Financial Liberalization and Growth: Does it Pay to Join the Party?
(with Arturo Galindo and Alejandro Micco)

Economia, 3(1): 231-261. (2002)

Fiscal Evasion and Corruption: The Importance of Priorities (in Spanish)
Revista de Analisis Economico, 16(2) 43-76 (2001)


Global Information Spillovers.
(with Kyriakos Chousakos and Gary Gorton)
Conference Proceedings, 20th Annual Conference of the Central Bank of Chile,
edited by Enrique Mendoza, Ernesto Pasten and Diego Saravia, Central Bank of Chile, Forthcoming.

Comment on ’Credit Market Frictions and Political Failure’ by Aney, Ghatak and Morelli.
Carnegie-Rochester-NYU Conference Series on Public Policy.
Journal of Monetary Economics. 81: 65-69 (2016).

The EMU Effect on Trade: What's in it for the UK?
(with Alejandro Micco and Ernesto Stein)

Prospects for Monetary Unions After the Euro. ed. P. de Grawe and J. Melitz, MIT Press, 155-186. (2005)


Political Booms, Financial Crises
(with Helios Herrera and Cristoph Trebesch)

NBER Working Paper 20346.
Revise and Resubmit. Journal of Political Economy.

Confidence Banking and Strategic Default
Revise and Resubmit. Journal of Monetary Economics.

Good Booms, Bad Booms
(with Gary Gorton)
NBER Working Paper 22008.

Revise and Resubmit. Journal of the European Economic Association.

A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information
(with Hal Cole and Daniel Neuhann)

Debt Crises: For Whom the Bell Tolls
(with Hal Cole and Daniel Neuhann)

NBER Working Paper 22330.

The Supply and Demand for Safe Assets
(with Gary Gorton)
NBER Working Paper 18732. 

Leverage Dynamics and Credit Quality
(with David Perez and Motohiro Yogo)

Fighting Crises with Secrecy
(with Gary Gorton)
NBER Working Paper 22787.

Retirement in the Shadow (Banking)
(with Facundo Piguillem)

The Two Faces of Information
(with Gaetano Gaballo)

WORK IN PROGRESS (Drafts Coming Soon)

Limits to Stability
(with Facundo Piguillem)

Patents as Collateral and Directed Technical Change
(with Ufuk Akcigit and Murat Alp Celik)

The Dynamics of Bank Runs
(with Itay Goldstein and Lin Shen)

Hard to Get, Easy to Lose: Endogenous Reputation and Underinvestment

Rating Agencies and Coordination

Trade and Technology: Asian Miracles and WTO Anti-miracles



Banks as Secret Keepers:  [Wall Street Journal], [Bloomberg], [Financial Times]

Collateral Crises:  [CNBC], [Financial Times]

The Supply and Demand for Safe Assets:  [The Economist], [Financial Times], [Harvard Law School Forum]

Political Booms, Financial Crises:  [VOX], [Business Insider]

Sustainable Shadow Banking:  [Dealbreaker]

Good Booms, Bad Booms:  [VOX]


Import Quotas and Welfare: The Case of the Mercosur Automobile Industry
(with Jose Delfino and Maria Eugenia Delfino)
Studies, IEF-UNC, 30
. (1998)

Policies and Training Programs for Small Firms (In Spanish)
CINTERFOR/ILO - Montevideo, Uruguay, 2006.

Good Jobs Wanted: Labor Markets in Latin America - IPES 2003
IADB Research Department Annual Book. Washington, DC, 2003.

Beyond Borders: The New Regionalism in Latin America - IPES 2002
IADB Research Department Annual Book. Washington, DC, 2002.

Elements for a Labor Education Strategy in Central America (In Spanish)
European Union - IADB. Cinterfor Documents. Montevideo, Uruguay, 1999.



El alto precio que pagamos por la educacion gratuita
La Voz del Interior, Cordoba, Argentina, September 27, 2005.

Cuidado con inflar la inflacion...puede hacerse realidad
La Voz del Interior, Cordoba, Argentina, February 8, 2011.