Staff Publications

CEMLA staff publications in specialized journals, including the LAJCB.




Journal of Financial Intermediation – January 2023
The disciplining effect of supervisory scrutiny in the EU-wide stress test
Carola Müller, Christoffer Kok, Steven Ongena, Cosimo Pancaro

Finance Research Letters – January 2023
Political institutions, economic uncertainty and sovereign credit ratings
Nelson R. Ramírez-Rondán, Renato M. Rojas-Rojas, Julio A. Villavicencio



Latin American Journal of Central Banking – September 2022
Central Bank Response to COVID-19
Manuel Ramos-Francia, Santiago García-Verdú

Latin American Journal of Central Banking – September 2022
Growth at risk: Methodology and applications in an open-source platform
Matias Ossandon Busch, José Manuel Sánchez-Martínez, Anahí Rodríguez-Martínez, Ricardo Montañez-Enríquez, Serafín Martínez-Jaramillo

Studies in Nonlinear Dynamics & Econometrics – July 2022
Panel data models with two threshold variables
Arturo Lamadrid-Contreras, Nelson R. Ramírez-Rondán

Latin American Journal a Central Banking – June 2022
Measuring systemic risk for bank credit networks: A multilayer approach     
Eduardo Yanquen, Giacomo Livan, Ricardo Montañez-Enríquez, Serafín Martínez-Jaramillo

Latin American Journal of Central Banking – April 2022
Price, sales, and the business cycle: Microeconomic evidence
Fernando Borraz, Giacomo Livan, Anahí Rodríguez-Martínez, Pablo Picardo

Latin American Journal of Central Banking – March 2022
Identifying clusters of anomalous payments in the salvadorian payment system
Franklim Arévalo, Paolo Barucca, Isela-Elizabeth Téllez León, William Rodríguez, Gerardo Gage, Raúl Morales Reséndiz



Research in Labor Economics - December 2021
Job Finding and Separation Rates in an Economy with High Labor Informality
Nikita Céspedes, Nelson R. Ramírez-Rondán

Journal of Corporate Finance – December 2021
Macroprudential policy and intra-group dynamics: The effects of reserve requirements in Brazil
Chris Becker, Matias Ossandon Busch, Lena Tonzer

Journal of International Money and Finance – December 2021
Banks fearing the drought? Liquidity hoarding as a response to Idiosyncratic Interbank funding dry-ups
Helge C.N. Littke, Matias Ossandon Busch

Journal of Financial Stability – October 2021
Banking globalization, local lending, and labor market effects: Micro-level evidence from Brazil      
Felix Noth, Matias Ossandon Busch

Latin American Journal of Central Banking – September 2021                
Policy report on FinTech data gaps
José Manuel Marqués, Fernando Ávila, Anahí Rodríguez MartínezRaúl Morales Reséndiz, Antonio Marcos, Tamara Godoy, Pablo Villalobos, Andrea Ocontrillo, Valerie Ann Lankester, Clemente Blanco, Karla Reyes, Silvia Irina Lopez, Ana Fernández, Román Santos, Luis Ángel Maza, Manuel Sánchez, Carlos Domínguez, Natalie Haynes, Michelle Francis-Pantor

Latin American Journal of Central Banking – September 2021
A network characterization of the interbank exposures in Peru
Walter Cuba, Anahí Rodríguez Martínez,Diego A. Chavez, Fabio Caccioli, Serafín Martínez-Jaramillo

Journal of Financial Stability – August 2021    
How are network centrality metrics related to interest rates in the Mexican secured and unsecured interbank markets?    
Isela-Elizabeth Téllez-LeónSerafín Martínez-Jaramillo, Luis O. L. Escobar-Farfán, Ronald Hochreiter         

Journal of Financial Market Infrastructures – July 2021           
Retail payments and financial inclusion in Latin America and the Caribbean: identifying gaps and opportunities        
Raúl Morales Reséndiz, Milton Vega, José Aurazo, Anahí Rodríguez Martínez

Latin American Journal of Central Banking – June 2021            
The contribution of the intra-firm exposures network to systemic risk              
Victoria Landaberry, Fabio Caccioli, Anahí Rodríguez Martínez, Andrea Barona, Serafín Martínez-Jaramillo, Rodrigo Lluberas

Journal of Financial Stability - June 2021
Climate risk and financial stability in the network of banks and investment funds       
Alan Roncoroni, Stefano Battiston, Luis O. L. Escobar-Farfán, Serafín Martínez-Jaramillo

Latin American Journal of Central Banking - March 2021        
Implementing a retail CBDC: Lessons learned and key insights              
Raúl Morales Reséndiz, Jorge Ponce, Pablo Picardo, Andrés Velasco, Bobby Chen, León Sanz, Gabriela Guiborg, Björn Segendorff, José Luis Vasquez, John Arroyo, Illich Aguirre, Natalie Haynes, Novelette Panton, Mario Griffiths, Cedric Pieterz, Allister Hodge           

Journal of Financial Stability – February 2021
Quantification of systemic risk from overlapping portfolios in the financial system
Sebastian Poledna, Serafín Martínez-Jaramillo, Fabio Caccioli, Stefan Thurner



Latin American Journal of Central Banking – December 2020
Systemic risk and other interdependencies among banks in Bolivia    
Jonnathan Caceres Santos, Anahí Rodríguez Martínez, Fabio Caccioli, Serafín Martínez-Jaramillo

Latin American Journal of Central Banking – December 2020                
Classifying payment patterns with artificial neural networks: An autoencoder approach        
Jeniffer Rubio, Paolo Barucca, Gerardo Gage, John Arroyo, Raúl Morales Reséndiz

Latin American Journal of Central Banking – November 2020
Pattern recognition of financial institutions’ payment behavior             
Carlos León, Paolo Barucca, Oscar Acero, Gerardo Gage, Fabio Ortega



Proceedings of the Eighth International Conference on Complex Networks and Their Applications - November 2019
Learning of Weighted Multi-layer Networks via Dynamic Social Spaces, with Application to Financial Interbank Transactions      
Chris Carmona, Serafín Martínez-Jaramillo   

Journal of Risk Management in Financial Institutions - April 2019
Interconnectedness and financial stability        
Serafín Martínez-Jaramillo, Christian U. Carmona, Dror Y. Kenett



Journal of Financial Stability – October 2018
Bank Capital Buffers Around the World: Cyclical Patterns and the Effect of Market Power
Óscar Carvallo Valencia, Alberto Ortiz Bolaños 

Journal of International Economics – September 2018
The dynamics of sovereign debt crises and bailouts
Francisco Roch, Harald Uhlig

The Journal of Consumer Affairs – April 2018
Financial Decisions and Financial Capabilities in the Andean Region 
Jonathan Barboza, Ignacio Garrón, María José Roa

International Journal of Central Banking – January 2018
Currency Mismatch in the Banking Sector in Latin America and the Caribbean             
Martin Tobal