Mr. Maria Soledad Martinez Peria

Casting Light on Central Bank Digital Currencies

Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering ...

Macroprudential Policy Effects

Evidence and Open Questions

The global financial crisis (GFC) underscored the need for additional policy tools to safeguard financial stability and ultimately macroeconomic stabi...

The Micro Impact of Macroprudential Policies: Firm-Level Evidence

Combining balance sheet data on 900,000 firms from 48 countries with information on the adoption of macroprudential policies during 2003-2011, we find...

The Effects of Higher Bank Capital Requirements on Credit in Peru

This paper offers novel evidence on the impact of raising bank capital requirements in the context of an emerging market: Peru. Using quarterly bank-l...

Bank Ownership

Trends and Implications

This paper presents recent trends in bank ownership across countries and summarizes the evidence regarding the implications of bank ownership structur...

Trade-offs in Bank Resolution

This SDN revisits the debate on bank resolution regimes, first by presenting a simple model of bank insolvency that transparently describes the trade-...

Foreign Bank Subsidiaries’ Default Risk during the Global Crisis

What Factors Help Insulate Affiliates from their Parents?

This paper examines the association between the default risk of foreign bank subsidiaries in developing countries and their parents during the global ...

The Anatomy of Banks’ IT Investments: Drivers and Implications

This paper relies on administrative data to study determinants and implications of US banks’ Information Technology (IT) investments, which have inc...

Understanding the Use of Long-term Finance in Developing Economies

This short paper reviews recent literature on the use of long-term finance in developing economies (relative to advanced ones) to identify where long-...

Debt Maturity and the Use of Short-Term Debt

Evidence form Sovereigns and Firms

The maturity structure of debt can have financial and real consequences. Short-term debt exposes borrowers to rollover risk (where the terms of financ...

The Internationalization of China’s Equity Markets

China’s equity markets internationalization process started in the early 2000s but accelerated after 2012, when Chinese firms’ shares listed in Sh...

What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending During COVID-19

This paper analyzes the impact of fiscal, monetary, and prudential policies during the COVID-19 pandemic on bank lending across a broad sample of coun...

Government Intervention and Bank Market Power: Lessons from the Global Financial Crisis for the COVID-19 Crisis

The COVID-19 pandemic could result in large government interventions in the banking industry. To shed light on the possible consequences on market pow...