Research

Current Funded Agenda

Interconnectedness, Banking Performance, Risk Contagion, and Response to Shocks.
Developed in collaboration with Chile's financial regulator (CMF) and funded by ANID (Fondecyt Iniciación No. 11250893), my current research agenda investigates how bank interconnectedness influences performance, risk management, and responses to economic shocks. By applying novel econometric techniques (such as network analysis and semi-parametric models) to confidential administrative data on interbank exposures and balance sheets, this research aims to generate new insights into the functioning and resilience of the banking sector.

Working Papers

Title	Last update	Status
Two Layers of Bank Interconnectedness and Aggregate DynamicsAbout: Bank interconnectedness as two layers that evolve with macroeconomic conditions. [Slides]	Jul 2026	55% · preliminary results
Interconnectedness and Banking Performance: Insights from the Interbank Lending Market in ChileAbout: Bank networks, usually viewed through contagion risk, may also be a source of industry-wide performance gains. [Slides]	May 2026	70% · working paper
Local Delinquency Persistence across Loan Portfolios and Horizons: Evidence from ChileAbout: Comparing the geographic persistence of commercial, consumer, and housing loan delinquency across 187 Chilean comunas.	Oct 2026	95% · manuscript ready, extension underway
The Pay–Productivity Divergence: Sectoral Reallocation and Informality in Latin American EconomiesAbout: Decomposing the pay–productivity divergence in Chile and Mexico by sector and formality margins.	Sep 2026	95% · manuscript review
Global Shocks, Monetary Conditions, and Regional Credit Risk in Chile	Jan 2026	35% · data audit
Choosing the Direction — or Not: Robust Scale Measurement in Small-Panel Multi-Output Frontiers	Nov 2025	40% · simulations

Publications

Racial disparities in labor outcomes: The effects of hiring discrimination over the business cycle (2024), Economic Analysis and Policy (with F. Kuhn). Published Paper | Working Paper
About: We investigate how labor outcomes are affected by hiring discrimination over the business cycle. While evidence suggests that discrimination in hiring can create disparities in unemployment rates between discriminated and non-discriminated groups (e.g., racial unemployment gap), there is limited understanding of how such disparities may be exacerbated during a recession. Our approach aims to shed light on this issue.
Crime under-reporting in Bogotá: a spatial panel model with fixed effects (2023), Empirical Economics (with S. Kumbhakar and L. Sandoval). Published Paper | Working Paper | Code
About: We propose a novel spatial autoregressive stochastic frontier model with fixed effects and use a rich database of police-reported crimes in Bogotá to study whether living near neighborhoods with high crime rates may affect crime reporting.
The effect of crop insurance in Ecuadorian rice farming: a technical efficiency approach (2023), Agricultural Finance Review (with A. Reyes, A. Villegas, M. Castro) Published Paper
About: We estimate the technical efficiency of a massive and economically important crop in Ecuador and conduct a comparison between groups of farmers with and without insurance.
Export Diversification Dynamics in Latin America (2015), in Handbook on Trade and Development (edited by Morrissey, O., López, R. A., and Sharma, K. Elgar Publishing) (with Manuel Agosin). Published Version
About: In this chapter, we construct a set of export diversification measures in order to give a detailed view of the export diversification dynamics in Latin America.

Others

Energy prices, firms’ productivity and market power by industry. Evidence from a developing country (2020). Working Paper
About: In this paper I study whether energy prices affects Chilean manufacturing firms’ productivity and markups by industry. (Third-year paper for the doctoral program).
Additional Resources: Stata Package for zero-stochastic frontier (developed during my third year in the doctoral program) chks