Details about Marco E. Terrones

Access statistics for papers by Marco E. Terrones.

Last updated 2025-07-07. Update your information in the RePEc Author Service.

Short-id: pte49

Working Papers

2023

1. CIP deviations: The role of U.S. banks’ liquidity and regulations
   MPRA Paper, University Library of Munich, Germany

2020

2. Equalizing growth: The case of Peru
   Working Papers, Peruvian Economic Association View citations (1)
   Also in MPRA Paper, University Library of Munich, Germany (2020) View citations (1)
3. Global Recessions
   Koç University-TUSIAD Economic Research Forum Working Papers, Koc University-TUSIAD Economic Research Forum
   Also in Policy Research Working Paper Series, The World Bank (2020)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020)
   Working Papers, Peruvian Economic Association (2020)
   MPRA Paper, University Library of Munich, Germany (2020)
   CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University (2020)

2019

4. Do Fixers Perform Worse than Non-Fixers during Global Recessions and Recoveries?
   Working Papers, Peruvian Economic Association View citations (8)
   Also in MPRA Paper, University Library of Munich, Germany (2019) View citations (8)
   See also Journal Article Do fixers perform worse than non-fixers during global recessions and recoveries?, Journal of International Money and Finance, Elsevier (2020) View citations (5) (2020)
5. Uncertainty and the Uncovered Interest Parity Condition: How Are They Related?
   MPRA Paper, University Library of Munich, Germany View citations (3)
   Also in Working Papers, Peruvian Economic Association (2019) View citations (3)
   See also Journal Article Uncertainty and the uncovered interest parity condition: How are they related?, Review of World Economics (Weltwirtschaftliches Archiv), Springer (2024) (2024)

2018

6. Does financial sector development affect the growth gains from trade opennes?
   MPRA Paper, University Library of Munich, Germany View citations (1)
   Also in Working Papers, Peruvian Economic Association (2018) View citations (1)
   See also Journal Article Does financial sector development affect the growth gains from trade openness?, Review of World Economics (Weltwirtschaftliches Archiv), Springer (2020) View citations (4) (2020)

2016

7. Financial De-Dollarization: A Global Perspective and the Peruvian Experience
   IMF Working Papers, International Monetary Fund View citations (13)

2013

8. Anatomy of credit booms and their demise
   2013 Meeting Papers, Society for Economic Dynamics
   Also in Working Papers Central Bank of Chile, Central Bank of Chile (2012) View citations (233)
   NBER Working Papers, National Bureau of Economic Research, Inc (2012) View citations (235)
   See also Journal Article An Anatomy of Credits Booms and their Demise, Journal Economía Chilena (The Chilean Economy), Central Bank of Chile (2012) View citations (193) (2012)
   Chapter An Anatomy of Credit Booms and their Demise, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2014) View citations (23) (2014)
9. Do Asset Price Drops Foreshadow Recessions?
   IMF Working Papers, International Monetary Fund View citations (3)
   See also Journal Article Do asset price drops foreshadow recessions?, International Journal of Forecasting, Elsevier (2016) View citations (17) (2016)
10. Global House Price Fluctuations: Synchronization and Determinants
    CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University View citations (51)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2012) View citations (86)
    IMF Working Papers, International Monetary Fund (2013) View citations (51)
    Working Paper, Harvard University OpenScholar View citations (101)
    See also Chapter Global House Price Fluctuations: Synchronization and Determinants, NBER Chapters, National Bureau of Economic Research, Inc (2012) View citations (85) (2012)
    Journal Article Global House Price Fluctuations: Synchronization and Determinants, NBER International Seminar on Macroeconomics, University of Chicago Press (2013) View citations (50) (2013)

2012

11. On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    Also in Koç University-TUSIAD Economic Research Forum Working Papers, Koc University-TUSIAD Economic Research Forum (2012) View citations (4)
    See also Journal Article On the solvency of nations: Cross-country evidence on the dynamics of external adjustment, Journal of International Money and Finance, Elsevier (2013) View citations (32) (2013)

2011

12. Financial Cycles: What? How? When?
    IMF Working Papers, International Monetary Fund View citations (294)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (281)
    See also Journal Article Financial Cycles: What? How? When?, NBER International Seminar on Macroeconomics, University of Chicago Press (2011) View citations (281) (2011)
    Chapter Financial Cycles: What? How? When?, NBER Chapters, National Bureau of Economic Research, Inc (2010) View citations (74) (2010)
13. Globalization, the Business Cycle, and Macroeconomic Monitoring
    IMF Working Papers, International Monetary Fund View citations (20)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (17)
    See also Journal Article Globalization, the Business Cycle, and Macroeconomic Monitoring, NBER International Seminar on Macroeconomics, University of Chicago Press (2011) View citations (21) (2011)
    Chapter Globalization, the Business Cycle, and Macroeconomic Monitoring, NBER Chapters, National Bureau of Economic Research, Inc (2010) View citations (15) (2010)
14. How Do Business and Financial Cycles Interact?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (105)
    Also in IMF Working Papers, International Monetary Fund (2011) View citations (108)
    See also Journal Article How do business and financial cycles interact?, Journal of International Economics, Elsevier (2012) View citations (403) (2012)

2010

15. On the Solvency of Nations: Are Global Imbalances Consistent with Intertemporal Budget Constraints?
    IMF Working Papers, International Monetary Fund View citations (7)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2009) View citations (1)
16. Recessions and Financial Disruptions in Emerging Markets: A Bird´s Eye View
    Working Papers Central Bank of Chile, Central Bank of Chile View citations (4)
    See also Chapter Recessions and Financial Disruptions in Emerging Markets: A Bird’s Eye View, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2011) View citations (11) (2011)
17. The Global Financial Crisis:How Similar? How Different? How Costly?
    Koç University-TUSIAD Economic Research Forum Working Papers, Koc University-TUSIAD Economic Research Forum View citations (66)
    See also Journal Article The global financial crisis: How similar? How different? How costly?, Journal of Asian Economics, Elsevier (2010) View citations (70) (2010)

2008

18. An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (590)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2008) View citations (352)
    IMF Working Papers, International Monetary Fund (2008) View citations (601)
19. Does Openness to International Financial Flows Contribute to Productivity Growth?
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (45)
20. Does Openness to International Financial Flows Raise Productivity Growth?
    IMF Working Papers, International Monetary Fund View citations (43)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (42)
    See also Journal Article Does openness to international financial flows raise productivity growth?, Journal of International Money and Finance, Elsevier (2009) View citations (165) (2009)
21. Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Mercantilism
    2008 Meeting Papers, Society for Economic Dynamics View citations (11)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2007) View citations (27)
    IMF Working Papers, International Monetary Fund (2007) View citations (43)
    NBER Working Papers, National Bureau of Economic Research, Inc (2007) View citations (47)
    See also Journal Article Precautionary demand for foreign assets in Sudden Stop economies: An assessment of the New Mercantilism, Journal of Development Economics, Elsevier (2009) View citations (209) (2009)
22. Reaping the Benefits of Financial Globalization
    IMF Occasional Papers, International Monetary Fund View citations (41)
23. What Happens During Recessions, Crunches and Busts?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (160)
    Also in IMF Working Papers, International Monetary Fund (2008) View citations (162)
    See also Journal Article What happens during recessions, crunches and busts?, Economic Policy, CEPR, CESifo, Sciences Po (2009) View citations (252) (2009)

2007

24. How Does Financial Globalization Affect Risk Sharing? Patterns and Channels
    IMF Working Papers, International Monetary Fund View citations (110)
    Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2007) View citations (112)
25. Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Mercantilism: Working Paper 2007-10
    Working Papers, Congressional Budget Office View citations (28)

2006

26. How Do Trade and Financial Integration Affect the Relationship between Growth and Volatility?
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (128)
    Also in IMF Working Papers, International Monetary Fund (2005) View citations (24)
    Working Paper Series, Federal Reserve Bank of San Francisco (2004) View citations (22)
    See also Journal Article How do trade and financial integration affect the relationship between growth and volatility?, Journal of International Economics, Elsevier (2006) View citations (134) (2006)

2003

27. Financial Integration and Macroeconomic Volatility
    IMF Working Papers, International Monetary Fund View citations (296)
28. Fiscal Deficits and Inflation
    IMF Working Papers, International Monetary Fund View citations (12)
    See also Journal Article Fiscal deficits and inflation, Journal of Monetary Economics, Elsevier (2005) View citations (161) (2005)
29. How Does Globalization Affect the Synchronization of Business Cycles?
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (327)
    Also in IMF Working Papers, International Monetary Fund (2003) View citations (312)
    See also Journal Article How Does Globalization Affect the Synchronization of Business Cycles?, American Economic Review, American Economic Association (2003) View citations (339) (2003)
30. Volatility and Comovement in a Globalized World Economy: An Empirical Exploration
    IMF Working Papers, International Monetary Fund View citations (28)

2001

31. Fiscal Deficits and Inflation: A New Look at the Emerging Market Evidence
    IMF Working Papers, International Monetary Fund View citations (21)

2000

32. Determinants of Dollarization: The Banking Side
    IMF Working Papers, International Monetary Fund View citations (25)

1993

33. El ciclo economico en el Peru
    Working Papers, Group for the Analysis of Development (GRADE)
    Also in Documentos de Investigación, Grupo de Análisis para el Desarrollo (GRADE) (1993) View citations (1)

1990

34. Influence Activities and Economic Growth
    University of Western Ontario, Departmental Research Report Series, University of Western Ontario, Department of Economics View citations (9)

1989

35. MACROECONOMIC POLICY CYCLES UNDER ALTERNATIVE ELECTORAL STRUCTURES
    University of Western Ontario, Departmental Research Report Series, University of Western Ontario, Department of Economics View citations (8)

Journal Articles

2025

1. The role of US bank liquidity and regulations in Covered Interest Parity deviations
   Journal of International Financial Markets, Institutions and Money, 2025, 102, (C)

2024

2. Uncertainty and the uncovered interest parity condition: How are they related?
   Review of World Economics (Weltwirtschaftliches Archiv), 2024, 160, (4), 1505-1542
   See also Working Paper Uncertainty and the Uncovered Interest Parity Condition: How Are They Related?, MPRA Paper (2019) View citations (3) (2019)

2020

3. Do fixers perform worse than non-fixers during global recessions and recoveries?
   Journal of International Money and Finance, 2020, 104, (C) View citations (5)
   See also Working Paper Do Fixers Perform Worse than Non-Fixers during Global Recessions and Recoveries?, Working Papers (2019) View citations (8) (2019)
4. Does financial sector development affect the growth gains from trade openness?
   Review of World Economics (Weltwirtschaftliches Archiv), 2020, 156, (3), 475-515 View citations (4)
   See also Working Paper Does financial sector development affect the growth gains from trade opennes?, MPRA Paper (2018) View citations (1) (2018)

2016

5. Do asset price drops foreshadow recessions?
   International Journal of Forecasting, 2016, 32, (2), 518-526 View citations (17)
   See also Working Paper Do Asset Price Drops Foreshadow Recessions?, IMF Working Papers (2013) View citations (3) (2013)

2013

6. From the Global to the National Cycle: An Intricate Liaison
   Pacific Economic Review, 2013, 18, (3), 370-402 View citations (14)
7. Global House Price Fluctuations: Synchronization and Determinants
   NBER International Seminar on Macroeconomics, 2013, 9, (1), 119 - 166 View citations (50)
   See also Working Paper Global House Price Fluctuations: Synchronization and Determinants, CAMA Working Papers (2013) View citations (51) (2013)
   Chapter Global House Price Fluctuations: Synchronization and Determinants, NBER Chapters, 2012, 119-166 (2012) View citations (85) (2012)
8. On the solvency of nations: Cross-country evidence on the dynamics of external adjustment
   Journal of International Money and Finance, 2013, 32, (C), 762-780 View citations (32)
   See also Working Paper On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment, NBER Working Papers (2012) View citations (4) (2012)

2012

9. An Anatomy of Credits Booms and their Demise
   Journal Economía Chilena (The Chilean Economy), 2012, 15, (2), 04-32 View citations (193)
   See also Working Paper Anatomy of credit booms and their demise, 2013 Meeting Papers (2013) (2013)
   Chapter An Anatomy of Credit Booms and their Demise, Central Banking, Analysis, and Economic Policies Book Series, 2014, 18, 165-204 (2014) View citations (23) (2014)
10. How do business and financial cycles interact?
    Journal of International Economics, 2012, 87, (1), 178-190 View citations (403)
    See also Working Paper How Do Business and Financial Cycles Interact?, CEPR Discussion Papers (2011) View citations (105) (2011)

2011

11. Financial Cycles: What? How? When?
    NBER International Seminar on Macroeconomics, 2011, 7, (1), 303 - 344 View citations (281)
    See also Chapter Financial Cycles: What? How? When?, NBER Chapters, 2010, 303-343 (2010) View citations (74) (2010)
    Working Paper Financial Cycles: What? How? When?, IMF Working Papers (2011) View citations (294) (2011)
12. Globalization, the Business Cycle, and Macroeconomic Monitoring
    NBER International Seminar on Macroeconomics, 2011, 7, (1), 245 - 286 View citations (21)
    See also Working Paper Globalization, the Business Cycle, and Macroeconomic Monitoring, IMF Working Papers (2011) View citations (20) (2011)
    Chapter Globalization, the Business Cycle, and Macroeconomic Monitoring, NBER Chapters, 2010, 245-286 (2010) View citations (15) (2010)

2010

13. Recessions and Financial Disruptions in Emerging Marketes: A Bird's Eye View
    Journal Economía Chilena (The Chilean Economy), 2010, 13, (2), 55-84 View citations (1)
    See also Chapter Recessions and Financial Disruptions in Emerging Markets: A Bird’s Eye View, Central Banking, Analysis, and Economic Policies Book Series, 2011, 16, 059-104 (2011) View citations (11) (2011)
14. The global financial crisis: How similar? How different? How costly?
    Journal of Asian Economics, 2010, 21, (3), 247-264 View citations (70)
    See also Working Paper The Global Financial Crisis:How Similar? How Different? How Costly?, Koç University-TUSIAD Economic Research Forum Working Papers (2010) View citations (66) (2010)

2009

15. Does financial globalization promote risk sharing?
    Journal of Development Economics, 2009, 89, (2), 258-270 View citations (181)
16. Does openness to international financial flows raise productivity growth?
    Journal of International Money and Finance, 2009, 28, (4), 554-580 View citations (165)
    See also Working Paper Does Openness to International Financial Flows Raise Productivity Growth?, IMF Working Papers (2008) View citations (43) (2008)
17. Precautionary demand for foreign assets in Sudden Stop economies: An assessment of the New Mercantilism
    Journal of Development Economics, 2009, 89, (2), 194-209 View citations (209)
    See also Working Paper Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Mercantilism, 2008 Meeting Papers (2008) View citations (11) (2008)
18. What happens during recessions, crunches and busts?
    (Business cycles for G-7 and European countries)
    Economic Policy, 2009, 24, (60), 653-700 View citations (252)
    See also Working Paper What Happens During Recessions, Crunches and Busts?, CEPR Discussion Papers (2008) View citations (160) (2008)

2008

19. Financial Stress and Economic Activity
    Journal of BRSA Banking and Financial Markets, 2008, 2, (2), 11-24 View citations (9)

2006

20. How do trade and financial integration affect the relationship between growth and volatility?
    Journal of International Economics, 2006, 69, (1), 176-202 View citations (134)
    Also in Proceedings, 2004, (Jun) (2004) View citations (31)
    See also Working Paper How Do Trade and Financial Integration Affect the Relationship between Growth and Volatility?, IZA Discussion Papers (2006) View citations (128) (2006)

2005

21. Fiscal deficits and inflation
    Journal of Monetary Economics, 2005, 52, (3), 529-554 View citations (161)
    See also Working Paper Fiscal Deficits and Inflation, IMF Working Papers (2003) View citations (12) (2003)
22. Growth and Volatility in an Era of Globalization
    IMF Staff Papers, 2005, 52, (si), 31-63 View citations (58)

2003

23. How Does Globalization Affect the Synchronization of Business Cycles?
    American Economic Review, 2003, 93, (2), 57-62 View citations (339)
    See also Working Paper How Does Globalization Affect the Synchronization of Business Cycles?, IZA Discussion Papers (2003) View citations (327) (2003)

1993

24. Educación, capital humano y crecimiento económico: el caso de América Latina
    Revista Economía, 1993, (31), 23-70
25. Environmental Legislation and Enforcement: A Voting Model under Asymmetric Information
    Journal of Environmental Economics and Management, 1993, 24, (3), 212-228 View citations (4)

1991

26. Macroeconomic policy and elections: Theories and challenges
    Estudios Económicos, 1991, 6, (2), 173-195

1983

27. La economía peruana en 1982
    Revista Economía, 1983, VI, (11-12), 163-216

Chapters

2014

1. An Anatomy of Credit Booms and their Demise
   Chapter 6 in Capital Mobility and Monetary Policy, 2014, vol. 18, pp 165-204 View citations (23)
   See also Working Paper Anatomy of credit booms and their demise, Society for Economic Dynamics (2013) (2013)
   Journal Article An Anatomy of Credits Booms and their Demise, Central Bank of Chile (2012) View citations (193) (2012)

2012

2. Global House Price Fluctuations: Synchronization and Determinants
   A chapter in NBER International Seminar on Macroeconomics 2012, 2012, pp 119-166 View citations (85)
   See also Journal Article Global House Price Fluctuations: Synchronization and Determinants, University of Chicago Press (2013) View citations (50) (2013)
   Working Paper Global House Price Fluctuations: Synchronization and Determinants, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University (2013) View citations (51) (2013)

2011

3. Recessions and Financial Disruptions in Emerging Markets: A Bird’s Eye View
   Chapter 04 in Monetary Policy under Financial Turbulence, 2011, vol. 16, pp 059-104 View citations (11)
   See also Journal Article Recessions and Financial Disruptions in Emerging Marketes: A Bird's Eye View, Central Bank of Chile (2010) View citations (1) (2010)
   Working Paper Recessions and Financial Disruptions in Emerging Markets: A Bird´s Eye View, Central Bank of Chile (2010) View citations (4) (2010)

2010

4. Financial Cycles: What? How? When?
   A chapter in NBER International Seminar on Macroeconomics 2010, 2010, pp 303-343 View citations (74)
   See also Journal Article Financial Cycles: What? How? When?, University of Chicago Press (2011) View citations (281) (2011)
   Working Paper Financial Cycles: What? How? When?, International Monetary Fund (2011) View citations (294) (2011)
5. Globalization, the Business Cycle, and Macroeconomic Monitoring
   A chapter in NBER International Seminar on Macroeconomics 2010, 2010, pp 245-286 View citations (15)
   See also Working Paper Globalization, the Business Cycle, and Macroeconomic Monitoring, International Monetary Fund (2011) View citations (20) (2011)
   Journal Article Globalization, the Business Cycle, and Macroeconomic Monitoring, University of Chicago Press (2011) View citations (21) (2011)