Leonardo Martinez

Last Updated: March 30, 2016

Leonardo Martinez

Leonardo Martinez is a senior economist in the Macro-Financial Division of the Research Department. His research focuses on sovereign debt crises, fiscal rules, international reserves, household credit, and political economics. Between 2009 and 2015 Leonardo worked at the IMF Institute for Capacity Development and participated in missions with the IMF Fiscal Affairs and Western Hemisphere Departments. Before that, he worked at the U.S. Federal Reserve Bank of Richmond . Leonardo first studied economics at the Universidad Nacional de Tucumán and holds a Ph.D. in economics from the University of Rochester.

Email: LMARTINEZ4@imf.org

Personal WebPage: http://works.bepress.com/leonardo_martinez/

Fluent In: Spanish.

Education:

Ph.D. in Economics, University of Rochester

M.A. in Economics, University of Rochester

Lic. in Economics (Licenciatura), Universidad Nacional de Tucumán


Referee Activities:

American Economic Review, B.E. Journal of Economic Analysis & Policy, B.E. Journals of Macroeconomics, B.E. Journals of Theoretical Economics, Computational Economics, Economic Inquiry, Economic Letters, Economic Theory, Economica, IMF Economic Review, International Economic Review, International Finance, Journal of Banking and Finance, Journal of Economic Dynamics and Control, Journal of Economic Theory, Journal of International Economics, Journal of Monetary Economics, Journal of Public Economics, Macroeconomic Dynamics, Quarterly Journal of Economics, Review of Economic Studies


Work in progress:

International reserves and rollover risk (with Javier Bianchi and Juan Carlos Hatchondo). Revise and Resubmit, American Economic Review.

Non-defaultable debt and sovereign risk (with Juan Carlos Hatchondo and Yasin Kursat Onder). Revise and Resubmit, Journal of International Economics.

Fiscal rules and the sovereign default premium (with Juan Carlos Hatchondo and Francisco Roch).

Sovereign cocos and reprofiling of debt payments (with Juan Carlos Hatchondo, Yasin Kursat Onder, and Francisco Roch).

Calibrating the cost of defaulting in models of sovereign defaults (with Juan Carlos Hatchondo)

Credit risk without commitment (with Juan Carlos Hatchondo)

Sovereign Bailouts (with Bulent Guler, Juan Carlos Hatchondo, and Burhanettin Kurusku)

Whatever it takes (with Juan Carlos Hatchondo and Yasin Kursat Onder)

IMF Books and Working Papers:

Sovereign Debt Standstills , Working Paper No. 2020/290 , December 18, 2020

Constrained Efficient Borrowing with Sovereign Default Risk , Working Paper No. 20/227 , November 08, 2020

Debt Maturity and the Use of Short-Term Debt : Evidence form Sovereigns and Firms , Departmental Paper No.19/03 , February 05, 2019

Non-Defaultable Debt and Sovereign Risk , Working Paper No. 14/198 , October 28, 2014

Sudden stops, time inconsistency, and the duration of sovereign debt , Working Paper No. 13/174 , July 19, 2013

International Reserves and Rollover Risk , Working Paper No. 13/33 , January 31, 2013

Mortgage Defaults , Working Paper No. 12/26 , January 01, 2012

Fiscal Rules and the Sovereign Default Premium , Working Paper No. 12/30 , January 01, 2012

Debt Dilution and Sovereign Default Risk , Working Paper No. 11/70 , March 01, 2011

Quantitative Properties of Sovereign Default Models: Solution Methods Matter , Working Paper No. 10/100 , April 01, 2010

On the Design and Effectiveness of Targeted Expenditure Programs , Working Paper No. 04/220 , November 01, 2004

Publications in Journals (Refereed)

Debt dilution and sovereign default risk (with Juan Carlos Hatchondo and César Sosa Padilla), Journal of Political Economy, forthcoming.

Mortgage Defaults (with Juan Carlos Hatchondo and Juan Sánchez). Journal of Monetary Economics, forthcoming.

Voluntary Sovereign Debt Exchanges (with Juan Carlos Hatchondo and César Sosa Padilla), Journal of Monetary Economics, Volume 61, January 2014, 32-50

Sudden Stops, Time Inconsistency, and the Duration of Sovereign Debt (with Juan Carlos Hatchondo), International Economic Journal, Volume 27, Issue 2, 217–228, 2013.

Intertemporal competition and aid (with Ehtisham Ahmad), Economics & Politics, Volume 23, Issue 1, pages 74–87, March 2011

Quantitative properties of sovereign default models: Solution methods matter (with Juan Carlos Hatchondo and Horacio Sapriza), Review of Economic Dynamics, 13 (October 2010), 919-993.

Heterogeneous Borrowers in Quantitative Models of Sovereign Default (with Juan Carlos Hatchondo and Horacio Sapriza), International Economic Review, 50 (November 2009), 1129-1151.

Long-duration Bonds and Sovereign Defaults (with Juan Carlos Hatchondo), Journal of International Economics, 79 (2009), 117–125

A Theory of Political Cycles, Journal of Economic Theory, Vol. 144, No. 3. (May 2009), 1166-1186

Reputation, Career Concerns, and Job Assignments, The B.E. Journal of Theoretical Economics, Vol. 9: Iss. 1 (Contributions), Article 15.

Other Published Materials

Colombia Fiscal Rule and Adjustment in the Context of Resource Wealth (with Martín Wachs), International Monetary Fund, Colombia 2014 Selected Issues Papers

Europe May Provide Lessons on Preventing Mortgage Defaults, (with Juan Carlos Hatchondo and Juan Sánchez), The Regional Economist, July 2013, 12-13.

Optimal Sovereign Debt Levels: The Information in Sovereign Spreads (with Juan Carlos Hatchondo and Francisco Roch), International Monetary Fund, Western Hemisphere Regional Economic Outlook, May 2013, Box 4.1., p.45

Life Cycle Patterns and Boom-Bust Dynamics in U.S. Housing Prices, (with Juan Carlos Hatchondo and Juan Sánchez), Economic SYNOPSES, 2013, Number 9

On the benefits of GDP-indexed government debt: lessons from a model of sovereign defaults (with Juan Carlos Hatchondo), Economic Quarterly, Volume 98, Number 2 (Second Quarter 2012), 139–157

Legal protection to foreign investors (with Juan Carlos Hatchondo), Economic Quarterly, Volume 97, Number 2 (Second Quarter 2011), 175–187

Understanding Sovereign Default (with Juan Carlos Hatchondo and Horacio Sapriza), in Sovereign Debt: From Safety to Default, edited by Robert W. Kolb, Wiley, 2011

The Politics of Sovereign Defaults (with Juan Carlos Hatchondo), Economic Quarterly, Spring 2010, 96 (3), 291-317

Why Could Political Incentives Be Different During Election Times? Economic Quarterly, Volume 95, Number 3 (Summer 2009), 315–334

On the Evolution of Income Inequality in the United States (with Kevin A. Bryan), Economic Quarterly, Spring 2008, 94 (2), 97–120

What Income Inequality Measures Can (and Cannot) Tell Us (with Stephen Slivinski), Economic Brief, November 2008

Quantitative models of sovereign default and the threat of financial exclusion (with Juan Carlos Hatchondo and Horacio Sapriza), Economic Quarterly, Summer 2007, 93 (3), 251–286

The Economics of Sovereign Defaults (with Juan Carlos Hatchondo and Horacio Sapriza), Economic Quarterly, Spring 2007, 93 (2), 163-187

Are We Working Too Hard or Should We Be Working Harder? A Simple Model of Career Concerns (with Andrew Foerster), Economic Quarterly, Winter 2006, 92(1), 79-91

Leonardo Martinez

Leonardo Martinez is a senior economist in the Macro-Financial Division of the Research Department. His research focuses on sovereign debt crises, fiscal rules, international reserves, household credit, and political economics. Between 2009 and 2015 Leonardo worked at the IMF Institute for Capacity Development and participated in missions with the IMF Fiscal Affairs and Western Hemisphere Departments. Before that, he worked at the U.S. Federal Reserve Bank of Richmond . Leonardo first studied economics at the Universidad Nacional de Tucumán and holds a Ph.D. in economics from the University of Rochester.

Email: LMARTINEZ4@imf.org

Personal WebPage: http://works.bepress.com/leonardo_martinez/

Fluent In: Spanish.

Education:

Ph.D. in Economics, University of Rochester

M.A. in Economics, University of Rochester

Lic. in Economics (Licenciatura), Universidad Nacional de Tucumán


Referee Activities:

American Economic Review, B.E. Journal of Economic Analysis & Policy, B.E. Journals of Macroeconomics, B.E. Journals of Theoretical Economics, Computational Economics, Economic Inquiry, Economic Letters, Economic Theory, Economica, IMF Economic Review, International Economic Review, International Finance, Journal of Banking and Finance, Journal of Economic Dynamics and Control, Journal of Economic Theory, Journal of International Economics, Journal of Monetary Economics, Journal of Public Economics, Macroeconomic Dynamics, Quarterly Journal of Economics, Review of Economic Studies


Work in progress:

International reserves and rollover risk (with Javier Bianchi and Juan Carlos Hatchondo). Revise and Resubmit, American Economic Review.

Non-defaultable debt and sovereign risk (with Juan Carlos Hatchondo and Yasin Kursat Onder). Revise and Resubmit, Journal of International Economics.

Fiscal rules and the sovereign default premium (with Juan Carlos Hatchondo and Francisco Roch).

Sovereign cocos and reprofiling of debt payments (with Juan Carlos Hatchondo, Yasin Kursat Onder, and Francisco Roch).

Calibrating the cost of defaulting in models of sovereign defaults (with Juan Carlos Hatchondo)

Credit risk without commitment (with Juan Carlos Hatchondo)

Sovereign Bailouts (with Bulent Guler, Juan Carlos Hatchondo, and Burhanettin Kurusku)

Whatever it takes (with Juan Carlos Hatchondo and Yasin Kursat Onder)

IMF Books and Working Papers:

Sovereign Debt Standstills , Working Paper No. 2020/290 , December 18, 2020

Constrained Efficient Borrowing with Sovereign Default Risk , Working Paper No. 20/227 , November 08, 2020

Debt Maturity and the Use of Short-Term Debt : Evidence form Sovereigns and Firms , Departmental Paper No.19/03 , February 05, 2019

Non-Defaultable Debt and Sovereign Risk , Working Paper No. 14/198 , October 28, 2014

Sudden stops, time inconsistency, and the duration of sovereign debt , Working Paper No. 13/174 , July 19, 2013

International Reserves and Rollover Risk , Working Paper No. 13/33 , January 31, 2013

Mortgage Defaults , Working Paper No. 12/26 , January 01, 2012

Fiscal Rules and the Sovereign Default Premium , Working Paper No. 12/30 , January 01, 2012

Debt Dilution and Sovereign Default Risk , Working Paper No. 11/70 , March 01, 2011

Quantitative Properties of Sovereign Default Models: Solution Methods Matter , Working Paper No. 10/100 , April 01, 2010

On the Design and Effectiveness of Targeted Expenditure Programs , Working Paper No. 04/220 , November 01, 2004

Publications in Journals (Refereed)

Debt dilution and sovereign default risk (with Juan Carlos Hatchondo and César Sosa Padilla), Journal of Political Economy, forthcoming.

Mortgage Defaults (with Juan Carlos Hatchondo and Juan Sánchez). Journal of Monetary Economics, forthcoming.

Voluntary Sovereign Debt Exchanges (with Juan Carlos Hatchondo and César Sosa Padilla), Journal of Monetary Economics, Volume 61, January 2014, 32-50

Sudden Stops, Time Inconsistency, and the Duration of Sovereign Debt (with Juan Carlos Hatchondo), International Economic Journal, Volume 27, Issue 2, 217–228, 2013.

Intertemporal competition and aid (with Ehtisham Ahmad), Economics & Politics, Volume 23, Issue 1, pages 74–87, March 2011

Quantitative properties of sovereign default models: Solution methods matter (with Juan Carlos Hatchondo and Horacio Sapriza), Review of Economic Dynamics, 13 (October 2010), 919-993.

Heterogeneous Borrowers in Quantitative Models of Sovereign Default (with Juan Carlos Hatchondo and Horacio Sapriza), International Economic Review, 50 (November 2009), 1129-1151.

Long-duration Bonds and Sovereign Defaults (with Juan Carlos Hatchondo), Journal of International Economics, 79 (2009), 117–125

A Theory of Political Cycles, Journal of Economic Theory, Vol. 144, No. 3. (May 2009), 1166-1186

Reputation, Career Concerns, and Job Assignments, The B.E. Journal of Theoretical Economics, Vol. 9: Iss. 1 (Contributions), Article 15.

Other Published Materials

Colombia Fiscal Rule and Adjustment in the Context of Resource Wealth (with Martín Wachs), International Monetary Fund, Colombia 2014 Selected Issues Papers

Europe May Provide Lessons on Preventing Mortgage Defaults, (with Juan Carlos Hatchondo and Juan Sánchez), The Regional Economist, July 2013, 12-13.

Optimal Sovereign Debt Levels: The Information in Sovereign Spreads (with Juan Carlos Hatchondo and Francisco Roch), International Monetary Fund, Western Hemisphere Regional Economic Outlook, May 2013, Box 4.1., p.45

Life Cycle Patterns and Boom-Bust Dynamics in U.S. Housing Prices, (with Juan Carlos Hatchondo and Juan Sánchez), Economic SYNOPSES, 2013, Number 9

On the benefits of GDP-indexed government debt: lessons from a model of sovereign defaults (with Juan Carlos Hatchondo), Economic Quarterly, Volume 98, Number 2 (Second Quarter 2012), 139–157

Legal protection to foreign investors (with Juan Carlos Hatchondo), Economic Quarterly, Volume 97, Number 2 (Second Quarter 2011), 175–187

Understanding Sovereign Default (with Juan Carlos Hatchondo and Horacio Sapriza), in Sovereign Debt: From Safety to Default, edited by Robert W. Kolb, Wiley, 2011

The Politics of Sovereign Defaults (with Juan Carlos Hatchondo), Economic Quarterly, Spring 2010, 96 (3), 291-317

Why Could Political Incentives Be Different During Election Times? Economic Quarterly, Volume 95, Number 3 (Summer 2009), 315–334

On the Evolution of Income Inequality in the United States (with Kevin A. Bryan), Economic Quarterly, Spring 2008, 94 (2), 97–120

What Income Inequality Measures Can (and Cannot) Tell Us (with Stephen Slivinski), Economic Brief, November 2008

Quantitative models of sovereign default and the threat of financial exclusion (with Juan Carlos Hatchondo and Horacio Sapriza), Economic Quarterly, Summer 2007, 93 (3), 251–286

The Economics of Sovereign Defaults (with Juan Carlos Hatchondo and Horacio Sapriza), Economic Quarterly, Spring 2007, 93 (2), 163-187

Are We Working Too Hard or Should We Be Working Harder? A Simple Model of Career Concerns (with Andrew Foerster), Economic Quarterly, Winter 2006, 92(1), 79-91