Leonardo Martinez CV

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Bibliographic details

• Authors: Leonardo Martinez

Biography

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.

Profile

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 Publications

IMF Books and Working Papers

• Fiscal Rules, Robust Correction Mechanisms, and Sovereign Spreads, Working Paper No. 2025/195 , September 26, 2025

• Fiscal Guardrails against High Debt and Looming Spending Pressures, Staff Discussion Notes No. 2025/004 , September 25, 2025

• A Guide and Tool for Projecting Public Gross Financing Needs, Technical Notes and Manuals No. 2025/001 , January 24, 2025

• Rwanda: Technical Assistance on Public Debt Projections and Analysis with the Public Debt Dynamics Tool (DDT), High Level Summary Technical Assistance Report No. 2024/030 , August 27, 2024

• Sovereign Debt, Working Paper No. 2022/122 , June 17, 2022

• Sovereign Cocos, Working Paper No. 2022/078 , April 29, 2022

• Numerical Fiscal Rules for Economic Unions: the Role of Sovereign Spreads, Working Paper No. 2021/196 , July 23, 2021

• A Guide and Tool for Projecting Public Debt and Fiscal Adjustment Paths with Local- and Foreign-Currency Debt, Technical Notes and Manuals No. 2021/005 , May 28, 2021

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

• Constrained Efficient Borrowing with Sovereign Default Risk, Working Paper No. 2020/227 , November 8, 2020

• Debt Maturity and the Use of Short-Term Debt: Evidence form Sovereigns and Firms, Departmental Paper No. 2019/001 , February 5, 2019

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

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

• International Reserves and Rollover Risk, Working Paper No. 2013/033 , January 31, 2013

• Fiscal Rules and the Sovereign Default Premium, Working Paper No. 2012/030 , January 1, 2012

• Mortgage Defaults, Working Paper No. 2012/026 , January 1, 2012

• Debt Dilution and Sovereign Default Risk, Working Paper No. 2011/070 , March 1, 2011

• Quantitative properties of sovereign default models: solution methods matter, Working Paper No. 2010/100 , April 1, 2010

• On the Design and Effectiveness of Targeted Expenditure Programs, Working Paper No. 2004/220 , November 1, 2004

Non-IMF Publications

Publications in Journals (Referred)

• 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

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