Maria Soledad Martinez Peria - CV

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Bibliographic details

• Authors: Maria Soledad Martinez Peria

Biography

Maria Soledad (Sole) Martinez Peria is Assistant Director in the Research Department of the IMF. Sole manages a team of economists responsible for conducting research and policy work on macroeconomic and financial issues critical to Fund surveillance activities with a focus on macro-financial linkages, financial flows, and financial systems. Sole’s research addresses issues related to financial crises, depositor market discipline, foreign bank participation, bank competition, bank regulation, SME financing, financial inclusion, remittances, and macroprudential policies. Prior to joining the IMF, Sole was a Research Manager at the World Bank. Sole also worked at the Brookings Institution, the Central Bank of Argentina, and the Federal Reserve Board. She has a PhD in economics from the University of California, Berkeley and a BA from Stanford University.

Profile

Education

• Ph.D. in Economics, University of California, Berkeley

• B.A. in Quantitative Economics, Stanford University

Previous Experience

• 2/2016-8/2019 Division Chief, Research Department, IMF

• 6/2013-1/2016 Research Manager, Development Research Group, The World Bank

• 7/2011-5/2013 Lead Economist, Development Research Group, The World Bank

• 8/2002-6/2011 Senior Economist, Development Research Group, The World Bank

• 9/2000-7/2002 Economist, Development Research Group, The World Bank

• 9/1999-8/2000 Young Professional, Latin American Region, The World Bank

• 9/1998-8/1999 Young Professional, Development Research Group, The World Bank

• 10/1997-4/1998 Research Intern, International Finance Division, Federal Reserve Board

• 8/1997-9/1997 Summer Intern, Monetary Operations Division, IMF

• 6/1997-7/1997 Visiting Economist, Research Department, Central Bank of Argentina

• 5/1996-8/1996 Summer Intern, International Finance Division, The World Bank

• 8/1992-6/1993 Research Assistant, Brookings Institution

Referee Activities

• American Economic Review, Economia, Economic Letters, Economics of Transition, European Economic Review, IMF Staff Papers, Journal of Applied Economics, Journal of Banking and Finance, Journal of Comparative Economics, Journal of Development Economics, Journal of Finance, Journal of Financial Economics, Journal of Financial Intermediation, Journal of Financial Stability, Journal of International Economics, Journal of International Money and Finance, Journal of Macroeconomics, Journal of Money, Credit and Banking, Open Economies Review, Review of Finance, Review of International Economics, World Bank Economic Review.

Current Position

• Assistant Director, Research Department, IMF

Other Professional Positions

• 2015 Visiting Researcher, Bank for International Settlements

• 2015 Visiting Researcher, CREI-Universitat Pompeu Fabra

• 2014 Visiting Fellow, Hong Kong Institute for Monetary Research

• 2012 Visiting Scholar, De Nederlandsche Bank, Research Department

Work in progress

• Access to finance and employment with Meghana Ayyagari (GWU), Pedro Juarros (World Bank) and Sandeep Singh (World Bank)

• Employment changes during the Global Financial Crisis with Juan Carlos Gozzi (University of Warwick)

• State-owned bank financing during the Global Financial Crisis: Evidence from Argentina with Juan Carlos Gozzi (University of Warwick)

Field of Expertise

• Banking

• Macro-Financial Issues

IMF Publications

IMF Books and Working Papers

• Stablecoins and the Future of Payments: Evidence from Financial Markets, Working Paper No. 2026/052 , March 20, 2026

• Credit and Product Innovation in Emerging Markets: Evidence from India, Working Paper No. 2025/192 , September 26, 2025

• Payment Frictions, Capital Flows, and Exchange Rates, Working Paper No. 2025/171 , August 29, 2025

• Integrating Fragmented Networks: The Value of Interoperability in Money and Payments, Working Paper No. 2025/126 , June 27, 2025

• Growing Retail Digital Payments: The Value of Interoperability, Fintech Notes No 2025/004 , June 25, 2025

• Navigating Trade-Offs between Price and Financial Stability in Times of High Inflation, Staff Discussion Notes No. 2025/003 , April 11, 2025

• Tokenization and Financial Market Inefficiencies, Fintech Notes No 2025/001 , January 29, 2025

• Casting Light on Central Bank Digital Currencies, Staff Discussion Notes No. 18/08 , November 13, 2018

• Stress Testing of Financial Systems: An Overview of Issues, Methodologies, and FSAP Experiences, Working Paper No. 2001/088 , June 1, 2001

Non-IMF Publications

Publications in Journals (Refereed)

• Lessons from Crypto Assets for the Design of Energy Efficient Digital Currencies, (with I. Agur, X. Lavayssiere, G. Villegas Bauer, D. Sandri and H. Tourpe). Ecological Economics 212, 2023.

• “Bank Capital Requirements and Lending in Emerging Markets: The Role of Bank Characteristics and Economic Conditions” (with X. Fang, D. Jutrsa, A. Presbitero, and L. Ratnovski). Journal of Banking and Finance 135, 2022.

• Access to Finance and Job Growth: Firm-Level Evidence across Developing Countries (with M. Ayyagari, P. Juarros, and S. Singh). Review of Finance 25(5), 1473-1496, 2021.

• Government Intervention and Bank Markups: Lessons from the Global Financial Crisis for the COVID-19 crisis (with B. Tan, D. Igan, N. Pierri, and A. Presbitero). Journal of Banking and Finance 133, 2021.

• “Financial Inclusion and Human Development” (with M.Y. Shin). Oxford Research Encyclopedia on Economics and Finance 1-30, 2020.

• “The Global Financial Crisis and the Capital Structure of Firms: Was the Impact more Severe among SMEs and Non-Listed Firms" (with A. Demirgüç-Kunt and T. Tressel). Journal of Corporate Finance 60, 1-32, 2020.

• “Foreign Bank Subsidiaries’ Default Risk during the Global Crisis: What Factors Help Insulate Affiliates from their Parents?" (with D. Anginer and E. Cerutti). Journal of Financial Intermediation 29, 19-30, 2017.

• “The Foundations of Financial Inclusion: Understanding Ownership and Use of Financial Accounts,” (with Franklin Allen, Asli Demirguc-Kunt, and Leora Klapper). Journal of Financial Intermediation 27, 1-30, 2016.

• “Dissecting Foreign Bank Lending Behavior during the 2008-2009 Crisis,” (with Eva Gutierrez and Moon Jung Choi). Financial Markets, Institutions, and Instruments 25(5), 361–398, 2016.

• “Collateral Registries for Movable Assets: Does their Introduction Spur Firms' Access to Bank Financing?” (with I. Love and S. Singh). Journal of Financial Services Research 49(1), 1-37, 2016.

• “How Firms Use Corporate Bond Markets under Financial Globalization,” (with Juan C. Gozzi, Ross Levine and Sergio Schmukler). Journal of Banking and Finance 58, 532-551, 2015.

• “How Bank Competition Affects Firms’ Access to Finance,” (with Inessa Love). World Bank Economic Review 29(3), 413-448, 2015.

• “Remittances and Financial Inclusion: Evidence from El Salvador,” (with Diego Anzoategui, Asli Demirguc-Kunt). World Development 54, 338-349, 2014.

• “Bank Regulation and Supervision in the Context of the Global Crisis,” (with Martin Cihak, Asli Demirguc-Kunt, Amin Mohseni-Cheraghlou). Journal of Financial Stability, 9(4), 733-746, 2013.

• “Bank Ownership and Lending Patterns during the 2008-2009 Financial Crisis: Evidence from Latin America and Eastern Europe,” (with Robert Cull). Journal of Banking and Finance 37(12), 4861-4878, 2013.

• “Stock Returns’ Sensitivities to Crisis Shocks,” (with Charles Calomiris and Inessa Love). Journal of International Money and Finance 31(4), 743-765, 2012.

• “Bank Competition in Russia: An Examination at Different Levels of Aggregation,” (with Diego Anzoategui and Martin Melecky). Emerging Markets Review 13(1), 42-57, 2012.

• "What Explains Comovement in Stock Market Returns during the 2007-2008 Crisis?,” (with Tatiana Didier and Inessa Love). International Journal of Finance and Economics. 17(2), 182-202, 2012.

• “What Explains the Price of Remittances? An Examination across 119 Country Corridors,” (with Thorsten Beck). World Bank Economic Review 25(1), 105-131, 2011.

• “Do Remittances Promote Financial Development?,” (with Reena Aggarwal and Asli Demirguc-Kunt). Journal of Development Economics 96(2), 255-264, 2011.

• “Bank Financing for SMEs: Evidence Across Countries and Bank-Ownership Types,” (with Thorsten Beck and Asli Demirguc-Kunt). Journal of Financial Services Research 39, 35-54, 2011.

• “Remittances and Banking Sector Breadth and Depth: Evidence from Mexico,” (with Asli Demirguc-Kunt, Ernesto Lopez-Cordova, and Chris Woodruff). Journal of Development Economics 95(2), 229-241, 2011.

• “Bank Competition in the Middle East and Northern Africa Region,” (with Diego Anzoategui and Roberto Rocha). Review of Middle East Economics and Finance 6 (2), Article 2, 2010.

• “Bank Involvement with SMEs: Beyond Relationship Lending,” (with Augusto de la Torre and Sergio Schmukler). Journal of Banking and Finance 34, 2280-2293, 2010.

• "Depositor Behavior Under Macroeconomic Risk: Evidence from Bank Runs in Emerging Markets,” (with Eduardo Levy-Yeyati and Sergio Schmukler). Journal of Money, Credit, and Banking 42, 585-614, 2010.

• “Foreign Bank Participation and Outreach: Evidence from Mexico,” (with Thorsten Beck). Journal of Financial Intermediation 19(1), 52-73, 2010.

• “Banking Services for Everyone? Barriers to Bank Access and Use around the World,” (with Thorsten Beck and Asli Demirguc-Kunt). World Bank Economic Review 22(3), 397-430, 2008.

• “Bank Ownership Type and Banking Relationships,” (with Allen Berger, Leora Klapper, and Rida Zaidi). Journal of Financial Intermediation 17, 37-62, 2008.

• “Reaching Out: Access To and Use of Banking Services across Countries,” (with Thorsten Beck and Asli Demirguc-Kunt). Journal of Financial Economics 85, 234-266, 2007.

• “The Mix of International Banks’ Foreign Claims: Determinants and Implications,” (with Alicia Garcia-Herrero). Journal of Banking and Finance 31, 1613-1631, 2007.

• “How Banks Go Abroad: Branches or Subsidiaries,” (with Eugenio Cerutti and Giovanni Dell’Ariccia). Journal of Banking and Finance 31, 1669-1692, 2007.

• “Foreign Bank Participation and Access to Credit across Firms in Developing Countries,” (with George Clarke and Robert Cull). Journal of Comparative Economics 34, 774-795, 2006.

• “Banking on Foreigners: The Behavior of International Bank Lending to Latin America,” (with Andrew Powell and Ivanna Vladkova-Hollar). IMF Staff Papers 52, 430-461, 2005.

• “Bank Lending to Small Businesses in Latin America: Does Bank Origin Matter?,” (with George Clarke, Robert Cull, and Susana Sánchez). Journal of Money, Credit, and Banking, 37, 83-118, 2005.

• “How Foreign Participation and Bank Concentration Impact Bank Spreads: Evidence from Latin America,” (with Ashoka Mody). Journal of Money, Credit, and Banking 36, 511-518, 2004.

• “Banking Crises and Exchange Rate Regimes: Is There A Link?,” (with Ilker Domaç). Journal of International Economics 61, 41-72, 2003.

• “Foreign Bank Entry: Experience, Implications for Developing Countries, and Agenda for Further Research,” (with George Clarke, Robert Cull, and Susana M. Sánchez). World Bank Research Observer 18, 25-59, 2003.

• "The Impact of Banking Crises on Money Demand and Price Stability,” IMF Staff Papers 49, 267-312, 2002.

• “A Regime Switching Approach to Studying Speculative Attacks: A Focus on European Monetary System Crises,” Empirical Economics 27, 299-334, 2002.

• "Do Depositors Punish Bank for Bad Behavior?: Market Discipline, Deposit Insurance, and Banking Crises,” (with Sergio Schmukler). Journal of Finance 56, 1029-1052, 2001.

• “Is the Crisis Problem Growing More Severe?,” (with Michael Bordo, Barry Eichengreen, and Daniela Klingebiel). Economic Policy 32, 51-82, 2001.

Publications in Books and Conference Volumes

• “Casting Light on Central Bank Digital Currencies” in Crypotassets: Legal, Regulatory and Monetary Perspectives, C. Brummer (Ed.), Oxford University Press, forthcoming.

• “Banking in China” (with L. Klapper and B. Zia). In Handbook of Banking, A. Berger, P. Molyneux, and J. Wilson, (Eds.), Oxford University Press, forthcoming.

• “Bank Ownership: Trends and Implications” (with R. Cull and J. Verrier) in Handbook of Finance and Development, T. Beck and R. Levine (Eds.), Edward Elgar Publishing Ltd, 2018.

• “Understanding the Use of Long-Term Finance in Developing Countries,” (with S. Schmukler) in Finance and Investment: The European Case, C. Mayer, S. Micossi, M. Onado, M. Pagano and A. Polo (Eds.). Oxford: Oxford University Press, 2018.

• “The Transmission of Bank Default Risk During the Global Financial Crisis,” (with D. Anginer and E. Cerutti) in The Future of Large, Internationally Active Banks, A. Demirguc-Kunt, D. Evanoff, and G. Kaufman (Eds.), World Scientific Studies in International Economics, 2016.

• “Financial Inclusion in Latin America and the Caribbean,” in Emerging Issues in Financial Development: Lessons from Latin America, T. Didier and S. Schmukler (Eds.), World Bank. 2014.

• “Foreign Bank Participation in Developing Countries: What Do We Know About the Drivers and Consequences of this Phenomenon?,” (with Robert Cull). In The Evidence and Impact of Financial Globalization, G. Caprio, T. Beck, S. Claessens, and S. Schmukler (Eds.), Elsevier, 2013.

• “Drivers and Obstacles to Banking SMEs: The Role of Competition and the Institutional Framework,” (with Augusto de la Torre and Sergio Schmukler). In Reforming Rules and Regulations, V. Ghosal, ed., MIT Press, 2010.

• “Banking in Developing Nations of Asia: Overview of Recent Changes in Ownership Structure,” (with Leora Klapper and Bilal Zia). In Handbook of Banking, A. Berger, P. Molyneux, and J. Wilson, eds., Oxford University Press, 2010.

• “How Do Banks Serve SMEs? Business and Risk Management Models,” (with Augusto de la Torre, Mercedes, Politi, Sergio Schmukler, and Victoria Vanasco). In Investing Private Capital in Emerging and Frontier Market Small and Medium Enterprises, B. Leleux and A. L. Orlick, eds., IMD and IFC, 2009.

• “Banks and Small and Medium Enterprises: Recent Business Developments,” (with Augusto de la Torre and Sergio Schmukler). Q Finance, The Ultimate Resource, Bloombury Publishing, 2009.

• “Bank Financing to SMEs: What are Africa’s Specificities?,” Private Sector & Development Magazine. Issue (1), 2009.

• “Bank Financing for SMEs around the World: Drivers, Obstacles, Business Models, and Lending Practices,” (with Thorsten Beck and Asli Demirguc-Kunt). AccessFinance Newsletter, 2009.

• “Do Remittances Affect Recipients’ Financial Development?,” (with Yira Mascaró, and Florencia Moizeszowicz). In Remittances and Development: Lessons from Latin America, P. Fajnzylber and J. H. Lopez, eds., World Bank, 2008.

• “Crises as Catalysts for Foreign Bank Activity in Emerging Markets,” (with Robert Cull). In Power and Politics after Financial Crises: Rethinking Foreign Opportunism in Emerging Markets, J. Robertson, ed., Palgrave Macmillan, 2008.

• “Market Discipline in Emerging Economies: Beyond Bank Fundamentals,” (with Eduardo Levy-Yeyati and Sergio Schmukler). In Market Discipline across Countries and Industries, W. Hunter, G. Kaufman, C. Borio, and K. Tsatsaronis (eds.), MIT Press, 2004.

• “Avoiding Disaster: Policies to Reduce the Risk of Banking Crises,” with Gerard Caprio. In Monetary Policy and Exchange Rate Regimes: Options for the Middle East, E. Cardoso and A. Galal (eds.), The Egyptian Center for Economic Studies, 2002.

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