Marco E. Terrones

International Monetary Fund (IMF)

700 19th Street NW

Washington, DC 20431

United States

http://imf.org/external/np/CV/AuthorCV.aspx?AuthID=171

SCHOLARLY PAPERS

33

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CITATIONS
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561

Scholarly Papers (33)

How Does Globalization Affect the Synchronization of Business Cycles?

IZA Discussion Paper No. 702
Number of pages: 18 Posted: 16 Mar 2003
M. Ayhan Kose, Eswar S. Prasad and Marco E. Terrones
Development Prospects Group at the World Bank, Cornell University - Dyson School of Applied Economics and Management and International Monetary Fund (IMF)
Downloads 2,218 (4,482)
Citation 62

Abstract:

Macroeconomic Fluctuations, Trade and Financial Integration, International Transmission of Shocks, Cross-country Comovement of Output and Consumption

How Does Globalization Affect the Synchronization of Business Cycles?

IMF Working Paper No. 03/27
Number of pages: 14 Posted: 28 Jan 2006
M. Ayhan Kose, Eswar S. Prasad and Marco E. Terrones
Development Prospects Group at the World Bank, Cornell University - Dyson School of Applied Economics and Management and International Monetary Fund (IMF)
Downloads 115 (200,128)
Citation 62

Abstract:

Macroeconomic fluctuations, trade and financial integration, output and consumption comovement

2.
Downloads 655 ( 31,279)
Citation 82

Financial Integration and Macroeconomic Volatility

IMF Working Paper No. 03/50
Number of pages: 28 Posted: 22 May 2003
M. Ayhan Kose, Eswar S. Prasad and Marco E. Terrones
Development Prospects Group at the World Bank, Cornell University - Dyson School of Applied Economics and Management and International Monetary Fund (IMF)
Downloads 655 (30,792)
Citation 82

Abstract:

globalization, business cycles, volatility, macroeconomic fluctuations, emerging markets

Financial Integration and Macroeconomic Volatility

International Monetary Fund Staff Papers, Forthcoming
Posted: 22 May 2003
M. Ayhan Kose, Eswar S. Prasad and Marco E. Terrones
Development Prospects Group at the World Bank, Cornell University - Dyson School of Applied Economics and Management and International Monetary Fund (IMF)

Abstract:

globalization, business cycles, volatility, macroeconomic fluctuations, emerging markets

3.
Downloads 614 ( 34,138)
Citation 45

What Happens During Recessions, Crunches, and Busts?

IMF Working Paper No. 08/274
Number of pages: 77 Posted: 18 Dec 2008
Stijn Claessens, M. Ayhan Kose and Marco E. Terrones
Bank for International Settlements, Development Prospects Group at the World Bank and International Monetary Fund (IMF)
Downloads 453 (49,914)
Citation 45

Abstract:

Economic recession, Business cycles, Financial crisis, Credit, Housing prices, Stock prices, Oil prices, Databases, Economic models

What Happens during Recessions, Crunches and Busts?

Number of pages: 68 Posted: 22 Dec 2008
Stijn Claessens, M. Ayhan Kose and Marco E. Terrones
Bank for International Settlements, Development Prospects Group at the World Bank and International Monetary Fund (IMF)
Downloads 154 (158,071)
Citation 45

Abstract:

Business cycles, recessions, credit crunches, house prices, equity prices, busts

What Happens during Recessions, Crunches and Busts?

CEPR Discussion Paper No. DP7085
Number of pages: 78 Posted: 17 Feb 2009
Stijn Claessens, M. Ayhan Kose and Marco E. Terrones
Bank for International Settlements, Development Prospects Group at the World Bank and International Monetary Fund (IMF)
Downloads 6 (535,258)
Citation 45

Abstract:

business cycles, busts, credit crunches, equity prices, house prices, recessions

What Happens During Recessions, Crunches and Busts?

Economic Policy, Vol. 24, Issue 60, pp. 653-700, October 2009
Number of pages: 48 Posted: 08 Oct 2009
Stijn Claessens, M. Ayhan Kose and Marco E. Terrones
Bank for International Settlements, Development Prospects Group at the World Bank and International Monetary Fund (IMF)
Downloads 1 (568,590)
Citation 45

Abstract:

How Does Financial Globalization Affect Risk Sharing? Patterns and Channels

IZA Discussion Paper No. 2903
Number of pages: 46 Posted: 20 Jul 2007
M. Ayhan Kose, Eswar S. Prasad and Marco E. Terrones
Development Prospects Group at the World Bank, Cornell University - Dyson School of Applied Economics and Management and International Monetary Fund (IMF)
Downloads 437 (52,208)
Citation 24

Abstract:

international financial integration, risk sharing, cross-country correlations of consumption and output, composition of capital flows

How Does Financial Globalization Affect Risk Sharing? Patterns and Channels

IMF Working Paper No. 07/238
Number of pages: 43 Posted: 20 Nov 2007
M. Ayhan Kose, Eswar S. Prasad and Marco E. Terrones
Development Prospects Group at the World Bank, Cornell University - Dyson School of Applied Economics and Management and International Monetary Fund (IMF)
Downloads 175 (141,165)
Citation 24

Abstract:

Financial integration, Globalization, Developing countries, Financial risk

An Anatomy of Credit Booms: Evidence from Macro Aggregates and Micro Data

IMF Working Paper No. 08/226
Number of pages: 52 Posted: 08 Oct 2008
Enrique G. Mendoza and Marco E. Terrones
University of Pennsylvania and International Monetary Fund (IMF)
Downloads 174 (141,913)
Citation 56

Abstract:

Credit expansion, Business cycles, Emerging markets, Asset prices, Current account deficits, Productivity

An Anatomy of Credit Booms: Evidence from Macro Aggregates and Micro Data

FRB International Finance Discussion Paper No. 936
Number of pages: 62 Posted: 31 Oct 2008
Enrique G. Mendoza and Marco E. Terrones
University of Pennsylvania and International Monetary Fund (IMF)
Downloads 83 (250,749)
Citation 56

Abstract:

Credit booms, business cycles, emerging markets

An Anatomy of Credit Booms: Evidence from Macro Aggregates and Micro Data

NBER Working Paper No. w14049
Number of pages: 59 Posted: 02 Jun 2008
Enrique G. Mendoza and Marco E. Terrones
University of Pennsylvania and International Monetary Fund (IMF)
Downloads 49 (333,315)
Citation 56

Abstract:

6.

Fiscal Deficits and Inflation

IMF Working Paper No. 03/65
Number of pages: 33 Posted: 28 Jan 2006
Luis Catão and Marco E. Terrones
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 278 (82,834)
Citation 22

Abstract:

Fiscal Policy, Inflation, Macroeconomic Stabilization, Developing Countries

7.

Out of the Ballpark: The Global Recession of 2007-08 in Historical Context

Finance & Development, June 2009
Number of pages: 4 Posted: 09 Dec 2009
Prakash Loungani, M. Ayhan Kose and Marco E. Terrones
International Monetary Fund (IMF), Development Prospects Group at the World Bank and International Monetary Fund (IMF)
Downloads 275 (88,815)

Abstract:

Does Openness to International Financial Flows Raise Productivity Growth?

Brookings Global Economy and Development Working Paper No. 32
Number of pages: 46 Posted: 23 Jan 2009
Eswar S. Prasad, Marco E. Terrones and M. Ayhan Kose
Cornell University - Dyson School of Applied Economics and Management, International Monetary Fund (IMF) and Development Prospects Group at the World Bank
Downloads 101 (220,038)
Citation 20

Abstract:

global economics, financial markets, economic development, globalization, financial openness

Does Openness to International Financial Flows Raise Productivity Growth?

IMF Working Paper No. 08/242
Number of pages: 41 Posted: 18 Dec 2008
M. Ayhan Kose, Eswar S. Prasad and Marco E. Terrones
Development Prospects Group at the World Bank, Cornell University - Dyson School of Applied Economics and Management and International Monetary Fund (IMF)
Downloads 90 (238,020)
Citation 20

Abstract:

Capital flows, Productivity, Production growth, Capital account, Foreign direct investment, Development, Debt, Economic models

Does Openness to International Financial Flows Raise Productivity Growth?

NBER Working Paper No. w14558
Number of pages: 45 Posted: 15 Jan 2009
M. Ayhan Kose, Eswar S. Prasad and Marco E. Terrones
Development Prospects Group at the World Bank, Cornell University - Dyson School of Applied Economics and Management and International Monetary Fund (IMF)
Downloads 26 (422,903)
Citation 20

Abstract:

9.
Downloads 206 (121,400)
Citation 16

Financial Cycles: What? How? When?

IMF Working Paper No. 11/76
Number of pages: 41 Posted: 13 Apr 2011
M. Ayhan Kose, Stijn Claessens, M. Ayhan Kose and Marco E. Terrones
affiliation not provided to SSRN, Bank for International Settlements, Development Prospects Group at the World Bank and International Monetary Fund (IMF)
Downloads 199 (125,161)
Citation 16

Abstract:

Business cycles, Capital markets, Credit, Demand, Developed countries, Housing prices, Stock prices

Financial Cycles: What? How? When?

CEPR Discussion Paper No. DP8379
Number of pages: 43 Posted: 19 May 2011
Stijn Claessens, M. Ayhan Kose and Marco E. Terrones
Bank for International Settlements, Development Prospects Group at the World Bank and International Monetary Fund (IMF)
Downloads 7 (530,210)
Citation 16

Abstract:

asset busts, credit booms, credit cycles, crunches, equity prices, house prices

10.

The Global Financial Crisis: How Similar? How Different? How Costly?

Number of pages: 34 Posted: 23 Mar 2010
Stijn Claessens, M. Ayhan Kose and Marco E. Terrones
Bank for International Settlements, Development Prospects Group at the World Bank and International Monetary Fund (IMF)
Downloads 183 (120,244)
Citation 4

Abstract:

Global financial crisis, Similarities, Differences, Cost, Recessions

11.

How do Trade and Financial Integration Affect the Relationship between Growth and Volatility

IZA Discussion Paper No. 2252, IMF Working Paper No. 05/19, FRB of San Francisco Working Paper No. 2004-29
Number of pages: 44 Posted: 08 Sep 2006
M. Ayhan Kose, Eswar S. Prasad and Marco E. Terrones
Development Prospects Group at the World Bank, Cornell University - Dyson School of Applied Economics and Management and International Monetary Fund (IMF)
Downloads 167 (141,169)
Citation 60

Abstract:

globalization, international trade and financial linkages, macroeconomic

Does Openness to International Financial Flows Contribute to Productivity Growth?

Number of pages: 44 Posted: 22 Jul 2008
M. Ayhan Kose, Eswar S. Prasad and Marco E. Terrones
Development Prospects Group at the World Bank, Cornell University - Dyson School of Applied Economics and Management and International Monetary Fund (IMF)
Downloads 82 (252,630)
Citation 18

Abstract:

Financial opennes, capital account liberalization, capital flows, external assets and liabilities, foreign direct investment, portfolio equity, debt, total factor productivity

Does Openness to International Financial Flows Contribute to Productivity Growth?

IZA Discussion Paper No. 3634
Number of pages: 46 Posted: 11 Aug 2008
M. Ayhan Kose, Eswar S. Prasad and Marco E. Terrones
Development Prospects Group at the World Bank, Cornell University - Dyson School of Applied Economics and Management and International Monetary Fund (IMF)
Downloads 74 (268,915)
Citation 18

Abstract:

financial openness, capital account liberalization, capital flows, external assets and liabilities, foreign direct investment, portfolio equity, debt, total factor productivity

13.

Determinants of Dollarization: The Banking Side

IMF Working Paper No. 00/146
Number of pages: 37 Posted: 01 Feb 2006
Luis Catão and Marco E. Terrones
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 131 (170,030)
Citation 3

Abstract:

Dollarization, Money and Banking, Emerging Markets

Globalization, the Business Cycle, and Macroeconomic Monitoring

IMF Working Paper No. 11/25
Number of pages: 53 Posted: 07 Feb 2011
Development Prospects Group at the World Bank, University of Maryland - Department of Economics, International Monetary Fund (IMF) and University of Pennsylvania - Department of Economics
Downloads 98 (224,707)
Citation 2

Abstract:

Business cycles, Cross country analysis, Globalization, Group of seven

Globalization, the Business Cycle, and Macroeconomic Monitoring

NBER Working Paper No. w16264
Number of pages: 52 Posted: 16 Aug 2010
University of Maryland - Department of Economics, University of Pennsylvania - Department of Economics, Development Prospects Group at the World Bank and International Monetary Fund (IMF)
Downloads 24 (433,652)
Citation 2

Abstract:

15.

Fiscal Deficits and Inflation A New Look at the Emerging Market Evidence

IMF Working Paper No. 01/74
Number of pages: 32 Posted: 15 Feb 2006
Luis Catão and Marco E. Terrones
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 98 (191,777)
Citation 16

Abstract:

Fiscal Policy Inflation Emerging Markets

16.

How Do Business and Financial Cycles Interact?

IMF Working Paper No. 11/88
Number of pages: 55 Posted: 26 Apr 2011
M. Ayhan Kose, Stijn Claessens, M. Ayhan Kose and Marco E. Terrones
affiliation not provided to SSRN, Bank for International Settlements, Development Prospects Group at the World Bank and International Monetary Fund (IMF)
Downloads 92 (220,295)
Citation 16

Abstract:

Business cycles, Economic models, Economic recession, Economic recovery, Financial sector, Fiscal policy, Monetary policy

17.

Volatility and Comovement in a Globalized World Economy An Empirical Exploration

IMF Working Paper No. 03/246
Number of pages: 38 Posted: 15 Feb 2006
M. Ayhan Kose, Eswar S. Prasad and Marco E. Terrones
Development Prospects Group at the World Bank, Cornell University - Dyson School of Applied Economics and Management and International Monetary Fund (IMF)
Downloads 90 (212,824)
Citation 19

Abstract:

Business cycles macroeconomic fluctuations volatility correlations globalization

Global House Price Fluctuations: Synchronization and Determinants

IMF Working Paper No. 13/38
Number of pages: 48 Posted: 22 Feb 2013
Hosei University, Development Prospects Group at the World Bank, University of Missouri and International Monetary Fund (IMF)
Downloads 57 (309,744)
Citation 1

Abstract:

Asset prices, Business cycles, Developed countries, Housing prices, Time series, business cycles, central bank, contractionary monetary policy, exchange rates, financial cycles, financial integration, financial intermediation, financial markets, global financial crisis, global financial markets, global liquidity, global real estate, globalization, globalization period, globalization periods, inflation, interest rates, international financial, international financial markets, long-term interest rates, monetary economics, monetary fund, monetary policy, monetary policy decisions, monetary shock, monetary shocks, transmission of monetary policy

Global House Price Fluctuations: Synchronization and Determinants

CAMA Working Paper 07/2013
Number of pages: 46 Posted: 19 Jul 2013
Hosei University, Development Prospects Group at the World Bank, University of Missouri and International Monetary Fund (IMF)
Downloads 20 (456,554)
Citation 1

Abstract:

Monetary policy, interest rates, business cycles, financial cycles

Global House Price Fluctuations: Synchronization and Determinants

NBER Working Paper No. w18362
Number of pages: 44 Posted: 08 Sep 2012
Hosei University, Development Prospects Group at the World Bank, University of Missouri and International Monetary Fund (IMF)
Downloads 8 (524,936)
Citation 1

Abstract:

19.

Exchange Rate Regimes and External Adjustment: New Answers to an Old Debate

THE NEW INTERNATIONAL MONETARY SYSTEM: ESSAYS IN HONOR OF ALEXANDER SWOBODA, C. Wyplosz, ed., Routledge, March 2010
Number of pages: 17 Posted: 09 Dec 2011
Atish R. Ghosh, Marco E. Terrones and Jeromin Zettelmeyer
International Monetary Fund (IMF) - Policy Development and Review Department, International Monetary Fund (IMF) and Peter G. Peterson Institute for International Economics
Downloads 78 (190,558)
Citation 3

Abstract:

Flexible exchange rates, Fixed exchange rates, Current Account Balances, Current Account Reversals

20.

Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Mercantilism

FRB International Finance Discussion Paper No. 911
Number of pages: 43 Posted: 28 Dec 2007
Ceyhun Bora Durdu, Enrique G. Mendoza and Marco E. Terrones
Federal Reserve Board, University of Pennsylvania and International Monetary Fund (IMF)
Downloads 70 (266,242)
Citation 35

Abstract:

Fisherian deflation, liability dollarization, financial globalization, credit constraints, precautionary saving, new mercantilism, sudden stops

Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism

IMF Working Paper No. 07/146
Number of pages: 56 Posted: 23 Aug 2007
Ceyhun Bora Durdu, Enrique G. Mendoza and Marco E. Terrones
Federal Reserve Board, University of Pennsylvania and International Monetary Fund (IMF)
Downloads 56 (312,462)
Citation 34

Abstract:

Working Paper, Reserves accumulation, Crisis prevention, Financial crisis, Deflation, Deflation, Dollarization, Globalization, Business cycles, Credit, Economic models

Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism

NBER Working Paper No. w13123
Number of pages: 47 Posted: 27 Jun 2007
Ceyhun Bora Durdu, Enrique G. Mendoza and Marco E. Terrones
Federal Reserve Board, University of Pennsylvania and International Monetary Fund (IMF)
Downloads 10 (514,092)
Citation 34

Abstract:

22.

Do Asset Price Drops Foreshadow Recessions?

IMF Working Paper No. 13/203
Number of pages: 36 Posted: 28 Oct 2013
John C. Bluedorn, Jörg Decressin and Marco E. Terrones
International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 57 (297,746)

Abstract:

Asset prices, Group of seven, Stock markets, Business cycles, Economic recession, Economic forecasting, Economic models, Macroeconomic forecasting, Financial markets, Uncertainty, Oil Prices

23.

Public Debt in Emerging Markets: Is it Too High?

WORLD ECONOMIC OUTLOOK, p. 113, September 2003
Number of pages: 26 Posted: 17 Apr 2012
International Monetary Fund (IMF), International Monetary Fund (IMF) - Asia and Pacific Department, International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department and International Monetary Fund (IMF)
Downloads 55 (212,824)
Citation 1

Abstract:

24.

Reorientacion de la Politica Monetaria en el Peru: Avances y Problemas

Notas para el Debate, GRADE, p. 9, 1983
Number of pages: 34 Posted: 09 Dec 2011
Marco E. Terrones and Javier Nagamine
International Monetary Fund (IMF) and affiliation not provided to SSRN
Downloads 47 (266,242)

Abstract:

Monetary policy, Central Bank of Peru

25.

On the Solvency of Nations: Are Global Imbalances Consistent with Intertemporal Budget Constraints?

FRB International Finance Discussion Paper No. 975
Number of pages: 40 Posted: 15 Aug 2009
Ceyhun Bora Durdu, Enrique G. Mendoza and Marco E. Terrones
Federal Reserve Board, University of Pennsylvania and International Monetary Fund (IMF)
Downloads 43 (327,794)

Abstract:

global imbalances, external solvency, debt sustainability, Pooled Mean Group estimation

26.

Recessions and Financial Disruptions in Emerging Markets: A Bird's Eye View

Central Bank of Chile Working Paper No. 585
Number of pages: 53 Posted: 17 Jul 2010
Stijn Claessens, M. Ayhan Kose and Marco E. Terrones
Bank for International Settlements, Development Prospects Group at the World Bank and International Monetary Fund (IMF)
Downloads 42 (302,802)

Abstract:

Business cycles, Emerging Markets, Recessions, Financial Disruptions

27.

Gyrations in Financial Markets

Number of pages: 29 Posted: 16 Jul 2011
Stijn Claessens, M. Ayhan Kose and Marco E. Terrones
Bank for International Settlements, Development Prospects Group at the World Bank and International Monetary Fund (IMF)
Downloads 31 (359,260)

Abstract:

28.

On the Solvency of Nations: Are Global Imbalances Consistent with Intertemporal Budget Constraints?

IMF Working Paper No. 10/50
Number of pages: 40 Posted: 02 Mar 2010
Ceyhun Bora Durdu, Marco E. Terrones and Enrique G. Mendoza
Board of Governors of the Federal Reserve System, International Monetary Fund (IMF) and University of Pennsylvania
Downloads 29 (381,015)

Abstract:

Balance of payments positions, Cross country analysis, Current account, Debt sustainability, Developed countries, Economic models, Emerging markets, International financial system, Time series

29.

An Anatomy of Credit Booms and Their Demise

NBER Working Paper No. w18379
Number of pages: 44 Posted: 15 Sep 2012
Enrique G. Mendoza and Marco E. Terrones
University of Pennsylvania and International Monetary Fund (IMF)
Downloads 9 (477,449)
Citation 4

Abstract:

30.

How Do Business and Financial Cycles Interact?

CEPR Discussion Paper No. DP8396
Number of pages: 55 Posted: 26 May 2011
Stijn Claessens, M. Ayhan Kose and Marco E. Terrones
Bank for International Settlements, Development Prospects Group at the World Bank and International Monetary Fund (IMF)
Downloads 6 (511,631)
Citation 16

Abstract:

asset busts, booms, credit crunches, financial crises, recessions, recoveries

31.

On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment

NBER Working Paper No. w18380
Number of pages: 39 Posted: 15 Sep 2012
Ceyhun Bora Durdu, Enrique G. Mendoza and Marco E. Terrones
Board of Governors of the Federal Reserve System, University of Pennsylvania and International Monetary Fund (IMF)
Downloads 4 (507,191)
Citation 1

Abstract:

32.

Financial De-Dollarization: A Global Perspective and the Peruvian Experience

IMF Working Paper No. 16/97
Number of pages: 26 Posted: 09 Dec 2016
Luis Catão and Marco E. Terrones
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 0 (373,419)

Abstract:

Dollarization, Peru, Financial sector, Currency substitution, Emerging markets, Macroprudential Policy, Regression analysis, Dollarization, Currrency Substitution, Monetary Policy, Emerging Markets

33.

From the Global to the National Cycle: An Intricate Liaison

Pacific Economic Review, Vol. 18, Issue 3, pp. 370-402, 2013
Number of pages: 33 Posted: 06 Aug 2013
M. Ayhan Kose, Prakash Loungani and Marco E. Terrones
Development Prospects Group at the World Bank, International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 0 (553,501)
Citation 1

Abstract:

Other Papers (1)

Total Downloads: 107    Citations: 0
1.

El Ciclo Economico En El Peru

Documento de Trabajo, GRADE, Vol. 20, 1993
Number of pages: 43 Posted: 31 Dec 2010
Marco E. Terrones and César Calderón
International Monetary Fund (IMF) and World Bank
Downloads 72

Abstract: