Horacio Sapriza

Board of Governors of the Federal Reserve System

20th Street and Constitution Avenue NW

Washington, DC 20551

United States

  • Board of Governors of the Federal Reserve System

SCHOLARLY PAPERS

30

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254

Scholarly Papers (30)

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1.

Financially Constrained Stock Returns

Downloads 817 (62,052)
Citation 6

Financially Constrained Stock Returns

Journal of Finance, Forthcoming
Number of pages: 56 Posted: 10 Jul 2008
Dmitry Livdan, Horacio Sapriza and Lu Zhang
University of California, Berkeley, Board of Governors of the Federal Reserve System and Ohio State University - Fisher College of Business
Downloads 380 (158,233)
Citation 2

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debt capacity, investment-based asset pricing, collateral constraints, the cross-section of expected stock returns

Financially Constrained Stock Returns

Simon Business School Working Paper No. FR 04-07, Ross School of Business Paper No. 1048, AFA 2005 Philadelphia Meetings
Number of pages: 48 Posted: 27 Apr 2004
Dmitry Livdan, Horacio Sapriza and Lu Zhang
University of California, Berkeley, Board of Governors of the Federal Reserve System and Ohio State University - Fisher College of Business
Downloads 373 (161,568)
Citation 1

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Financial constraints, debt capacity, stochastic discount factor, expected returns

Financially Constrained Stock Returns

NBER Working Paper No. w12555
Number of pages: 49 Posted: 08 Oct 2006 Last Revised: 26 Oct 2022
Dmitry Livdan, Horacio Sapriza and Lu Zhang
University of California, Berkeley, Board of Governors of the Federal Reserve System and Ohio State University - Fisher College of Business
Downloads 64 (707,984)
Citation 3

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2.

Forecasting the Macroeconomy: Analysts versus Economists

Number of pages: 48 Posted: 28 Dec 2012
Rebecca N. Hann, Maria Ogneva and Horacio Sapriza
University of Maryland - Robert H. Smith School of Business, University of Southern California - Marshall School of Business and Board of Governors of the Federal Reserve System
Downloads 791 (64,746)
Citation 19

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Macroeconomy, earnings, economists, financial analysts, inefficiency

3.

Sovereign Debt Crises

Oxford Handbook of Banking, Forthcoming, FRB International Finance Discussion Paper No. 1104
Number of pages: 41 Posted: 29 Aug 2014
Ricardo Correa and Horacio Sapriza
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 525 (109,322)

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Sovereign default, banking crises, government guarantees, financial safety net, bank regulation

4.

Liquidity Shocks, Dollar Funding Costs, and the Bank Lending Channel During the European Sovereign Crisis

Downloads 502 (115,368)
Citation 33

Liquidity Shocks, Dollar Funding Costs, and the Bank Lending Channel During the European Sovereign Crisis

FRB Boston Risk and Policy Analysis Unit Paper No. RPA 16-4
Number of pages: 62 Posted: 07 Sep 2017 Last Revised: 18 Mar 2022
Ricardo Correa, Horacio Sapriza and Andrei Zlate
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 271 (227,563)
Citation 9

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Sovereign risk, international banking, money market funds, liquidity management.

Liquidity Shocks, Dollar Funding Costs, and the Bank Lending Channel During the European Sovereign Crisis

FRB International Finance Discussion Paper No. 1059
Number of pages: 56 Posted: 24 Oct 2012 Last Revised: 08 Jul 2013
Ricardo Correa, Horacio Sapriza and Andrei Zlate
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 181 (336,236)
Citation 13

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Sovereign risk, international banking, money market funds, liquidity management

Liquidity Shocks, Dollar Funding Costs, and the Bank Lending Channel During the European Sovereign Crisis

FRB International Finance Discussion Paper No. 1059
Number of pages: 41 Posted: 30 Jun 2013
Ricardo Correa, Horacio Sapriza and Andrei Zlate
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 50 (796,521)
Citation 11

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Sovereign risk, international banking, money market funds, liquidity management

5.

International Evidence on Government Support and Risk Taking in the Banking Sector

Downloads 500 (115,899)
Citation 14

International Evidence on Government Support and Risk Taking in the Banking Sector

FRB International Finance Discussion Paper No. 1086
Number of pages: 53 Posted: 21 Sep 2013
Luis Brandao-Marques, Ricardo Correa and Horacio Sapriza
International Monetary Fund - Monetary and Capital Markets Department, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 327 (186,680)
Citation 13

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ank risk, market discipline, government support, bank regulation

International Evidence on Government Support and Risk Taking in the Banking Sector

IMF Working Paper No. 13/94
Number of pages: 37 Posted: 08 Jun 2013
Luis Brandao-Marques, Ricardo Correa and Horacio Sapriza
International Monetary Fund - Monetary and Capital Markets Department, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 143 (411,967)
Citation 1

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Banking sector, Bank supervision, Bank regulations, Risk management, Bank risk, Market Discipline, Government Support, Bank Regulation., bank risk taking, banking, deposit insurance, foreign currency deposit, return on assets, bank regulation, bank size, bank value, bank bailouts, banking industry, bank ownership, bank managers, bank valuation, bank subsidiaries, financial strength, bank distress, banking regulations, bank holding companies, bank supervisory power, bank charter, accounting treatment, banking crises, banking markets, liquidity ratio, bank behavior, bank balance sheets, banking system, bank risk-taking, bank equity, bank debt, bank failure, bank holding, bankers, banking regul

International Evidence on Government Support and Risk Taking in the Banking Sector

International Finance Discussion Paper No. 1086
Number of pages: 48 Posted: 30 May 2017 Last Revised: 23 Aug 2021
Luis Brandao-Marques, Ricardo Correa and Horacio Sapriza
International Monetary Fund - Monetary and Capital Markets Department, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 30 (967,214)

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6.

The Collateral Channel and Bank Credit

Downloads 368 (165,521)
Citation 4

The Collateral Channel and Bank Credit

Number of pages: 60 Posted: 01 Apr 2022 Last Revised: 01 Nov 2023
Arun Gupta, Horacio Sapriza and Vladimir Yankov
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 304 (201,922)
Citation 2

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Collateral channel, firm borrowing constraints, bank credit allocation, corporate investment, macro-finance mechanisms

The Collateral Channel and Bank Credit

FEDS Working Paper No. 2022-24
Number of pages: 59 Posted: 13 May 2022
Arun Gupta, Horacio Sapriza and Vladimir Yankov
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 64 (707,984)
Citation 2

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Collateral channel, Firm borrowing constraints, Bank credit allocation, Corporate investment, Macro-finance, Transmission mechanism

7.

The Economics of Sovereign Defaults

FRB Richmond Economic Quarterly, vol. 93, no. 2, Spring 2007, pp. 163-187
Number of pages: 25 Posted: 09 Dec 2012
Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza
Indiana University Bloomington, International Monetary Fund (IMF) - IMF Institute and Board of Governors of the Federal Reserve System
Downloads 335 (183,408)
Citation 1

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8.

Unconventional Monetary and Exchange Rate Policies

International Finance Discussion Paper No. 1194
Number of pages: 51 Posted: 24 Feb 2017 Last Revised: 23 Aug 2021
Joseph Gagnon, Tamim Bayoumi, Juan M. Londono, Christian Saborowski and Horacio Sapriza
Peterson Institute, International Monetary Fund (IMF), Board of Governors of the Federal Reserve System, International Monetary Fund (IMF) and Board of Governors of the Federal Reserve System
Downloads 266 (233,464)

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9.

Sovereign Debt Restructurings

FRB St. Louis Working Paper No. 2018-13
Number of pages: 79 Posted: 18 Jul 2018 Last Revised: 27 Nov 2019
Maximiliano A. Dvorkin, Juan M. Sánchez, Juan M. Sánchez, Horacio Sapriza and Emircan Yurdagul
Federal Reserve Banks - Federal Reserve Bank of St. Louis, Federal Reserve Banks - Federal Reserve Bank of St. LouisFederal Reserve Banks - Federal Reserve Bank of St. Louis, Board of Governors of the Federal Reserve System and Charles III University of Madrid
Downloads 261 (237,968)
Citation 26

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10.

Cross-Border Bank Flows and Monetary Policy

International Finance Discussion Paper No. 1241
Number of pages: 53 Posted: 06 Dec 2018 Last Revised: 23 Aug 2021
Ricardo Correa, Teodora Paligorova, Horacio Sapriza and Andrei Zlate
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 222 (278,846)

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11.

U.S. Unconventional Monetary Policy and Transmission to Emerging Market Economies

FRB International Finance Discussion Paper No. 1109
Number of pages: 49 Posted: 29 Jun 2014
David Bowman, Juan M. Londono and Horacio Sapriza
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 218 (283,697)
Citation 49

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unconventional monetary policy, emerging markets, large-scale asset purchase program, quantitative easing, Federal Reserve

12.

Quantitative Properties of Sovereign Default Models: Solution Methods Matter

Downloads 211 (292,561)
Citation 8

Quantitative Properties of Sovereign Default Models: Solution Methods Matter

IMF Working Paper No. 10/100
Number of pages: 29 Posted: 26 Apr 2010
Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza
Indiana University Bloomington, International Monetary Fund (IMF) - IMF Institute and Board of Governors of the Federal Reserve System
Downloads 151 (393,871)
Citation 8

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Asset management, Asset prices, Bonds, Business cycles, Credit risk, Economic models, Emerging markets, External borrowing, Interest rates, Sovereign debt

Quantitative Properties of Sovereign Default Models: Solution Methods Matter

FRB Richmond Working Paper No. 10-04
Number of pages: 33 Posted: 16 Dec 2012
Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza
Indiana University Bloomington, International Monetary Fund (IMF) - IMF Institute and Board of Governors of the Federal Reserve System
Downloads 60 (731,247)

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emerging economies, sovereign debt, default, numerical methods

13.

International Banks and the Cross-Border Transmission of Business Cycles

Midwest Finance Association 2012 Annual Meetings Paper
Number of pages: 38 Posted: 18 Sep 2011 Last Revised: 18 Nov 2011
Andrei Zlate, Ricardo Correa and Horacio Sapriza
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 180 (340,293)

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International banks, intra-bank lending, firm borrowing, extensive margin

14.

Whatever it Takes. What's the Impact of a Major Nonconventional Monetary Policy Intervention?

BIS Working Paper No. 749
Number of pages: 34 Posted: 30 Oct 2018
Carlos Alcaraz, Stijn Claessens, Gabriel Cuadra, David Marques-Ibanez and Horacio Sapriza
Independent, Yale School of Management, Banco de México, European Central Bank (ECB) and Board of Governors of the Federal Reserve System
Downloads 178 (341,936)
Citation 3

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unconventional monetary policy, credit conditions, spillovers

15.

Sovereign Debt Ratings and Stock Liquidity Around the World

Published: Journal of Banking & Finance 73, 99-112, 2016
Number of pages: 49 Posted: 02 Dec 2013 Last Revised: 10 Feb 2017
Kuan-Hui Lee, Horacio Sapriza and Yangru Wu
Seoul National University Business School, Board of Governors of the Federal Reserve System and Rutgers University, Newark - School of Business - Department of Finance & Economics
Downloads 153 (389,360)

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sovereign bond; credit rating; liquidity; emerging market; developed market; international financial market

16.

Bottom-Up Leading Macroeconomic Indicators: An Application to Non-Financial Corporate Defaults Using Machine Learning

FEDS Working Paper No. 2019-70
Number of pages: 40 Posted: 22 Oct 2019
Tyler Pike, Horacio Sapriza and Tom Zimmermann
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and University of Cologne
Downloads 142 (413,631)
Citation 1

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17.

How Does the Strength of Monetary Policy Transmission Depend on Real Economic Activity?

FEDS Working Paper No. 2019-23
Number of pages: 43 Posted: 11 Apr 2019 Last Revised: 12 Jun 2019
Horacio Sapriza and Judit Temesvary
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 131 (440,658)

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18.

International Evidence on Government Support and Risk-Taking in the Banking Sector

European Banking Center Discussion Paper No. 2012-027
Number of pages: 34 Posted: 02 Nov 2012
Luis Brandao-Marques, Ricardo Correa and Horacio Sapriza
International Monetary Fund - Monetary and Capital Markets Department, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 129 (446,037)
Citation 5

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bank risk, market discipline, government support, bank regulation

19.

Financial Frictions, Trade Credit, and the 2008-09 Global Financial Crisis

FRB International Finance Discussion Paper No. 1020r
Number of pages: 36 Posted: 23 Jul 2011
Andrei Zlate, Brahima Coulibaly and Horacio Sapriza
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 125 (456,991)
Citation 2

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emerging Asia, trade credit, 2008-09 financial crisis, international trade

20.

Fiscal Policy and Default Risk in Emerging Markets

FRB Richmond Working Paper No. 09-01
Number of pages: 52 Posted: 12 Dec 2012
Gabriel Cuadra, Juan M. Sánchez, Juan M. Sánchez and Horacio Sapriza
Banco de México, Federal Reserve Banks - Federal Reserve Bank of St. LouisFederal Reserve Banks - Federal Reserve Bank of St. Louis and Board of Governors of the Federal Reserve System
Downloads 100 (538,796)
Citation 50

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procyclical fiscal policy, sovereign default risk, endogenous borrowing constraints

21.

News and Sovereign Default Risk in Small Open Economies

FRB International Finance Discussion Paper No. 997
Number of pages: 29 Posted: 26 Jun 2010
Ceyhun Bora Durdu, Ricardo Nunes and Horacio Sapriza
Board of Governors of the Federal Reserve System, University of Surrey and Board of Governors of the Federal Reserve System
Downloads 100 (538,796)
Citation 12

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Sovereign default risk, news shocks, endogenous borrowing constraints

22.

Quantitative Models of Sovereign Default and the Threat of Financial Exclusion

FRB Richmond Economic Quarterly, vol. 93, no. 3, Summer 2007, pp. 251-286
Number of pages: 36 Posted: 09 Dec 2012
Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza
Indiana University Bloomington, International Monetary Fund (IMF) - IMF Institute and Board of Governors of the Federal Reserve System
Downloads 94 (560,929)

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23.

Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies

IMF Working Paper No. 17/56
Number of pages: 53 Posted: 12 May 2017
Joseph Gagnon, Tamim Bayoumi, Juan M. Londono, Christian Saborowski and Horacio Sapriza
Peterson Institute, International Monetary Fund (IMF), Board of Governors of the Federal Reserve System, International Monetary Fund (IMF) and Board of Governors of the Federal Reserve System
Downloads 93 (564,720)
Citation 3

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Foreign exchange intervention, current account balance, unconventional monetary policy, quantitative easing, General, General

24.

Improving Sovereign Debt Restructurings

FRB St. Louis Working Paper No. 2019-36
Number of pages: 54 Posted: 27 Nov 2019
Maximiliano A. Dvorkin, Juan M. Sánchez, Juan M. Sánchez, Horacio Sapriza and Emircan Yurdagul
Federal Reserve Banks - Federal Reserve Bank of St. Louis, Federal Reserve Banks - Federal Reserve Bank of St. LouisFederal Reserve Banks - Federal Reserve Bank of St. Louis, Board of Governors of the Federal Reserve System and Charles III University of Madrid
Downloads 82 (609,451)

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Crises, GDP-indexed Debt, Distribution of Creditor Losses, Default, Sovereign Debt, Maturity, Restructuring, Country Risk, International Monetary Fund

25.

Whatever It Takes: What’s the Impact of a Major Nonconventional Monetary Policy Intervention?

ECB Working Paper No. 2249 (2019); ISBN 978-92-899-3511-1
Number of pages: 50 Posted: 20 Mar 2019
Carlos Alcaraz, Stijn Claessens, Gabriel Cuadra, David Marques-Ibanez and Horacio Sapriza
Independent, Yale School of Management, Banco de México, European Central Bank (ECB) and Board of Governors of the Federal Reserve System
Downloads 74 (644,956)

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unconventional monetary policy, credit conditions, spillovers

26.

Do Costly Internal Equity Injections Reveal Bank Expectations about Post-Crisis Real Outcomes?

Downloads 17 (752,632)

Do Costly Internal Equity Injections Reveal Bank Expectations About Post-Crisis Real Outcomes?

FRB Richmond Working Paper No. 23-3
Number of pages: 66 Posted: 02 Feb 2023
Arun Gupta and Horacio Sapriza
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 17 (1,118,099)

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Macrofinance, Financial Crises, Banks, financial intermediation, internal capital markets, SME, TARP

27.

News, Sovereign Debt Maturity, and Default Risk

FRB St. Louis Working Paper No. 2018-33
Number of pages: 46 Posted: 27 Nov 2018 Last Revised: 24 Apr 2020
Maximiliano A. Dvorkin, Juan M. Sánchez, Juan M. Sánchez, Horacio Sapriza and Emircan Yurdagul
Federal Reserve Banks - Federal Reserve Bank of St. Louis, Federal Reserve Banks - Federal Reserve Bank of St. LouisFederal Reserve Banks - Federal Reserve Bank of St. Louis, Board of Governors of the Federal Reserve System and Charles III University of Madrid
Downloads 53 (759,062)
Citation 11

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28.

Sovereign Credit Risk, Banks' Government Support, and Bank Stock Returns Around the World

International Finance Discussion Paper No. 1069
Number of pages: 51 Posted: 30 May 2017 Last Revised: 23 Aug 2021
Ricardo Correa, Kuan-Hui Lee, Horacio Sapriza and Gustavo A. Suarez
Board of Governors of the Federal Reserve System, Seoul National University Business School, Board of Governors of the Federal Reserve System and Harvard University
Downloads 51 (771,907)
Citation 6

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29.

Heterogeneous Borrowers in Quantitative Models of Sovereign Default

FRB Richmond Working Paper No. 07-01R
Number of pages: 41 Posted: 09 Dec 2012
Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza
Indiana University Bloomington, International Monetary Fund (IMF) - IMF Institute and Board of Governors of the Federal Reserve System
Downloads 42 (835,983)
Citation 1

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sovereign default, political risk, endogenous borrowing constraints, Markov-perfect equilibrium

30.

Improving Sovereign Debt Restructurings

Downloads 39 (859,711)

Improving Sovereign Debt Restructurings

FRB Richmond Working Paper No. 22-6
Number of pages: 54 Posted: 07 Jun 2022
Maximiliano A. Dvorkin, Juan M. Sánchez, Juan M. Sánchez, Horacio Sapriza and Emircan Yurdagul
Federal Reserve Banks - Federal Reserve Bank of St. Louis, Federal Reserve Banks - Federal Reserve Bank of St. LouisFederal Reserve Banks - Federal Reserve Bank of St. Louis, Board of Governors of the Federal Reserve System and Charles III University of Madrid
Downloads 39 (882,579)

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Crises, GDP-indexed Debt, Distribution of Creditor Losses, Default, Sovereign Debt, Maturity, Restructuring, Country Risk, International Monetary Fun