Raphael A. Espinoza

International Monetary Fund (IMF)

Economist

700 19th Street, N.W.

Washington, DC 20431

United States

http://oxford.academia.edu/RaphaelEspinoza

  • International Monetary Fund (IMF)

SCHOLARLY PAPERS

28

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4,920

TOTAL CITATIONS
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Top 31,834

in Total Papers Citations

20

Scholarly Papers (28)

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1.

Nonperforming Loans in the GCC Banking System and Their Macroeconomic Effects

IMF Working Paper No. 10/224
Number of pages: 25 Posted: 01 Feb 2011
Raphael A. Espinoza and A. Prasad
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 1,680 (23,315)
Citation 3

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Bank accounting, Banking systems, Banks, Cooperation Council for the Arab States of the Gulf, Credit risk, Economic models, Loans

2.

Delays in Public Investment Projects

Number of pages: 27 Posted: 18 Feb 2021
Raphael A. Espinoza and Andrea Presbitero
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 292 (226,320)

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Public investment, Time delays, Investment projects, World Bank, Investment scaling up

3.

How Strong are Fiscal Multipliers in the GCC? An Empirical Investigation

IMF Working Paper No. 11/61
Number of pages: 21 Posted: 28 Mar 2011
Raphael A. Espinoza and Abdelhak S. Senhadji
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 279 (237,327)

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Cooperation Council for the Arab States of the Gulf, External shocks, Fiscal policy, Government expenditures, Nonoil sector, Saudi Arabia

4.

Asset Prices in an Exchange Economy with Money and Trade

Number of pages: 28 Posted: 03 Mar 2007
Raphael A. Espinoza and Dimitrios P. Tsomocos
International Monetary Fund (IMF) and University of Oxford - Said Business School and St. Edmund Hall
Downloads 252 (263,157)

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cash-in-advance , risk-neutral probabilities , state price , term structure

5.

The Role of Financial Variables in Predicting Economic Activity

ECB Working Paper No. 1108
Number of pages: 50 Posted: 25 Nov 2009
Raphael A. Espinoza, Fabio Fornari and Marco J. Lombardi
International Monetary Fund (IMF), European Central Bank (ECB) and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 213 (310,005)
Citation 7

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VAR, Financial Variables, International Linkages, Conditional Forecast

6.

Monetary Policy Transmission in the GCC Countries

IMF Working Paper No. 12/132
Number of pages: 31 Posted: 09 Aug 2012
Raphael A. Espinoza and A. Prasad
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 181 (360,430)

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Transmission Mechanism, Fixed Exchange Rate Regime, Interest Rate Pass-through, Panel Var, Economic Models, Interest Rates, Monetary Transmission Mechanism

7.

Probabilities of Default and the Market Price of Risk in a Distressed Economy

IMF Working Paper No. 11/75
Number of pages: 15 Posted: 13 Apr 2011
Miguel A. Segoviano Basurto and Raphael A. Espinoza
affiliation not provided to SSRN and International Monetary Fund (IMF)
Downloads 162 (397,442)

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Asset prices, Bankruptcy, Banks, Credit risk, Financial crisis, Risk premium

8.

How Do Fiscal and Labor Policies in France Affect Inequality?

IMF Working Paper No. 16/41
Number of pages: 45 Posted: 28 Mar 2016
Raphael A. Espinoza and Esther Pérez Ruiz
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 147 (431,093)

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redistribution, market income inequality, labor market policies, fiscal policies, labor, unemployment, minimum wage, workers, income distribution, Personal Income and Wealth Distribution, Factor Income Distribution, Equity, Justice, Inequality, and Other Normative Criteria and Measurement

9.

The Fiscal Multiplier of Public Investment: The Role of Corporate Balance Sheet

IMF Working Paper No. 20/199
Number of pages: 32 Posted: 30 Oct 2020
Raphael A. Espinoza, Juliana Gamboa-Arbelaez and Mouhamadou Sy
International Monetary Fund (IMF), Central Bank of Columbia and International Monetary Fund (IMF)
Downloads 146 (433,417)

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Public investment and public-private partnerships (PPP), Public investment spending, Private investment, Financial statements, Corporate investment, WP, net investment rate, balance sheet condition, constraint firm, graphic tag0, firm level

10.

Estimating the Inflation-Growth Nexus: A Smooth Transition Model

IMF Working Paper No. 10/76
Number of pages: 23 Posted: 29 Mar 2010
Raphael A. Espinoza, Hyginus Leon and A. Prasad
International Monetary Fund (IMF), International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 144 (438,377)
Citation 1

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Cross country analysis, Developed countries, Economic growth, Economic models, Emerging markets, Inflation, Monetary policy, Oil exporting countries, Production growth

11.

Regional Financial Integration in the Caribbean: Evidence from Financial and Macroeconomic Data

IMF Working Paper No. 09/139
Number of pages: 36 Posted: 28 Jul 2009
Raphael A. Espinoza and Goohoon Kwon
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 143 (440,812)

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Bond markets, Capital flows, Caribbean, Cross country analysis, Economic integration, Economic models, Stock markets, Trade integration

12.

Recent Credit Stagnation in the MENA Region: What to Expect? What Can Be Done?

IMF Working Paper No. 10/219
Number of pages: 20 Posted: 01 Feb 2011
Adolfo Barajas, Ralph Chami, Raphael A. Espinoza and Heiko Hesse
International Monetary Fund (IMF) - Western Hemisphere Department, International Monetary Fund (IMF), International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 133 (467,506)
Citation 1

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Bank credit, Banking sector, Credit expansion, Cross country analysis, Economic growth, Middle East, Monetary policy, North Africa

13.

Regional Financial Integration in the GCC

IMF Working Paper No. 10/90
Number of pages: 34 Posted: 12 Apr 2010
Raphael A. Espinoza, A. Prasad and Oral H. Williams
International Monetary Fund (IMF), International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 133 (467,506)
Citation 2

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Asset prices, Banking sector, Capital flows, Cooperation Council for the Arab States of the Gulf, Cross country analysis, Currency pegs, Economic integration, Interest rates, Monetary policy, Monetary unions, Regional shocks, Stock markets

14.

Optimal Oil Production and the World Supply of Oil

IMF Working Paper No. 12/294
Number of pages: 32 Posted: 28 Feb 2013
Nikolay A. Aleksandrov, lajos Gyurko and Raphael A. Espinoza
affiliation not provided to SSRN, affiliation not provided to SSRN and International Monetary Fund (IMF)
Downloads 130 (476,074)

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Capacity Expansion, Equilibrium Price of Oil, OPEC, Oil production, Real Options

15.

The Role of Financial Variables in Predicting Economic Activity in the Euro Area

IMF Working Paper No. 09/241
Number of pages: 36 Posted: 10 Nov 2009
Raphael A. Espinoza, Fabio Fornari and Marco J. Lombardi
International Monetary Fund (IMF), European Central Bank (ECB) and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 121 (503,488)
Citation 3

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Asset prices, Business cycles, Cross country analysis, Economic forecasting, Economic growth, Economic models, Euro Area, Financial crisis, Financial sector, Global Financial Crisis 2008-2009, Stock markets

16.

Systemic Risk Modeling: How Theory Can Meet Statistics

IMF Working Paper No. 20/54
Number of pages: 40 Posted: 20 Apr 2020
Raphael A. Espinoza, Miguel Segoviano and Ji Yan
International Monetary Fund (IMF), London School of Economics & Political Science (LSE) - Financial Markets Group and City University of Hong Kong (CityUHK) - Department of Economics & Finance
Downloads 101 (576,281)

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Financial crises, Bank credit, Financial markets, Financial institutions, Macroprudential policies and financial stability, Systemic risk, Minsky effect, CIMDO, Default, WP, interbank, repayment rate, expected shortfall, time t, Minsky

17.

Financial Conditions in Europe: Dynamics, Drivers, and Macroeconomic Implications

IMF Working Paper No. 2023/209
Number of pages: 58 Posted: 05 Oct 2023
Giovanni Borraccia, Raphael A. Espinoza, Vincenzo Guzzo, Fuda Jiang, Romain Lafarguette, Huong (Vina) Nguyen, Miguel Segoviano Basurto and Philippe Wingender
International Monetary Fund (IMF), International Monetary Fund (IMF), International Monetary Fund (IMF), International Monetary Fund (IMF), International Monetary Fund, International Monetary Fund (IMF), International Monetary Fund (IMF) - Monetary and Financial Systems Department and International Monetary Fund (IMF) - Fiscal Affairs Department
Downloads 93 (616,560)

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Financial condition index, partial least square, funding constraints, credit availability and costs, price of risk, policy stance, inverse probability weighting, financial conditions in Europe, FCI regime, IMF working paper 2023/209, FCI indicator, measure of financial conditions, Inflation, Asset prices, Monetary tightening, Credit, Financial cycles, Europe, Global

18.

Spillovers to Low-Income Countries: Importance of Systemic Emerging Markets

IMF Working Paper No. NO.12/49
Number of pages: 27 Posted: 28 Feb 2012
Raphael A. Espinoza, Sarwat Jahan and Era Dabla-Norris
International Monetary Fund (IMF), International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 82 (656,846)
Citation 1

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Growth Spillovers, Low-income Countries, Economic Integration, Decoupling, Vector Autoregression, Panel Estimate, Economic Growth, Emerging Markets, Low-income Developing Countries

19.

FX Intervention in the New Keynesian Model

IMF Working Paper No. 17/207
Number of pages: 40 Posted: 25 Oct 2017
Zineddine Alla, Raphael A. Espinoza and Atish R. Ghosh
Institut d'Etudes Politiques de Paris (Sciences Po), International Monetary Fund (IMF) and International Monetary Fund (IMF) - Policy Development and Review Department
Downloads 78 (676,167)
Citation 2

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Foreign exchange, Central banks and their policies, Central bank reserves; Speculative attack; Portfolio balance model; Equilibrium determinacy; Capital flows; Capital controls; Open Economy New Keynesian Model, Central bank reserves, Speculative attack, Portfolio balance model, Equilibrium determinacy, Capital flows, Capital controls, Open Economy New Keynesian Model, Monetary Policy (Targets, Instruments, and Effects)

20.

As You Sow so Shall You Reap: Public Investment Surges, Growth, and Debt Sustainability in Togo

IMF Working Paper No. 12/127
Number of pages: 41 Posted: 09 Aug 2012
Michal Andrle, Antonio C. David, Raphael A. Espinoza, Marshall Mills and Luis-Felipe Zanna
International Monetary Fund (IMF), World Bank - Policy Research Department, International Monetary Fund (IMF), International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 76 (686,285)

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Public Investment, Debt Sustainability, Developing Countries, Economic Growth, Economic Models, Infrastructure, Tax Burdens

21.

The Fiscal Multiplier of European Structural Investment Funds: Aggregate and Sectoral Effects with an Application to Slovenia

IMF Working Paper No. 2021/118
Number of pages: 53 Posted: 04 Feb 2022
Luigi Durand and Raphael A. Espinoza
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 75 (691,447)

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aggregate multiplier, sectoral multiplier, aggregate analysis, public investment, impact multiplier, Public investment spending, Private investment, Public employment, Manufacturing, Employment, Eastern Europe

22.

Unconventional Policy Instruments in the New Keynesian Model

IMF Working Paper No. 16/58
Number of pages: 35 Posted: 26 Apr 2016
Zineddine Alla, Raphael A. Espinoza and Atish R. Ghosh
Institut d'Etudes Politiques de Paris (Sciences Po), International Monetary Fund (IMF) and International Monetary Fund (IMF) - Policy Development and Review Department
Downloads 74 (696,677)

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Unconventional monetary policy, equilibrium indeterminacy, stabilization bias, inflationary bias, instrument, instruments, inflation, monetary policy, interest, Monetary Policy (Targets, and Effects), All Countries,

23.

Macroprudential Stress Tests: A Reduced-Form Approach to Quantifying Systemic Risk Losses

IMF Working Paper No. 18/49
Number of pages: 46 Posted: 15 Nov 2018
Zineddine Alla, Raphael A. Espinoza, Qiaoluan Li and Miguel Segoviano Basurto
Institut d'Etudes Politiques de Paris (Sciences Po), International Monetary Fund (IMF), International Monetary Fund (IMF) and International Monetary Fund (IMF) - Monetary and Financial Systems Department
Downloads 61 (773,039)

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Systemic risk, Macroprudential policies and financial stability, Financial crises, Stress testing, Stress testing; systemic risk; financial stability, financial stability, Government Policy and Regulation, Financial Markets and the Macroeconomy

24.

Effective Fiscal-Monetary Interactions in Severe Recessions

IMF Working Paper No. 2022/170
Number of pages: 47 Posted: 13 Sep 2022
Jiaqian Chen, Raphael A. Espinoza, Carlos Goncalves, Tryggvi Gudmundsson, Martina Hengge, Zoltan Jakab and Jesper Lindé
International Monetary Fund (IMF), International Monetary Fund (IMF), International Monetary Fund (IMF), International Monetary Fund (IMF), International Monetary Fund (IMF), International Monetary Fund and International Monetary Fund (IMF)
Downloads 58 (793,081)

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25.

Monetary Transaction Costs and the Term Premium

IMF Working Paper No. 13/85
Number of pages: 39 Posted: 25 Apr 2013
Raphael A. Espinoza and Dimitrios P. Tsomocos
International Monetary Fund (IMF) and University of Oxford - Said Business School and St. Edmund Hall
Downloads 42 (921,662)

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Liquidity, Cash-in-advance constraints, Term structure of interest rates

26.

The Urgency of Conflict Prevention – a Macroeconomic Perspective

IMF Working Paper No. 2024/256
Number of pages: 49 Posted: 03 Jan 2025
Hannes Mueller, Christopher Rauh, Benjamin Seimon and Raphael A. Espinoza
Barcelona School of Economics, University of Cambridge - Faculty of Economics, Fundació d’Economia Analítica (FEA) and International Monetary Fund (IMF)
Downloads 18 (1,189,674)

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Prevention, fragile state, conflict, machine learning, policy simulation, Policy recommendation, prevention policy, et al, conflict prevention, conflict stage country, building state capacity, Fiscal stance, Caribbean, Global, Africa

27.

The Armistice of the Sexes: Gender Complementarities in the Production Function

CEPR Discussion Paper No. DP13792
Number of pages: 40 Posted: 29 Jul 2019
Raphael A. Espinoza, Jonathan D. Ostry and Chris Papageorgiou
International Monetary Fund (IMF), Georgetown University and International Monetary Fund (IMF) - Research Department
Downloads 4 (1,323,129)
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aggregate production function, elasticity of substitution, Female Labor Force Participation, growth

28.

Globalization, Redistribution, and the Size of Government

CEPR Discussion Paper No. DP14137
Number of pages: 46 Posted: 04 Dec 2019
Raphael A. Espinoza, Jonathan D. Ostry and Xiaoxiao Zhang
International Monetary Fund (IMF), Georgetown University and University of Cambridge
Downloads 2 (1,333,073)
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Financial Liberalization, Government size, redistribution, Trade openness