Miguel Sarmiento

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PhD. Economics

Research Lines

Academic Profiles

Institutional affiliation

Researcher - Departamento de Estabilidad Financiera

Bogotá, Colombia

Profile:

I am Research Economist at the Financial Stability Department of the Banco de la República and Fellow of the European Banking Center (EBC). My research areas are financial intermediation, financial stability and international economics. My research agenda focuses on Macro-Finance issues including the study of macroeconomic and regulatory shocks on the behavior of banks in the financial markets, the supply of credit to non-financial firms, and the financial stability, among others. I have worked as Visiting Economist at the International Monetary Fund (Washington, DC) and as a Visiting Researcher at the Graduate Institute of Geneva (Switzerland). Currently, I am member of the Working Group of Financial Stability of the Bank for International Settlements (BIS).

Publications
Academic formation
Co-authors

Selected

Showing 1 - 5 of 6

(2024), Sudden Yield Reversals and Financial Intermediation in Emerging Markets, JOURNAL OF FINANCIAL STABILITY

(2022), The internationalization of domestic banks and the credit channel of monetary policy, JOURNAL OF BANKING & FINANCE, 135, (pp. 1-21)

(2020), Borrowing costs and the role of multilateral development banks: Evidence from cross-border syndicated bank lending, JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 100

(2019), Estimating the direct impact of bank liquidity shocks on the real economy: Evidence from letter-of-credit import transactions in Colombia, REVIEW OF INTERNATIONAL ECONOMICS, 27, (5), (pp. 1510-1536)

(2018), Identifying central bank liquidity super-spreaders in interbank funds networks, JOURNAL OF FINANCIAL STABILITY, 35, (pp. 75-92)

Articles

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(2008), Regla fiscal cuantitativa para consolidar y blindar las finanzas públicas de Colombia, Revista de Economia Institucional, 10, (19), (pp. 311-352)

(2008), Banknote Printing at Modern central Banking: Trends, Costs and Efficiency, Money Affairs, (2), (pp. 217-262)

(2007), Staff, Functions, and Staff Costs at Central Banks: An International Comparison with a Labor-Demand Model, Money Affairs, 20, (2), (pp. 131-180)

(2006), La sostenibilidad fiscal en Colombia: un enfoque desde la reglas fiscales, Planeación & Desarrollo, 37, (2), (pp. 77-109)

Working Papers

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(2016), Liquidity and Counterparty Risks Tradeoff in Money Market Networks, Borradores de Economia, (936)

(2015), Monitoring the Unsecured Interbank Funds Market, Borradores de Economia, (917)

(2015), The influence of risk-taking on bank efficiency : evidence from Colombia, Borradores de Economia, (894)

(2014), Identifying central bank liquidity super-spreaders in interbank funds networks, Borradores de Economia, (816)

(2010), Riesgo sistémico y estabilidad del sistema de pagos de alto valor en Colombia: análisis bajo topología de redes y simulación de pagos, Borradores de Economia, (627)

Journal Ensayos sobre Política Económica

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(2025), Credit Constraints for Small Farmers in Colombia, Bogotá, Colombia, (109)

(2023), Global Financial Cycle, Capital Flows, and Policy Responses, (104)

(2023), Portfolio Capital Flows in Colombia, (105)

(2020), Impact of the foreign exchange intervention and its duration, ENSAYOS SOBRE POLITICA ECONOMICA**, (98)

(2011), Riesgo sistémico y estabilidad del sistema de pagos de alto valor en Colombia : análisis bajo topología de redes y simulación de pagos, ENSAYOS SOBRE POLITICA ECONOMICA**, 29, (65), (pp. 106-175)

PhD. Economics, Tilburg University, 2018
Master of Science in Economics, University of Illinois at Urbana-Champaign, 2013
B.A in Economics, Universidad Externado de Colombia, 2004