Economists - Horacio Sapriza

Horacio Sapriza

Horacio Sapriza is a senior economist and policy advisor in the Research Department. Sapriza joined the Federal Reserve Bank of Richmond in August 2021 after serving as a principal economist in the Macro-Financial Analysis Section at the Federal Reserve Board of Governors, where he had worked since 2009. He continues to serve as an associate editor of Economia. Sapriza earned his doctorate from the University of Rochester in 2005.

Sapriza's research focus is international economics, macroeconomics, empirical banking and financial stability.

Academic Publications

Cross-Border Bank Flows and Monetary Policy

The Review of Financial Studies, Vol. 35, January 2022: 438–481

Ricardo Correa, Teodora Paligorova, Horacio Sapriza and Andrei Zlate

Wholesale Funding Runs, Global Banks' Supply of Liquidity Insurance, and Corporate Investment

Journal of International Economics, Volume 133, November 2021: 103519

Ricardo Correa, Horacio Sapriza and Andrei Zlate

Sovereign Debt Restructurings

American Economic Journal: Macroeconomics, Vol. 13, April 2021: 26-77

Maximiliano Dvorkin, Juan M. Sanchez, Horacio Sapriza and Emircan Yurdagul

News, Sovereign Debt Maturity, and Default Risk

Journal of International Economics, Vol. 126, September 2020

Maximiliano Dvorkin, Juan M. Sanchez, Horacio Sapriza and Emircan Yurdagul

Asymmetries in the Bank Lending Channel of Monetary Policy in the United States

Economics Letters, Vol. 189, April 2020

Horacio Sapriza and Judit Temesvary

Government Support, Regulation, and Risk Taking in the Banking Sector

Journal of Banking and Finance, Vol. 112, March 2020

Luis Brandao-Marques, Ricardo Correa and Horacio Sapriza

Sovereign Default and Maturity Choice

Journal of Monetary Economics, Vol. 95, May 2018: 72-85

Juan M. Sanchez, Horacio Sapriza and Emircan Yurdagul

Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies

Open Economies Review, Vol. 28, April 2017: 191-232

Joseph E. Gagnon, Tamim Bayoumi, Juan M. Londono, Christian Saborowski and Horacio Sapriza

Sovereign Debt Ratings and Stock Liquidity Around the World

Journal of Banking and Finance, Vol. 73, December 2016: 99-112

Kuan-Hui Lee, Horacio Sapriza and Yangru Wu

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

Journal of International Money and Finance, Vol. 55, July 2015: 27-59

David Bowman, Juan M. Londono and Horacio Sapriza

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

Journal of Money, Credit and Banking, Vol. 46, February 2014: 93-121

Ricardo Correa, Kuan-Hui Lee and Horacio Sapriza

News and Sovereign Default Risk in Small Open Economies

Journal of International Economics, Vol. 91, September 2013: 1-17

C. Bora Durdu, Ricardo Nunes and Horacio Sapriza

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

International Review of Economics and Finance, Vol. 26, April 2013: 25-38

Brahima Coulibaly, Horacio Sapriza and Andrei Zlate

Quantitative Properties of Sovereign Default Models: Solution Methods Matter

Review of Economic Dynamics, Vol. 13, October 2010: 919-933

Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza

Previous Version: Working Paper, March 2010, No. 10-04

Fiscal Policy and Default Risk in Emerging Markets

Review of Economic Dynamics, Vol. 13, April 2010: 452-469

Gabriel Cuadra, Juan M. Sanchez and Horacio Sapriza

Previous Version: Working Paper, February 2009, No. 09-1

Heterogeneous Borrowers in Quantitative Models of Sovereign Default

International Economic Review, Vol. 50, November 2009: 1129-1151

Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza

Previous Version: Working Paper, March 2007, No. 07-1R

Financially Constrained Stock Returns

Journal of Finance, Vol. 64, August 2009: 1827-1862

Dmitry Livdan, Horacio Sapriza and Lu Zhang

Sovereign Default, Interest Rates and Political Uncertainty in Emerging Markets

Journal of International Economics, Vol. 76, September 2008: 78-88

Gabriel Cuadra and Horacio Sapriza
Bank Publications

Economic Quarterly, Summer 2007

Quantitative Models of Sovereign Default and the Threat of Financial Exclusion

Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza

Economic Quarterly, Spring 2007

The Economics of Sovereign Defaults

Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza
Working Papers

June 2022, No. 22-06

Improving Sovereign Debt Restructurings

Maximiliano Dvorkin, Juan M. Sanchez, Horacio Sapriza and Emircan Yurdagul

May 2022, No. 22-04

The Collateral Channel and Bank Credit

Arun Gupta, Horacio Sapriza and Vladimir Yankov

March 2010, No. 10-04

Quantitative Properties of Sovereign Default Models: Solution Methods Matter

Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza

October 2009, No. 09-13

On the Cyclicality of the Interest Rate in Emerging Economy Models: Solution Methods Matter

Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza

February 2009, No. 09-1

Fiscal Policy and Default Risk in Emerging Markets

Gabriel Cuadra, Juan M. Sanchez and Horacio Sapriza

March 2007, No. 07-1R

Heterogeneous Borrowers in Quantitative Models of Sovereign Default (Revised: Sep. 2008)

Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza

December 2006, No. 06-11

Computing Business Cycles in Emerging Economy Models

Juan Carlos Hatchondo, Leonardo Martinez and Horacio Sapriza
Other Work

"Bottom-up Leading Macroeconomic Indicators: An Application to Non-Financial Corporate Defaults using Machine Learning" (with Tyler Pike and Tom Zimmermann). Finance and Economics Discussion Series 2019-070, Board of Governors of the Federal Reserve System, September 2019.
"Sovereign Debt Restructurings" (with Maximiliano A. Dvorkin, Juan M. Sánchez, Horacio Sapriza, and Emircan Yurdagul). Working Paper 2018-013B, Federal Reserve Bank of St. Louis, August 2019.
"How Does the Strength of Monetary Policy Transmission Depend on Real Economic Activity?" (with Judit Temesvary). Finance and Economics Discussion Series 2019-023. Board of Governors of the Federal Reserve System, April 2019.
"Cross-Border Bank Flows and Monetary Policy" (with Ricardo Correa, Teodora Paligorova and Andrei Zlate). International Finance Discussion Papers 1241, Board of Governors of the Federal Reserve System, December 2018.
"Cross-Border Bank Flows and Monetary Policy: Implications for Canada" (with Ricardo Correa, Teodora Paligorova and Andrei Zlate). Staff Working Paper 2017-34, Bank of Canada, August 2017.
"Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies" (with Joseph E. Gagnon, Tamim Bayoumi, Juan M. Londono and Christian Saborowski). IMF Working Paper 17/56, International Monetary Fund, March 2017.
"Liquidity Shocks, Dollar Funding Costs, and the Bank Lending Channel during the European Sovereign Crisis" (with Ricardo Correa and Andrei Zlate). Risk and Policy Analysis Unit Working Paper No. 16-04, Federal Reserve Bank of Boston. (Also International Finance Discussion Papers 1059r, Board of Governors of the Federal Reserve System.)
"International Evidence on Government Support and Risk Taking in the Banking Sector" (with Luís Brandão Marques and Ricardo Correa). International Finance Discussion Papers 1086, Board of Governors of the Federal Reserve System, August 2013.
"Financial Frictions, Trade Credit, and the 2008-09 Global Financial Crisis" (with Brahima Coulibaly and Andrei Zlate). International Finance Discussion Papers 1020r, Board of Governors of the Federal Reserve System, July 2012.