Res authors Detail

RESEARCH ECONOMIST
VICTORIA NUGUER
VICTORIA NUGUER

Victoria Nuguer is a Research Economist in the Inter-American Development Bank’s Research Department. She holds a Ph.D. from École Polytechnique Fédéral de Lausanne in Switzerland and a bachelor’s degree from the Universidad de Buenos Aires in Argentina. Prior to joining the Bank in May 2017, she spent nearly three years as a Research Economist in the Bank of Mexico. Victoria’s main research agenda focuses on building dynamic stochastic general equilibrium models to explain key financial transmission mechanisms in closed and open economies. For closed economies, she has focused on the propagation of financial shocks from the housing sector to the rest of the economy. Regarding open economies, Victoria has studied the international transmission of financial shocks from advanced to emerging economies through the bank lending channel. Recently, she has been working on understanding the strategic interaction between monetary and macroprudential policies and on the role of trade credit when firms set prices in emerging economies.

LATEST OPINION PIECES

What Can Central Banks Do to Mitigate the Effects of the Coronavirus?

The unprecedented conditions created by the spread of the coronavirus call for exceptional policy responses from the regional monetary authorities. Besides traditional tools such as interest rate reductions, central banks have been pursuing unconventional measures to avoid permanent consequences from a transitory, but potentially severe, negative shock. Since the 2008 global financial crisis, central banks […]

The post What Can Central Banks Do to Mitigate the Effects of the Coronavirus? appeared first on Ideas Matter.

Policies and Projections for Latin America and the Caribbean in the Time of Covid-19

The novel coronavirus and the disease it causes, Covid-19, have imposed severe human and economic costs around the world. Cases are growing in Latin America and the Caribbean and if there is one lesson from other countries it is that early action to stop the spread of the virus is key. A recent analysis suggests […]

The post Policies and Projections for Latin America and the Caribbean in the Time of Covid-19 appeared first on Ideas Matter.

When Lower Barriers to Firm Creation Translate Into More Resilient Economies

By Alan Finkelstein Shapiro and Victoria Nuguer Registering a business in Latin America is not for the faint of heart. Multiple procedures  — ranging from establishing by-laws and a legal structure to registering the company with authorities — have to be carried out. Labyrinthine bureaucracies have to be negotiated. Lawyers and accountants are often hired to avoid […]

The post When Lower Barriers to Firm Creation Translate Into More Resilient Economies appeared first on Ideas Matter.

Fighting Inflation With Better Communication

As the chair of the United States Federal Reserve from 2006-2014, Ben Bernanke liked to say that monetary policy is 98% talk and only two percent action. In other words, what the central bank says is hugely important. It can affect households, firms, and market expectations, and, in turn, impact the economy. That message could not […]

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When Focusing on the Interest Rate is Not Enough

Before the financial crisis of 2008, most governments lacked an institutional framework for handling financial policy. Central banks focused on monetary policy. They mostly used interest rates to influence inflation and output, believing such a focus could guarantee economic stability. But when it came to financial policy they were inclined to trust the invisible hand […]

The post When Focusing on the Interest Rate is Not Enough appeared first on Ideas Matter.

How the Financing of Firms Affects Prices

Firms in the developed world rely heavily on bank credit. But firms in developing countries, and particularly those in Latin America, rely much more heavily on trade credit–i.e. credit from their suppliers –and that has immense implications for pricing decisions and inflation. Most studies that have looked at inflation in emerging economies have examined the […]

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Reducing Volatility from Cross-Border Banking Flows

How can emerging markets protect themselves from abrupt shifts in cross-border banking flows? That has been a fundamental question for economic policymakers in recent years, including those entrusted with banking supervision in regions like Latin America and the Caribbean. In a study made available online in May, Gabriel Cuadra and I examine the issue, focusing […]

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Dealing with Corporate Debt and Rising Interest Rates

They have risen bit by bit. But since the financial crisis in 2008, the Fed has kept interest rates in the United States exceedingly low. Now with healthier economic growth and employment in the United States, that may be changing, and Latin American countries need to be on their guard. Latin America’s major economies have […]

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