Documents & Reports

Sergio L. Schmukler

Lead Economist

 

Sergio Schmukler bio photo 
Sergio Schmukler
 
Contact
sschmukler@worldbank.org
 
 
Resources
Publications, working papers, and datasets.
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Highlighted Research
Macroeconomics and Growth Research Group
 

 

 

 

 

 

 

 

SERGIO SCHMUKLER is Lead Economist at the World Bank Research Department. He obtained his Ph.D. from U.C. Berkeley in 1997, when he joined the World Bank. He has also been Treasurer of LACEA-the Latin America and Caribbean Economic Association (since 2004), Associate Editor of the Journal of Development Economics (2001-2004), taught at the Department of Economics, University of Maryland (1999-2003), and worked at the International Monetary Fund Research Department (2004-2005). Previously, he worked at the U.S. Federal Reserve Board, the Inter-American Development Bank Research Department, and the Argentine Central Bank. His research area is international finance and international financial markets and institutions. He has published many articles in leading academic journals and edited volumes on emerging market finance, financial globalization, financial crises and contagion, capital markets, financial development, and institutional investors. He has also co-authored and edited four books published by Elsevier, McGraw Hill, Stanford University Press, and the World Bank.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Works by this author


  

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Institutional investors and long-term investment : evidence from Chile (English)

Developing countries are trying to develop long-term financial markets and institutional investors are expected to play a key role. This paper uses unique evidence on the universe of institutional investors from the leading case of Chile to study to what extent mutual funds, pension funds, and insurance companies hold and bid for long-term instruments, and which factors affect their choices. ... See More +

Policy Research Working Paper WPS6922 JUN 01, 2014

Opazo, Luis; Raddatz, Claudio; Schmukler, Sergio L.

International asset allocations and capital flows : the benchmark effect (English)

This paper studies channels through which well-known benchmark indexes impact asset allocations and capital flows across countries. The study uses unique monthly micro-level data of benchmark compositions and mutual fund investments during 1996-2012. ... See More +

Policy Research Working Paper WPS6866 MAY 01, 2014

Raddatz, Claudio; Schmukler, Sergio L.; Williams, Tomas

Financial development in Asia : beyond aggregate indicators (English)

This paper documents the major trends in financial development in Asia since the early 1990s and the spillovers to firms. It compares Asia with advanced and emerging countries and uses both aggregate and disaggregate indicators. ... See More +

Policy Research Working Paper WPS6761 JAN 01, 2014

Didier, Tatiana; Schmukler, Sergio L.

Emerging issues in financial development : lessons from Latin America (English)

Since the 1990s, financial systems around the world, and especially those in developing countries, have gained in soundness, depth, and diversity, prompted in part by a series of financial sector and macroeconomic reforms aimed at fostering a market-driven economy in which finance plays a central role. ... See More +

Publication 83498 DEC 17, 2013

Didier, Tatiana; Schmukler, Sergio L.; Anginer, Deniz; Auqui, Martin; Calderon, Cesar; Ceballos, Francisco; Cortes, Mariano; De la Torre, Augusto; D'Hulster, Katia; Dijkman, Miquel; Feyen, Erik; Gutierrez, Eva; Heysen, Socorro; Ize, Alain; Levy-Yeyati, Eduardo; Peria, Maria Soledad Martinez; Raddatz, Claudio; Seelig, Steven A.; Serven, Luis; Williams, Thomas

Latin America's deceleration and the exchange rate buffer (English)

Economic and financial news in the past six months confirm that the external tailwinds that propelled economic activity in Latin America and the Caribbean (LAC) over the past decade continue to recede. ... See More +

Publication 81896 OCT 01, 2013

de la Torre, Augusto; Yeyati, Eduardo Levy; Pienknagura, Samuel; Didier, Tatiana; Schmukler, Sergio

Financial development in Latin America and the Caribbean : stylized facts and the road ahead (English)

The paper documents the major trends in financial development in Latin America and the Caribbean since the early 1990s. The paper compares trends in Latin America and the Caribbean with those in Asia, Eastern Europe, and advanced countries and compares countries within Latin America and the Caribbean. ... See More +

Policy Research Working Paper WPS6582 AUG 01, 2013

Didier, Tatiana; Schmukler, Sergio L.

The financing and growth of firms in China and India : evidence from capital markets (English)

This paper studies the extent to which firms in China and India use capital markets to obtain financing and grow. Using a unique data set on domestic and international capital raising activity and firm performance, it finds that the expansion of financial market activity since the 1990s has been more limited than what the aggregate figures suggest. ... See More +

Policy Research Working Paper WPS6401 APR 01, 2013

Didier, Tatiana; Schmukler, Sergio L.

Unexploited gains from international diversification : patterns of portfolio holdings around the world (English)

Using unique data on mutual fund portfolios with different investment scopes, the author study the extent of international diversification. Mutual funds invest in a surprisingly limited number of stocks, about 100. ... See More +

Journal Article 82881 JAN 01, 2013

Didier, Tatiana; Rigobon, Roberto; Schmukler, Sergio L.

How firms use domestic and international corporate bond markets (English)

This paper provides the first comprehensive documentation of how firms use domestic and international corporate bond markets. Debt issues in domestic and international markets have different characteristics, not explained by differences across firms or countries. ... See More +

Policy Research Working Paper WPS6209 SEP 01, 2012

Gozzi, Juan Carlos; Levine, Ross; Martinez Peria, Maria Soledad; Schmukler, Sergio L.

Financial globalization in emerging countries : diversification vs. offshoring (English)

Financial globalization has gathered attention since the early 1990s because of its macro-financial implications and growing importance. But financial globalization has taken shape via different forms over time. ... See More +

Policy Research Working Paper WPS6105 JUN 01, 2012

Didier, Tatiana; Ceballos, Francisco; Schmukler, Sergio L.

On the international transmission of shocks : micro-evidence from mutual fund portfolios (English)

Using micro-level data on mutual funds from different financial centers investing in equity and bonds, this paper analyzes how investors and managers behave and transmit shocks across countries. ... See More +

Policy Research Working Paper WPS6072 MAY 01, 2012

Raddatz, Claudio; Schmukler, Sergio L.

Financial development in Latin America and the Caribbean : the road ahead : El desarrollo financier en America Latina y el Caribe : el camino por delante (Spanish)

The financial systems of the Latin America and the Caribbean region (LAC) are at a crucial juncture. After a history of recurrent instability and crisis (a trademark of the region), they now seem well poised for rapid expansion. ... See More +

Publication 65744 JAN 10, 2012

Torre, Augusto de la; Ize, Alain; Schmukler, Sergio L. English

Financial development in Latin America and the Caribbean : the road ahead (English)

The financial systems of the Latin America and the Caribbean region (LAC) are at a crucial juncture. After a history of recurrent instability and crisis (a trademark of the region), they now seem well poised for rapid expansion. ... See More +

Publication 65744 NOV 30, 2011

Torre, Augusto de la; Ize, Alain; Schmukler, Sergio L. Spanish

Gross capital flows : dynamics and crises (English)

This paper analyzes the joint behavior of international capital flows by foreign and domestic agents -- gross capital flows -- over the business cycle and during financial crises. ... See More +

Policy Research Working Paper WPS5768 AUG 01, 2011

Broner, Fernando; Didier, Tatiana; Erce, Aitor; Schmukler, Sergio L.

Deconstructing herding : evidence from pension fund investment behavior (English)

Pension funds have been expected to invest in a wide range of securities and provide liquidity to domestic capital markets since they are the most sophisticated investors, with plenty of resources to gather private information and manage portfolios professionally. ... See More +

Policy Research Working Paper WPS5700 JUN 01, 2011

Raddatz, Claudio; Schmukler, Sergio L.

How resilient and countercyclical were emerging economies to the global financial crisis ? (English)

During the crises of the 1990s, emerging economies usually lacked the policy tools to deal with external shocks that were available to advanced economies. ... See More +

Policy Research Working Paper WPS5637 APR 01, 2011

Didier, Tatiana; Hevia, Constantino; Schmukler, Sergio L.

Unexploited gains from international diversification : patterns of portfolio holdings around the world (English)

This paper studies how portfolios with a global investment scope are allocated internationally using a unique micro dataset on U.S. equity mutual funds. ... See More +

Policy Research Working Paper WPS5524 JAN 01, 2011

Didier, Tatiana; Schmukler, Sergio L.; Rigobon, Roberto

The long and the short of emerging market debt (English)

Emerging economies have tried to promote long-term debt because it reduces maturity mismatches and the probability of crises. This paper uses unique evidence from the leading case of Chile to study to what extent there is domestic demand for long-term instruments. ... See More +

Policy Research Working Paper WPS5056 SEP 01, 2009

Opazo, Luis; Raddatz, Claudio; Schmukler, Sergio L.

Back to global imbalances? (English)

The 2008-2009 financial crisis has shaken the prevailing equilibrium of the global economy, with a collapse in capital flows and international trade. ... See More +

Brief 53544 JUL 13, 2009

Schmukler, Sergio; De la Torre, Augusto; Serven, Luis

International financial integration through the law of one price : the role of liquidity and capital controls (English)

This paper takes advantage of the fact that some stocks trade both in domestic and international markets to characterize the degree of international financial integration. ... See More +

Journal Article 83329 JAN 01, 2009

Yeyati, Eduardo Levy; Schmukler, Sergio L.; Horen, Neeltje Van

Title Document Date Report No. Document Type Also available in
Institutional investors and long-term investment : evidence from Chile (English)
See More +
JUN 01, 2014 WPS6922 Policy Research Working Paper
International asset allocations and capital flows : the benchmark effect (English)
See More +
MAY 01, 2014 WPS6866 Policy Research Working Paper
Financial development in Asia : beyond aggregate indicators (English)
See More +
JAN 01, 2014 WPS6761 Policy Research Working Paper
Emerging issues in financial development : lessons from Latin America (English)
See More +
DEC 17, 2013 83498 Publication
Latin America's deceleration and the exchange rate buffer (English)
See More +
OCT 01, 2013 81896 Publication
Financial development in Latin America and the Caribbean : stylized facts and the road ahead (English)
See More +
AUG 01, 2013 WPS6582 Policy Research Working Paper
The financing and growth of firms in China and India : evidence from capital markets (English)
See More +
APR 01, 2013 WPS6401 Policy Research Working Paper
Unexploited gains from international diversification : patterns of portfolio holdings around the world (English)
See More +
JAN 01, 2013 82881 Journal Article
How firms use domestic and international corporate bond markets (English)
See More +
SEP 01, 2012 WPS6209 Policy Research Working Paper
Financial globalization in emerging countries : diversification vs. offshoring (English)
See More +
JUN 01, 2012 WPS6105 Policy Research Working Paper
On the international transmission of shocks : micro-evidence from mutual fund portfolios (English)
See More +
MAY 01, 2012 WPS6072 Policy Research Working Paper
Financial development in Latin America and the Caribbean : the road ahead : El desarrollo financier en America Latina y el Caribe : el camino por delante (Spanish)
See More +
JAN 10, 2012 65744 Publication English
Financial development in Latin America and the Caribbean : the road ahead (English)
See More +
NOV 30, 2011 65744 Publication Spanish
Gross capital flows : dynamics and crises (English)
See More +
AUG 01, 2011 WPS5768 Policy Research Working Paper
Deconstructing herding : evidence from pension fund investment behavior (English)
See More +
JUN 01, 2011 WPS5700 Policy Research Working Paper
How resilient and countercyclical were emerging economies to the global financial crisis ? (English)
See More +
APR 01, 2011 WPS5637 Policy Research Working Paper
Unexploited gains from international diversification : patterns of portfolio holdings around the world (English)
See More +
JAN 01, 2011 WPS5524 Policy Research Working Paper
The long and the short of emerging market debt (English)
See More +
SEP 01, 2009 WPS5056 Policy Research Working Paper
Back to global imbalances? (English)
See More +
JUL 13, 2009 53544 Brief
International financial integration through the law of one price : the role of liquidity and capital controls (English)
See More +
JAN 01, 2009 83329 Journal Article