PUBLICATIONS AND WORKING PAPERS

Recent working papers

1. Gender and credit risk: a view from the loan officers' desk (with M. Reynal-Querol), February 2018
2. Earthquakes and terrorism: the long lasting effect of seismic shocks (with M. Reynal-Querol), February 2018
3. The impact of progressive tuition fees on dropping out of higher education: a regression discontinuity approach, January 2018
4. Ethnic diversity and growth: revisiting the evidence (with M. Reynal-Querol), October 2017.
5. Constraints on LTV as a macroprudential tool: a cautionary tale (with J. Raya).
6. Predicting election with emerging parties (with O. Papaspiliopoulos and T. Stumpf-Fetizon), September 2016

Research articles

1. Constraints on LTV as a macroprudential tool: a cautionary tale (with Raya), Forthcoming in Oxford Economic Papers.
2. The microeconomics of corruption: a review of thirty years of research (with Ganuza and Burguet), in L. Corchon and M. Marini (Eds.), Handbook of Game Theory and Industrial Organization, 2017.
3. The Spanish banking system: the process of cleaning up the real estate assets, Spanish Economic and Financial Outlook, March 2016.
4. Cleaning up the Spanish financial sector's real estate risk exposure: situation and outlook, Spanish Economic and Financial Outlook, 4 (5), September, 53-69, 2015.
5. The real state and credit bubble: evidence from Spain (with Akin, Garcia, Peydro and Raya), SERIEs: Journal of the Spanish Economic Association, 223-243, 2014. Winner of the Best Paper Published in the Journal of the Spanish Economic Association in the years 2014 and 2015.
6. Cultural diversity, conflict and economic development (with Marta Reynal-Querol), in Ginsburgh and Throsby (Eds.), Handbook of the Economics of Art and Culture, Elsevier, 2014.
7. Back to “boring banking” in the age of deleveraging and new regulation, Spanish Economic and Financial Outlook, 3 (1), January, 47-59, 2014.
8. The Spanish housing market: Is the adjustment over?, Spanish Economic and Financial Outlook, 2 (5), 15-26, 2013.
9. What is the right price of Spanish residential real estate?, Spanish Economic and Financial Outlook, September, 22-29, 2012.
10. Re-examining the evidence on the impact of terrorist attacks: the Spanish election of 2004, Electoral Studies, 31, 96-106, 2012.
11. Do educated leaders matter? (with Tim Besley and Marta Reynal), Economic Journal, 121, 554, 2005-227, 2011.
12. Voting after the bombing: a natural experiment on the effect of terrorist attacks on democratic elections, Review of Economics and Statistics, 93 (4), 1146-1154, 2011.
13. Inequality, polarization and conflict (with Marta Reynal-Querol), in Garfinkel (Ed.), Handbook of the Economics of Peace and Conflict, chapter 8, Oxford University Press, 2011.
14. A finite mixture distribution analysis of Beauty Contest Data using a Generalized Beta Distribution (with Bosch, Nagel and Satorra), Experimental Economics, 13 (4), 466-475, 2010.
15. Who wants to work in a rural post? The role of intrinsic motivation, rural background and faith-based institutions in Rwanda and Ethiopia, (with Serneels, Lievens, Pettersson, Butera and Kidanu), World Health Organization Bulletin 88, 342-349, 2010.
16. The pattern of growth and poverty reduction in China (with Martin Ravallion), Policy Research WP 5069, World Bank Development Research Group. Comment in livemint.com. Leading article in the Journal of Comparative Economics, 38 (1), 2-16, 2010.
17. Ethnic polarization and the duration of civil wars, Economics of Governance, 11 (2), 123-143, 2010.
18. Land use regulations and house prices in Spain, Moneda y Crédito, 230, 87-120, 2010 (slides).
19. The effect of the terrorist attacks in Madrid on the outcome of the 2004 Spanish congressional election: a survey of the literature, in M. Buesa and T. Baumert (Eds.), The economic repercussion of terrorism, Oxford University Press, 199-216, 2010.
20. Aid with multiple personalities (with S. Djankov and M. Reynal Querol), Journal of Comparative Economics, 37, 217-229, 2009.
21. The curse of aid (with S. Djankov and M. Reynal Querol), Journal of Economic Growth, 13 (3), 169-194, 2008.
22. Discrete polarization with an application to the determinants of genocides (with M. Reynal-Querol), The Economic Journal, 118, 1835-1865, 2008.
23. Fighting against malaria: prevent wars while waiting for the miraculous vaccines (with M. Reynal-Querol), The Review of Economics and Statistics, 89 (1), 165-177, 2007.
24. For public service or money: geographical imbalances in the health workforce of Ethiopia (with Serneels, Lindelow and Barr), Health Policy and Planning, April 2007.
25. Regional evolutions in labor markets in the Philippines: a dynamic approach, Journal of Asian Economics, 17 (3), 448-77, 2006.
26. Free and non-discriminatory access to airports: a proposal for Latin America (with A. Bosch), International Journal of Transport Economics, 2006.
27. Ethnic polarization, potential conflict and civil war (with M. Reynal-Querol ), American Economic Review, 95 (3), 796-816, June 2005.
28. Ethnic diversity and economic development (with M. Reynal-Querol), Journal of Development Economics, April 2005. Data on ethnic polarization. If used please cite M. Reynal-Querol (2002), "Ethnicity, political systems and civil wars" (Journal of Conflict Resolution 46(1), 29-54) or Montalvo and Reynal-Querol (2005), Ethnic polarization, potential conflict and civil war, AER, 2005.
29. Liquidity and market makers: a pseudo experimental analysis with ultra high frequency data, European Journal of Finance, August 2003.
30. Religious polarization and economic development (with M. Reynal-Querol), Economic Letters, August 2003.
31. One, two, (three), infinity...: newspapers and lab beauty contest experiments (with Bosch, Nagel and Satorra), American Economic Review, December 2002.
32. How do young people cope with job flexibility? Economic and psychological antecedents of the resistance to accept flexibility (with Perio and Gracia), Applied Psychology, 51, 1, 43-60, 2002.
33. The Spanish labor market for university graduates (with J. G. Mora and A. García), European Journal of Education, 35 (2), 2000.
34. Volume versus GARCH Effects Reconsidered: an application to the Spanish Govenment Bond Futures Market, Applied Financial Economics, 9, 469-475, 1999.
35. A methodological proposal to analyze the economic impact of airports, International Journal of Transport Economics, 25 (2), 181-203, 1998.
36. An econometric analysis of the short term interest rate in Spain with an application to the pricing of derivatives, Revista de Economía Aplicada, 1998, 6 (18), 5-26.
37. Volumen y Volatilidad en Mercados Financieros: el caso del Mercado de Futuros Español, Revista Española de Financiación y Contabilidad, 1998, Vol. XXVII (59), 367-393.
38. GMM estimation of count panel data models with fixed effects and predetermined instruments, Journal of Business and Economic Statistics, 1997, 41, 8, 1511-35.
39. A new indicator of credibility of the European Monetary System (with M. Gómez), European Economic Review, 1997, 41, 8, 279-291.
40. Alternative dependency ratios for the Spanish economy (with J. Quesada), Spanish Economic Review, 1996, 13 (2)
41. Comparing cointegration regressions estimators: some additional Monte Carlo results, Economic Letters, 1995, 48, 2-3, 229-34.
42. A microeconometric analysis of technology transfer: the case of licensing agreements to japanese firms (with Y. Yafeh), International Journal of Industrial Organization, 1994, 12, 2, 227-244.

Other publications and working papers

1. Algunas consideraciones sobre la nueva ley hipotecaria, Instituto de Estudios Económicos, 1-43, 2017.
2. Anàlisi cost-benefit i d’impacte econòmic del sincrotró ALBA, Coneixement i Societat (con J.M. Raya), 102, 115-125,2016.
3. El impacto del big data en los servicios financieros, Papeles de Economía Española, 43-59, 2014.
4. Banca aburrida: el negocio bancario tras la crisis económica, capítulo 3 en Las Claves del Crédito Bancario tras la Crisis, Estudios de la Fundación Funcas (Serie Economía y Sociedad), 101-150, 2014.
5. La Unión Bancaria y el modelo de negocio bancario en Europa, Papeles de Economía Española, 137, 57-79, 2013.
6. Crisis, igualdad de oportunidades y resultdos educativos: una visión retrospectiva from PISA 2012, en el Volumen II de PISA 2012: Informe español
7. Socieconomic status, school choice and educational outcomes in Spain: the case of TIMSS-PIRLS 2011, forthcoming, 2012.
8. Teachers quality, teachers performance and students learning: a view from TEDS-M, forthcoming, 2012.
9. Overqualification in Spain: temporary or permanent, working paper, 2012.
10. La reforma de la educación en España: el principio y el final, Papeles de Economía Española, 133, 117-128, 2012.
11. Perspectivas del precio de la vivienda en España, Cuadernos de Información Económica, 227, 49-59, 2012.
12. La desgravación a la compra de la vivienda en España: una reconsideración, Economistas, 30 (131), 49-59, 2012.
13. Financiación inmobiliaria, burbuja crediticia y crisis financiera: lecciones a partir de la recesión de 2008-09, Papeles de Economía Española, 122, 66-87, 2009.
14. La inserción laboral de los universitarios y el fenómeno de la sobrecualificación, Papeles de Economía Española, 119, 172-187, 2009.
15. Wage inequality among higher education graduates: evidence from Europe, Working Paper FBBVA 27, 2007.
16. La inserción laboral de los universitarios: entre el éxito y el desánimo, Panorama Social, 6, 92-106, 2007.
17. Algunas consideraciones sobre el problema de la vivienda en España, Papeles de Economía Española, 113, 2007.
18. Immigració i mercat de treball dels més joves, Nota d'Economia, 85, 105-115, 2006.
19. Does foreign aid help?, CATO Journal, 26 (1) (with Djankov and M. Reynal-Querol), 2006 (journal version).
20. Potenciant la nova economia a Catalunya: un anàlisi econòmica de la font de llum de sincrotró del Vallès (ALBA), Coneixement i Societat, 9, pp. 32-59, 2005. Obra finalista del Premio Catalunya Economia 2005. Versión en castellano.
21. La inserció laboral del universitaris: la qüestió de la sobrequalificació i el desajust formatiu, Nota d'Economia, 2005 (1), 99-119. En castellano.
22. The Employment situation about four years after graduation, (with Ginés Mora and A. García) in U. Teichler (Ed.), Higher Education and Graduate Employment: Results from graduate surveys from twelve countries, 2005, Springer Publisher, 103-121.
23. How well do national accounts and surveys agree? a new look from the provinces of China, July 2005.
24. Ethnic polarization and the duration of civil wars (with M. Reynal-Querol), July 2005 (Policy Research Working Paper 4192, World Bank, 2007).
25. Finite mixture analysis of beauty contest data from multiple samples (with Bosch, Nagel and Satorra), July 2004.
26. Social capital: EU versus US (with M. Reynal Querol), October 2003.
27. Free and nondiscriminatory access to airports: a proposal for Latin America (with T. Bosch), Interamerican Development Bank Working Paper.
28. Capital social: instrumentos de medida y métrica desde la óptica de un economista empírico (con M. Reynal-Querol), forthcoming, March 2003.
29. Funding higher education in Europe: principles, comparative experiences and some reflections, Coneixement i Societat, 2003, 3, 26-53. Catalan version.
30. Competition and integration in air transportation services, Infrastructure and Financial Markets Review, 8 (4), 2002.
31. Why ethnic fractionalization? Polarization, ethnic conflict and growth (with M. Reynal-Querol), version February 2002, Universitat Pompeu Fabra Working Paper 660.
32. Maritime and port services in South America. Where from here? (with A. Bosch), 2002, mimeo.
33. Rail transportation in South American countries: measures for fostering efficiency (with A. Bosch), 2002, mimeo.
34. The informational content of trade and the bid-ask spread (with A. Secchi), November 2000.
35. Monetary policy transmission in the EMS era: a VAR approach (with Etsuro Shioji), November 1999.