Leonardo Martinez

Federal Reserve Bank of Richmond

Our Team

Leonardo Martinez was an economist in the Research Department at the Federal Reserve Bank of Richmond from 2004 to 2011. Martinez is currently a senior economist at the International Monetary Fund.

Working Papers

July 2013, No. 13-08

Sudden Stops, Time Inconsistency, and the Duration of Sovereign Debt

We study the sovereign debt duration chosen by the government in the context of a standard model of sovereign default.

Juan Carlos Hatchondo and Leonardo Martinez

February 2013, No. 13-01R

International Reserves and Rollover Risk

This paper provides a theoretical framework to quantitatively investigate the optimal accumulation of international reserves to hedge against rollover risk.

Javier Bianchi, Juan Carlos Hatchondo and Leonardo Martinez

March 2012, No. 12-01

Fiscal Rules and the Sovereign Default Premium

This paper examines the optimality of fiscal rules and measures their aggregate effects using a baseline sovereign default framework.

Juan Carlos Hatchondo, Leonardo Martinez and Francisco Roch

September 2011, No. 11-05R

Mortgage Defaults and Prudential Regulations in a Standard Incomplete Markets Model (Revised February 2014)

Juan Carlos Hatchondo, Leonardo Martinez and Juan M. Sanchez

May 2010, No. 10-08R

Debt Dilution and Sovereign Default Risk (Revised February 2012)

Juan Carlos Hatchondo, Leonardo Martinez and Cesar Sosa Padilla

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

May 2008, No. 08-2R

Long-Duration Bonds and Sovereign Defaults (Revised July 2009)

We show that, when we assume that the government issues bonds with a duration similar to the average duration of sovereign bonds in emerging economies, the model generates an interest rate that is substantially higher and more volatile than the one obtained assuming one-quarter bonds.

Juan Carlos Hatchondo and Leonardo Martinez

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

January 2006, No. 06-1R

Reputation, Career Concerns, and Job Assignments (Revised Apr. 2009)

Leonardo Martinez

July 2005, No. 05-4R

A Theory of Political Cycles (Revised: Dec. 2008)

Leonardo Martinez
Bank Publications

Economic Quarterly, Second Quarter 2012

On the Benefits of GDP-Indexed Government Debt: Lessons from a Model of Sovereign Defaults

Juan Carlos Hatchondo and Leonardo Martinez

Economic Quarterly, Second Quarter 2011

Legal Protection to Foreign Investors

Juan Carlos Hatchondo and Leonardo Martinez

Economic Quarterly, Third Quarter 2010

The Politics of Sovereign Defaults

Juan Carlos Hatchondo and Leonardo Martinez

Economic Quarterly, Summer 2009

Why Could Political Incentives Be Different During Election Times?

Leonardo Martinez

Economic Brief, November 2008, No. 08-02

What Income Inequality Measures Can (and Cannot) Tell Us

Leonardo Martinez and Stephen Slivinski

Economic Quarterly, Spring 2008

On the Evolution of Income Inequality in the United States

Kevin A. Bryan and Leonardo Martinez

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

Economic Quarterly, Winter 2006

Are We Working Too Hard or Should We Be Working Harder? A Simple Model of Career Concerns

Andrew Foerster and Leonardo Martinez

Contact Us

Research Department