Carolina Villegas Sanchez
Assistant Professor, Department of Economics, Finance and Accounting in ESADE
Contracted Doctoral Professor


Education

  • PhD in Economics. European University Institute
  • Master of Arts. University of Sussex
  • Licenciada en Economía. Universidad de Cantabria

Areas of interest

  • International Finance
  • Foreign Direct Investment
  • Productivity
  • Trade
  • Development

Biography

Carolina Villegas Sanchez completed her PhD in Economics at the European University Institute, Florence, Italy. She also holds a Master in Development Economics (University of Sussex, UK). She is currently an Assistant Professor in the Department of Economics at ESADE. 
Carolina's research focuses on international economics and finance and, in particular, on the evidence of financial integration and growth. She has conducted research on capital flows and convergence, the determinants of foreign direct investment (FDI), as well as the durability of flexible exchange rate regimes. Following recent trends in the literature, she uses micro-level data (i.e. data at the firm level) to answer traditional macroeconomic questions. She has focused on the role of well developed local financial systems as a precondition for positive productivity spillovers derived from the presence of multinational companies. Carolina has also been involved in policy work. She was a research fellow at the Universite Libre de Bruxelle, an external short-term consultant for the World Bank and conducted various internships at international organizations including the European Commission and the International Monetary Fund.



Selected publications

Gopinath, G., Kalemli-Ozcan, Sebnem, Karabarbounis, L. & Villegas Sanchez, C. (Forthcoming). Capital allocation and productivity in South Europe. Quarterly Journal of Economics. DOI: 10.1093/qje/qjx024.

Kalemli-Ozcan, Sebnem, Kamil , H. & Villegas Sanchez, C. (2016). What hinders investment in the aftermath of financial crises? Insolvent firms or illiquid banks. Review of Economics and Statistics, (98), pp. 756-769. DOI: 10.1162/REST_a_00590.

Villegas Sanchez, C. & Sorensen, Bent (2015). Factor movements: FDI. In H. Badinger & Nitsch, V. (Eds.), Routledge handbook of the economics of European integration (pp. 15-25). London: Routledge International Handbooks.

Kalemli-Ozcan, Sebnem, Sorensen, Bent, Villegas Sanchez, C., Volosovych , V. & Yesiltas, S. (2015). How to construct nationally representative firm level data from the ORBIS Global Database. NBER working papers series (21558). Cambridge: National Bureau of Economic Research (NBER). http://www.nber.org/papers/w21558

Gopinath, G., Kalemli-Ozcan, Sebnem, Karabarbounis, L. & Villegas Sanchez, C. (2015). Capital allocation and productivity in South Europe . NBER working papers series (21453). Cambridge: National Bureau of Economic Research (NBER). http://www.nber.org/papers/w21453

Villegas Sanchez, C. (2014). FDI spillovers and the role of local financial markets: Evidence from Mexico. [s.n.].

Juhn, C., Ujhelyi, G. & Villegas Sanchez, C. (2014). Men, women, and machines: How trade impacts gender inequality. Journal of Development Economics, (106), pp. 179-193. DOI: 10.1016/j.jdeveco.2013.09.009.

Aguayo-Tellez , E., Airola , J., Juhn, C. & Villegas Sanchez, C. (2013). Did trade liberalization help women? The case of Mexico in the 1990s. Research in Labor Economics, (38), pp. 1-35. DOI: 10.1108/S0147-9121(2013)0000038001.

Juhn, C., Ujhelyi, G. & Villegas Sanchez, C. (2013). Trade liberalization and gender inequality. American Economic Review, Papers and (3), pp. 269-273.

Fons-Rosen , C., Kalemli-Ozcan, Sebnem, Sorensen, Bent, Villegas Sanchez, C. & Volosovych , V. (2013). Quantifying productivity gains from foreign investment. NBER working papers series (18920). Cambridge: National Bureau of Economic Research (NBER)

Kalemli-Ozcan, Sebnem & Villegas Sanchez, C. (2013). The role of multinational corporations in financial globalization. In Caprio , G. (Ed.), The evidence and impact of financial globalization (pp. 321-332). Amsterdam: Elsevier.

Juhn, C., Ujhelyi, G. & Villegas Sanchez, C. (2012). Men, women, and machines: How trade impacts gender inequality. NBER working papers series (18106). Cambridge: National Bureau of Economic Research (NBER). http://www.nber.org/papers/w18106

Villegas Sanchez, C., Berg , G., Fuchs , M., Iacovone , L., Jaeggi , T. & Lovegrove , A. (2012). Financing Small- and Medium-Sized Enterprises in Nigeria. Washington: World Bank.

Fuchs , M., Iacovone , L., Jaeggi , T., Napier , M., Pearson , R., Pellegrini , G. & et al. (2010). Financing small and medium enterprises in the Republic of South Africa. Washington: World Bank.

Cincera , M., Kempen , L., Van Pottelsberghe , B., Veuglers , R. & Villegas Sanchez, C. (2003). Productivity growth, R&D and the role of international collaborative agreements: Some evidence from Belgium manufacturing companies. Brussels Economic Review = Cahiers Economiques de Bruxelles, 46 (3), pp. 107-140.