Bogotá · Economist

Pablo
Ruiz Carrizosa

I turn economic data into tools for understanding markets, activity and risk.

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Working paper · October 2026

Financial Dollarization and International Reserve Holdings: Cross-Country Evidence from Emerging and Developing Economies

Carlos Giraldo, Iader Giraldo-Salazar, Valeria Saldaña and Pablo Ruiz-Carrizosa

International reservesFinancial dollarizationRandom ForestPanel data

Does deposit dollarization condition the relationship between international reserves and their conventional determinants?

Using a panel of about 130 countries over 2000–2022, Random Forest models and fixed-effects regressions, the paper finds that in more dollarized economies financial depth, banking-sector liquidity and short-term external liabilities become more relevant, while trade-related variables lose weight.

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About me

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Portrait of Pablo Ruiz Carrizosa

I am an economist from the Pontificia Universidad Javeriana (Summa Cum Laude), with experience in applied economic research in the multilateral sector and in macroeconomic outlook consulting. I am interested in the intersection between quantitative methods and communication: a good model is only useful if its results can be explained clearly to the decision-maker.

I develop applied research, indicators and visualizations that transform complex information into clear, defensible analysis.

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  • 3+ years of experience
  • 15+ quantitative projects
  • 9+ countries analyzed

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Applied research, macro-financial data and economic visualization.

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