Cristina Terra
Professor, Economics Department

Photo de Cristina Terra
Curriculum Vitae (pdf)
General Information Research Areas Publications Teaching Other Activities

Ph.D. in Economics, Princeton University, USA.

M.A. and B.A. in Economics, PUC, Rio de Janeiro, Brazil.

Cristina Terra is professor of economics at ESSEC Business School. PhD in economics from Princeton University, she has taught in France, Brazil and the United States. She has been Director of the École Doctorale EM2P at Université de Cergy-Pontoise, and Director of Graduate Studies at Fundacao Getulio Vargas, Brazil. Her mains research interests are International Economics and Development Economics. With several articles published in international economic journals, she is the author of the textbook Principles of International Finance and Open Economy macroeconomics. She is member of the editorial board of the Journal of Applied Economics and associate researcher at THEMA and at CEPII. 
Research Areas

International trade

International finance

Development economicss

Academic Publications
  Principles of International Finance and Open Economy Macroeconomics: Theories, Applications, and Policies,.  : Academic Press, 2015
  Financas Internacionais - Macroeconomia Aberta : Teoria, Aplicaçoes e Politicas, Elsevier-Campus.  : Elsevier, 2013

  "Credit Market Quality, Innovation and Trade" (C. Terra, E. Vasconcelos), Revue Economique, Issue 7
  "French Colonial Trade Patterns and European Settlements" (C. Terra, T. El Kallab), Comparative Economic Studies, Sep 2018, Vol. 60, Issue 3, p. 291‑331 (International trade, Colonization, Institutions )
  "Current Account and Real Exchange Rate changes: the impact of Trade Openness" (D. Romelli, C. Terra, E. Vasconcellos), European Economic Review, Jun 2018, Vol. 105, Issue June, p. 135‑158
  "La Politique Industrielle au Brésil" (C. Terra, M. Canêdo Pinheiro), Outre-Terre, Oct 2016, Vol. 2, Issue 47, p. 82‑93
  "Exchange Rate Populism" (S. Huang, C. Terra), Economis & Politics, Mar 2016, Vol. 28, Issue 1, p. 105‑132
  "Informality in Developing Economies: Regulation and Fiscal Policies" (O. Charlot, F. Malherbet, C. Terra), Journal of Economic Dynamics and Control, Feb 2015, Vol. 51, Issue -, p. 1‑27
  "Wage Differentials: Trade Openness and Wage Bargaining" (G. Gonzaga, B. Muriel, C. Terra), Brazilian Review of Econometrics, Jan 2014, Vol. 34, Issue 1, p. 3‑23
  "Retour vers le Futur ?" (C. Terra, T. Ruediger), Politique Etrangère, Dec 2013, Vol. 4, p. 87‑101
  "Electoral Cycles through Lobbying" (M. Bonomo, C. Terra), Economics & Politics, Jul 2010, Vol. 22, Issue 3, p. 446‑470
  "Economic Geography and Wages in Brazil: Evidence from Micro-Data" (T. Fally, R. Paillacard, C. Terra), Journal of Development Economics, Jan 2010, Vol. 91, Issue 1, p. 155‑168
  "Real Exchange Rate Misalignments" (C. Terra, F. Valladares), International Review of Economics and Finance, Jan 2010, Vol. 19, Issue 1, p. 119‑144
  "Sources of Comparative Advantages in Brazil" (B. Hernandez, C. Terra), Review of Development Economics, Jan 2009, Vol. 13, Issue 1, p. 15‑27
  "A Note on Purchasing Power Parity: the Choice of Price Index" (C. Terra, A. Vahia), Revista Brasileira de Economia, Jan 2008, Vol. 62, Issue 1, p. 95‑102
  "Trade Liberalization and the Evolution of Skill Earnings Differentials in Brazil" (G. Gonzaga, N. Filho, C. Terra), Journal of International Economics, Jul 2006, Vol. 68, Issue 2, p. 245‑367
  "Indice de Controle de Capitais: Uma Analise da Legislaçao e dos Determinantes do Flixo de Capital no Brasil no Periodo 1990-2000" (C. Terra, E. Sohiet), Estudos Econômicos, Jan 2006, Vol. 36, Issue 4, p. 721‑745
  "Elections and Exchange Rate Policy Cycles" (M. Bonomo, C. Terra), Economics & Politics, Jan 2005, Vol. 17, Issue 2, p. 151‑176
  "Comment on "Great Expecations and Hard Times : The Argentine Conversibility Plan"" (C. Terra), Economia Journal of the Latin American and Caribbean Economia Association, Jan 2003, Vol. 3, Issue 2, p. 154‑176
  "Credit Constaints in Brazilian Firms : Evidence from Panel Data" (C. Terra, ), Revista Brasileira de Economia, Jan 2003, Vol. 57, Issue 2, p. 443‑464
  "The Political Economy of Exchange Rate Policy in Brazil : An Empirical Assessment" (C. Terra, M. Bonomo), Revista Brasileira de Economia, Jan 1999, Vol. 53, Issue 4, p. 411‑432
  "The 1994 Brazilian Debt Renegotiation : a Cure for Overhang ?" (C. Terra), Pesquia e Planejamento Econômico, Jan 1999, Vol. 29, Issue 3, p. 297‑314
  "Tariff Design with Varing Degrees of Commitment" (C. Terra), Journal of Development Economics, Jan 1999, Vol. 58, Issue 1, p. 123‑147
  "Openess and Inflation : a New Assessment" (C. Terra), The Quaterly Journal of Economics, May 1998, Vol. 113, Issue 2, p. 641‑648
  "O Impacto do Mercosul sobre o Emprego Sectorial no Brasil" (C. Terra, G. Gonzaga, J. Cavalcanti), Pesquia e Planejamento Econômico, Jan 1998, Vol. 28, Issue 3, p. 475‑508
  "Debt Crisis and Inflation" (C. Terra), Revista Brasileira de Economia, Jan 1997, Vol. 17, Issue 2, p. 21‑48
  "Equilibrium Real Exchange Rate, Volatility and Stabilization" (C. Terra, G. Gonzaga), Journal of Development Economics, Jan 1997, Vol. 54, Issue 1, p. 77‑100
  "Economy Policy for the Environment : The Role of International Cooperation" (C. Terra), Revista Brasileira de Economia, Jan 1994, Vol. 14, Issue 2, p. 133‑158

  La crise made in Brazil. In: L'économie mondiale 2017. Paris (France) : Repères, 2016, p. .-.
  The Long Run Interplay Between Trade Policy and the Location of Economic Activity in Brasil Revisited. In: Geography, µInstitution and Regional Economics Performance (with L. P. Ferraz, E. A. Haddad). Berlin (Allemagne) : Springer Verlag, 2013, p. 331-351
  Brésil : l'avenir est-il pour maintenant ?. In: L'économie mondiale 2013. - (France) : -, 2012, p. 55-71
  "Comment on "Sugar prices" laboricome and poverty in Brazil" . In: Economia : Journal of the Latin American en Carribean Economic Association. - (-) : -, 2009, p. 124-126
  Comment on "Links between Trade and Finance - A Disaggregated Analysis". In: Financial Markets Volatility and Performance in Emerging Markets. - (-) : -, 2008, p. ---
  Finance en Changing Trade Patterns in Brazil. In: Finance and Competitiveness in Developing Countries. New-York (-) : Routledge, 2002, p. 45-76
  The Dilemma of Inflation vs Balance of Payements : Crawling Pegs in Brazil. In: The Currency Game - Exchange Rate Politics in Latin America (with M. Bonomo). Washington (État-Unis) : Inter-American Development Bank, 2001, p. 119-155
  Etabilizacion, Volatilidad y Equilibro de la Tasa de Cambio Real. In: Estabilizacion y Politica en America Latina (with G. Gonzaga). - (-) : Inflation, 1997, p. 213-238

Working papers
  "Brazil: self-inflicted pain" (C. Terra). Essec Research Center, DR‑WP 1611 Jul 16.
  "Current Account and Real Exchange Rate changes: the impact of Trade Openness" (D. Romelli, C. Terra, E. Vasconcelos). Essec Research Center, DR‑1520 Sep 15.
  "Exchange Rate Dynamics under Financial Market Frictions" (with R. Hyunjoo). Université de Cergy Pontoise, 2015-03 Jan 15.
  "French Colonial Trade Patterns: European Settlement" (with T. El Kallab). Université de Cergy-Pontoise, 2014-27 Jul 14.
  "Wage Differentials: Trade Openness and Wage Bargaining" (with G. Gonzaga, B. Hernandes). Department of Economics PUC-Rio (Brazil), 619 Mar 14.

Teaching at ESSEC

International finance

International economics 

Other Teaching Activities

Université de Cergy-Pontoise:

Open macroeconomics


International trade 

Awards and Distinctions

Prime d’Excellence Scientifique (PES), Université de Cergy-Pontoise, 2011-2015.

Prime d'Encadrement Doctoral et de Recherche, Université de Cergy-Pontoise, 2009-2011.

Haralambos Simeonides Prize, given by ANPEC (National Association of Graduate Programs in Economics) to the best paper by Brazilian economists, 2006. Paper awarded: “Trade Liberalization and the Evolution of Skill Earnings Differentials in Brazil”, with Gustavo Gonzaga and Naércio Menezes Filho.

Mario Henrique Simonsen Prize, given annually by Revista Brasileira de Economia to the best paper published in the Journal, 1999. Paper awarded: “The Political Economy of Exchange Rate Policy in Brazil: An Empirical Assessment”, with Marco Bonomo.

CNPq (National Research Council), Brazil: 1988-90 (M.A. fellowship), 1990-94 (Ph.D. fellowship), 1995-2007 (research fellow).

Robertson Fellowship, Woodrow Wilson School, research fellowship, 1993-1994.

International Finance Center, Princeton University, research grant, 1993.

Ford Foundation, research grant, 1992.

Prize Losango for the best M.A. dissertation project, 1989-1990.

Scientific Activities
Editorial Board Membership
  Journal of Applied Economics, Elsevier

Conference Presentations

Organization of conferences and seminars

Co-organizer of the weekly research seminar Analyse Economique et d’Econométrie, THEMA, Université de Cergy-Pontoise, 2008-2011.

XXVIII Encontro Brasileiro de Econometria, 2006. (

XXIX Encontro Brasileiro de Econometriam 2007. (

Participation in scientific organizations 

Advisory Committee of the Trade, Integration and Growth Network, LACEA, since 2011.

President of the Brazilian Econometric Society (SBE), 2006-2007.

Executive Committee Member of the Latin American and Caribbean Econ. Association, 2001-2005.

Member of the Latin American Standing Committee of the Econometric Society, 1997-2000.

Participation in scientific conference commissions 

ADRES 2015

Meetings of the Latin American and Caribbean Economic Association, 2000, 2014.

Encontro Nacional de Economia, ANPEC, 1995, 1998.

Latin American Meeting of the Econometric Society, 1996. 2008.

Encontro Brasileiro de Econometria, SBE, 1996, 2000.

Affiliations and Academic Responsibilities

Research Fellow, THEMA, since 2008.

Research Fellow, CEPII, since 2010.

Director of Ecole Doctorale Économie Management et Mathématiques de Cergy, 2010-2015.

Responsible for the Master 2 Economic Analysis, Univesité de Cergy-Pontoise, joint program with ESSEC Business School, 2010-2015.

Director of Graduate Studies, EPGE/FGV, 2003-2007.

Director of Undergraduate Studies, EPGE/FGV, 2001.

Director of Graduate Studies, Department of Economics, PUC-Rio, 1996-1997.

Director of Undergraduate Studies, Department of Economics, PUC-Rio, 1995-1996.


Consulting & Other Activities

Editorial boards

Journal of Applied Economics, since 2007

Pesquisa e Planejamento Econômico, 2004-2007


Brazilian Review of Econometrics, 1998-2002

National committees 

Member of evaluation committee for graduate programs, 2005-2007. (CAPES, Brazil)

Committee member, Haralambos Simeonidis Prize, 1999.

Committee member, Prize BNDES for the best M.A. dissertation in economics, 1996.

Participation in other committee

Hiring committees: Université de Cergy-Pontoise, between 2008 and 2015; Université Paris-Dauphine, 2012; Université de Rouen, 2014

HDR Maria Bas, 2014

Avancement de grade INRA, 2016 

Professional Experience

Professor, Department of Economics, ESSEC Business School, since 2015.

Professeur, Université de Cergy-Pontoise, 2009-2015.

Professeur Associé, Université de Cergy-Pontoise, 2008-2009.

Visiting Professor, Université Paris 1 Panthéon – Sorbonne, 2007. 

Professora Associada, Escola de Pós-Graduacao em Economia, Fundacao Getulio Vargas (EPGE/FGV), 2000-2008.

Rio Branco Professor, University of Chicago, 1998.

Professeur Invité, Université d’Évry Val d’Éssone, 1998. 

Professora Assistente, EPGE/FGV, 1998-2000.

Professora Assistente, Pontificia Universidade Católica do Rio de Janeiro, 1994-1998.
Useful Links
Personal Links
Personal Website
Repec Website

ESSEC Business School
Av. Bernard Hirsch
B.P. 50105
95021 Cergy Pontoise Cedex

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