The Catholic University of America
Business and Economics Faculty

Martha Cruz-Zuniga – Assistant Professor and Director of Economics



Dr. Martha Cruz Zuniga is an assistant clinical professor of economics and is also the Director of Economics programs. She specializes in development economics, international economics and monetary economics with particular focus on migration, remittances, microfinance, poverty, education, and international transmission of shocks. She is especially interested in issues affecting developing countries.

Dr. Cruz Zuniga first joined The Catholic University of America faculty in 2006 as an Assistant Professor and taught Economic courses on both the undergraduate and graduate levels. From 2009 to 2011, Dr. Cruz-Zuniga held the position of General Manager at The Royal Flowers Group and Director of Finance and Administration at One World Telecom in Miami, FL. Dr. Cruz Zuniga returned to The Catholic University of America in 2012. She is currently involved in seeking grants, serving as Academic Advisor for thesis of master students at the Integral Economic Development Management program as well as teaching Economic courses to undergraduate and graduate students. Dr. Cruz Zuniga has also held appointments at Western Michigan University and has previously worked in private companies in Ecuador.

One theme in her current research explores the effects of dollarization in developing economies. In addition, she also examines the effects of international monetary shocks in economic growth. Another theme of her current research is how integral economic development can be reached through development initiatives that include microfinance and workers’ training. Her earlier work has been published in economic journals and includes research on remittances and international transmission.

Dr. Cruz Zuniga has presented her work in various economic conferences including the Southern Economics Conference, the Midwest Economics Conference, and the Federal Reserve of St. Louis-Missouri Economics Conference. She has also presented at the Commission on the Status of Women, a division of the United Nations in New York.

Dr. Cruz Zuniga obtained her Ph.D. in Economics from Western Michigan University. She also holds a M.A. in Economics from Western Michigan University and a B.A. in Economics from The Pontifical Catholic University of Ecuador.



Research and Writing

“On the Path To Economic Development, Do Remittances Help? Evidence from Panel VARs,” Developing Economies, Vol 49, Issue 2, June 2011.

“International Monetary Transmission to Emerging Economies, a Factor-Augmented Vector Autoregressive (FAVAR) Approach: The Cases of Mexico and Brazil,” Business and Economics Journal, Volume 2011: BEJ-26.

“Remittances, Inflation and Exchange Rate Regimes in Small Open Economies,” with Christopher Ball, Claude Lopez, and Javier Reyes (under review).

“The Dollarization Experience: a Ten Year Evaluation” (in progress).

“International Monetary Transmission to Asian Economies: Evidence from High Frequency Data and a Factor-Augmented Vector Autoregressive (FAVAR) Approach,” with Dawit Senbet (in progress).


Other Presentations and Interviews

“Eradicating Poverty and Hunger,” presented at the Commission on the Status of Women, United Nations, New York, March 7th, 2012

“Integral Economic Development: a Contribution to the Field of Economics,” to be presented at the North American Economics of Communion Meeting, New York, August 11th, 2012


In Her Words ...

If you are seriously interested in helping people everywhere to overcome poverty, corruption, lack of access to credit, and other critical problems…then Economic Development is your field and Catholic University is the place to be. We provide students with tools to explore solutions that, considering the person in a holistic manner, create a real opportunity for achieving sustainable development.– Martha Cruz



Office: 309 McMahon Hall
The Catholic University of America
620 Michigan Ave.
Washington, D.C. 20064

Office hours: Tues & Thurs 1–2 p.m. or by appointment.

Phone: 202-319-5697




  • ECON 101 – Principles of Macroeconomics

  • ECON 103 – Honors Macroeconomics

  • ECON 241 – Intermediate Macroeconomics

  • ECON 481 – International Finance 

  • ECON 484 – Economics & Finance in Emerging Markets

  • IEDM 540 – Economics of Development and Institutions


Ph.D., Economics
Western Michigan University

M.A., Economics
Western Michigan University         

B.A., Economics
Pontifical Catholic University of Ecuador

Areas of Expertise

  • Migration and remittances
  • Education and human capital
  • International Transmission of Shocks
  • Issues in development and economics
  • Issues in international economics
  • Issues in monetary economics