CAMILO ERNESTO TOVAR MORA
CURRICULUM
VITAE
–
JULY
2008
PERSONAL ADDRESS
Bosques de Toronjos 39 Apt. 901 A Bosques de las Lomas
Cuajimalpa
05120, México DF – México Phone: +52 (55) 2167 7400 Cellular: +52 (1-55) 1789 8945 E-mail: [email protected]
OFFICE ADDRESS
Representative Office for the Americas Bank for International Settlements Rubén Darío 281 – Oficina 1703 Miguel Hidalgo
11580, México DF – México Phone: + 52 (55) 9138 0293 / 90 Fax: + 52 (55) 9138 029
CITIZENSHIP: Colombian
LANGUAGE PROFICIENCY:Spanish (native) and English (fluent).
EDUCATION:
- Ph.D. Economics, 2004. University of Wisconsin (Madison, WI – USA).
Fields: International economics and econometrics.
Dissertation: Three essays in international finance: devaluations and output behavior.
Dissertation committee: Charles Engel, Kenneth West and Steven Durlauf.
- M.Sc. Economics, 2001. University of Wisconsin (Madison-WI – USA).
- M.A. Economics, 1996. Universidad de los Andes (Bogotá, Colombia).
- B.A. Economics, 1995. Universidad de los Andes (Bogotá, Colombia).
FIELDS OF INTEREST
- Open economy macroeconomics and financial market development and its implications for monetary policy and financial stability in emerging market economies, with an emphasis in Latin America and the Caribbean; The use of dynamic stochastic general equilibrium models for policy analysis, in particular, on topics of interest for central banks (eg exchange rate policies);
WORKING EXPERIENCE
- Economist. Representative Office for the Americas. Bank for International Settlements. Mexico DF – Mexico. March 2005 to present.
- Economist. Emerging Market Issues Division. Monetary and Economic Department. Bank for International Settlements. Basel – Switzerland. September 2004 – March 2005.
- Consultant to the Executive Secretary. United Nations Economic Commission for Latin America and the Caribbean (ECLAC/CEPAL). 2001 and 2002.
- Advisor to the Executive Secretary of the United Nations Economic Commission for Latin
America and the Caribbean (CEPAL/ECLAC). Santiago - Chile. January 1998 - August
1999.
- Economic Advisor to the Finance Minister. Ministry of Finance and Public Credit. Bogotá - Colombia. June 1996 - January 1998.
PUBLICATIONS
- “Monetary and financial stability implications of capital flows in Latin America and the Caribbean”, BIS Papers, Joint with A Jara. Forthcoming. 2008.
- “New financing trends in Latin America”, Economic Review, FRB Atlanta. Joint with Myriam Quispe. Forthcoming 2008.
- New Financing Trends in Latin America: a bumpy road towards stability. BIS Papers 36. February. Editor. Joint with M Quispe. 2008.
- “New financing trends in Latin America: an overview of policy issues”, in New Financing Trends in Latin America: a bumpy road towards stability. BIS Papers 36. February. Joint with M Quispe. 2008.
- “Latin America’s local currency bond market and overview”, in New Financing Trends in Latin America: a bumpy road towards stability. BIS Papers 36, February. Joint with S Jeanneau. 2008.
- “Financial stability implications of local currency bond markets: an overview of the risks”, in New Financing Trends in Latin America: a bumpy road towards stability. BIS Papers 36, February. Joint with S Jeanneau. 2008.
- “Domestic securities markets and monetary policy in Latin America: overview and implications”, in New Financing Trends in Latin America: a bumpy road towards stability. BIS Papers 36, February. Joint with S Jeanneau. 2008.
- “Securitisation in Asia and Latin America compared”, in JJ Vries and P Ali, Expansion and Diversification of Securitisation Yearbook 2007, Kluwer Law International. The Netherlands, pp 383-403. Joint with J Gyntelberg and E Remolona. 2007.
- “Securitisation in Latin America”, BIS Quarterly Review, September, pp 71-82, 2007. Joint with M Scatigna. 2007.
- “Banks and the changing nature of risks in Latin America and the Caribbean”, in BIS Papers 33 Evolving Banking Systems in Latin America and the Caribbean: challenges and implications for monetary policy and financial stability, February, pp. 17-32. 2007.
- “Structural transformation of financial systems and its implications for monetary policy in Latin America and the Caribbean”, in BIS Papers 33 Evolving Banking Systems in Latin America and the Caribbean: challenges and implications for monetary policy and financial stability, February, pp. 33-51. 2007.
- “The development of domestic bond markets in Latin America: achievements and challenges”. BIS Quarterly Review. June, pp. 51-64. Also available in Spanish, German and Italian. 2006. Joint with S Jeanneau. 2006.
- “International Government Debt Denominated in Domestic Currency: Recent Developments and Issues in Latin America”. BIS Quarterly Review. December, pp 109-118. Also available in Spanish, German and Italian. 2005.
- “Managing the capital account: Colombia’s experience with price-based controls on capital inflows” ECLAC Review (Revista de la CEPAL) No. 81. December. United Nations CEPAL, Santiago – Chile. Also available in Spanish. Joint with J A Ocampo. 2003.
- “Colombia in the classic era of inward-looking development, 1930-74” in Cárdenas, E, Ocampo, J.A. and Thorp, R. (Ed): Industrialization and the State in Latin America: The Post-War Years. Volume 3: Industrialization and the State in Latin America: the Postwar Years. St. Anthony’s Series. Palgrave. New York. Joint with J A Ocampo. 2000.
- “Price-based capital account regulations: The Colombian experience” in Serie Financiamiento del Desarrollo No. 87. CEPAL. Santiago – Chile. Joint with J A Ocampo. 1999.
- “Macroeconomía, ajuste estructural y equidad: 1978-1996” in E. Ganuza, S. Morley and L. Taylor (Ed) Política Macroeconómica y Pobreza en América Latina y el Caribe. UNDP-IADB-ECLAC, Editorial Mundi-Prensa, Madrid. Also in F. Sánchez (Ed) La Distribución del Ingreso en Colombia: Tendencias recientes y retos de la política pública. Departamento Nacional de Planeación- TM editores. Colombia. Joint with JA Ocampo, M Pérez and F Lasso. 1998.
- “Capital Flows, Savings and Investment in Colombia: 1990-1996” in R. Ffrench-Davis and H. Reisen (Ed) Capital Flows and Investment Performance: Lessons from Latin America. OECD-ECLAC. Paris - France. Also translated to French by OECD, Paris-France. Spanish version published by McGraw Hill – Chile. Joint with J A Ocampo. 1998.
- Convocatoria al Poder del Número: Censos y Estadísticas de la Nueva Granada 1750-1830. Archivo General de la Nación. Colombia. Joint with H Tovar and J Tovar. 2004.
WORKING PAPERS
- “Large exchange rate devaluations and output dynamics”. Joint with S Saxena. In progress.
- “DSGE models and central banks”. BIS Working Papers. Forthcoming. 2008. Submitted to a refereed journal.
- “External and domestic financing in Latin America: developments, sustainability and financial stability implications”. Paper prepared for the United Nations workshop "Debt finance and emerging issues in financial integration", New York April 8-9, 2008. Joint with J A. Ocampo.
- “Devaluations, output and the balance sheet effect: a structural econometric analysis”. BIS Working Paper No. 215. September. 2006. Submitted to a refereed journal.
- “An analysis of devaluations and output dynamics using an estimated DSGE Model”. Latest draft September. 2006.
- “Devaluations, output and the balance sheet effect”. BIS Working Paper No. 192. 2005.
- “Large currency devaluations and output behavior”. Mimeo. Bank for International Settlements. 2006.
POLICY NOTES
- “Monetary and financial stability implications of capital flows in Latin America and the Caribbean”, Background note prepared for the BIS Open Economies meeting under the same name, held in Punta del Este-Uruguay, 13-14 March 2008.
- “Macroeconomic developments and the global environment”, Background note for the BIS Working Party on Monetary Policy in Latin America and the Caribbean, Co-hosted by Banco de Mexico, México DF October 5-6, 2007.
- “The monetary transmission mechanism in Latin America and the Caribbean”, Background note prepared for the BIS Open Economies meeting under the same name, held in Cartagena–Colombia, 15-16 March 2007.
- “Financial stability and local currency bond markets in Latin America”, Background note prepared for the Committee on the Global Financial System (CGFS) regional workshop on “Financial stability and local currency bond markets”. Mexico DF-Mexico, 30-31 March 2006.
- “Foreign Exchange Market Intervention”. Background note for the Latin American Regional Forum on Financial Markets. Financial Markets Committee. Mexico DF – Mexico. April 26, 2005.
- “Foreign Exchange Market Intervention”. Background Note for the BIS Open Economies Meeting on “Financial Integration and Monetary Policy”. Antigua–Guatemala, 15-16 March 2005.
- “Recent monetary and fiscal developments in Latin America”. Background note for the BIS Working Party on Monetary Policy for Latin America and the Caribbean. Rio de Janeiro-Brazil, 21-22 October 2004.
SHORT POLICY NOTES
- “New role for the Mexican peso: “europeso” denominated bonds”. View from the Americas. Note for the G-10 Central Bank Governors Bi-monthly Meetings. Basel – Switzerland. November 2005.
- “Political risk and sovereign debt – are upcoming elections a concern?” View from the
Americas. Note for the G-10 Central Bank Governors Bi-monthly Meetings. Basel –
Switzerland. September 2005.
- “International capital markets new love affair with Argentina: from debt restructuring to controls on capital inflows”. View from the Americas. Note for the G-10 Central Bank Governors Bi-monthly Meeting. Basel – Switzerland. June 2005.
- “International government debt denominated in domestic currency: recent developments and issues in Latin America”. View from the Americas. Note for the G-10 Central Bank Governors Bi-monthly Meeting. Basel – Switzerland. May 2005.
PUBLISHED ARTICLES OR INTERVIEWS IN THE MEDIA
- Article on “Structured Finance in Latam: trends and prospects”, Structured Finance Guide,
Latin Finance Magazine, No. 196, April 2008. Joint with M Scatigna.
- Interview on “Securitisation in Latin America” in Euromoney Magazine, Vol 38, No. 362. October 2007.
- Latin Finance, on “Derivatives links missing”. Latin Finance Magazine, No. 186, April (2007).
- Interview on “Financial Stability and the domestic bond market” in Sinopse the monthly publication of ANDIMA (Brazilian National Association of Financial Market Institutions). April 2006. Available in English at:
http://www.andima.com.br/english/publications/arqs/andima_synopsis_200604.pdf#search=% 22camilo%20tovar%20andima%22
- Reference to my work on financial markets has been quoted by Latin Finance, Periodico El Financiero (Mexico), and Credit Magazine.
CONFERENCES, SEMINARS AND OTHER EVENTS
- My research has been presented at:
Research conferences (including the Econometric Society 2005, LACEA 2004-2006)
Central bank research departments or conferences in Argentina, Brazil, Chile, Colombia, Indonesia, Hong Kong, Mexico, Peru, South Africa and the United States (Board of Governors and the FRB Atlanta).
Central bank research networks, including the central bank macroeconomic modelling network or CEMLA´s research network.
- I have been discussant at a number of research conferences, including: the 2004 “NBER Universities Research Conference: International transmission and Co-movement”, the IADB workshop on “The development of Latin America Bond Markets” or the Economia Journal panel.
- Responsible for the coordination, organization and the preparation of documents for a number of meetings for high level central bank officials. Including:
BIS sponsored sessions at the Annual meetings of the Latin American and
Caribbean Economic Association (LACEA) 2008. This includes:
- A Round Table on “Challenges to inflation Targeting”. Participants include Latin American central bank governors or board members.
- “Monetary and financial stability implications of capital flows in Latin America and the Caribbean”. Participants includes Joshua Aizenman (UC Santa Cruz), Kevin Cowan (Central Bank of Chile) and Carlos H Araujo (Head of Research Central Bank of Brazil).
BIS Open Economies Meeting on “Monetary and financial stability implications of capital flows in Latin America and the Caribbean”. Punta del Este - Uruguay, March 13-14, 2008. I edited the proceedings. Forthcoming as BIS Papers.
Joint BIS-FRB Atlanta Conference on “Recent Financing Trends in Latin America: A bumpy ride towards stability”. Mexico, May 24-25 2007. I edited jointly with Myriam Quispe the Proceedings of the meeting. Published as BIS papers 36.
BIS sponsored sessions at the Annual meetings of the Latin American and
Caribbean Economic Association (LACEA) 2006:
- “Using DSGE models for policy analysis”. Participants: Klaus Schmidt-Hebbel (Central bank of Chile), Claudio Soto (Central Bank of Chile), Vicente Tuesta (Central Reserve Bank of Peru) and Marco del Negro (FRB Atlanta).
- “The development of domestic bond markets and its implications for financial stability”. Participants: Hugo Panizza (IADB), Carlos Arteta (Board of Governors) and Philip Turner (BIS).
Regional workshop of the Committee on the Global Financial System´s (CGFS) workgroup on “Financial stability and local currency bond markets”. The. Mexico City-Mexico, 30-31 March 2006. The report of the workgroup was published in June 2007.
BIS Open Economies Meeting on “Evolving banking system: challenges and
implications for monetary policy and financial stability”. Kingston–Jamaica, 26-27 January 2006. Proceedings published as BIS Papers 33.
BIS Open Economies Meeting on “Financial Integration and Monetary Policy”. Antigua– Guatemala, 15-16 March 2005.
OTHER PROFESSIONAL ACTIVITIES
- Referee for the Journal of International Economics, Review of Economic Dynamics, the
Journal of Money Credit and Banking, Economia (The Latin American and Caribbean Economic Association Journal – LACEA), and the Revista Colombiana de Estadística (Colombian Journal of Statistics).
ACADEMIC EXPERIENCE
At the University of Wisconsin – Madison I was:
- Research Assistant (RA) to professors:
Scott Taylor. Department of Economics. June 2003 – July 2003 and June 2004;
Min Shi. Department of Finance Business School. Fall 2002.
- Teaching Assistant (TA) to professors:
Mary Schranz. Principles of Macroeconomics. Spring 2003. Head TA.
Robert Staiger. International Trade and Finance. Spring 2002.
Scott Taylor. International Trade and Finance. Fall 2001.
Larry Samuelson. Principles of Microeconomics. Spring 2001.
Maria Muniagurria. International Trade and Finance. Fall 2000.
Elizabeth Kelly. Principles of Macroeconomics. Spring 2000 and Fall 1999.
In Bogotá (Colombia) I was instructor in various economics departments:
Principles of Macroeconomics (Graduate Program). U de Los Andes. Fall 1997.
Measurement and Accounting Methods in Economics. U Externado de Colombia. 1997.
Macroeconomics. Pontificia Universidad Javeriana, Spring 1997.
Advanced Econometrics (M.A. Program), Universidad de los Andes. 1996.
Macroeconomics. Universidad de los Andes. Spring-Fall 1995.
HONORS AND AWARDS
- Scholarship for Graduate Studies in Economics. Banco de la República (Central Bank). Bogotá, Colombia. 1999-2003.
- Stefan H. Robock Scholarship. Department of Economics, University of Wisconsin – Madison. 2002.
- Distinguished Teaching Assistant (International Trade and Finance). Department of Economics. University of Wisconsin – Madison. Fall 2001.
- Excellent Teaching Assistant (International Trade and Finance). Department of Economics. University of Wisconsin - Madison. Spring 2002 and Fall 2000.
- 1995, Graduated in Economics with honors from Universidad de Los Andes, Colombia (Best student among 60).
PROFESSIONAL AFFILIATIONS
Member of the American Economic Association (AEA), the Latin American and Caribbean, Economic Association (LACEA), and the Econometric Society.
REFERENCES
-Professor Charles Engel Department of Economics University of Wisconsin-Madison Madison, WI - USA
Phone: +1 (608) 262 3697 Fax: + 1(608) 262 2033 E-mail: [email protected]
- Professor José Antonio Ocampo
School for International Public Affairs (SIPA) Columbia University
New York – USA
Phone: +1 (212) 854-6339 E-mail: [email protected]
