Camilo E. Tovar is the Senior Economist in the Regional Studies Division of the IMF’s Western Hemisphere Department. He previously worked at the Bank of International Settlements (BIS) Representative Office for the Americas in Mexico and the Emerging Markets Issues Division of the Monetary and Economic Department of the BIS in Switzerland. He has also served as an Economic Advisor to the Executive Secretary of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) headquartered in Chile, as Advisor to the Finance Minister of Colombia and as Advisor to the Director of the National Planning Department in Colombia. Mr. Tovar, a Colombian citizen, holds a PhD and M.Sc. in Economics from the University of Wisconsin-Madison and an M.A. in Economics from the University of Los Andes (Colombia). His policy and research interests are on international finance, monetary policy, financial stability, macroprudential policies, and central banking issues. His research has been published in the Journal of International Money and Finance, the BIS Quarterly Review, Economic Review, and Economics e-Journal. He also is the author of a book on The Monetary and Financial Stability Implications of Capital Flows in Latin America and the Caribbean (Bank for International Settlements).

Email: ctovar@imf.org

Fluent In: Spanish.

Education:

PhD Economics, University of Wisconsin-Madison

M.Sc. Economics University of Wisconsin-Madison

M.A. Economics University of Los Andes (Bogota-Colombia)

Camilo E. Tovar is the Senior Economist in the Regional Studies Division of the IMF’s Western Hemisphere Department. He previously worked at the Bank of International Settlements (BIS) Representative Office for the Americas in Mexico and the Emerging Markets Issues Division of the Monetary and Economic Department of the BIS in Switzerland. He has also served as an Economic Advisor to the Executive Secretary of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) headquartered in Chile, as Advisor to the Finance Minister of Colombia and as Advisor to the Director of the National Planning Department in Colombia. Mr. Tovar, a Colombian citizen, holds a PhD and M.Sc. in Economics from the University of Wisconsin-Madison and an M.A. in Economics from the University of Los Andes (Colombia). His policy and research interests are on international finance, monetary policy, financial stability, macroprudential policies, and central banking issues. His research has been published in the Journal of International Money and Finance, the BIS Quarterly Review, Economic Review, and Economics e-Journal. He also is the author of a book on The Monetary and Financial Stability Implications of Capital Flows in Latin America and the Caribbean (Bank for International Settlements).

Email: ctovar@imf.org

Fluent In: Spanish.

Education:

PhD Economics, University of Wisconsin-Madison

M.Sc. Economics University of Wisconsin-Madison

M.A. Economics University of Los Andes (Bogota-Colombia)

IMF Books and Working Papers:

Does Central Bank Capital Matter for Monetary Policy?, Working Paper No. 12/60, February 01, 2012

Policy Instruments To Lean Against The Wind In Latin America, Working Paper No. 11/159, July 01, 2011

Foreign Exchange Intervention: A Shield Against Appreciation Winds?, Working Paper No. 11/165, July 01, 2011

Books

Monetary and financial stability implications of capital flows in Latin America and the Caribbean, (with Alejandro Jara). BIS Papers 43, November (2008).

(Editor) New Financing Trends in Latin America: a bumpy road towards stability. BIS Papers 36, February, (2008).

(Editor) Perspectives on inflation targeting, financial stability and the global crisis. BIS Papers 51 (2010).

Articles

“External and domestic financing in Latin America: developments, sustainability and financial stability” (with José Antonio Ocampo). Paper prepared for the United Nations workshop on “Debt finance and emerging issues in financial integration”, New York April 8-9, 2008. Forthcoming United Nations.

“New financing trends in Latin America: overview and implications” (with Myriam Quispe-Agnoli). In New Financing Trends in Latin America: a bumpy road towards stability. BIS Papers 36, February (2008).

“Latin America´s local currency bond market and overview” (with Serge Jeanneau). In New Financing Trends in Latin America: a bumpy road towards stability. BIS Papers 36, February (2008).

“Financial stability implications of local currency bond markets: an overview of the risks” (with Serge Jeanneau): in New Financing Trends in Latin America: a bumpy road towards stability. BIS Papers 36, February (2008).

“Domestic securities markets and monetary policy in Latin America: overview and implications” (with Serge Jeanneau), in New Financing Trends in Latin America: a bumpy road towards stability. BIS Papers 36, February (2008).

“Securitisation in Asia and Latin America compared” (with Jacob Gyntelberg and Eli Remolona). In JJ Vries and P Ali, Expansion and Diversification of Securitisation Yearbook 2007, Kluwer Law International. The Netherlands, pp 383-403, (2007).

“Devaluations, Output and the Balance Sheet Effect”. BIS Working Paper No. 192.

“Colombia in the classic era of inward-looking development, 1930-74” (with José Antonio Ocampo). 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 Cork, (2000).

Journal Articles

"Currency collapses and output dynamics: a long-run perspective," BIS Quarterly Review, Bank for International Settlements, June (2010).

“The global crisis and Latin America: Impact and Policy responses” (with Alejandro Jara and Ramón Moreno). BIS Quarterly Review, June (2009). Revised and extended version published in the proceedings of FLARs Annual Research Conference (2010).

“New financing trends in Latin America: an overview of selected policy issues” (with Myriam Quispe-Agnoli), Economic Review, Federal Reserve Bank of Atlanta, Vol. 93, No.3, (2008).

“Securitisation in Latin America” (with Michela Scatigna). BIS Quarterly Review, September, pp 71-82 (2007).

“The development of domestic bond markets in Latin America: achievements and challenges” (with Serge Jeanneau). BIS Quarterly Review. June, pp. 51-64. Also available in Spanish, German and Italian, (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” (with José Antonio Ocampo). ECLAC Review (Revista de la CEPAL) No. 81. December. United Nations CEPAL, Santiago – Chile. Also available in Spanish. (2003).

Publications in Refereed Journals

“Chronicle of large currency collapses: re-examining the effects on output” (with Matthieu Bussière and Sweta Saxena). Journal of International Money and Finance, Forthcoming (2012).

“DSGE models and Central Banks”, E-conomics: The open-access, open-assessment E-Journal, May (2009). Top 10 most downloaded article in the Journal as of April 2012.

Media Publications

"¿Qué tan costosa es la intervención cambiaria?”, in Dialogo a Fondo, May (2011).

“Does Foreign Exchange Intervention Slow the Pace of Currency Appreciation?”, in iMFdirect May (2011).

"La intervención cambiaria: ¿Frena la apreciación de las monedas?" in Dialogo a Fondo, May (2011).

"Today’s Information is Ammunition for Tomorrow"in iMFdirect, January (2011).

"La información de hoy es el arma de mañana in Dialogo a Fondo", January (2011).

Other IMF Publications

"Outlook and Policy Issues for Latin America and the Caribbean” (with Luis Cubbedu), Chapter 2, Regional Economic Outlook: Western Hemisphere—Watching out for overheating, International Monetary Fund, April (2011).

“Macroprudential tools in Latin America: A premier” (with Mercedes Vera Martin), Chapter 4 in Regional Economic Outlook: Western Hemisphere—Heating up in the south, cooler in the north, International Monetary Fund, October (2010).

“Looking at the Last Credit Cycle to Better Manage the Next One” (with Jorge Canales-Kriljenko), Chapter 3 in Regional Economic Outlook: Western Hemisphere—Heating up in the south, cooler in the north, International Monetary Fund, October (2010).