CAMILO ERNESTO TOVAR MORA

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1 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) Cellular: +52 (1-55) camilo.tovar@bis.org 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) / 90 Fax: + 52 (55) CITIZENSHIP: Colombian LANGUAGE PROFICIENCY: Spanish (native) and English (fluent). EDUCATION: - Ph.D. Economics, 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, University of Wisconsin (Madison-WI USA). - M.A. Economics, Universidad de los Andes (Bogotá, Colombia). - B.A. Economics, 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 Consultant to the Executive Secretary. United Nations Economic Commission for Latin America and the Caribbean (ECLAC/CEPAL) and Advisor to the Executive Secretary of the United Nations Economic Commission for Latin America and the Caribbean (CEPAL/ECLAC). Santiago - Chile. January August Economic Advisor to the Finance Minister. Ministry of Finance and Public Credit. Bogotá - Colombia. June January Economic Advisor to the Director of the National Planning Department. National Planning Department. Bogotá - Colombia. June May

2 PUBLICATIONS - Monetary and financial stability implications of capital flows in Latin America and the Caribbean, BIS Papers, Joint with A Jara. Forthcoming New financing trends in Latin America, Economic Review, FRB Atlanta. Joint with Myriam Quispe. Forthcoming New Financing Trends in Latin America: a bumpy road towards stability. BIS Papers 36. February. Editor. Joint with M Quispe 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 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 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 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 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 Joint with J Gyntelberg and E Remolona Securitisation in Latin America, BIS Quarterly Review, September, pp 71-82, Joint with M Scatigna 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 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 The development of domestic bond markets in Latin America: achievements and challenges. BIS Quarterly Review. June, pp Also available in Spanish, German and Italian Joint with S Jeanneau International Government Debt Denominated in Domestic Currency: Recent Developments and Issues in Latin America. BIS Quarterly Review. December, pp Also available in Spanish, German and Italian 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 Colombia in the classic era of inward-looking development, 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 Mercado laboral y distribucion del ingreso en Colombia en los años noventa. ECLAC Review (Revista de la CEPAL), No. 72. December. United Nations CEPAL, Santiago - Chile. Available in Spanish. Also published in Coyuntura Económica, Vol. XXX, No. 3, Diciembre. Fedesarrollo. Bogotá Colombia. Joint with J A Ocampo and F Sánchez

3 - Price-based capital account regulations: The Colombian experience in Serie Financiamiento del Desarrollo No. 87. CEPAL. Santiago Chile. Joint with J A Ocampo Macroeconomía, ajuste estructural y equidad: 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 Capital Flows, Savings and Investment in Colombia: 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 Convocatoria al Poder del Número: Censos y Estadísticas de la Nueva Granada Archivo General de la Nación. Colombia. Joint with H Tovar and J Tovar WORKING PAPERS - Large exchange rate devaluations and output dynamics. Joint with S Saxena. In progress. - DSGE models and central banks. BIS Working Papers. Forthcoming 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, Joint with J A. Ocampo. - Devaluations, output and the balance sheet effect: a structural econometric analysis. BIS Working Paper No September Submitted to a refereed journal. - An analysis of devaluations and output dynamics using an estimated DSGE Model. Latest draft September Devaluations, output and the balance sheet effect. BIS Working Paper No Large currency devaluations and output behavior. Mimeo. Bank for International Settlements 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, March 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, 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, March 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, March Foreign Exchange Market Intervention. Background note for the Latin American Regional Forum on Financial Markets. Financial Markets Committee. Mexico DF Mexico. April 26, Financial Integration and Monetary Policy. Background note for BIS Open Economies Meeting on Financial Integration and Monetary Policy. Antigua Guatemala, March

4 - Foreign Exchange Market Intervention. Background Note for the BIS Open Economies Meeting on Financial Integration and Monetary Policy. Antigua Guatemala, March 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, October 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 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 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 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 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 Joint with M Scatigna. - Interview on Securitisation in Latin America in Euromoney Magazine, Vol 38, No October 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 Available in English at: 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 ) 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. Multilateral institutions including the research departments of the International Monetary Fund or the Inter-American Development Bank. I have also presented at United Nations or the Center for Financial Stability (Argentina). 4-6

5 - 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) 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, 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 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, March The report of the workgroup was published in June BIS Open Economies Meeting on Evolving banking system: challenges and implications for monetary policy and financial stability. Kingston Jamaica, January Proceedings published as BIS Papers 33. BIS Open Economies Meeting on Financial Integration and Monetary Policy. Antigua Guatemala, March 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: Charles Engel. Department of Economics. August 2003 to May 2004; 5-6

6 Scott Taylor. Department of Economics. June 2003 July 2003 and June 2004; Min Shi. Department of Finance Business School. Fall Teaching Assistant (TA) to professors: Mary Schranz. Principles of Macroeconomics. Spring Head TA. Robert Staiger. International Trade and Finance. Spring Scott Taylor. International Trade and Finance. Fall Larry Samuelson. Principles of Microeconomics. Spring Maria Muniagurria. International Trade and Finance. Fall Elizabeth Kelly. Principles of Macroeconomics. Spring 2000 and Fall In Bogotá (Colombia) I was instructor in various economics departments: Principles of Macroeconomics (Graduate Program). U de Los Andes. Fall Measurement and Accounting Methods in Economics. U Externado de Colombia Macroeconomics. Pontificia Universidad Javeriana, Spring Advanced Econometrics (M.A. Program), Universidad de los Andes Macroeconomics. Universidad de los Andes. Spring-Fall HONORS AND AWARDS - Scholarship for Graduate Studies in Economics. Banco de la República (Central Bank). Bogotá, Colombia Stefan H. Robock Scholarship. Department of Economics, University of Wisconsin Madison Distinguished Teaching Assistant (International Trade and Finance). Department of Economics. University of Wisconsin Madison. Fall Excellent Teaching Assistant (International Trade and Finance). Department of Economics. University of Wisconsin - Madison. Spring 2002 and Fall , 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) Fax: + 1(608) cengel@ssc.wisc.edu - Professor José Antonio Ocampo School for International Public Affairs (SIPA) Columbia University New York USA Phone: +1 (212) jao2128@columbia.edu More references available upon request. 6-6