Disponible en Español
CXIV Meeting of Governors of Central Banks Members of Center for Latin American Monetary Studies
Cartagena de Indias, Colombia
May 5 - 6, 2023
The meeting took place on May 5 and 6, 2023 in the city of Cartagena de Indias, Colombia, as part of the celebration of the 100th anniversary of the Banco de la República (Colombia). Presidents and governors of CEMLA member central banks were present, as well as executives from the Inter-American Development Bank and the Bank for International Settlements. The Director General of CEMLA also took part in the event.
The main topics discussed were the economic and financial outlook for the Americas, with special emphasis on inflation; the international financial situation and its effects on monetary policy in emerging economies; payment systems and central bank digital currencies (CBDCs); and advances in financial regulation.
Within the framework of the Governors' Meeting, the Board of Governors of CEMLA was elected for the 2023-2025 term, which is made up of the Central Banks of Argentina, Belize, Brazil, Colombia, El Salvador, Spain and Mexico. The new Board of Governors elected the Governor of the Bank of Spain, Pablo Hernández de Cos, to chair it.
Financial Counsellor and Director of the Monetary and
Capital Markets Department
International Monetary Fund (IMF)
Tobias Adrian is the Financial Counsellor and Director of the Monetary and Capital Markets Department of the International Monetary Fund (IMF). Prior to joining the IMF, Mr. Adrian was a Senior Vice President of the Federal Reserve Bank of New York and the Associate Director of the Research and Statistics Group. Mr. Adrian has published extensively in economics and finance journals, including the American Economic Review and the Journal of Finance. His research spans asset pricing, financial institutions, monetary policy, and financial stability, with a focus on aggregate consequences of capital markets developments. He has taught at Princeton University and New York University. He is member of the editorial boards of the International Journal of Central Banking and the Annual Review of Financial Economics. Mr. Adrian holds a Ph.D. from the Massachusetts Institute of Technology in Economics, an MSc from the London School of Economics in Econometrics and Mathematical Economics, a Diplom from Goethe University Frankfurt and a Maîtrise from Dauphine University Paris. He received his Abitur in Literature and Mathematics from Humboldtschule Bad Homburg.
Matías Ossandon Busch
Director, Financial Stability
Matias Ossandon Busch is Director of Financial Stability at the Center for Latin American Monetary Studies (CEMLA) and Research Fellow at the Halle Institute for Economic Research (IWH) in Germany. He holds a PhD in Economics from the University of Magdeburg and has been visiting researcher at the German Bundesbank, at the Bank of England, and at the Norwegian Central Bank, among other institutions. He has been also lecturer in the fields of econometrics, corporate finance, and international financial stability at the Universities of Magdeburg (Germany) and Adolfo Ibáñez (Chile). His research focuses on the impact of international banking and regulation on financial stability. He is also Associate Editor of the Latin American Journal of Central Banking.
Head of the Macroprudential Strategy Unit
Financial Stability Department, Banco de España
Jorge Galan joined Banco de España in 2015 and is currently the Head of the Macroprudential Strategy Unit at the Department of Financial Stability and Macroprudential Policy. At Banco de España, Jorge has been responsible for the development of cyclical risk indicators, the operationalization of macroprudential instruments, and the assessment of macroprudential policies. He has been a member of several working groups at the European Systemic Risk Board, the European Central Bank, and the Basel Committee of banking Supervision. He holds a PhD from University Carlos III of Madrid and has published several papers in academic journals on banking efficiency, the identification of systemic risk, and the impact of macroprudential policy.
European Central Bank (ECB)
Lucyna is a Senior Economist in the Prices and Costs Division at the ECB. She is currently on leave from the IMF, where she worked on a range of macrofinancial projects, including FSAPs for Austria, Colombia and New Zealand. She holds a PhD from the University of Amsterdam. Her research interests focus on financial stability, monetary and macroprudential policy issues. Her work has been published in the Journal of International Economics, Journal of Banking and Finance, ant the Economic Policy Journal.
Senior Research Economist
Bank of England
Simon is a Senior Research Economist at the Bank of England, working in both the International Directorate and the Macroprudential Strategy and Support Division. He joined the Bank in June 2017 after completing his PhD at the University of Cambridge. Simon’s research interests span international and monetary economics, and macro-finance. He has a particular interest in global macroeconomic modelling and the analysis of cross-border spillovers.
Bank of England
Ed is an Economist at the Bank of England, working in the Macroprudential Strategy and Support Division. He joined the Bank in September 2018 after completing his MSc at University College London. Ed’s research focuses on international economics and financial stability.
Director Financial Stability Model Development and Research
Bank of Canada
Thibaut Duprey is the Director of Model Development and Research in the Financial Stability Department at the Bank of Canada. His main interests include macro-financial linkages, banking theory, systemic risks, financial crises, and the associated prudential policies. In addition, he has contributed to the integration of financial stability considerations in the monetary policy framework. Before joining the bank, he was an economist at the Financial Stability Directorate of the Banque de France. He received his Ph.D. in Economics from the Paris School of Economics.
María Victoria Landaberry
Head of the Financial Stability Department
Banco Central del Uruguay
María Victoria Landaberry is the Head of the Financial Stability Department at the Central Bank of Uruguay. She has more than 10 years of experience working in the financial system. She is in charge of the Program Area in Data Science, and a professor of fundamentals statistics at UTEC. Ms. Landaberry has a background in Economics and holds Master’s degree in International Economics from the University of the Eastern Republic of Uruguay. In 2021 she obtained the professional Master in Data Science from the Technological University of Uruguay.
Head, Department of Financial Research
Banco Central de la Reserva del Perú
Rafael Nivin is currently Head of the Department of Financial Research in the Central Reserve Bank of Peru. Previously, he works as a senior economist in the Department of Macroeconomic Modelling at the Central Reserve Bank of Peru. He holds a MSc and a PhD in Economics from the University of Illinois at Urbana-Champaign (USA) and Diploma in International Economic Research from the Kiel Institute for the World Economy (Germany). His research is related to macrofinancial risks to financial stability and the effects of macroprudential policy.
Consejero Financiero y Director del Departamento de Mercados Monetarios y de Capital
Fondo Monetario Internacional (FMI)
Tobias Adrian es Consejero Financiero y Director del Departamento de Mercados Monetarios y de Capital del Fondo Monetario Internacional (FMI). Antes de incorporarse al FMI, el Sr. Adrian fue Vicepresidente Senior del Banco de la Reserva Federal de Nueva York y Director Asociado del Grupo de Investigación y Estadística. El señor Adrian ha publicado extensamente en revistas de economía y finanzas, como la American Economic Review y el Journal of Finance. Su investigación abarca la fijación de precios de los activos, las instituciones financieras, la política monetaria y la estabilidad financiera, centrándose en las consecuencias agregadas de la evolución de los mercados de capitales. Ha enseñado en la Universidad de Princeton y en la Universidad de Nueva York. Es miembro de los consejos de redacción del International Journal of Central Banking y del Annual Review of Financial Economics. El Sr. Adrian es doctor en Economía por el Instituto Tecnológico de Massachusetts, tiene una maestría en Econometría y Economía Matemática por la London School of Economics, un diploma de la Universidad Goethe de Frankfurt y una maestría de la Universidad Dauphine de París. Obtuvo su Abitur en Literatura y Matemáticas en la Humboldtschule Bad Homburg.
- CEMLA Growth-at-Risk Project website
- Financial Vulnerability and Monetary Policy
- Stress-ridden Finance and Growth Losses: Does Financial Development Break the Link?
- The benefits are at the tail: Uncovering the impact of macroprudential policy on growth-at-risk
- Capital Flows at Risk: Taming the Ebbs and Flows
- Foreign vulnerabilities, domestic risks: the global drivers of GDP-at-Risk
- Canadian Financial Stress and Macroeconomic Condition
- Managing GDP Tail Risk
- Evaluating Growth-at-Risk as a tool for monitoring macro-financial risks in the Peruvian economy
- An application of the Growth at Risk methodology to Uruguay (in Spanish)