Seminar on the World Bank and the International Finance Corporation
September, 1959, Washington D.C., U.S.A.

CEMLA since 1952 is the Association of Central Banks of Latin America and the Caribbean.

Our main objectives are: To promote a better understanding of monetary and banking matters; help with improving the training of central bank staff; conduct research and systematize the results, and provide information to members about events of international and regional interest in the areas of monetary and financial policies.

News

Paper acceptance for publication from a CEMLA Researcher


A CEMLA Researcher's paper, "Restricted Complementarity and Paths to Stability in Matching with Couples," has been accepted for publication in Mathematical Social Sciences. This journal emphasizes the unity of mathematical modelling in economics, psychology, political sciences, sociology and other social sciences.

 

Are remittances included in the measurement of poverty in Mexican states?

Jesús A. Cervantes González & Juan Antonio Ortega, Nota de Remesas 9/2023

Remittances received by Mexico from abroad raise the standard of living of recipient households and alleviate poverty. The contribution of this important income, whose main purpose is to cover the living expenses of Mexican households, is practically ignored in the measurement of poverty. This problem is even more serious at the state level, particularly in those states that are the main recipients of remittances and stand out for their low per capita product. In 2022, remittances equivalent to 12.4 percentage points of state GDP were not considered in the case of Michoacán; 14.4 percentage points of GDP in Guerrero; and 10.8 percentage points of GDP in the cases of Zacatecas and Oaxaca.

 

CEMLA hosts the 2023 Latin American Journal of Central Banking Conference


The 2023 Latin American Journal of Central Banking Conference took place on July 13 and 14, 2023 at the CEMLA's headquarters in Mexico City. The event brought together scholars, policymakers, and professionals to discuss essential topics in central banking. Keynote Lectures were given by Charles Bean (LSE), who presented “To QE or not to QE: What Have We Learnt from Two Decades of Unconventional Monetary Policies?” and Vincent Reinhart (Mellon), who gave a talk titled “The Tragedy of Central Banking.” The program featured 27 research papers in 9 sessions, divided into 3 parallel sessions. The sessions covered the following subjects: inflation, inflation expectations, monetary policy, monetary policy and heterogeneity, financial markets, macroeconomic theory, payments and technology, empirical macrofinance, and systemic risk.

 

Remittances in Mexico and household income-expenditure surveys

Jesús A. Cervantes González & Denisse Jiménez Torres, Nota de Remesas 8/2023

Remittances received by Mexico from abroad increase the standard of living of recipient households and reduce poverty. In fact, remittances measured in relation to GDP reach very high percentages in states with lower per capita incomes. The contribution of this important income, whose main purpose is to cover the living expenses of Mexican households, is not adequately captured by the ENIGH, so its contribution is practically ignored in the measurement of inequalities in the country and poverty. If the ENIGH database is not adequately adjusted to correct for the underestimation of income, including remittances, its use for the measurement of inequality and poverty yields incorrect results and particularly a strong overestimation of poverty in the country.

 

CEMLA hosts the XIII Meeting of Heads of Financial Stability


CEMLA’s Directorate of Financial Stability organized the XIII Meeting of Heads of Financial Stability. The meeting was held in hybrid format with location in Mexico City on July 11-12, 2023. The meeting featured sessions on topics related to the implications of the new economic environment and asset price fluctuations for financial stability. The agenda, available here, included a keynote session by Prof. Elena Loutskina, Professor of Business Administration at Darden School of Business, University of Virginia.

 

Latin American Journal of Central Banking indexed in Scopus


We are honored to share that the Latin American Journal of Central Banking (LAJCB) has been accepted into Scopus; a selective interdisciplinary citation index covering the most prominent scientific journals in economics and finance. This inclusion, a testament to our contributors' dedication and hard work, will significantly boost the global reach and impact of our work. Since 2020, LAJCB has served as a platform for scholarly exchange on key central banking issues, covering crucial topics from monetary policy to climate change's impact on financial systems. This would not be possible without the valuable insights shared by CEMLA's network of associated central banks, supervisory authorities, academics, and international financial bodies. We're deeply grateful for this recognition and remain committed to advancing knowledge in our field.

 

Latin American migrants have made a greater effort to support their relatives in their countries of origin by sending remittances

Jesús A. Cervantes González & Denisse Jiménez Torres, Nota de Remesas 7/2023

The note quantifies for 42 migratory groups from emerging countries with a presence in the United States the percentage of their income that in the period 2017-2021, they sent as remittances to their relatives in their countries of origin. The main result that in recent years Latin American and Caribbean migrants made a greater economic effort to support their relatives in their countries of origin. This reflects the fundamental aspect of remittances, which is to contribute to compensate, albeit partially, the income disadvantage of their relatives in their countries of origin.

 

Better performance of the Mexican economy in the United States than that of the Mexican economy in the United States

Jesús A. Cervantes González & Juan Antonio Ortega, Nota de Remesas 6/2023

This note analyzes the economy of the Mexican population in the United States and compares it with indicators of the Mexican economy. It reviews the size of the Mexican population in the United States and its composition into natives and immigrants. We also quantify their employment levels, average salaries and wage bill. It also compares this wage bill with the GDPs of the world's main economies and with those of Latin American countries. An important result is that, in 2011, the wage bill of Mexican workers in the United States was equivalent to 32 percentage points of Mexico's GDP, but rose to 50 points in 2017 and to 58 points in 2021.

 

CEMLA hosts the IX Meeting of Financial Information Forum of Latin American and the Caribbean Central Banks


CEMLA’s Directorate of Financial Stability organized the IX Meeting of Financial Information Forum of Latin American and the Caribbean Central Banks. The meeting was held in hybrid format with location in Lima on May 30-31, 2023. The meeting featured sessions on topics related data science and its challenges for central, as well as on data gaps to monitor climate-related financial risks. The agenda, available here, included a keynote session by Bert Kroese, Director of the Statistics Department at the International Monetary Fund.

 

Mexican immigrants in the United States sent 18 percent of their cumulative annual labor income to their relatives in Mexico at the end of the first quarter of 2023

Jesús A. Cervantes González & Juan Antonio Ortega, Nota de Remesas 5/2023

Esta nota cubre cuatro temas: 1) Se presenta la evolución al cierre del primer trimestre de 2023 del empleo en Estados Unidos de los trabajadores mexicanos inmigrantes, misma que presentó una desaceleración desde finales de 2022; 2) Se cuantifican las remuneraciones medias anuales de tales trabajadores, distinguiendo por género; 3) Se calcula el ingreso laboral de dichos trabajadores mexicanos; y 4) Se mide el esfuerzo económico que hicieron al cierre del primer trimestre de 2023, los migrantes mexicanos para apoyar a sus familiares en México mediante el envío de remesas.

 

IV Meeting of Heads of Financial Risk Management in Central Banks


On April 26 - 27, 2023, Banco Central de Chile, CEMLA, Banco Central de Costa Rica, Banco de España, and Banco de México organized the IV Meeting of Heads of Financial Risk Management in Central Banks, held in Santiago de Chile. The meeting was focused on risk-management considerations in strategic asset allocation, capital preservation strategies, the design of stress tests for central banks' balance sheets, risk management governance, and related climate change topics. The event included a keynote presentation by Professor Sascha Steffen, from the Frankfurt School of Finance & Management, on his paper entitled “Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets”. The agenda of the event can be accessed here.

 

Workshop on DSGE Modeling and Climate Risk for Central Banks


On March 27-31, CEMLA and the Finance Initiative of the United Nations Environment Programme (UNEP FI) organized the Workshop on DSGE and Climate Risk for Central Banks, held at CEMLA’s facilities in Mexico City, and was taugh by Prof. Dimitrios P. Tsomocos, from Saïd Business School at Oxford University. The agenda of the event can be accessed here.

 

 

 

 

Upcoming activities

XVI Reunión de Auditores Internos de Bancos Centrales

 

Calendario 2023

 

 

Summary of Recent Activities

Curso CEMLA: Econometría Financiera

 

Conferencia del Latin American Journal of Central Banking (LAJCB) 2023

 

XIII Reunión de Responsables de Estabilidad Financiera

 

Curso sobre SupTech y RegTech

 

IX Reunión del Foro de Información Financiera de Bancos Centrales de América Latina y el Caribe

 

Curso de Mercados e Instrumentos Financieros

 

 

Activities
Calendar for 2021Training and formation activities on economic and central banking topics

PublicationsSelection of publications that analyze the main financial and monetary topics of the central bank of the region.

Rodrigo Gómez
Central Bank Award Annual award for the preparation of studies that are of interest to the central bank.

CEMLA MEMBER
Central BanksThe external structure includes 50 members, 30 of which are associated.

Publications

Central Bank Forums