Directorate General

Manuel Ramos Francia
General Director

Manuel Ramos Francia is General Director of the Center for Latin American Monetary Studies (CEMLA). He holds a degree in Economics from the Instituto Tecnológico Autónomo de México (ITAM), where he graduated with honors in 1986. He received a Fulbright scholarship for graduate studies in the United States of America, and an Honorable Mention in the Premio Nacional de Economía Banamex 1986 (Banamex National Economics Award 1986). He holds a Ph.D. in Economics from Yale University, where he graduated in 1993, specializing in Advanced Economic Theory and Financial Economics.

He worked at Banco de México for 20 years, holding various positions, the last of which was Vice-Governor on the Board of Governors. He also served in the Ministry of Finance (SHCP), where he also held different positions, the most prominent of which was Deputy Minister (for Revenues). In the academic field, he was Director of the Center for Economic Analysis and Research at ITAM, where he was also a professor of various subjects.

He has published several articles on monetary policy, fiscal policy, economic growth, and international economics in prestigious journals. He is currently Editor-in-Chief (ex officio) of the Latin American Journal of Central Banking. He was also a member of the Editorial Committee of Monetaria and of the Administrative Committee of the IJCB Association (International Journal of Central Banking).

He has given seminars in various national and international forums, organized by universities in many countries, international financial organizations, central banks, and multilateral financial organizations.

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Directorate of Financial Stability

Matías Ossandon Busch
Director of Financial Stability

Matias Ossandon Busch is, since October 2021, Director of Financial Stability at CEMLA. He holds a Ph.D. in Economics from the University of Magdeburg and a M.Sc. in International Economics from the University of Tübingen. Previously, he held positions as Post-Doctoral Researcher at the Halle Institute for Economic Research (IWH) and as Visiting Researcher at the Bank of England and Norges Bank. His research interests include empirical banking, macro-financial linkages and international finance.

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Carola Müller
Senior Economist

Carola Müller is, since September 2020, Senior Economist at CEMLA. She holds a Ph.D. in Economics from the University of Magdeburg and a M.A. in International Economics from the University of Göttingen. Previously, she held positions as Research Economist at Norges Bank and as Visiting Researcher at the Deutsche Bundesbank and the European Central Bank. Her research focuses on financial economics, financial stability, and banking.

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Peter Karlström
Senior Economist

Peter Karlström is, since February 2022, Senior Economist at CEMLA. He holds a Ph.D. in Economics from the University of Bologna and a M.Sc. in Economics from Stockholm University. Previously, he held positions as full-time Professor at Tecnológico de Monterrey and as part-time Professor at EGADE Business School. His research focuses on empirical macroeconomics, financial crises, and macroprudential regulation.

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Ricardo Montañez Enríquez
Analyst

Ricardo Montañez Enríquez is, since July 2020, Analyst at CEMLA. He holds a B.Sc. in Applied Mathematics from the Instituto Tecnológico Autónomo de México (ITAM). Previously, he held positions as Financial Researcher at Banco de México and as Senior Risk Analyst in the private sector. His research focuses on networks, complexity and financial stability.

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Freddy Pinzón Puerto
Analyst

Freddy Alejandro Pinzon Puerto is, since March 2022, Analyst at CEMLA. He holds a B.A. in Economics from Universidad del Rosario. Besides, Freddy is a M.A. candidate in Economics at that same university. Previously, he held positions as Advisor at the Ministry of Commerce in Colombia and as Research Assistant at Banco de la República (Colombia). His research interests include the effectiveness and transmission of monetary and foreign exchange policies.

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Directorate of Economic Research

Nelson R. Ramírez Rondán
Director of Economic Research

Nelson Ramírez Rondán is Director of Economic Research at CEMLA and is Co-Editor of the Latin American Journal of Central Banking. He holds a Ph.D. in Economics from the University of Wisconsin-Madison (USA), a M.S. in Mathematics and a B.A. in Social Sciences from the Pontifical Catholic University of Peru. His articles have been published in Econometric Reviews, Macroeconomic Dynamics, Empirical Economics, Review of World Economics, Research in Labor Economics, among others.

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Benjamín Tello Bravo
Senior Economist

Benjamin Tello is Senior Economist at CEMLA and is in charge of the Editorial Office of the Latin American Journal of Central Banking. He holds a Ph.D. in Economics from Universitat Autònoma de Barcelona (Spain), a M.S. in Macroeconomic Policy and Financial Markets from the Barcelona Graduate School of Economics (Spain) and a B.A. in economics from Instituto Tecnológico Autónomo de México (ITAM). He has published articles in Economics Letters, The B.E. Journal of Theoretical Economics and Economics Bulletin.

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Emiliano Rojas Eng
Analyst

Emiliano Rojas Eng is Analyst at CEMLA. He holds a B.A. in Economics and a B.Sc. in Applied Mathematics from the Instituto Tecnológico Autónomo de México (ITAM). Previously, he held positions as Research Assistant at the National Regulatory Improvement Commission (CONAMER), and as a Research Assistant at the ITAM Center for Economic Research.

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Andrea González García
Analyst

Andrea González García is Analyst at CEMLA. She studied a B.A. in Economics at the Instituto Tecnológico Autónomo de México (ITAM). Previously, she worked as a research assistant and intern at the National Commission for Regulatory Improvement (CONAMER) of the Secretariat of Economy in Mexico. Her research interests include monetary economics, macroeconomics and labor economics.

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Ana María Navarrete Curiel
Analyst

Ana Navarrete is a Analyst at CEMLA. She studied a B.A. in Economics at the Instituto Tecnológico Autónomo de México (ITAM). Previously, she worked as an Intern at the National Commission for Regulatory Improvement (CONAMER) of the Secretariat of Economy and was a Research Assistant at the ITAM Center for Energy and Natural Resources (CIERN) and at ITAM's Center for Economic Research (CIE). Her research interests include macroeconomics, labor economics and monetary economics.

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Directorate of Financial Markets Infrastructures

Gerardo Hernández del Valle
Acting Director of the Directorate of Financial Markets Infrastructures

Gerardo Hernández del Valle is a Senior Economist at CEMLA. He holds a degree in Electrical Engineering from Universidad del Tepeyac. From Columbia University, New York, he holds a M. A. in Statistics, a M. Sc. in Probability and Statistics, and a Ph.D. in Probability and Statistics. His research interests focus on: Financial Mathematics, Heat Equation, Econometrics, Complex Variable, Stochastic Differential Equations.

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Bernardo Paniagua Zabal
Analyst

Bernardo Paniagua Zabal is an Analyst at CEMLA. He holds a degree in Applied Mathematics and a degree in Computer Engineering from the Instituto Tecnológico Autónomo de México (ITAM). He began his professional practice at Management Solutions, where he participated in consulting projects focused on data engineering. His interests are focused on data analysis, as well as modern tools, such as Blockchain and Analytics, for the study of financial markets.

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Directorate of Economic Statistics

Jesús Cervantes González
Director of Economic Statistics

Jesús Cervantes González is Director of Economic Statistics and Coordinator of the Latin American and Caribbean Remittances Forum at CEMLA. Previously, he coordinated the General Principles for Latin American and Caribbean Remittances Markets Program which concluded in 2015 and was an effort of CEMLA, the World Bank and the Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB). This Program obtained international recognition by the Global Forum on Remittances and Development (GFRD) held in Milan, Italy, in 2015. Before working at CEMLA, he worked for 33 years at Banco de México, where among others he served as Director of Economic Measurement. He has published several academic articles, mainly on international economics and income distribution, and more recently on migration and remittances in Latin America, especially referring to Mexico and Central America. In addition, until 2014, he was a professor of economics at the School of Economics and Business at the Universidad Anahuac Norte, and at the Department of Economics at the Universidad Autónoma Metropolitana, Unidad Azcapotzalco, both in Mexico City. He holds a B.A. in Economics from the Universidad Autónoma de Nuevo León, an M.A. in Economics from El Colegio de México and an M.A. and Ph.D. from the University of Chicago.

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Rodolfo Augusto Ostolaza Berman
Senior Economist

Rodolfo Augusto Ostolaza Berman is a Senior Economist at CEMLA. He has a Master’s Degree in Economics from El Colegio de México, Bachelor’s Degree in Finance from Universidad Tecnológica de México and Bachelor’s Degree of Economics from Universidad Nacional Autónoma de México. Previously, he was Head of the International Trade Statistics Section at OECD, Director of Input Output at INEGI, Head of the Measurement Office of the Primary and Tertiary Sectors at Banco de México. He was also an Economist at Banco de Mexico, Deputy Director of Foreign Trade at the Ministry of Economy, and Technical Coordinator at the National Financial for Agricultural, Rural, Forestry and Fisheries Development. His research interests include: National Accounts, Balance of Payments, International Trade, Remittances and Migration, Seasonal Adjustment, Short-Term Forecasts of the real sector, Macroeconomic Statistics, Trade in Value Added, Multi-Country Input Output Matrices, International Digital Trade and Data Sharing. He is co-author of several CEMLA’s Remittance Notes published in 2022.

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Denisse Lizbeth Jiménez Torres
Analyst

Denisse Jiménez Torres is an Analyst at CEMLA. She has a degree in Economics from the Universidad Autónoma Metropolitana (UAM). Denisse has participated in several seminars and courses on Migration, Remittances and Financial Inclusion, as well as Balance of Payments. She has co-authored "La masa salarial de los trabajadores mexicanos inmigrantes en Estados Unidos alcanzó 283 mil millones de dólares en 2021" and "Dinamismo del empleo de los trabajadores mexicanos inmigrantes en Estados Unidos y del ingreso de México por remesas" both CEMLA Remittances Notes. Among her activities, she has worked in the development of surveys on Latin American migrants, in the design of processes for obtaining results and in their statistical analysis. In addition, she has experience in layout and composition of publications such as notes and dissemination documents

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Cindy Sánchez Ricardo
Analyst

Cindy Sánchez Ricardo is an Analyst at CEMLA. She graduated with a degree in Economics from the Universidad Autónoma Metropolitana (UAM). She has experience in the analysis and statistical work on Remittances, Migration, Education and Financial Inclusion in Latin America and the Caribbean. She has worked in the development and collection of results of several surveys on Latin American migrants and is a specialist in the exploitation of the Current Population Survey (CPS) database of the U.S. Census Bureau for the Bureau of Labor Statistics (BLS). She is co-author of several issues of CEMLA's Remittances Notes.

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Directorate of Corporate Services

Nabiha Mohammad Sáade Záblah
Director of Corporate Services

Nabiha M. Sáade is Director of Corporate Services at CEMLA. She holds a B.A. in Economics from the Universidad Iberoamericana, and a Master in Science in International Economics, Banking and Finance from the University of Wales, Cardiff College, in the United Kingdom. She worked in the international area of the Ministry of Finance (SHCP) from 1990 to 2000, both in Mexico City and in the Mexican Delegation to the Organization for Economic Cooperation and Development (OECD) in Paris, France. From 2001 to 2013, she worked in various areas of the Mexican Social Security Institute (IMSS) on issues related to economic and social benefits, as well as affiliation, collection and auditing. From 2013 to 2017, she was in charge of the customer service and marketing areas at the retirement fund administrator Afore XXI Banorte. In 2018-2019, she served as Director of Marketing of Movable and Immovable Assets at the Asset Administration and Disposal Service (SAE).

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Ixchel Beristáin Mendoza
Senior Economist

Ixchel Beristáin Mendoza is Senior Economist of Corporate Services at CEMLA. She holds a degree in Economics from the Universidad de las Américas-Puebla (UDLAP); a M.Sc. in Applied Economics from Cardiff University, Wales, Great Britain; a Master in Business Administration (MBA) from UDLAP; and a Master in Information Technology Administration (MITA) from UDLAP, with a Specialization in Information Systems. She participated in different consulting projects led by the Universidad Nacional Autónoma de México (UNAM), Universidad Autónoma de Sinaloa (UAS) and Universidad Tecnológica de Tabasco (UTTAB). She has 10 years of experience as an Official of the Federal Government of Mexico, and 15 years of experience as a Senior Consultant in processes, business administration, public administration and information technology (IT).

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