Augustine Carstens was awarded the King of Spain Economics Awardsince the jury of the Bank of Spain considered that he is one of the “most important and influential economic policy makers in the Ibero-American sphere in the last three decades”.
The Spanish institution assured that the economist has been “a main actor in the main transformations of the Mexican economy.” Likewise, he recognized his handling of the “tequila crisis” and its role in the “modernization# of the regulatory framework of the Mexican financial system, the tax reform and the public sector pension system.
“It has fostered Mexico’s transition towards an emerging market highly integrated into the international economy, with one of the most sophisticated public debt markets in the emerging world,” the Bank noted.
Likewise, he affirmed that he contributed to the development of the inflation targeting scheme currently used by the vast majority of central banks.
In addition, he contributed to the design of the Global Financial Safety Net, “with the promotion within the IMF of preventive credit lines for emerging markets with solid macroeconomic fundamentals or the use of market instruments for managing catastrophic risks,” he stressed.
Carstens was born in the Mexico Cityor in 1958. He studied Economics at the Autonomous Technological Institute of Mexico (ITAM) and is a doctor by University of Chicago. He is currently the general manager of the Bank for International Settlements (BPI).
was governor of Bank of Mexico, as well as he was undersecretary and, later, sSecretary of Finance and Public Credit in the first half of the government of former President Felipe Calderón.
In addition, he was president of the Financial Stability Board for the Americas and a member of the Center for Latin American Monetary Studies (CEMLA) and the Association of Bank Supervisors of the Americas (ASBA). Internationally, he was a member of the Executive Board of the International Monetary Fund (IMF).
Given the news, the BIS celebrated the award, while the former president Felipe Calderon congratulated him on the recognition.
The King of Spain Economy Award, which is biennial, was instituted in 1986 by the Fundación Jose Celma Prieto in order to recognize the scientific and professional trajectory of Spanish and Latin American personalities in the field of economics.
The winner receives a financial prize of EUR$72,000 and a replica of the sculptor’s “Mercury” work Francisco Lopez Hernandez.