FLAR Session

In-person participation during the LACEA-LAMES Annual Meeting in Montevideo, Uruguay.

Covered Interest Parity Deviations in Emerging Economies

Date:

November 16th, 2024

Time:

10:30 a.m. - 12:00 m.

Duration:

1.5 hours

About the Session

Deviations from covered interest parity (CIP) in emerging economies are more pronounced and persistent than in advanced economies. These deviations have significant implications for borrowing costs, currency hedging, and the effectiveness of monetary policy, creating substantial challenges for policymakers. To delve into the determinants, challenges, and policy options for ensuring macroeconomic and financial stability, the Latin American Reserve Fund (FLAR) is hosting a dialogue centered on Professor Pierre De Leo’s research, with insights from two distinguished staff members from the central banks of Chile and Uruguay.

Speaker

Pierre De Leo
Assistant Professor at the University of Maryland

Discussants

Mariana García
Head of Economic Research at the Central Bank of Chile
Esteban Tisnés
Researcher at the Central Bank of Uruguay

Chair

Carlos Giraldo
Chief Economist at FLAR

LACEA - LAMES 2024 - Montevideo, Uruguay

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Pierre De Leo

Assistant Professor at the University of Maryland

Pierre De Leo is an assistant professor of economics at the University of Maryland. His research focuses on international macroeconomics and finance, with a particular emphasis on emerging economies. His recent work investigates the role of expectation formation and financial market imperfections in exchange rate dynamics, along with the implications for monetary and exchange rate policy.

Also, here a suggested wording on the session abstract announcing the talk:

Deviations from covered interest parity (CIP) in emerging economies tend to be larger and more volatile than in advanced economies, with significant consequences for borrowing costs, currency hedging, and monetary policy effectiveness. To explore the factors behind these deviations and discuss strategies for promoting financial and macroeconomic stability, the Latin American Reserve Fund (FLAR) is hosting a discussion based on Professor Pierre De Leo’s research, with insights from two distinguished staff members from the central banks of Chile and Uruguay.

Mariana García

Head of Economic Research at the Central Bank of Chile

Mariana García-Schmidt is the Head of the Economic Research Department of the Central Bank of Chile since October 2022.

Mrs. García holds a Bachelor’s degree in Business and Economics and a Master’s in Macroeconomics from the Catholic University of Chile (2007), where she received the best graduating student award. She received his Ph.D. in Economics from Columbia University in 2015.

She joined the Bank in 2008 as an economic analyst and between 2015 and 2022 she was a Senior Economist at the Modelling Department of the same institution.

Esteban Tisnés

Researcher at the Central Bank of Uruguay

Esteban Tisnés holds a Bachelor’s degree in Economics and a Master’s degree in Economics from the Universidad de la República (Udelar). He is currently working as an Economic Researcher at the Central Bank of Uruguay, contributing to the analysis and monitoring of economic policies.

Prior to his current role, Esteban worked as a Junior Consultant at the Central Bank, participating in various tasks related to economic analysis. His career began at the Social Security Bank (BPS), where he worked as an Administrative Officer in customer service.

Carlos Giraldo

Chief Economist – FLAR

He has worked at FLAR since 2004, where he has also served as Director of Research and Development, Deputy Director of Economic Studies, International Economist, and Junior Economist.

He holds a Ph.D. in Economics from Universidad del Rosario, a Master’s in Environmental and Natural Resource Economics from Universidad de los Andes and the University of Maryland, a Master’s in Economics from Universidad de los Andes, and a Bachelor’s in Economics from Universidad de Antioquia. He has also taught at the latter two universities.