Agustín Carstens

Infobox US Cabinet official
name=Agustín Carstens Carstens


order=
title=Secretary of Finance
term_start=December 1, 2006
term_end=
president=Felipe Calderón
predecessor=Francisco Gil Díaz
successor= "Incumbent"
birth_date=1958
birth_place=Mexico City, Mexico
death_date=
death_place=
party="Independent"
religion=
alma_mater=Instituto Tecnológico Autónomo de México
profession=Economist

Agustín Carstens Carstens (b. 1958 in Mexico City) is a prominent Mexican economist and current Secretary of Finance of Mexico since 1 December 2006. Previously, he served as Deputy Managing Director of the International Monetary Fund from 1 August 2003 to 16 October 2006 and as Treasurer of the Bank of Mexico.

Early years

Carstens graduated with a bachelor's degree in Economics from the Autonomous Technological Institute of Mexico (ITAM) in 1982. After working as an intern in the Bank of Mexico he received a scholarship and completed both a master's degree (1983) and a doctorate in Economics (1985) at the University of Chicago. His thesis advisor was Michael Mussa, former Economic Counselor and Director of the Department of Research at the International Monetary Fund from 1991–2001, with whom he long kept a close relationship.

Bank of Mexico

In the mid 1980s Carstens returned to Mexico and rejoined the central bank. Before turning 30 he was appointed Treasurer, effectively taking charge of the national reserves. Rising through the ranks in the early 1990s, he was appointed Chief of Staff of chairman Miguel Mancera, and was General Director of Economic Research at the end of the 90's, in charge of designing the Bank's economic policy with governor Guillermo Ortiz Martínez in the aftermath of the Tequila Crisis and the Russian default crisis. He oversaw the creating of the 'Corto' mechanism with which the bank implemented monetary policy for the best part of a decade. Fact|date=June 2008 While at the Bank he produced several research articles about the Mexican Economy and in particular, coauthored an analysis of the Mexican Crisis along with then Deputy Governor Francisco Gil Diaz which suggests the Mexican crisis was to a large extent an avoidable run on the Mexican peso brought about by external circumstances and political problems.

International Monetary Fund

]

After many years at the Bank of Mexico, Carstens took a position at the IMF and served as the Deputy Managing Director, one of three Deputies reporting to the Director and the board, from 1 August 2003 to 16 October 2006. As the quote above suggests, he was highly regarded in the IMF and was able to function well in the bureaucratic Washington atmosphere. He left the post to coordinate the economic policy program of Felipe Calderón, President Elect of Mexico, who named him to his present ministerial position shortly after the election was validated. [cite news | title=Mexico's Calderon names Carstens finance minister | url=http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2006-11-21T142202Z_01_N21329161_RTRIDST_0_MEXICO-CALDERON-CABINET-URGENT.XML | publisher=Reuters | date=2006-11-21 | accessdate=2006-11-21] Given his long list of achievements and qualifications, his designation as economic policy coordinator first and Treasury secretary afterwards were well received across the board, by academics, policymakers and the media.

In spring 2007, Carstens was additionally confirmed as the new Chairman of the joint IMF-World Bank ministerial-level Development Committee, a position customarily occupied by a developing country Finance Minister who enjoys broad international respect among his peers.

He is married to Catherine Mansell, an academic, writer and economist from the United States. []

External links

* [http://www.imf.org/external/np/omd/bios/ac.htm International Monetary Fund: Agustín Carstens' Biographical Information]
* [http://www.latinbusinesschronicle.com/app/article.aspx?id=1766 Newsmaker: Agustín Carstens] , Latin Business Chronicle, November 6, 2007

References