Agustín Carstens: the story on HearLore

Guardian Of Reserves

Carstens returned to Mexico in the mid-1980s to rejoin the Bank of Mexico. Before turning thirty years old, he was appointed treasurer and took charge of national reserves. Rising through the ranks during the early 1990s, he served as chief of staff under chairman Miguel Mancera. By the end of the 1990s, he held the role of Director General of Economic Research. In this capacity, he designed economic policy alongside Governor Guillermo Ortiz Martínez following the Tequila Crisis and the Russian default crisis. He co-authored an analysis with Deputy Governor Francisco Gil Díaz suggesting the Mexican crisis resulted largely from external circumstances and political problems rather than internal failure.

The IMF Years

After many years at the Bank of Mexico, Carstens moved to the International Monetary Fund on the 1st of August 2003. He served as deputy managing director until the 16th of October 2006. This position placed him among three deputies reporting directly to the director and the board. On the 8th of July 2005, he sat between the minister of finance and the president of the Bank of Guatemala during an official visit. His tenure concluded when he left the organization to coordinate the economic policy program for Felipe Calderón. Calderón had just been elected president of Mexico and validated his appointment shortly after the election results were confirmed.

When was Agustín Carstens born and where?

Agustín Carstens was born on the 9th of June 1958 in Mexico City. He began his academic journey at the Mexico Autonomous Institute of Technology where he earned a bachelor's degree in economics.

What degrees did Agustín Carstens earn from the University of Chicago?

Agustín Carstens completed both a master's degree and a doctorate in economics at the University of Chicago by 1985. His thesis advisor was Michael Mussa, who later became the economic counselor at the International Monetary Fund from 1991 to 2001.

When did Agustín Carstens join the International Monetary Fund as deputy managing director?

Agustín Carstens moved to the International Monetary Fund on the 1st of August 2003. He served as deputy managing director until the 16th of October 2006.

How much profit did Agustín Carstens generate for Mexico through oil hedging strategies?

Agustín Carstens hedged Mexico's oil revenues for 2009 against possible price falls. This strategy generated an $8 billion profit for the country during volatile market conditions.

On what date did the Senate confirm Agustín Carstens as governor of the Bank of Mexico?

The Senate confirmed Agustín Carstens' appointment on the 15th of December 2009 with 81 votes in favor and 19 votes against. President Felipe Calderón nominated Carstens to lead the Bank of Mexico on the 9th of December 2009.

Agustín Carstens.

Guardian Of Reserves

The IMF Years

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Common questions

When was Agustín Carstens born and where?

What degrees did Agustín Carstens earn from the University of Chicago?

When did Agustín Carstens join the International Monetary Fund as deputy managing director?

How much profit did Agustín Carstens generate for Mexico through oil hedging strategies?

On what date did the Senate confirm Agustín Carstens as governor of the Bank of Mexico?

Hedging The Future

The Senate Vote

Cycles Of Volatility