speakers_Luis-Foncerrada

Luis Foncerrada

Former Director of Center for Economic Research of the Private Sector @ CEESP

Dr. Luis Foncerrada, a Mexican National, has a valuable experience in the private sector, and also in economic policy, public finances, monetary and central bank policies, debt management and capital market development.

He had been the head of the Monetary Policy Department at the Ministry of Finance of Mexico charged with the main functions of financial programming and the public deficit financing. The well-know CETES (Certificates of the Treasury) which is Mexico’s treasury bills were designed in his office, and he participated in the CETES committee for 6 years. In those years, he implemented schemes to create a market and a steady demand for this and other domestic debt instruments.

Utilizing his experience on developing financial programs he headed Mexico’s economic team for negotiations with economists of foreign banks after the 1982 debt crisis, and became the head of the Office of Foreign Financing at the MOF, where he also designed and negotiated several restructuring and new financing schemes, implemented the Mexican Debt to Equity Swap program, and designed several foreign debt reduction schemes, among others the one that gave place to the Brady Bonds. He was responsible of the Public Sector Financing Policy and also in charge, during several years, of the Financial and Monetary Policy at the Ministry of Finance in Mexico where he developed a domestic market for Government Bonds. He was the economist and technical support to the Mexican Finance Minister Angel Gurria, who is the head of OECD today.

After 10 years in the Mexican MOF, he restructured the Pemex’s foreign debt and he designed and implemented the financing of the Shell-Pemex Joint Venture in Deer Park, Texas. The single Pemex’s joint venture abroad.

After his public sector years he headed a financial engineering firm and funded a private bank when new licenses were granted in Mexico. He ran the bank for a few years and sold it to G.E. Capital, with no past due loans in 1997, two years after the Mexican bank crisis. The only Mexican bank sold above its book value after the privatization.

He then was appointed Mexico’s General Consul at Milan, Italy, to promote Italian investment in Mexico and the new Free Trade Agreement with Europe. After this task was accomplished he returned to teach in several universities in Mexico and worked with UNITAR as a resource person for the World Bank and IMF in the Central Asian Countries, as Director of programs to capacitate high rank officials on monetary and fiscal policy and capital market development. (Azerbaijan, Tajikistan, Uzbekistan, Kyrgyz Republic and Kazakhstan).

He was the Provost, (Vicerrectoría General), at the Universidad de las Américas in Mexico in charge of the finances of the University and all academic and research programs.
He has written many articles and lectured on financial development, bank operation and policies, debt sustainability, property rights, and corporate governance. His Ph. D. dissertation in Economics is on poverty and financial development.

He was the General Director of Centro de Estudios Económicos del Sector Privado, (CEESP), during 10 years, until July 2018. A Mexican think tank, part and support of the Consejo Coordinador Empresarial -The Business Coordinating Council-, which coordinates and represents Mexico’s Business community. Under his lead, CEESP had a deep insight on financial and public policies, on public finances, and defended freedom principles, advocated the market economy, the rule of law and democracy, pursuing equality of opportunities and sustained economic growth to achieve the common wealth.

Currently he is a member of the Board of Directors in “Financiera del Sector Social”, a financial company for rural and urban low income markets, a member of the Board of Directors of the Centro Mario Molina (Chemistry Nobel Prize).

Ph. D. in Economics at Universidad Autónoma Metropolitana (UAM); Master Degree in Economics at Centro de Investigación y Docencia Económicas (CIDE); Graduate in Economics with the “Best student of the year” award at Universidad Nacional Autónoma de México (UNAM), where he also studied Physics; and a Visiting Fellow at Princeton University.