Searcher
Alfonso Ugarte
Alfonso Ugarte
Principal Economist
Madrid

Alfonso Ugarte is a Principal Economist in the Global Scenarios Unit of BBVA Research. He has previously worked in the Cross-Country Emerging Markets, Global Trends and Financial System Units in the same department.


His current responsibilities include the development, calibration and updating of several econometric models that are used as inputs by the other departments of BBVA, with a special focus on Country-Risk issues and on cross-country, panel-data analysis. He also provides support in the analysis of financial systems and financial markets in emerging and developing markets.


He has previously held an Adjunct-Professor position in Pompeu Fabra University, where he has taught Econometrics and Corporate Finance, and several other courses as a Teaching Assistant.


He holds a PhD in Economics and Management (Summa Cum Laude) from Pompeu Fabra University in Barcelona and a Master of Science from the same University. He obtained his bachelor degree in Economics from Universidad de Los Andes in Colombia.

Latest publications

Agencies’ Ratings have remained relative stable since the start of the COVID pandemic and through 2021. Changes have been mainly concentrated in Emerging Economies. Sovereign spreads have been clearly influenced by the strong and coordinated reaction of Central Banks in both Advanced Economies and Emerging Economies
Associated with the change in fundamental saving and investment variables that the Colombian economy has undergone in the recent decade, the structural current account and exchange rate are estimated in light of these changes. Likewise, forecasts are made for these variables up to December 2023.
Public debt levels have skyrocketed globally due to the increase in fiscal expenditure needed for public measures to fight the economic damage caused by the pandemic, and by the effects of the slump in economic activity.