Searcher
Alfonso Ugarte
Alfonso Ugarte
Principal Economist
Spain

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

In recent months we have witnessed a notable compression in sovereign CDS at the global level, in an economic scenario that is full of uncertainty and in which public debt is at an all-time high.
The search for yield and looser monetary policies across the board, favor sovereign spreads compression, despite a worsening global outlook, poorer incoming data and balance of risks, and the lack of improvement of fiscal disequilibria.
‘Search for yield’ has emerged as the predominant driver of funds flows in the current low yield backdrop marked by a complicated global macro outlook and supportive central banks.