Searcher
Miguel Cardoso
Miguel Cardoso
Chief Economist
Spain

Miguel Cardoso is Chief Economist for Spain at BBVA Research, where he leads a team of 13 economists dedicated to the macroeconomic, sector and regional analysis of the Spanish economy. At BBVA Research he has also held positions as Chief Economist for Chile, and Senior Economist for Emerging Markets.


Previously, he was an Assistant Professor (on tenure track) at the Department of Economics of Universidad Carlos III de Madrid, and worked also as an Advisor to the Director General of Fiscal Planning in the Ministry of Finance and Public Credit in Mexico.


He earned a Ph.D. in Economics from the University of Minnesota in the U.S., and a BA in Economics from the Instituto Tecnológico Autónomo de México (ITAM). He has authored several publications, with some of his main areas of research being the amplification mechanisms of business cycles, the characteristics of the crisis in Spain and its regional impact, as well as the impact of public policies on the determinants of export capacity, public finance and the labor market.

Latest publications

A couple of years ago, the risk premium paid by the Portuguese 10-year government bond against its German counterpart was hovering between 350 and 400 basis points (bp). Meanwhile, the Spanish 10-year bond was paying between 100 and 125 bp.
The Spanish economy is currently solid, although there seems to be a growing feeling of vulnerability. The growth in GDP remained at around 0.6% per quarter at the start of the year, which in annualized terms means a growth rate of approximately 2.5%.
The Spanish economy has been experiencing a trend toward deindustrialization and tertiarization since the 1980s. This has seemingly led to a pattern of "premature deindustrialization" in some of Spain's autonomous communities; that is, a reduced proportion of the total workforce in manufacturing before having reached the levels of prosperity of other regions that were industrialized earlier.