Searcher
Miguel Cardoso
Miguel Cardoso
Chief Economist
Madrid

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

The crisis of 2022 has central banks striving to avoid the sins of the 1970s, fiscal policy resisting to avoid repeating the mistakes of 2009 and 2012, and the new international order trying to learn lessons from what happened 100 years ago.
Three years after the pandemic began, the imbalance in the public accounts looks to be finally returning to pre-COVID levels. However, public expenditure will be 6 pp of GDP higher than three years ago.
One of the best surprises of 2022 has been the recovery by tourism. However, there are reasonable doubts regarding the industry's future outlook. A downturn could have major implications for the economy.