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

August 10, 2020

Spain | Public expenditure during the crisis

Public expenditure in Spain could grow between 10 and 11 percentage points (pp) of GDP in 2020, surpassing 52% of GDP, according to BBVA Research forecasts. This increase is justified by the atypical situation that the Spanish economy is experiencing due to COVID-19.

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July 29, 2020

Spain | Fiscal Watch 3Q20

The public deficit deterioration will be greater than expected three months ago. In an unprecedented crisis, the sustainability of public debt could be compromised.

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July 20, 2020

Spain | This Time It's Different

The origins of the country's recession lie not in the accumulation of imbalances in a certain market and the usual subsequent shift in demand, but rather in a pandemic and the restrictions enforced on the supply of goods and services to limit its spread.

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