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Santiago Muñoz
Santiago Muñoz
Principal Economist

Santiago Muñoz is Principle Economist of Regulation and Public Policies at BBVA Research. From 2013 to 2015 he was the Principle Economist at BBVA Colombia.


Before joining BBVA he was Director of Financial Institutions at Fitch Ratings Colombia from 2008 to 2011, where he lead a team in charge of rating and following over 40 institutions. Previously, from 2000 to 2008 he worked at Colombia’s central bank (Banco de la Republica), first in the Financial Stability Department and later in Markets Development. Additionally, he has taught Introduction to Colombia’s Economy and Microeconomics at Universidad de los Andes.


He holds a Master in Public Policy from the University of Chicago and an MA in Applied Economics from the University of Michigan. He has a BA in Economics from the Universidad de los Andes in Colombia.

Latest publications

The Basel Committee on Banking Supervision (BCBS) announced on December 7th that an agreement was reached on the finalisation of the Basel III post-crisis framework. The calibration of the output capital floor was the most significant pending element and the main focus of negotiations. These announcements will help bring clarity to the banking regulatory framework.
Highlights: GHOS announce agreement on outstanding elements of Basel III. BCBS publishes cumulative quantitative impact study on reviewed Basel III and discussion paper on regulatory treatment of sovereign exposures. ESAs publish list of identified financial conglomerates and SRB publishes its 2018 work plan. Bank of Spain approves new accounting rule for credit entities.
The Supporting Factor was introduced in Basel III with the aim of avoiding a reduction in the flow of new credit to SMEs, and the CRR revision published in November 2016 even proposes enlarging its scope to exposures above €1.5bn (but with a lower parameter).