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6th Conference on Financial Development and Stability
Keynote Speakers
Professor Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia Business School
Charles W. Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School and a Professor of International and Public Affairs at Columbia’s School of International and Public Affairs. He recently served as Chief Economist and Senior Deputy Comptroller at the Office of the Comptroller of the Currency. Professor Calomiris is a member of the Financial Economists Roundtable, and a Research Associate of the National Bureau of Economic Research. He was a Distinguished Fellow at the Hoover Institution, where he co-directed the Initiative on Regulation and the Rule of Law for many years. Professor Calomiris received a B.A. in economics from Yale and a PhD in economics from Stanford University. His research spans banking, monetary economics, corporate finance and financial history. His recent writings include studies using textual analysis to measure the consequences of risk for international equity markets, foreign exchange markets, regulatory costs, and monetary policy actions, studies of the consequences for investment and growth of capital inflows into emerging economies, and studies of the origins of banking crises and the role of government policies in magnifying or mitigating systemic risk, including his recent books, Fragile By Design: The Political Origins of Banking Crises and Scarce Credit (with Stephen Haber), Princeton, 2014, and Reforming Financial Regulation After Dodd-Frank, Manhattan Institute, 2017, and two edited volumes, Rules for the Lender of Last Resort, Journal of Financial Intermediation, 2016, and Assessing Banking Regulation During the Obama Era, Journal of Financial Intermediation, 2018. He currently is working on a book entitled Useless History and the Future of Banking.
Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department, FMI
Tobias Adrian is the Financial Counsellor and Director of the Monetary and Capital Markets Department of the International Monetary Fund (IMF). In this capacity, he leads the IMF’s work on financial sector surveillance, monetary and macroprudential policies, financial regulation, bank resolution, debt management, and capital markets. He also oversees capacity building activities in IMF member countries with regard to the supervision and regulation of financial systems, bank resolution, central banking, monetary and exchange rate regimes, and debt management.
Prior to joining the IMF, Mr. Adrian was a Senior Vice President of the Federal Reserve Bank of New York and the Associate Director of the Research and Statistics Group. At the Federal Reserve, he contributed to monetary policy, financial stability policies, and to crisis management.
Mr. Adrian has published extensively in economics and finance journals, including the American Economic Review and the Journal of Finance. His research spans asset pricing, financial institutions, monetary policy, and financial stability, with a focus on aggregate consequences of capital markets developments. He has taught at Princeton University and New York University. He is member of the editorial boards of the International Journal of Central Banking and the Annual Review of Financial Economics.
Mr. Adrian holds a Ph.D. from the Massachusetts Institute of Technology in Economics, an MSc from the London School of Economics in Econometrics and Mathematical Economics, a Diplom from Goethe University Frankfurt and a Maîtrise from Dauphine University Paris. He received his Abitur in Literature and Mathematics from Humboldtschule Bad Homburg.
Panelists 2021
Pascual O’Dogherty, Secretary General, Association of Banking Supervisors of the Americasof ASBA
As of January of 2019, Pascual O’Dogherty became Secretary General of the Association of Banking Supervisors of the Americas (ASBA).
Before joining ASBA, he was General Director of Financial Stability at Mexico’s central bank. During his 30 plus years at Banco de Mexico, he had different responsibilities in the areas of Financial Stability, Financial System and Central Bank Operations. He also was Executive Secretary of the Mexican Financial Stability Council as well as member of the boards of the Mexican National Banking and Securities Commission and the Insurance Commission. Internationally, he represented Banco de Mexico at the Basel Committee on Banking Supervision, the FSB Task Force on Resolvability and the BCBS Task Force on Sovereign Exposures. He has also served as consultant for the IMF and the World Bank.
O’Dogherty received a bachelor’s degree in economics from ITAM and completed his doctoral studies in economics at Northwestern University.
Liliana Rojas-Suarez, Senior Fellow and Director of the Latin America Initiative, CGDEV
Liliana Rojas-Suarez is a renowned expert on international capital markets developments, financial regulation and the global economy. Over the last 30 years she has held a number of leadership positions in both public and private sector institutions. In her various positions and as an independent consultant she has advised a large number of corporations, banks, and governments in many countries around the world. Ms. Rojas-Suarez is a prominent keynote speaker in high-level conferences worldwide and is frequently interviewed by the international press and T.V., especially CNN. Ms. Rojas-Suarez is a the Director of the Latin America Initiative and a Senior Fellow at the Center for Global Development. She is also an Adjunct Faculty member and Senior Research Scholar at the School of International and Public Affairs at Columbia University and the President of the Latin American Shadow Financial Regulatory Committee (CLAAF). From 1998 to 2000, she served as Managing Director and Chief Economist for Latin America at Deutsche Bank. Before joining Deutsche Bank, Ms. Rojas-Suarez was the Principal Advisor in the Office of Chief Economist at the Inter-American Development Bank. Between 1984-1994 she held various positions at the International Monetary Fund, most recently as Deputy Chief of the Capital Markets and Financial Studies Division. She has been a Visiting Advisor at the Bank for International Settlements in Switzerland and the Bank of Spain, a non-Resident Fellow at the OECD in Paris, and a Visiting Fellow at the Peterson Institute for International Economics. She has also served as a Professor at Anahuac University in Mexico and an Advisor for PEMEX, Mexico's National Petroleum Company. Ms. Rojas-Suarez has also testified before a Joint Committee of the U.S. Senate on the issue of dollarization in Latin America. In 2012 Ms. Rojas-Suarez was named Economist of the Year by the Lima’s Chamber of Commerce. Ms. Rojas-Suarez has published widely in the areas of financial regulation, international economics and finance and economic growth and development. Ms. Rojas-Suarez holds a Phd in Economics from the University of Western Ontario
Fredes Montes, Senior Financial Sector Specialist, World Bank
Fredes Montes, a Spanish National, is Senior Financial Specialist at the World Bank. She joined the World Bank in 2007 as a credit reporting systems specialist and since then has supported policy reforms in more than 40 projects worldwide. Currently also serves as Secretariat to the International Committee on Credit Reporting (ICCR) and recently co-authored the book “Responsible Finance and Credit Reporting Systems” which focuses on the links between insolvency and credit information. Ms. Montes centers on credit reporting policy including legal and regulatory framework, consumer protection and oversight.
Previously, she was legal director at Experian Spain, where she was responsible for the consumer protection and compliance unit of the credit bureau and value added services business lines.
Ms. Montes earned her five year degree in Law at the Universidad Complutense and studied Political Science at Universidad Nacional de Educación a Distancia in Madrid. Additionally she holds a Masters degree in Data Protection and New Technologies Law.
Fredes passions include food, sustainable development and women empowerment and serves as pro-bono Director at World Central Kitchen, organization devoted to promote access to safe cooking and enhancing people’s lives through food related innovative projects.
Fernando Contardo Diaz-Muñoz, Gerente General de Sinacofi Buró an Experian Company
Fernando is an Industrial Civil Engineer from the University of Chile. He worked for 21 years in Chilean banking in various areas in executive and managerial positions. These areas include Branches, Credit Risk, New Business and Product Development and Service Channels. Later he spent two years as Corporate Manager at Fundación Chile.
Since June 2004, he held the position of CEO of SINACOFI S.A. and later, starting in 2013, also from Sinacofi Buró, a company that arose from Sinacofi S.A., on that date.
As of July 2021, with the incorporation of Experian to the ownership of Sinacofi Buró, he remains the general manager of this company.
Fernando has taught at the Industrial Engineering Department of the University of Chile since 1981 and has also been a guide professor of numerous memoirs.
He has been director of several non-profit social aid institutions such as the Construyendo Mis Sueños Corporation, which supports small and micro-businesses; the Abrazarte Foundation, which supports street youth; and the Amigos de Jesús Foundation, which supports children and young people with disabilities residing in vulnerable communes. In addition, he has supported social and private entrepreneurs as a mentor for ten years at Mentores por Chile.
Douglas Araujo, BCBS Secretariat
Douglas Araujo is responsible for the Basel Consultative Group, the outreach arm of the Committee, and its proportionality and its financial inclusion works. Doug also supports the Committee discussions on financial technology and stress tests. Before joining the BIS in 2018, Doug worked at the Central Bank of Brazil on macroprudential supervision (2011-15), and led the efforts to develop and implement the Brazilian segmentation and proportionality framework for prudential regulation (2015-18). His work on proportionality also involved prudential regulation for fintechs and other challenger lenders. Doug was a Fellow at the BIS's Financial Stability Institute in 2014, focusing on financial stability monitoring. From 2015 to 2018, he was also a member of missions of the International Monetary Fund to support a number of countries in Central America to enhance their macroprudential frameworks. Until 2011, Doug worked in the private sector in Brazilian financial markets. His current research focuses on bank loan loss provisioning behaviour, bank lending during the Covid-19 crisis, and the differences between bank and fintech finance.
Augusto Ruiz-Tagle, Co-founder of Destácame
Augusto is co-founder of Destácame, an open platform that offers personalized financial and banking services to support its users so that by making good decisions, they can achieve their Financial Well-being and fulfil their dreams. Today he has more than 3 million users in Chile and Mexico.
Previously, Augusto has worked in banking, developing business in multinationals, and senior management strategic consulting, supporting companies in various Latin American countries. He has also led different social programs with focuses ranging from education to schools and homes' construction in remote areas of Chile.
He graduated in Industrial Civil Engineering from P. Catholic University and has an MBA from MIT Sloan.
Kevin Cowan, CMF Deputy Chairman
Commissioner Cowan holds an Economic and Business Degree from the Universidad Católica de Chile and a Ph.D. in Economics from the Massachusetts Institute of Technology (MIT). He was Executive Director for Chile and Ecuador at the Inter-American Development Bank (IDB) and Regional Economic Advisor for the Andean countries at the IDB. He also held various positions at the Central Bank of Chile, including Director of the Financial Policy Division.
In 2016, he was a member of the Advisory Group convened by the Minister of Finance to make proposals to amend the General Banking Law. In addition to his role as commissioner, Mr. Cowan currently lectures at the Universidad Adolfo Ibañez.
Bernardita Piedrabuena, CMF Commissioner
Ms. Piedrabuena holds a PhD in Economics from the Universidad de Chile, a Master's Degree in Economics, and a Commercial Engineering Degree from the Pontificia Universidad Católica de Chile. Mrs. Piedrabuena has an extensive professional career in public policies related to the financial market. She has been Capital Markets and International Finance Coordinator and Macroeconomic Area Coordinator of the Ministry of Finance of Chile; member of the Fiscal Advisory Council; and Advisor to both the Ministry of Economy and the Senate of the Republic of Chile.
Prior to joining the Financial Market Commission, Mrs. Piedrabuena worked as Corporate Risk Manager at the Central Bank of Chile, and has been a consultant for the Inter-American Development Bank (IDB); chief economist at the consulting firm Zahler & Co.; board member of Empresa Nacional del Petróleo (ENAP); vice president of COTRISA; and member of Moneda Asset's MDLAT Vigilance Committee, among other positions. She has also lectured at the Faculty of Economics and Business, the School of Industrial Engineering and at the Faculty of Law of Universidad de Chile; also at the Institute of Economics of Universidad Católica de Chile; the Faculty of Economics and Business of Universidad Diego Portales and at Adolfo Ibáñez University.
Augusto Iglesias, CMF Commissioner
Mr. Iglesias holds a Master's Degree in Economics from the University of California, Los Angeles, and a Commercial Engineering degree with a major in Economics from the Pontificia Universidad Católica de Chile (PUC). Before assuming as commissioner at the Financial Market Commission, he performed as presidential advisor for the pension reform of the second Mr. Sebastián Piñera's administration (2018-2022). Mr. Iglesias has an extensive career as a consultant to various countries and multilateral institutions in the field of social security, and was Vice-Minister of Social Security between 2010 and 2014. He was also a member of the Commission for the Social Security Reform, being appointed to this position by the former-President Mrs. Michelle Bachelet.
Mr. Iglesias has also held different positions in the private sector and academy as well. He performed as a partner and board member at PrimAmérica S.A.; a consultant in the areas of economy, finance, and social security; a researcher at the Centro de Estudios Públicos (CEP) and the PUC's Institute of Economics; and a professor at several universities on the fields of macroeconomics, industrial organization, and labor economics.
Mauricio Larraín, CMF Commissioner
Mr. Larraín holds an Economics B.A. and a master's degree in Financial Economics, both from the Pontificia Universidad Católica de Chile and a Ph.D. in Economics from the University of California, Berkeley, United States. He has been a finance Professor at the Business School at the Pontificia Universidad Católica de Chile and partner of Larraín y Larraín, consulting company specialized in corporate governance, leadership, and macroeconomic and financial consultancy.
He started his career as an Economist at the Research Department of the Central Bank of Chile. Then, he was Finance Professor at the Business School at Columbia University in the city of New York, United States. He has specialized in the study of corporate finance in growing economies and his research field is in the limits of corporate finance, financial intermediation, and development economy. His research has been published in the main financial academic journals. He has presented his work to the business schools at Harvard, Chicago and Columbia universities; at the World Bank and the International Monetary Fund.