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Journal Article
Mexico rides global recovery but still faces hurdles
The Mexican economy has grown robustly following the worst recession since the peso crisis of 1994. Gross domestic product (GDP) growth surged 5.4 percent in 2010, surpassing expectations. Though the pace of expansion slowed in early 2011 as the U.S. engine sputtered, forecasts call for a slight pickup in the second half. ; The recovery is the product of primarily three factors: first, a rebound in manufacturing exports, mostly to the U.S. but also to other markets; second, a strengthening internal market fueled by a healthy domestic financial sector; and third, significant capital inflows ...
Speech
The current state of the U.S. and Mexican economies: where do we go from here?
"As I sit at the FOMC table, I continue to fret more about inflation than I do about growth. While I am well aware of the risks to economic growth, the history of inverted yield curves, and the ever present possibility of exogenous shocks in a politically hazardous world, the 'balance of risk,' in my book, is still tilted to the inflation side of the equation." ; Remarks at a Policy Forum hosted by the El Paso Branch of the Federal Reserve Bank of Dallas and Monterrey Branch of the Banco de Mexico, Monterrey, N.L., Mexico, September 25, 2006
Journal Article
How much will the global financial storm hurt Mexico?
The credibility earned by prudent policymaking over the past decade should help Mexico weather the current financial storm without devastating effects on real economic activity.
Journal Article
Mexico's año horrible: global crisis stings economy
Initial optimism has been replaced by increasingly dire predictions for Mexico's near-term economic outlook in response to the global economic slump. World trade flows have dried up, which is particularly damaging for nations like Mexico whose economic activity depends critically on exports. At the same time, international financial uncertainty led investors to withdraw capital from emerging markets. Mexico was also confronted with a number of idiosyncratic shocks: a crackdown on drug cartels and local corruption, a flu epidemic and trade disputes with its most important partner. However, ...
Speech
“Not to be used externally, but also harmful if swallowed”: projecting the future of the economy and lessons learned from Texas and Mexico
Remarks before the Dallas Regional Chamber of Commerce, Dallas, TX, March 5, 2012 ; "I would suggest to you that, if the data continue to improve, however gradually, the markets should begin preparing themselves for the good Dr. Fed to wean them from their dependency rather than administer further dosage."
Journal Article
On the record: Mexico's economic reforms propel postrecession rebound: a conversation with Banco de México's Governor Agustín Carstens
Dr. Carstens has led Mexico?s central bank since January 2010, after serving as the government?s secretary of finance and as deputy managing director for the International Monetary Fund. He holds a PhD in economics from the University of Chicago and received his undergraduate degree from Mexico?s Autonomous Institute of Technology. Carstens recently visited the Federal Reserve Bank of Dallas and met with a group of the Bank?s economists.
Journal Article
The maquiladora's changing geography
A lack of data has limited our understanding of the distribution of maquiladora activity. Recently, Mexico's chief statistical agency provided previously unpublished information that will allow us to draw a more detailed portrait. ; We take a preliminary look at where specific maquiladora activities take place within Mexico. Then we examine changes in location since 1990, finding that the North American Free Trade Agreement (NAFTA) and other trade pacts have been the most important factors reshaping patterns of maquiladora employment.
Journal Article
Reaching Mexico's unbanked
Banks and the government have mounted a major effort to extend financial services to those without them.
Speech
The U.S., Mexican, and border economies
Remarks before a Federal Reserve Bank of Dallas Community Luncheon, Laredo, Texas, September 10, 2007. ; "It is fair to say that I am encouraged by what I have heard against a background of constant negative speculation and the occasional discordant note, such as last week's employment numbers. Our economy appears to be weathering the storm thus far. The future path of that storm and the appropriate policy course, however, are still to be determined."