Vice President and Senior Economist
Federal Reserve Bank of Dallas

Education

• Diplomate, Federal Reserve Bank of New York International Central Banking Seminar Program, 1994.
• Ph.D. (Economics), University of Texas at Austin, 1977.

Employment

• April 1982–present: Research Department, Federal Reserve Bank of Dallas. Vice President and Senior Economist. Director, Center for Latin American Economics.
• Fall 1988–spring 1998: Department of Economics, Southern Methodist University, Dallas, Texas. Adjunct Professor.
• December 1977–March 1982: Economics Department, InterFirst Corporation, Dallas: Staff Economist. Responsibilities: Mergers and acquisitions. World commodity markets.

Articles in Refereed Journals—1992 to present

• “The Openness-Inflation Puzzle Revisited,” with Darryl McLeod, Applied Economics Letters, June 2004.
• “Privatization, Competition and Supercompetition in the Mexican Banking System,” with Robert P. McComb, Journal of Banking and Finance, February 2003.
• “Capital Account Liberalization and Inflation,” with Darryl McLeod, Economics Letters, October 2002.
• “Latin American Monetary Policies: Their Implications for FTAA,” Law and Business Review of the Americas, Special Issue, 2000.
• “Disciplina del mercado, liberalizaci?n y comportamiento hacia el riesgo,” with Jahyeong Koo and Robert Moore, Momento Economico, Marzo-Abril, no. 102, 1999.
• “Banking Structures, Market Forces and Economic Freedom: Lessons from Argentina and Mexico,” Cato Journal, Vol. 18, No. 2, 1998.
• “Capital Flows, Savings, and Growth,” with Darryl McLeod, Quarterly Journal of Economics and Finance, Vol. 37, Special Issue, 1998.
• "Will Fair Trade Diminish the Future of Free Trade?" with David M. Gould, Business Economics, Vol. XXII, No. 2, 1997.
• "Default Risk and Dollarization in Mexico," with John H. Welch, Journal of Money, Credit, and Banking, Vol.28, No.3, 1996.
• "The Role of Intellectual Property Rights in Economic Growth," with David M. Gould, Journal of Development Economics, Vol. 48, No. 2, 1996.
• "Clean Dynamics, Dirty Dynamics, and the Economics of NAFTA," Law and Business Review of the Americas, Vol.1, No. 1, 1995.
• "Riesgo de insolvencia, dolarización y substitución de divisas en México," with John H. Welch, Economia Mexicana, Vol. IV, No. 1, 1995.
• "Liberalization and the Mexican Banking Industry," with Robert McComb and John H. Welch, Quarterly Journal of Economics and Finance, Vol. 34, Special Issue, 1994.
• "North American Free Trade: Problems and Prospects," Contemporary Policy Issues, October 1992.
• "El Libre Comércio en America del Norte: Oportunidades y Riesgos," Economía Mexicana, julio-diciembre 1992.

Chapters in Books and Monographs—1992 to present

• “Banking and Currency Crisis Recovery: Brazil’s Turnaround of 1999,” with John H. Welch in Economic Crisis in Russia and Latin America, Nagendra V. Chowdray (ed.), (Andhra Pradesh, India: ICFAI University Press, 2005).
• “The Growth Effects of Free Trade Agreements,” with David M. Gould in DR-CAFTA: Challenges and Opportunities for Central America, Carlos Felipe Jaramillo and Daniel Lederman (eds.), (Washington, D.C., The World Bank, 2005).
• “The Impact of the U.S.–Colombian Free Trade Agreement on Economic Growth and Poverty,” with David M. Gould in Colombia: The Foundations for Competitiveness (Washington, D.C.: The World Bank, 2005)
• “Conexiones entre las causas de las crisis bancarias: Un estudio para seis países,” in La Banca en América Latina, Gustavo del Angel (ed.), (México, D.F., Centro de Investigación y Docencia Economica, 2004).
• “The Role of Intellectual Property Rights in Economic Growth,” with David M. Gould, in The WTO, Intellectual Property Rights and the Knowledge Economy, Elgar Reference Collection. Critical Perspectives on the Global Trading System and the WTO, vol. 1 (Cheltanham, UK and Northampton, Mass., 2004).
• “How to Dollarize,” with Mark Wynne and Carlos Zarazaga in Dollarization, Federico Sturzenegger (ed.), (Cambridge, MA, MIT Press: 2003)
• “Six Crisis Countries: Where Are They Now?” in Forex Models: Exchange Rate Dynamics, G.R.K. Murty (ed.), (Andhra Pradesh, India: ICFAI University Press, 2002)
• “When Does Financial Liberalization Make Banks Risky: An Empirical Examination of Argentina, Canada and Mexico,” in Prompt Corrective Action in Banking 10 Years Later, George G. Kaufman (ed.), (Greenwich, Connecticut, JAI Press: 2002)
• “Banking Structures, Market Forces and Economic Freedom: Lessons from Argentina and Mexico,” in Regulatory Policy in Latin America: Post- Privatization Realities, Luigi Manzetti (ed.), (Miami, Fla.: North-South Center Press, University of Miami, 2000).
• “Bending the Paradigm: How Brazil Got Itself Into a Currency Crisis and Out,” with John Welch in Research in Financial Services, George G. Kaufman (ed.), (Greenwich, Connecticut, JAI Press: 1999)
• “Mexico: The Trajectory to the 1994 Devaluation,” in Financial Globalization and Democracy in Emerging Markets, Leslie Elliott Armijo (ed.), (New York: St. Martin’s Press, 1999)
• “Implications of NAFTA,” in The Frank M. Engle Lectures 1978-97, Roger C. Bird (ed.), (Bryn Mawr: The American College, 1998).
• "The Role of Intellectual Property Rights in Economic Growth," with David M. Gould in Growth, Equity and Sustainability: Studies in Globalization and Development (Vol. One), Dev Gupta and Nanda Choudry (eds.), (Kluwer Academic Publishers, 1997).
• "Distortions and Resolutions in Mexico's Financial Sector," with John H. Welch in The Changing Structure of Mexico, Laura R. Randall (ed.) (New York: M.E. Sharpe, 1996).
• "Financial Services and the North American Free Trade Agreement," with John H.Welch and Jeffrey W.Gunther, in NAFTA and Trade Liberalizations in the Americas, Elsie Echeverri-Carroll (ed.), (Austin: University of Texas Bureau of Business Research, 1995).
• "NAFTA: Economic Integration or Hegelian Dialectic?" with John H. Welch, in Mexico and the North American Free Trade Agreement: Who Will Benefit? Victor Bulmer-Thomas (ed.), (London: MacMillan, 1994).
• "Free Trade, Globalization and U.S. Labor: What are the Long Run Dynamics?" in The North American Free Trade Agreement: Labor, Industry, and Government Perspectives, Mario F. Bognanno and Kathryn J. Ready (eds), (Westport Connecticut: Greenwood Press, 1994).
• "Prospects for U.S.–Mexico Free Trade," in Free Trade Within North America: Expanding Trade for Prosperity, Gerald P. O'Driscoll, ed., (Boston: Kluwer Press, 1993)
• "Mexican Maquiladora Growth: Does it Cost U.S. Jobs?" in Current Issues in the International Economy: A Reader, Linda S. Goldberg and Michael W. Klein, eds., (New York: Harper Collins Publishers. 1992).

Recent Journalism

• “Maquiladora Rebound,” Twin Plant News, 2004, vol. 18, No. 11.
• “Mexico is Frittering Away its NAFTA Gains,” Wall Street Journal, 12/19/2003.
• “The View from the Front of the Train” with Robert McTeer, The International Economy, Spring 2003, v. 17, iss. 2.
• "Brazil's Tough Banking Rules Eased the Real Crisis", Wall Street Journal, 09/03/1999.
  

Articles in Dallas Fed Publications

• "Apparel Exports and Education: How Developing Nations Encourage Women’s Schooling," with Darryl McLeod, Economic Letter, March 2006.
   
• "NAFTA, Trade Diversion and Mexico’s Textiles and Apparel Boom and Bust," Southwest Economy, Sept./Oct. 2006.
  
• “Yuan Diplomacy: China, Taiwan Vie in Latin American Trade Arena,” Federal Reserve Bank of Dallas, Southwest Economy, November/December, 2005.
   
• “Problems with Domestic Market Orientation in Latin America,” Center for Latin American Studies 2004 Annual Report, September 2005,
   
• “Domestic Policy No Match for Trade Stance of Central American Countries,” Southwest Economy, March/April, 2005.
   
• "Have Mexico’s Maquiladoras Bottomed Out?" Southwest Economy, January February 2004.
   
• "The 'Curse' of Venezuela," with Sarah Darley, Southwest Economy, May/June 2004.
  
• "Chilean Accord Extends U.S. Free Trade," with Sherry L. Kiser, Southwest Economy, January/February 2003.
   
• “From the Director General: Free Market Reforms in Latin America: Let’s Pause for a Second,” Center for Latin American Studies 2003 Annual Report.
  .
• "Venezuela Addresses Economic Stress," with Sherry L. Kiser, Southwest Economy, March/April 2002.
   
• “Texas Exports Finally Pick Up but Have Far to Go,” Southwest Economy, November/December 2002
   
• “The Politics of Brazil's Financial Troubles,” with Erwan Quintin, Southwest Economy, September/October 2002
   
• “NAFTA and Maquiladoras: Is the Growth Connected?” with Sherry L. Kiser in Mine Yucel (ed.) The Border Economy, 2001
   
• “The Role of Financial Leverage in Ejecting From a Currency Crisis: The Case of Brazil,” with John H. Welch, Economic and Financial Review, Fourth Quarter 2001.
   
• "Banking and Currency Crisis Recovery: Brazil's Turnaround of 1999," with John H. Welch, Economic and Financial Review, Fourth Quarter 2001.
   
• "Was NAFTA Behind Mexico's High Maquiladora Growth?" Economic and Financial Review, Third Quarter 2001.
   
• "Japan’s Economy Still Looks Recessionary," with Jahyeong Koo, Southwest Economy, July/August 2001.
   
• "Why Free Trade in the Americas?" Southwest Economy, March/April 2001.
  
• "The Mexican Economy Since the Tequila Crisis," Southwest Economy, November/December 2000.
   
• "U.S.–China Trade Relations: The Best of Both Worlds," Southwest Economy, July/August 2000.
   
• "Trade, WTO and the Environment," Southwest Economy, January/February 2000.
   
• "Hey Mr. Greenspan, Can You Spare a Dollar?" with Sherry L. Kiser, Southwest Economy, July/August 1999.
   
• "Brazil: The First Financial Crisis of 1999," with Sherry L. Kiser, Southwest Economy, March/April 1999.
   
• "The Asian Meltdown," Southwest Economy, January/February 1998.
   
• "Intellectual Property Rights and Product Effectiveness," with Stephen P.A. Brown, Economic Review, Fourth Quarter 1997.
   
• U.S. Inflation and the International Economy," Southwest Economy, July/August 1997.
   
• "The Mexican Economy Snaps Back," with David M. Gould and Carlos E. Zarazaga, Southwest Economy, March/April 1997.
   
• "Liberalization, Privatization and Crash: Mexico's Banking System in the 1990s," with Robert P. McComb, Economic Review, First Quarter 1997.
   
• "Policy Priorities and the Mexican Exchange Rate Crisis," Economic Review, First Quarter 1996.
   
• "Just Say Yes to Chile," Southwest Economy, July/August, 1995.
   
• “The Roots of Mexico’s Peso Crisis,” with David Gould, Federal Reserve Bank of Dallas, Southwest Economy, January/February 1995.
   
• "GATT and the New Protectionism," with David M. Gould, Economic Review, Third Quarter 1994.
   
• "Is NAFTA More Than a Free Trade Agreement?" with John H. Welch, Economic Review, Second Quarter 1994.
   
• "The Benefits of GATT for the U.S. and World Economies," with David M. Gould, Gerald P. O'Driscoll, Harvey Rosenblum, Lucinda Vargas, Southwest Economy, March/April, 1994.
   
• "A Brief History of the Mexican Financial System," with John H. Welch., Financial Industry Studies, October 1993.
   
• "U.S. Banks, Competition, and the Mexican Banking System: How Much Does NAFTA Matter?" with John H. Welch and Jeffrey W. Gunther, Financial Industry Studies, October 1993.
   
• “Interpreting Central Bank Independence in Mexico,” with John H. Welch, Southwest Economy, July/August 1993.
   
• "Trade Policy and Intellectual Property Protection: The North-South Dispute," Economic Review, Fourth Quarter 1992.
   
• "Economic Liberalization in the Americas," with John H. Welch, Federal Reserve Bank of Dallas 1991 Annual Report, April 1992.

Papers

• "Privatization, Competition, and Supercompetition in the Mexican Commercial Banking System" [off-site PDF], with Robert P. McComb, Journal of Banking & Finance, February 2003
   
• "Capital Account Liberalization and Inflation" [off-site PDF], with Darryl McLeod, Economics Letters, October 2002.
   
• "Latin American Monetary Policies: Their Implications for FTAA," NAFTA: Law and Business Review of the Americas, Special Issue, 2000.
   
• "Disciplina del mercado, liberalización, y comportamiento hacia el riesgo," with Jahyeong Koo and Robert Moore, Momento Economico, March/April 1999.
   
• "Banking Structures, Market Forces, and Economic Freedom: Lessons from Argentina and Mexico," Cato Journal, (18) 2, 1998.
   
• "Capital Flows, Savings, and Growth," with Darryl McLeod, Quarterly Journal of Economics and Finance, Special Issue, 1998.
   
• "Will Fair Trade Diminish the Future of Free Trade?" with David M. Gould, Business Economics, Vol. 22, No. 2, 1997.
   
• "Default Risk and Dollarization in Mexico," with John H. Welch, Journal of Money, Credit, and Banking, Vol. 28, No.3, 1996.
   
• "The Role of Intellectual Property Rights in Economic Growth," with David M. Gould, Journal of Development Economics, Vol. 48, No. 2, 1996.
   
• "Clean Dynamics, Dirty Dynamics, and the Economics of NAFTA," NAFTA: Law and Business Review of the Americas, Vol.1, No. 1, 1995.
   
• "Liberalization and the Mexican Banking Industry," with Robert McComb and John H. Welch, Quarterly Journal of Economics and Finance, Vol. 34, Special Issue, 1994.

Chapters in Books

• "Implementation Guidelines for Dollarization and Monetary Unions," with Mark A. Wynne and Carlos E. J. M. Zarazaga, in Dollarization, Eduardo Levy Yeyati and Federico Sturzenegger, eds., (Cambridge, MA: MIT Press) 2002.
   
• "When Does Financial Liberalization Make Banks Risky? An Empirical Examination of Argentina, Canada and Mexico," in Prompt Corrective Action in Banking : 10 Years Later, with Jahyong Koo and Robert R. Moore, George G. Kaufman, ed., (Chicago, IL: Elsevier Science) 2002.
   
• "Implementation Guidelines for Dollarization and Monetary Unions," with Mark A. Wynne and Carlos E. J. M. Zarazaga, in Dollarization, Eduardo Levy Yeyati and Federico Sturzenegger, eds., (Cambridge, MA: MIT Press) 2002.
   
• "Six Crisis Countries: Where Are They Now?" in Forex Models: Exchange Rate Dynamics, G.R.K. Murty, ed., (Andhra Pradesh, India: ICFAI Press) 2002.
   
• "Banking Structures, Market Forces, and Economic Freedom: Lessons from Argentina and Mexico," in Regulatory Policy in Latin America: Post Privatization Realities, Luigi Manzetti, ed., (North-South Center Press at the University of Miami) 2000.
   
• "Bending the Paradigm: How Brazil Got Itself Into a Currency Crisis and Out," with John Welch, in Research in Financial Services: Private and Public Policy, George G. Kaufman, eds., 1999.
   
• "Mexico: The Trajectory to the 1994 Devaluation," in Financial Globalization and Democracy in Emerging Markets, Leslie Elliott Armijo, ed., 1999.
   
• "Implications of NAFTA," in The Frank M. Engle Lectures: 1978–1997, Roger C. Bird, ed., 1998.
   
• "The Role of Intellectual Property Rights in Economic Growth," with David M. Gould, in Growth, Equity and Sustainability: Studies in Globalization and Development (Vol. I), Dev Gupta and Nanda Choudry, eds., 1997.
   
• "Distortions and Resolutions in Mexico's Financial Sector," with John H. Welch, in The Changing Structure of Mexico, Laura R. Randall, ed., 1996.
   
• "Financial Services and the North American Free Trade Agreement," with John H.Welch and Jeffrey W.Gunther, in NAFTA and Trade Liberalizations in the Americas, Elsie Echeverri-Carroll, ed., 1995.
   
• "NAFTA: Economic Integration or Hegelian Dialectic?" with John H. Welch, in Mexico and the North American Free Trade Agreement: Who Will Benefit? Victor Bulmer-Thomas, ed., 1994.
   
• "Free Trade, Globalization and U.S. Labor: What are the Long Run Dynamics?" in The North American Free Trade Agreement: Labor, Industry, and Government Perspectives, Mario F. Bognanno and Kathryn J. Ready, eds., 1994.