Personal Information

Carlos A. Carrasco
Associate Professor of Economics
UDEM Business School (AACSB-AMBA)
University of Monterrey (UDEM)
Phone: (+52) 8182151000 ext. 3892
Email: carlos.carrasco(at)udem(dot)edu

Positions

2016- | Associate Professor of Economics at UDEM Business School, University of Monterrey (UDEM, Mexico).
2015- | Member of the National System of Researchers (SNI-I 2015-2021; SNII-II since 2022, CONAHCyT, Mexico).
2021- | Visiting Professor to the PhD Program in Applied Economics at the University of the Basque Country (UPV/EHU, Spain).
2024 | Short-term Erasmus+ Visiting Professor at Poznan University of Economics and Business (Poland)
2021  | Visiting Professor at Universidad Privada del Norte (Peru)
2019-2022 | Head of UDEM Business School Research Committee
2019  | Short-term Erasmus+ Visiting Professor at University of Debrecen (Hungary)
2015-2016 | CONACyT Postdoctoral Fellow at National Polytechnic Institute (Mexico).
2013-2015 | Member of the Basque Government Consolidated Research Group (IT712-13, Spain)
2015 (Summer) | Visiting Lecturer at ITESM-Puebla (Mexico).
2013-2015 | FESSUD Research Fellow at the University of the Basque Country (UPV/EHU, Spain).
2010-2013 | PhD Researcher at the University of the Basque Country (UPV/EHU, Spain).

Education

2009-2013 | PhD in Applied Economics (Economic Integration) - University of the Basque Country (EHU/UPV)
2008-2009 | MA in Economic Integration - University of the Basque Country (EHU/UPV)
2003-2007 | BA in Economics - Universidad Iberoamericana Puebla

Journal articles

1. Carrasco, C.A. and Tovar-García, E.D. (2026): "Determinants of Public Debt Dynamics in Transition and Post-Transition Economies" in Eastern European Economics, 64(1), 59-80. 

2. Carrasco, C.A. (2024): "Perspectives on nearshoring: Recent developments and the challenges for Mexico" in Latin American Policy, 15(2), pp. 339-350.

3. Hernandez-del-Valle, A. and Carrasco, C.A. (2024): “Contrasting inflation forecasts using a quantile approach: Does one method fit all?” in Fuzzy Economic Review, 29(1), pp. 53-71.

4. Celedón-Cabriales, L., Martínez-Hidalgo, A.E., Meléndez, A., Sánchez, K., Tamez-González, K. and Carrasco, C.A. (2024): "Macroprudential policy, mortgage lending and economic activity in Mexico" in Economics Bulletin, 44(1), pp. 154-162.

5. Carrasco, C. A., and Peujio-Fozap, F. M. (2024): "Desempeño macroeconómico y complejidad del sector externo. Un análisis de panel autorregresivo para América Latina" en Revista de Economía Mundial, (68), 191-211.

6. Carrasco, C.A. and Hernandez-del-Valle, A. (2023): "Energy intensity, economic structure, and capital goods imports in upper-middle income countries: Insights from HDBSCAN clustering" in Journal of Environmental Management, 339, article 117840.

7. Tovar-García, E.D. and Carrasco, C.A. (2023): "High-tech trade as determinant of the US bilateral trade balance" in Economics of Innovation and New Technology, 32(5), 713-730.

8. Carrasco, C.A. and Durán-Bustamante, M.  (2022): "The War on Drugs, Military Interventions and Economic Activity in Mexican States from 2004 to 2015" in Cuadernos de Economía-Spanish Journal of Economics and Finance 45, 70-81.

9. Carrasco, C.A. and Tovar-García, E.D. (2021): "Trade and growth in developing countries: the role of export composition, import composition and export diversification" in Economic Change and Restructuring, 54(4), 919-941.

10. Delgado-de-la-Garza, L.A., Garza-Rodríguez, G.A., Jacques-Osuna, D.A., Múgica-Lara, A. and Carrasco, C.A. (2021): "Does the use of a big data variable improve monetary policy estimates? Evidence from Mexico" in Economics and Business Letters, 10(4), 383-393.

11. Carrasco, C.A. and Tovar-Garcia, E.D. (2021): "La restricción externa de México y la composición del comercio en un enfoque bilateral" in Problemas del desarrollo, 52(204), 113-140.

12. Carrasco, C.A. and Tovar-García, E.D. (2020): "Tracking the characteristics of economic growth vulnerability to COVID-19: A preliminary analysis" in Revista de Economía Mundial, 56, 149-169.

13. Carrasco, C.A. and Tovar-García, E.D. (2020): "Export composition and  Eurozone trade balance in manufacturing goods" in Romanian Journal of Economic Forecasting 23(1), 134-150.

14. Tovar-Garcia, E.D. and Carrasco, C.A. (2019): "Export and import composition as determinants of bilateral trade in goods: Evidence from Russia" in Post-Communist Economies 31(4), 530-546.

15. Carrasco, C.A. and Tovar-García, E.D. (2019): "Determinantes del Balance Comercial Bilateral de México: Ingreso, Tipo de Cambio y Composición de las Exportaciones" en Revista Finanzas y Política Económica 11(2), 259-276.

16. Tovar-Garcia, E.D. and Carrasco, C.A. (2019): "The Balance of Payments and Russian Economic Growth" in HSE Economic Journal, 23(4), pp. 524-541.

17. Carrasco, C.A. and Durán-Bustamante, M. (2018): "War on drugs, violence, and the share of low-income workers in Mexico" in Economics Bulletin 38(2), pp. 696-702.

18. Carrasco, C.A. (2018): "Is there a nonzero stable component in the Eurozone's External Balances?" in Journal of Economic Integration, 33(4), pp. 787-817.

19. Carrasco, C.A. and Hernandez-del-Valle, A. (2018): "Causality and the long-term relationship between external balance and public balance in the Eurozone" in Cuadernos de Economía-Spanish Journal of Economics and Finance 41, 275-290.

20. Carrasco, C.A. and Hernandez-del-Valle, A. (2017): "Revisiting the Factors behind European External Imbalances" in Journal of Economic Integration, 32(2), pp. 324-357.

21. Carrasco, C.A. (2016): "Causality between external balance and (some) fiscal variables: Preliminary results for the Eurozone" in Economics and Business Letters, 5(3), pp. 80-86.

22. Rodriguez, C. and Carrasco, C.A. (2016): "ECB policy responses between 2007 and 2014: a chronological analysis and an assessment of their effects" in Panoeconomicus, 63(4), pp. 455-473.

23. Carrasco, C.A. (2015): "A note on European external imbalances and the euro adoption" in Economics Bulletin, 35(4), pp. 2104-2109.

24. Carrasco, C.A. and Gainza, X. (2015): "La geografía de la 'Gran Moderación' en América Latina" in Revista de Economía Mundial, 41, pp. 109-131.

25. Carrasco, C.A. and Peinado, P. (2015): "On the origin of European imbalances in the context of European integration" in Panoeconomicus, 62(2), pp. 177-191.

26. Ferreiro, J.; Carrasco, C.A. and Gómez, C. (2014): "Convergence of public expenditures and implementation of a single model of public finances in the European Union" in Revista de Economía Mundial, 37, pp. 75-102.

27. Carrasco, C.A. (2014): "El origen de los desequilibrios macroeconómicos en la economía española" in Problemas del Desarrollo. Revista Latinoamericana de Economía, 45(179), pp. 91-115.

28. Carrasco, C.A.; Peinado, P. and Rodríguez-González, C. (2014): "The Spanish financial system and the crisis" in Intereconomics. Review of European Economic Policy, Forum section, 49(2), pp. 82-87.

29. Carrasco, C. A. and Ferreiro, J. (2014): "Latin American inflation differentials with USA inflation: Does Inflation Targeting make a difference?" in Journal of Economic Policy Reform, 17(1), pp. 13-32.

30. Carrasco, C. A. and Ferreiro, J. (2013): "Inflation Targeting in Mexico" in Journal of Post Keynesian Economics, 35(3), pp. 341-372.

31. Carrasco, C. A. and Ferreiro, J. (2013): "Inflation Targeting and Inflation Expectations in Mexico" in Applied Economics, 45(23), pp. 3295-3304.

32. Carrasco, C. A. and Ferreiro, J. (2011): “Inflation Targeting and Economic Performance: The Case of Mexico” in Panoeconomicus, 58(5), pp. 675-692.

Book chapters

1. Carrasco, C.A. y Balboa-Villarreal, M. (2026): “El papel del crecimiento económico y la energía renovable en las emisiones de CO2” en Salazar-Núñez, H.F., Flores-Bañuelos, M.C. y Venegas-Martínez, F. (eds.): Desarrollo económico sustentable en México. ITSAV-UCC-IPN, México.

2. Carrasco, C.A. (2021): "El nexo exportaciones-crecimiento económico en México y la necesidad de una nueva política industrial" in Vázquez-Muñoz, J.A. and Martínez-Morales, J. (eds.): Crecimiento y Mercado de Trabajo: Análisis teóricos y aplicados para el caso de México. BUAP-UACH.

3. Carrasco, C.A. and Ferreiro, J. (2019): "La evolución del Banco de México visto desde sus leyes" in Perrotini-Hernández, I. y Vázquez-Muñoz, J.A. (eds.): Alternativas de Política Monetaria en la Poscrisis. Ed. UNAM, México, pp. 63-98. (see here a review of this book  by Ismael Valverde-Ambriz in Economía Informa).

4. Carrasco, C.A., Ferreiro, J. Gálvez, C., Gómez, C. and González, A. (2016): “The impact of the financial and economic crisis on European Union member states” in Hein, E., Detzer, D., Dodig, N. (eds): Financialisation and the Financial and Economic Crises: Country Studies, Ed. Edward Elgar, USA-UK, pp. 299-320.

5. Carrasco, C. A. and Ferreiro, J. (2016): "Crecimiento económico, gasto público y factores de riesgo externo. Un análisis del caso de México" in Tlatelpa, D. and Vázquez-Muñoz, A. (eds.): La contracción del gasto público en México. Análisis teóricos y aplicados. Ed. BUAP-Altres Costa-Amic Editores, México, pp. 263-286.

6. Carrasco, C.A. and Serrano, F. (2015): "Global and European imbalances and the crisis: a critical review" in Hein, E., Detzer, D. and Dodig, N. (eds): The demise of finance-dominated capitalism. Explaining the financial and economic crises. Ed. Edward Elgar, USA-UK, pp. 265-288. (see here a review of this book by M. Nikolaidi in Economic Issues, 20 (2), pp. 98-100).

Non-peer reviewed articles/chapters

1. Del-Toro-Rodríguez, B.B., Jimenez-Jaime, C., Hernandez-Garcia, M., Obregon-de-la-Garza, P.M., Carrasco, C.A. (2024): "Economic structure, export specialization and greenhouse gas emissions in Latin America" in Economia e Política Pública, 12(1), pp. 61-71.

2. Carrasco, C.A. (2022): "The estructure of the external sector 40 years after the beginning of the Latin American debt crisis" in Development Macroeconomics Bulletin, 2(1), pp. 19-25.

3. Carrasco, C.A. (2021): "Sector externo, complejidad y crecimiento económico desde la perspectiva latinoamericana" in 360: Revista De Ciencias De La Gestión, (6), 196-208.

4. Ramos, M. and Carrasco, C.A. (2019): "La reconversión profesional ante la Industria 4.0 en Nuevo León, México" in Publicación Anual 2019 Red de Conocimiento Consejo Nuevo LeónPublisher: Red de Conocimiento Nuevo León.

5. Carrasco, C.A. and Ferreiro, J. (2014): "La Gran Moderación en América Latina y los Fundamentos Macroeconómicos" in Ola Financiera, Núm. 17, Enero-Abril, UNAM, pp. 37-56.

Prizes

Best  Paper: XII International Conference on Financial Research by the Mexican Institute of  Finance Executives 2022
2nd Place: Premio de Políticas Públicas del Consejo Nuevo León 2019 - Red de Conocimiento del Consejo Nuevo León
3rd Place: Premio Revista Comercio Exterior 2018 - Banco Nacional de Comercio Exterior (Bancomext)

Professional certifications

Declared suitable by ANECA (Spain) for the contractual figures in the Spanish University System:
Since 2015 | "Profesor Contratado Doctor" (Senior Lecturer in public universities).
Since 2015 | "Profesor de Universidad Privada" (Lecturer in private universities).
Since 2013 | "Profesor Ayudante Doctor" (Lecturer in public universities).

Teaching

University of Monterrey (UDEM, Mexico)

Since 2016-2017 | Open Economy Macroeconomics (BA level)
Since 2016-2017 | Macroeconomic Policy/Fiscal and Monetary Policies (BA level)
Since 2016-2017 | Business Foregasting  (BA level)
Since 2021-2022 | Economic Analysis for Business (MBA level)
2016-2017 | Money and Banking (BA level)

University of the Basque Country (Spain)

2020-2021 | Introductory time series econometrics (PhD level)
2014-2015 | Fiscal Policy (BA level)
2013-2014 | Fiscal Policy (BA level)
2012-2013 | Macroeconomic Principles (BA level)
2011-2012 | Countercyclical Economic Policy I (BA level)
2010-2011 | Macroeconomic Policy (BA level)

Poznan University of Economics and Business (Poland)

2024 | Mexico and Latin America from a Macroeconomic Perspective (BA level)

Universidad Privada del Norte (Peru)

2021 | Macroeconomics for Business (BA level)

University of Debrecen (Hungary)

2018-2019 | Public debt, price stability and trade openness: An overview from America Latina (MA level)

Monterrey Institute of Technology and Higher Education (Mexico)

2014-2015 | Financial Econometrics (BA level)

Universidad Iberoamericana Puebla (Mexico)

2014-2015 | Introductory Macroeconomics (BA level)

Research projects/groups

Research projects

Project name: "FESSUD-Financialisation, Economy, Society and Sustainable Development". Researchers: Malcolm Sawyer (main researcher) and researchers from 14 partner institutions. Call: FP7-SSH-2010-1 Proposal No. 266800-FESSUD; period: 01/12/2011-30/11/16. Amount: 7.9 millions of euros

Project name: “Calidad de las finanzas públicas y política fiscal en la Unión Europea”. Researchers: Ferreiro, J. (main researcher), Carrasco, C. A., García del Valle, M. and Gómez, C. Call: UPV/EHU-2009 (EHU09/33); period: 03/12/2009-02/12/2010. Amount: 11,533 euros

Research groups

Structuralist Development Macroeconomics Research Group, 2022- ; main researcher: Jose Luis Da Costa Oreiro
Basque Government Consolidated Research Group (IT1052-16), 2016-2018; call: BOPV 16-11-2015; main researcher: Felipe Serrano
Basque Government Consolidated Research Group (IT712-13), 2013-2015; call: BOPV 27-07-2012; main researcher: Felipe Serrano
Basque Government Consolidated Research Group (IT379-10), 2010-2012; call: BOPV 04-11-2009; main researcher: Felipe Serrano

Editorial and Referee Services

Editorial services:

2014- | Member of the International Editorial Board of Panoeconomicus
2019- | Member of the Editorial Board of 360: Revista de Ciencias de la Gestión

Referee/Reviewer:

Journals/books: MIT Press; Journal of Economic Dynamics and Control; Environment Modeling & Assessment; Review of Development Economics; Comparative Economic Studies, Emerging Markets Finance and Trade; Scottish Journal of Political Economy; Applied Economics; Applied Economics Letters; Economic Change and Restructuring; Journal of Economic Policy Reform; Revista de Economía Mundial; Problemas del Desarrollo; Cuadernos de Economía/Spanish Journal of Economics and Finance; Panoeconomicus; Economic Analysis and Policy; International Review of Economics; International Trade Journal; Eastern European Economics; Ensayos de Economía (Colombia).

Research projects: university research projects for BUAP and UNAM in Mexico; CONAHCyT Postdoctoral Fellowships (Mexico)

Working papers and non-peer reviewed articles/chapters

1. Carrasco, C. A. and Ferreiro, J. (2016): "An analysis of the determinants of the impact of the Great Recession on the Eurozone countries" in FESSUD Working Paper Series No. 149

2. Carrasco, C. A. and Peinado, P. (2014): "On the origin of European imbalances in the context of European integration" in FESSUD Working Paper Series No. 71

3. Rodríguez, C. and Carrasco, C.A. (2014): "ECB policy responses between 2007 and 2014: a chronological analysis and a money quantity assessment of their effects" in FESSUD Working Paper Series No. 65 (R&R)

4. Carrasco, C.A. and Serrano, F. (2014): "Global and European Imbalances: A critical review" in FESSUD Working Paper Series No. 42

5. Carrasco, C.A. (2013): "El NCM y la mediocridad del crecimiento económico en México" in MPRA Paper 53391.