SSRN Page  RePEc file

Posición Actual/Current Position

Associate Professor. ICAE and Department of Economic Analysis.



2003 PhD in Economics. Universidad Complutense de Madrid.

1993 BA in Economics. Universidad Complutense de Madrid.


Artículos/Journal Articles


  • (2019) Choosing expected shortfall over VaR in Basel III using stochastic dominance, International Review of Economics and Finance, 60, 95-113, (With C. Chang, E. Maasoumi, M. McAleer and T. Perez-Amaral). JCR = 1.318 (2017)
  • (2018) "Revisiting the guns vs butter dilemma. Was Spain different in the implementation of public policies? Defence, growth and education", Policy Studies,  (with José Jurado-Sánchez). DOI:  JCR = 0.714 (2017)
  • (2018)  Traffic Lights for Systemic Risk Detection, Book of short Papers SIS 2018. Ed. Abbruzzo, Brentari, Chiodi e Piacentino, Pearson. (with Caporin, Garcia-Jorcano) Forthcoming
  • (2015)  "A Stochastic Dominance Approach to Financial Risk Management Strategies", Journal of Econometrics, 187(2), pp. 472-485. (JCR-2014 = 1.60) (with Chialin Chang,  Esfandiar Maasoumi and Tedosio Perez Amaral).

  • (2014) "Currency hedging strategies in strategic benchmarks and the global and Euro sovereign financial crises", Journal of International Financial Markets, Institutions and Money, 31, 159–177, (With M. Caporin and L. Gonzalez-Serrano). JCR = xxx (201?)

  • (2013) "Currency hedging strategies using dynamic multivariate GARCH", Mathematics and Computer in Simulation, 94, 159-163, (With C. Chang and L. Gonzalez-Serrano). JCR = 0.836 (2012)

 Documentos de Trabajo/Working Papers


  • (2010). Toolbox for Econometrics I and II (Caja de Herramientas de Econometría I y II), Cersa Publishers, Madrid, Spain. ISBN: 978-84-693-4414-9.

  • (2004). Stochastic Equilibrium Models of Exchange Rate (Los Modelos de Equilibrio General Estocástico y el Tipo de Cambio), dissertation supervised by Professor Rafael Flores de Frutos,Complutense University Press, ISBN: 84-669-2261-X

Traducción de Libros/Books Translation

  • (2006) Introducción a la Microeconomía, chapters 1-4. ISBN 84-291-2631-7 (With S. Benito, E. Fernández, R. Pérez, and J. Ruiz). English version: Microeconomics (2006), P. Krugman and R. Wells, Worth Publishers, New York and Basingstoke. ISBN:0716752298

Trabajo en Proceso/Work in Progress

  • "The European Spirit and Macroeconomic uncertainty and exchange rate risk premium"

  • "Public Investment, Economic Performance and Budgetary Consolidation: Evidence for the Latino American Countries" (with Alfredo M. Pereira)

Proyectos de Investigación/Research Projects

  • Fiscal and Monetary Policy: i) theoretical analysis and ii) effects on financial markets, project DGICYT SEJ2006-14354/ECON Financed by DGICYT, Spanish Minister of Education and Science.Project director: Alfonso Novales Cinca, 2007-2010.

  • Labor Panorama 2005-2008, Financed by Community of Madrid. Project director: Victoriano Martín.

  • Risk Analysis in Bond Markets: Empirical Evidence and Theoretical Characterization, project: BEC2003-03965 (Análisis Del Riesgo en Mercados de Renta Fija: Evidencia Empírica Y Caracterización Teórica), Financed by DGICYT, Spanish Minister of Education and Science. Project director: Alfonso Novales Cinca.

  • Risk Analysis in Bond Markets: Empirical Evidence, Project PR1 / 03, financed by Complutense University of Madrid. Project director: Alfonso Novales Cinca, 2003


Áreas de Interés/Research Interests

International Finance.


Time Series


Asignaturas Impartidas/Teaching


Risk measurement

International Capital Markets




Información Adicional/ Additional Information

We are raising funds for OXFAM-Intermón. Supporters are welcome.

I used to live in "Pasarilla del Rebollar", (Avila)