Fernando Avalos

Fernando Avalos

Senior Economist
Monetary and Economic Department, Macroeconomic Analysis Unit

Fernando Avalos joined the BIS in the spring of 2011. He previously served as economist for Banco Itaú, in charge of covering the four Southern Cone countries: Argentina, Chile, Paraguay and Uruguay. Prior to that he was at the Central Bank of Argentina, where he launched and directed a department concerned with monetary and financial modelling. He also worked as economic and financial consultant in NERA Economic Consulting (New York), and performed consulting duties for the Inter-American Development Bank and the Securities Commission of Peru, among others. Fernando holds a PhD and MA in economics from the University of Chicago.

Fields of interest
  • Financial markets
  • Macroeconomics
  • Monetary policy

All BIS publications (18)

BIS Bulletin No 128
BIS Bulletin No 128 14 Jul 2026
AI disruption in private credit: exposure to software firms in BDCs
Business development companies (BDCs) have lent around $115 billion to software firms, which represents about a fifth of all…
By
Fernando Avalos
,
Giulio Cornelli
and
Egemen Eren
BIS Working Paper No 1326 26 Jan 2026
Monetary policy and private equity acquisitions: tracing the links
Private equity funds play an increasingly important role in financial systems. Yet, the impact of monetary policy on their…
By
Fernando Avalos
,
Boris Hofmann
and
José María Serena Garralda
Publication 11 Mar 2025
US spillovers amid macroeconomic divergence
By
Fernando Avalos
,
Karamfil Todorov
and
Dora Xia
The global drivers of private credit
Publication 11 Mar 2025
The global drivers of private credit
Private credit has grown rapidly over the past two decades and expanded into more and more industries.
By
Fernando Avalos
,
Sebastian Doerr
and
Gabor Pinter
BIS Bulletin No 96
BIS Bulletin No 96 8 Jan 2025
Commodity prices and monetary policy: old and new challenges
Major price increases in energy and food were key drivers of the 2021–22 inflation surge. These large supply-driven…
By
Fernando Avalos
,
Ryan Niladri Banerjee
,
Matthias Burgert
,
Boris Hofmann
,
Cristina Manea
and
Matthias Rottner
Liquid assets at CCPs and systemic liquidity risks
Publication 4 Dec 2023
Liquid assets at CCPs and systemic liquidity risks
Central counterparties (CCPs) are key players in financial markets, holding $1.3 trillion in liquid assets as of June 2023.
By
Iñaki Aldasoro
,
Fernando Avalos
and
Wenqian Huang
BIS Bulletin No 80
BIS Bulletin No 80 23 Nov 2023
Monetary policy, financial conditions and real activity: is this time different?
During the current monetary policy tightening episode, financial conditions co-moved closely with policy rates, especially in…
By
Fernando Avalos
,
Deniz Igan
,
Cristina Manea
and
Richhild Moessner
BIS Bulletin No 77
BIS Bulletin No 77 13 Sep 2023
Margins and liquidity in European energy markets in 2022
European futures markets for natural gas and electricity were deeply disrupted by the events following the Russian invasion of…
By
Fernando Avalos
,
Wenqian Huang
and
Kevin Tracol
BIS Bulletin No 64
BIS Bulletin No 64 13 Dec 2022
Energy markets: shock, economic fallout and policy response
Commodity price surges tend to exert a stagflationary effect on the global economy, lowering growth and raising inflation.
By
Fernando Avalos
,
Adam Cap
,
Deniz Igan
,
Enisse Kharroubi
and
Gabriela Nodari

All external publications (5)

External publication 26 Feb 2026
How have central banks adapted monetary policy decision-making and communication to navigate periods of heightened uncertainty?
By
Ilhyock Shim
,
Fernando Avalos
and
Eduardo Amaral
External publication 17 Nov 2022
Is bank resilience affected by unconventional monetary policy in the Euro area?
By
Fernando Avalos
and
Emmanuel C Mamatzakis
External publication 1 Jun 2017
When the walk is not random: Commodity prices and exchange rates
By
Andreas Schrimpf
,
Fernando Avalos
and
Emanuel Kohlscheen
External publication 1 Apr 2014
Do oil prices drive food prices? The tale of a structural break
By
Fernando Avalos
External publication 1 Oct 2011
Commodity prices: microeconomic drivers and emerging risks for Latin America
By
Fernando Avalos

All videos (1)

00:02:18
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Commodity markets: shocks and spillovers
Video 19 Sep 2022
Commodity markets: shocks and spillovers
A substitution of Russian oil output in global markets – if needed – would be difficult, resulting in persistently…
By
Fernando Avalos

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