Héctor Valdez Albizu
Encyclopedia
Héctor Valdez Albizu is the current Governor of the Banco Central de la República Dominicana
(central bank
of the Dominican Republic
), a position he first held from 31 August 1994 through 16 August 2000, and again since 16 August 2004. He is also a well known economist
and author of numerous works relating to economics.
from the Autonomous University of Santo Domingo. Afterwards, he did post graduate work at the Institute of Social Studies, Universidad Católica de Chile in the center for Student Movements Relations Organization. His area of study was primarily related to the Social Aspects of Economic Development, Latin American University Reforms, and Landholding-Agrarian Reform from 1966-1967. He then left for Washington, D.C.
to continue work at the International Monetary Fund
Institute of Specialized Studies as a specialist in monetary policy, public finance and the design of monetary and financial Programs from 1974 to 1977. He finally returned to the Dominican Republic for further study and research at the Organization of American States, in the Central Bank and Advanced Studies Investigation Center.
, and was granted the rank of Cabinet Minister, occupying that position until August 16, 2000. Again, on August 16, 2004, President Fernández appointed him Governor of the BCRD. As a governor of the Central Bank, he has been Titular Member of numerous commissions established by Executive Order.
In 1996 he published Un camino hacia el desarrollo (A Road toward Development), Conferences and Addresses, and, in 2000, Un camino hacia el desarrollo II. He also taught at the Universidad Central del Este
from 1975 to 1977 and at the Instituto de Estudios Superiores (APEC) from 1978 to 1989.
of the Monetary and Financial Affairs Board (CFM), of Latin America Central Banks Governors' meetings held in Canada, Spain and the Philippines
; the Inter-American Development Bank
Governors' Assemblies and the Inter-American Investment Corporation, Dominican Republic, 1992. He participated in the foreign debt renegotiations with commercial banks during 1992 and with the member governments of the Paris Club
between 1992 and 1993. He also attended a working lunch with the U.S. Treasury Secretary in 1994 and is a signatory to the 1995 Constituent Agreement for the Multilateral Investment Guarantee Agency
(MIGA). He also represented the Dominican Republic at the 35th Meeting of Central Bank Governors of the American Continent held in Hong Kong
during 1997.
, Argentina
. He was voted Economist of the Year 1997 by the Dominican Association of Economists, and during 1998 he was given the title of Distinguished Visitor by the city of Barahona
and voted Banker of the Year by Listín Diario Newspaper. In 1999 he was named Boss of the Year by the Dominican Association of Secretaries and listed among the 500 Personalities of the Financial World by Who's Who United States. Valdez Albizu was selected by British magazine The Banker
as governor of the year for 2005, in the Latin American region. The magazine granted the prize acknowledging Valdez Albizu's contributions to recuperating the Dominican economy achieved during President Leonel Fernández
's current administration. Valdez Albizu is the first Dominican Central Bank governor to receive such an honor. In the comments on the award, The Banker stated that "the Dominican Republic recuperated during 2005, vigorously expanding the economy and ending the year with a single-digit inflation rate
." Also he was
Banco Central de la República Dominicana
The Central Bank of the Dominican Republic was established by the Monetary and Banking Law of 1947 as the central bank of the Dominican Republic, responsible for regulating the country's monetary and banking system.-Establishment and Objectives:...
(central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of the Dominican Republic
Dominican Republic
The Dominican Republic is a nation on the island of La Hispaniola, part of the Greater Antilles archipelago in the Caribbean region. The western third of the island is occupied by the nation of Haiti, making Hispaniola one of two Caribbean islands that are shared by two countries...
), a position he first held from 31 August 1994 through 16 August 2000, and again since 16 August 2004. He is also a well known economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and author of numerous works relating to economics.
Education
In 1971 Albizu received his Bachelor's degree in EconomicsEconomics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from the Autonomous University of Santo Domingo. Afterwards, he did post graduate work at the Institute of Social Studies, Universidad Católica de Chile in the center for Student Movements Relations Organization. His area of study was primarily related to the Social Aspects of Economic Development, Latin American University Reforms, and Landholding-Agrarian Reform from 1966-1967. He then left for Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
to continue work at the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
Institute of Specialized Studies as a specialist in monetary policy, public finance and the design of monetary and financial Programs from 1974 to 1977. He finally returned to the Dominican Republic for further study and research at the Organization of American States, in the Central Bank and Advanced Studies Investigation Center.
Career at BCRD
Albizu began his career at the Dominican central bank (BCRD) in 1970 as a Technical Assistant in the Economic Research Department, occupying the position of Director of that department from 1984 through 1986. Since then he has held numerous positions in the bank, including: Assistant Manager, Monetary and Exchange Policy from 1986–1990; Advisor to the Monetary Board, 1987–1989; Representative of the Central Bank before the Administrative Board of the Banco de Reservas, 1991–1992; and Assistant General Manager from 1991-1993. On January 4, 1993 he was designated General Administrator of the Banco de Reservas, a position he occupied until August 31, 1994, when he was designated Governor of the BCRD. He was reconfirmed in that position in August 1996 by President Leonel FernándezLeonel Fernández
Leonel Antonio Fernández Reyna is a Dominican lawyer, academic, and the current President of the Dominican Republic since 2004. He held the same office from 1996 to 2000...
, and was granted the rank of Cabinet Minister, occupying that position until August 16, 2000. Again, on August 16, 2004, President Fernández appointed him Governor of the BCRD. As a governor of the Central Bank, he has been Titular Member of numerous commissions established by Executive Order.
Research projects and academic publications
During his outstanding career as an economist he has worked on numerous research projects, among which are:- "Study of the Parallel Exchange Market"
- "Investment Alternatives in Financial Activities"
- "Importance of the Financial Market on the Exchange System"
- "Financial Programs for the Dominican Republic, 1976 - 1990"
- "Dimensions of the National Banking System and its Enhancement Possibilities", 1976
- "Exchange Emergency Regime", 1985
- "Reform of the Financial System, a Proposal", in 1985.
In 1996 he published Un camino hacia el desarrollo (A Road toward Development), Conferences and Addresses, and, in 2000, Un camino hacia el desarrollo II. He also taught at the Universidad Central del Este
Universidad Central del Este
The Eastern Central University is a private university in the Dominican Republic, founded in San Pedro de Macorís on October 15, 1970, in the eastern region of the country. The University's Department of Medicine operates an important medical center located in the center of Santo Domingo...
from 1975 to 1977 and at the Instituto de Estudios Superiores (APEC) from 1978 to 1989.
International meetings
On behalf of the Dominican Central Bank, he has participated in various international meetings as an official representative. Among the most important are the meetings of Latin American Integration AssociationLatin American Integration Association
The Asociación Latinoamericana de Integración is a Latin American trade integration association, based in Montevideo. Its main objective is the establishment of a common market, in pursuit of the economic and social development of the region...
of the Monetary and Financial Affairs Board (CFM), of Latin America Central Banks Governors' meetings held in Canada, Spain and the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
; the Inter-American Development Bank
Inter-American Development Bank
The Inter-American Development Bank is the largest source of development financing for Latin America and the Caribbean...
Governors' Assemblies and the Inter-American Investment Corporation, Dominican Republic, 1992. He participated in the foreign debt renegotiations with commercial banks during 1992 and with the member governments of the Paris Club
Paris Club
The Paris Club is an informal group of financial officials from 19 of some of the world's biggest economies, which provides financial services such as war funding, debt restructuring, debt relief, and debt cancellation to indebted countries and their creditors...
between 1992 and 1993. He also attended a working lunch with the U.S. Treasury Secretary in 1994 and is a signatory to the 1995 Constituent Agreement for the Multilateral Investment Guarantee Agency
Multilateral Investment Guarantee Agency
The Multilateral Investment Guarantee Agency is a member organization of the World Bank Group that offers political risk insurance. It was established to promote foreign direct investment into developing countries. MIGA was founded in 1988 with a capital base of $1 billion and is headquartered in...
(MIGA). He also represented the Dominican Republic at the 35th Meeting of Central Bank Governors of the American Continent held in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
during 1997.
Awards
In addition to being a leading member of the Dominican Association of Economists (CODECO), Valdez Albizu has received numerous awards for his many years of service towards the economic development of not only the Dominican Republic, but Latin America in general. During 1996 he was awarded the Public Servant Medal of Merit in the Dominican Republic and the Gaucho Rioplatense award from Dirigencia Magazine in Buenos AiresBuenos Aires
Buenos Aires is the capital and largest city of Argentina, and the second-largest metropolitan area in South America, after São Paulo. It is located on the western shore of the estuary of the Río de la Plata, on the southeastern coast of the South American continent...
, Argentina
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
. He was voted Economist of the Year 1997 by the Dominican Association of Economists, and during 1998 he was given the title of Distinguished Visitor by the city of Barahona
Barahona
Barahona is a province of the Dominican Republic.The Barahona Coast is located on the southwestern part of the Dominican Republic approximately three hours drive from Santo Domingo the capital of the Dominican Republic....
and voted Banker of the Year by Listín Diario Newspaper. In 1999 he was named Boss of the Year by the Dominican Association of Secretaries and listed among the 500 Personalities of the Financial World by Who's Who United States. Valdez Albizu was selected by British magazine The Banker
The Banker
The Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London...
as governor of the year for 2005, in the Latin American region. The magazine granted the prize acknowledging Valdez Albizu's contributions to recuperating the Dominican economy achieved during President Leonel Fernández
Leonel Fernández
Leonel Antonio Fernández Reyna is a Dominican lawyer, academic, and the current President of the Dominican Republic since 2004. He held the same office from 1996 to 2000...
's current administration. Valdez Albizu is the first Dominican Central Bank governor to receive such an honor. In the comments on the award, The Banker stated that "the Dominican Republic recuperated during 2005, vigorously expanding the economy and ending the year with a single-digit inflation rate
Inflation rate
In economics, the inflation rate is a measure of inflation, the rate of increase of a price index . It is the percentage rate of change in price level over time. The rate of decrease in the purchasing power of money is approximately equal.The inflation rate is used to calculate the real interest...
." Also he was