The Center for Latin American Monetary Studies (CEMLA) and the Financial Stability Institute (FSI) of the Bank for International Settlements (BIS) held the Virtual Policy Implementation Meeting: The NBFI Sector – Financial Stability Implications on March 3–4, 2026. The agenda, available here, shows that the discussions focused on the growth of non-bank financial intermediation (NBFI), its implications for financial stability, the links between NBFIs and the banking sector, potential sources of systemic risk, current supervisory and monitoring practices, and experiences from different jurisdictions.

The Center for Latin American Monetary Studies (CEMLA) is pleased to announce that the Call for Papers for the 2026 CEMLA Central Bank Award is now open. Paper submissions are welcome until April 24, 2026, to the email address: award@cemla.org. In this edition, CEMLA will award the first place a total of 10,000 U.S. dollars, the second place, 5,000 U.S. dollars, and the third place, 2,500 U.S. dollars. This edition also contemplates granting an Honorary Mention to a maximum of 8 papers (1,000 U.S. dollars each). For more information, please visit https://www.cemla.org/centralbankaward.html.

CEMLA and the Federal Reserve Bank of Dallas (Dallas Fed) organized the 4th CEMLA–Dallas Fed Workshop on Financial Stability, held at the Dallas Fed’s San Antonio Branch on November 24–25, 2025.

The agenda, available here, included a keynote address delivered by Professor Itay Goldstein titled “Tracing the Sources of Fragility in the Financial System.” The program featured sessions on non-bank financial intermediation, market liquidity, and funding fragilities; the interactions and trade-offs between monetary policy and financial stability; global financial spillovers and the role of the U.S. dollar; macroprudential policy design and transmission, with applications to housing markets and beyond; emerging macro-financial risks associated with the digital transformation of financial services; and housing market dynamics and credit risk.

The XX Meeting of Heads of Monetary Policy took place on November 18, 2025, in Mexico City. The Meeting featured Óscar Arce (European Central Bank) and Joshua Gallin (Federal Reserve Board) as Invited Speakers. Óscar Arce's talk revolved around the Euro Area Economic Outlook and Monetary Policy, while Joshua Gallin presented the Monetary Policy in the U.S. The Meeting included presentations by Manuel Ramos Francia (CEMLA) on “Outlook on Inflation and Interest Rates”.

The Meeting also featured presentations from André Amante (Banco Central do Brasil), Nicolás Amoroso (Banco de México), Carlos Huertas (Banco de la República - Colombia), Carlos Montoro (Banco Central de Reserva del Perú), Mauro Alessandro (Banco Central de la República Argentina) and Leonardo Vicente (Banco Central del Uruguay) on their experiences in conducting monetary policy. Finally, a Round Table was held among heads of monetary policy.

The 2025 CEMLA Conference took place on November 6 and 7, 2025, at the University of Miami facilities in Miami, USA. The Conference featured Mário Centeno (Former Governor of the Banco de Portugal) as Keynote Speaker; and James Bullard (Dean of the Mitch Daniels School of Business at Purdue University), Felipe Larraín (Professor of Economics at Pontificia Universidad Católica de Chile), Boris Vujčić (Governor of the Croatian National Bank), and Manuel Ramos Francia (General Director of CEMLA) discussed in a round table on “Monetary Policy in a World of Fiscal Deficits and Geopolitical Fragmentation”.

In addition, 20 papers at the cutting edge of research on central banking issues were presented. The 20 research papers –corresponding to 54 authors affiliated with central banks, multilateral organizations, and universities– were distributed in 7 sessions. The sessions covered the following subjects: credit markets, communication and inflation, monetary policy, fiscal policy, macroeconomic theory, foreign shocks, and macroeconomic policy.

CEMLA's Board of Governors decided to grant the First Place of the 2025 CEMLA Central Bank Award to the study “The Nonlinear Effects of Interbank Market Frictions on Monetary Policy Transmission Mechanism” by Willian Bejarano. In turn, the Board of Governors recognized Miriam Juárez-Torres, Cynthia Urgel Ponce de León and Daira García Maldonado with the Second Place Award for their study “The Effect of Hurricane Otis on Card Payments in Mexico”. The Third Place Award was granted to “Private Credit Bureaus and Positive Information Sharing: Are there benefits for borrowers?” by Raquel de Freitas Oliveira, José Renato Haas Ornelas and Ricardo Schechtman.

CEMLA’s Directorate of Financial Stability organized the XV Meeting of Heads of Financial Stability, held in Mexico City, Mexico, on September 9 - 10, 2025. The meeting presented different topical issues, such as the global implications for cross-border spillovers, debt vulnerabilities and prudential regulation, implications of trade tension for the financial sector, and policy shocks and asset prices.

The agenda, available here, included two keynote sessions. The first speaker was Richard Berner, Co-Director of the Stern Volatility and Risk Institute and Clinical Professor of Management Practice, NYU Stern School of Business, who delivered the keynote address titled “Financial Stability – Unfinished Business”. The second speaker was Jose M. Berrospide, Assistant Director in the Division of Financial Stability at the Federal Reserve Board, who gave the keynote address titled “The usability of bank capital buffers and credit supply shocks at SMESs during the pandemic”.

The Center for Latin American Monetary Studies (CEMLA) and Banco Central de Chile jointly organized the Workshop on Heterogeneous Agents Models: A Toolkit for Central Banks, held in Santiago, Chile, on July 10, 2025. The meeting addressed the importance of implementing Heterogeneous Agents Models (HAM) for central banks, covering current applications, policy transmission mechanisms, and future implementation strategies.

The agenda, available here, featured a keynote session by Christopher Carroll, Professor at Johns Hopkins University, titled “Introduction to Heterogeneous Agents Models”.

Gustavo Leyva (CEMLA) taught the course, which offered an introductory look at modern intertemporal macroeconomics, with special emphasis on developing numerical methods to solve representative and heterogeneous agent economies. The course dealt with iteration methods on the value function, the Euler equation, and parametric approximation methods for the decision rules. In addition, discretization algorithms for autoregressive processes were discussed to implement the solution of these economies on the computer. The course was taught face-to-face between June 23 and June 27, 2025.

Gustavo Leyva (CEMLA) taught the course, which offered an introductory look to numerical methods with applications to macroeconomic problems, including systems of linear and non-linear equations, bootstrapping techniques applied to cross-section and time series data, and structural estimation, such as GMM. The course was taught virtually between June 9 and June 13, 2025.

The Center for Latin American Monetary Studies (CEMLA), Banco de España, Banco de México, Banco Central de Costa Rica, Banco Central de Chile, and Banco Central do Brasil jointly organized the VI Meeting of Heads of Financial Risk Management at Central Banks, held in Brasilia, Brazil, on June 17–18, 2025. The agenda of the event, available here, covered a range of relevant topics, including challenges and experiences with Artificial Intelligence; environmental, social, and governance (ESG) risk indicators; foreign exchange and interest rate risks; emerging financial risks; and the future of central bank balance sheets. It also featured two keynote sessions: one delivered by Dirk Broeders, Senior Risk Manager in the Financial Markets Division at the De Nederlandsche Bank, titled “Central Bank Capital in Turbulent Times”; and another by Rebecca Estrada-Pintel, Head of Financial Risk Management at the Bank of England, titled “Stress Testing Central Bank Balance Sheets: Enhancing Resilience in a Volatile World.”

The Center for Latin American Monetary Studies (CEMLA) and Banco Central de Chile organized the XI Meeting of the Financial Information Forum of Latin American and the Caribbean Central Banks. The meeting was held Santiago, Chile on June 5–6, 2025 and presented different topical issues, such as strategic perspectives on the future of central bank statistics, the new data demands for payments systems, sourcing and sharing of financial data, cross-border transactions, credit and derivative repositories, and emerging challenges for statistical units. The agenda, available here, included a keynote session by Patty Dujim, Head of the Department of Securities, Sustainability and Payment Statistics at De Nederlandsche Bank, titled “Data Science for Central Banks: How to Make It Work.”

Dr. Peter Karlström from CEMLA has published a new article in the Journal of Financial Stability on macroprudential policy, systemic risk, and sectoral credit booms. This research project shows that macroprudential policies are effective in attenuating the build-up of systemic risk during booms in household credit, however, this is not the case for corporate credit booms. The findings also suggest that leverage is a key transmission channel through which household credit booms increase systemic risk. Read the paper here.

The Center for Latin American Monetary Studies (CEMLA) and the Financial Stability Institute (FSI) of the Bank for International Settlements (BIS) organized the Virtual Policy Implementation Meeting on Liquidity Risk Scenario Analysis. The event took place in a videoconference on March 4-5, 2025, and its agenda, available here, focused on liquidity risk analysis, its assessment in the banking sector, the interaction with non-bank financial institutions, the 2023 banking turmoil, current practices, and the experiences from different jurisdictions.

The Center for Latin American Monetary Studies (CEMLA) is pleased to announce the Call for Papers for the 2025 LAJCB Conference is now open; the Conference will be held on May 22-23, 2025, in Mexico City (face-to-face). The Conference will feature Professor Manuel S. Santos (Miami Herbert Business School) as Keynote Speaker. CEMLA invites paper contributions within the broad range of topics of interest to central banks, including (but not limited to) monetary theory and policy, financial intermediation (both theory and empirics), climate-related aspects of financial stability and monetary policy, digitalization and financial markets, and payments and other financial market infrastructures. Paper submissions are welcome until March 28, 2025, through the email address: conference@cemla.org.

The Center for Latin American Monetary Studies (CEMLA) is pleased to announce that the Call for Papers for the 2025 CEMLA Central Bank Award is now open. Paper submissions are welcome until April 25, 2025, to the email address: award@cemla.org. In this edition, CEMLA will award the first place a total of 15,000 U.S. dollars, the second place, 5,000 U.S. dollars, and the third place, 2,500 U.S. dollars. This edition also contemplates granting an Honorary Mention to a maximum of 8 papers (1,000 U.S. dollars each). For more information, please visit https://www.cemla.org/centralbankaward.html.