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JUAN CARLOS ECHEVERRY
Permanent Address: ECONCEPT, Calle 94A No. 11A-32 Of. 205, Bogotá, Colombia
email: jcecheverry@econceptaei.com Tel.: (571) 6167039 or 6358298
Former Minister of Finance of Colombia (Aug. 2010-Sep. 2012) and Minister of Economic Planning
(Sep. 2000-Aug. 2002). Former Dean of Economics at Universidad de los Andes (Bogotá).
Macroeconomist, policymaker and university professor, experienced in economic and political
analysis. Responsible for the technical design and congressional approval of Colombia´s economy
stabilization package, 1998-2002; and for the program for Colombian economic takeoff, 2010-2014.
Advisor during eight years of international banks and financial institutions with Global Source, a New
York based consultancy, and Econcept, a Bogotá based consultancy. Weekly editorialist of CNN en
Español (Atlanta) for three years. Strong theoretical and econometric skills. Proficient at presentations
to specialists and the general public. Teaching experience at New York University and Universities in
Colombia. Expert witness in litigations in topics of infrastructure concessions and finance. Has
published papers in different fields of economics, in specialized journals, and three books on the
Colombian economy; has participated in books on the Africa´s and the Pacific Basin´s economic
development. Fluent in Spanish, English and German. Colombian citizen, married with Verónica
Navas, M.Sc. In Public Finance from The London School of Economics, and father of Gabriel (7),
Gregorio (4) and Julieta (2); Age 50.
EDUCATION
Ph. D. Economics, New York University
Diploma, International Economic Policy
Graduate Courses in Philosophy, Univ. Complutense
B. A. Economics, Universidad de los Andes
1991 - 1996
1989 – 1990
1984 - 1985
1979 - 1983
New York, U.S.A.
Kiel, Germany
Madrid, Spain
Bogotá, Colombia
Academic and professional distinctions
Finance Minister of the Year, Americas 2012, The Banker, a Magazine published in London
Finance Minister of the Year 2011, Latin America, Emerging Markets, published in Washington
Ministro de Finanzas del Año 2011, América Economía, published in Miami
Best Professor, Economics Department, Universidad de los Andes, 1989 y 2006
Cruz de Boyacá, Gran Caballero, highest honor of the Colombian Government, 2002
Nominated: Best Professor of the Year in Colombia, Portafolio National Contest, 1998, 2007
Invited to the Latin American Young Leaders Conference in Atlanta, November 1998
Best Lecturer, New York University, Economics Department, 1994-1995
Scholarship, Central Bank of Colombia for studies at New York University, 1991-1993
Scholarship, Deutsche Ausland Austausch Dienst, for studies in Germany, 1988-1990
International Conferences, participant
London School of Economics, UK
World Economic Forum, Davos & NYC
Econometric Society, Rio de Janeiro, Brazil
Brenthurst Foundation, Cairo, Egipt and Singapore
Opec, Osaka, Japan
Mainz University, Germany
Boston College, USA
Cambridge University, UK
World Bank, Washington D.C.
Central Bank, La Habana, Cuba
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DUTIES BEFORE BEING APPOINTED AS MINISTER OF FINANCE
Department of Economics, Universidad de los Andes
Associate Professor
Jun. 2006 – July 2010
Global Source Advisor for Colombia
President of Econcept
Sep. 2002 – July 2010
Oct. 2002 - July 2010
Global Source is a New York based consultancy firm in economics and politics which covers Latin
American, East European and Asian countries for the world financial community.
Econcept is a Bogotá based consultancy firm in topics of economics and politics. I founded and
directed this firm, which is now the leading producer of economic and political analysis for the
international community in Colombia.
Editorialist
CNN en Español (weekly), “Economía y Finanzas”
El Tiempo, newspaper of highest circulation in Colombia
Aug. 2006 - July 2010
Jan. 2005 - July 2010
Expert witness litigations (see below)
Consultant in infrastructure projects
Concession, El Dorado Airport, Bogotá (2007-2027)
Concession, Cartagena Airport, (2009)
Bogotá Bus Rapid Transit System (2006 and 2008)
Member of the Boar of Directors
Board of Trustees, Brenthurst Foundation, South Africa
Ecopetrol, largest Colombian oil producer
Central Bank of Colombia
Holcim Colombia, cement producer
Mazda Colombia, automobile assembly plant
Oct. 2008 – present
Aug. 2010 – Sep. 2012
Aug. 2010 – Sep. 2012
Oct. 2008 – July 2010
Oct. 2006 – July 2010
Governmental advisor
Lesotho, led by the Brenthurst Foundation, South Africa and Konrad Adenauer Found., Germany.
Government of Kazakhstan, on topics of public finance, with the World Bank.
Peer reviewer of international Journals
Journal of Applied Economics
El Trimestre Económico
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WORK EXPERIENCE
Ministry of Finance and Public Credit of Colombia
Minister
Aug. 2010 – Sep. 2012
Approved ten structural reforms in Congress, two of them constitutional (fiscal sustainability and
Mining Royalties reform), and eight Acts (tax, health care, labor, Public-Private partnerships, among
others). Obtained Investment Grade status for the Colombian sovereign debt by three rating agencies,
Moody’s, Standard & Poors, and Fitch; Reduced fiscal deficit from 3.6% of GDP to 1.8% between
2010 and 2012; increased tax revenues by 25% nominally in 2011; maintained inflation between the
target range of 2-4 percent during the 17 moth tenure; increased Foreign Direct Investment to
Colombia to a historic record of USD15 billion in 2011. During 2011, facing a difficult international
environment characterized by the Greek crisis, achieved economic growth of 5.8% (estimated),
increased Colombian employment in 1.5 million jobs, and reduced the unemployment rate to one
digit level, after more than a decade between 10% and 18%.
Economics Department, Universidad de los Andes
Dean
Sep. 2002 – 2006
This is arguably the best economics department of Colombia, with 700 undergraduate and 250
graduate students, a staff of 40 professors, five graduate programs and an associated Center of
Economic Development (CEDE). During my tenure, I paid the debt (ca. one million dollars) and
solved the financial problems of the Economics Department, by substantially increasing its revenues;
doubled the number of professors holding a Ph.D. degree, and imposed such as the minimum
requirement for teaching at that school; created a doctorate program; changed the curriculum to four
years, created three M.A. programs; internationalized the department, attracting foreign professors
and the participation of conferences fully financed by our budget,
Associate Professor of Economics
Sep. 2002 – 2010
Taught economic history: I created the course “Poverty and Wealth”, comprising 15 thousand years
of economic development; it was a course for students of the whole university, attended by 140 to
200 students each term; it was considered the most popular course at the university, measured by 900
students in waiting list.
World Bank, Washington D.C.
Consultant
Have worked continually in several consultancies and research projects since September 2002
Inter-American Development Bank (IADB), Washington D.C.
Consultant
Member of the IADB team which assessed the financial situation of the Peruvian Development Banks
in 1993. Since Sep. 2002, the IADB used my services as economic analyst for different topics.
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Ministry of Economic Planning
Minister of Economic Planning
Deputy Minister
Aug. 2000 – Aug. 2002
Sep. 1999 – Aug. 2000
The Ministry (known in Colombia as the National Planning Department, NPD), is a technical
institution and think tank responsible for coordinating public investment in the Colombian
Government. The Director is member of the presidential cabinet, leads the CONPES (Economic and
Social Policy Council), and is the head of a group of 400 employees, 11 of them with Ph. D.
qualification and 70 with a Master’s degree, at that time.
Responsible for the allocation and coordination of public investment totaling US$4.000 million per
year. I was involved in the design and negotiation of the structural reforms:
 A constitutional reform that modified central government’s transfers to the regions
 A law regulating the education and health sectors, promoting greater efficiency under a tight
budget constraint
 A reform to the pension system, which has become increasingly onerous to public finances
 A reform to the labor code, pursuing greater flexibility in terms of costs and working hours
 A tax reform, that yielded additional resources which mount to 1.8% of GDP
 The new generation of road concessions
 A package to increase educational loans to students entering university and technical
education
Chief Economist
Director of Macroeconomic Analysis
Sep. 1998 – Aug. 1999
The divisions under my supervision were: Monetary Policy, External Sector, Public Finance,
Forecasting, Sectoral Models and Financial Programming. I led a group of twenty-five people; two of
them holding a Ph. D in Economics and the rest holding an M.A. degree in economics or engineering.
Central Bank of Colombia
Director, Financial Program and Inflation
Jan. 1997 – Aug. 1999
My responsibility was to supervise three different sections: Financial Planning, Inflation Research and
Special Issues. I led fifteen people, most of them holding an M.A. degree in economics or Statistics.
The chiefs of the first two sections held a Ph. D. in economics. This unit was responsible for the
macroeconomic analysis of the Colombian economy for the Board of Directors of the Central Bank.
Senior Researcher
Oct. 1995 – Dec. 1996
Topics of interest: Savings, Exchange rate and inflation. Senior researcher on a seven-member team,
all of which hold a Ph. D. in economics. I was responsible for the production of projects/publications
with topics relevant to the central bank.
Chief, Section of Money and Banking
Sep. 1990 – Jul. 1991
Responsible for producing the monetary aggregates and the statistics of the financial sector and
forecasts of the monetary sector, leading a group of six people.
Junior Researcher
Sep. 1986 – Jun. 1988
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TEACHING EXPERIENCE
Lecturer
Poverty and Wealth: a history of economics
Money and Banking
Macroeconomics (M.Sc.)
Monetary Economics
Open Economy Macroeconomics
Introduction to the Economics
Universidad de los Andes, Bogota
New York University, New York
Universidad de los Andes, Bogota
Universidad Javeriana, Bogota
Universidad de los Andes, Bogota
ESPERT WITNESS
2009
Barranquilla Airport vs. Aerocivil, evaluated prolonging the concession
2008
British Petroleum vs. Reclamantes del oleoducto, hired by BP for a trial in London
Phillip Morris International vs. Colombian Anti-trust Authority, hired by PMI for an M&A
authorization in Colombia
Asobancaria vs. Registraduría Nacional, finance, determined economic loss
Bancolombia, several litigations, finance, determined economic loss
Transmilenio vs. ETMA,
2007
ETB vs. Colombian Mobile Telephone Corporations, telecommunications, determined economic loss
ETB vs. Telefónica, telecommunications, determined economic loss
Telecom vs. Swedtel, telecommunications, determined economic loss
Bancolombia vs. Industrias JB, finance, determined economic loss
2006
Telecom vs. Alcatel, telecommunications, determined economic loss
Telecom vs. Swedtel, telecommunications, determined economic loss
Emgesa - Codensa vs. Contraloría Distrital, taxes, determined tax base
Federacafé – Mnister of Finance vs. Pensioners of Flota Mercante Grancolombiana, studied 40 year
evolution of international freight firm, to determine financial responsibilities on pension fund default
2005
TPS International Power, Inc. vs. Labor Union Termotasajero, hired by TPSI for a trial in Miami
Aerocali vs. Aerocivil, Cali airport concession, determined economic loss
Fogafin vs. Citibank, finance, determined economic loss
Fogafin vs. Mier, finance, determined economic loss
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PUBLICATIONS
Books
La Historia Repetida: Fiscalidad, Burocracia y Guerras en Colombia durant el Siglo XIX, Nov.
2012. Con M.P. Lopez, M.A., Espinoza. To be published by Univ. de los Andes. Colombian fiscal
history during the XIX Century.
El Transporte como Soporte al Desarrollo del País. Una visión al 2040, Universidad de los Andes,
Mar., 2009. With J. Acevedo, J. P. Bocarejo y G. Lleras. A prospective book on Colombian road
infrastructure and urban transportation problems.
¿Quién manda sobre las Cuentas Públicas? Inflexibilidad Presupuestal en Colombia, Argentina,
México y Perú, Dec. 2008, with Leopoldo Fergusson, Pablo Querubín, A. Moya, J. A. Bonilla: A
book on public finance in Colombia.
Las Claves del Futuro. Economía y Conflicto en Colombia. Editorial Oveja Negra, Abr. 2002. A
book covering a wide range of topics: pensions, crisis management, the conflict and development;
composed of ten years of research.
International publications
“Oil in Colombia: History, Regulation and Macroeconomic Impact”, to be published in: Oil in
Latin-American, Caracas, 2009. With J. Navas, V. Navas y M. P. Gómez.
“Lessons from Colombian Economic Development”, in: Globalization and Economic Success,
edited by B. Desker, J.Herbst, G. Mills y M. Spicer, 2008. Bernthurst Foundation, South Africa.
“Colombia, reforming For Competitiveness”, in: Reforming for Competitiveness, Lesotho and
Comparative International Experiences, 2008. Bernthurst Foundation, South Africa, Oct.
“Client Perspectives on Elements of the World Bank Support”, World Bank, Nov., 2006, mimeo.
With: A. Moya, J. A. Bonilla
“The Economics of TransMilenio, a Mass Transit System for Bogotá”, June, 2004, in: Economia,
Journal of the Latin American and Caribbean Economic Association, Vol. 5, No, 2, Spring, 2005,
with A. M. Ibáñez, A.Moya and L. C. Hillón.
“ ‘Dollar’ Debt in Colombian Firms: Are Sinners Punished During Devaluations?”, Emerging
Markets Review, Vol. 4, No.4, Dec. 2003. With: Roberto Steiner, Leopoldo Fergusson y Camila
Aguilar,
“The Political Economy of Labor Reform in Colombia”, Documento CEDE, 2004-22, Apr.; With:
M. Santamaría.
“Dealing with contingent liabilities in Colombia”, Government at Risk, The World Bank, 2002.
With: Verónica Navas, J. C. Gutiérrez y J. E. Cardona.
“La Recesión de Fin de Siglo”, in: Ensayos sobre Colombia y América Latina, Banco Bilbao
Vizcaya Argentaria, 2002, Madrid, España.
“Confronting fiscal imbalances via inter-temporal economics, politics and justice: The case of
Colombia”. Economic Review, Federal Reserve Atlanta, Mar., 2000. With: V. Navas.
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“Some Aspects of Savings in Colombia During the Last Decades”, Domestic savings in the Pacific
Region: Trends and prospects, APEC, Osaka, Japan. With: P. Jaramillo, 1998.
“Price Setting in the Manufacture Industry under hyperinflatory conditions, the case of Argentina”,
Kiel Advanced Studies Working Papers, Mayo 1990. Publicada en español: Desarrollo Económico,
No. 121, Vol. 31, Abril 1991, Buenos Aires, Argentina. With: J. P. Villanueva.
Economics of Crime
“Drug Trafficking and Impunity in the Lucas Islands. Evidence from United States, Mexico and
Colombia”, mimeo, 2011. With M. P. Gómez.
“Colombia and the War on Drugs, How short is the Short Run”, Documento CEDE 2004-13, Feb.
“¿Nos Parecemos al Resto del Mundo? El Conflicto Colombiano en el Contexto Internacional”,
Economía, crimen y conflicto, Astrid Martínez, editora, Banco Santander Hispano, Universidad de
Alcalá y Universidad Nacional de Colombia, 2001. With: Verónica Navas y Natalia Salazar.
Economic development and macroeconomics
“Cronología de la Crisis Financiera Internacional” Revista Economía Colombiana, Contraloría
General de la República, Mar., 2009. With: V. Navas.
“Por Qué Oír a los Economistas”, in: Diálogos entre Abogados y Economistas sobre la constitución
en el Aspecto Económico, 2007. Ministerio de Hacienda y Crédito Público de Colombia.
“Revaluación, No Estamos Solos”, Revista Economía Colombiana, Contraloría General de la
República, Jun., 2007. With: V. Navas
“Un Pacto de Estabilidad para Colombia: Crecimiento, Estabilidad y Progreso Social”, Debate
Político N. 9, 2005, Fundación Siglo XXI y Fundación Honrad Adenauer. With: M. Cárdenas.
“Posibilidades y limitantes de un cambio en la productividad de los sectores manufactureros
colombianos: Textiles-confexiones, Alimentos balanceados, Siderurgia-Metalmecánica, e Industria
de Alimentos”, Facultad de Economía, mimeo, Jul., 2004. With: M. Hernández.
“¿Es posible una Economía Social de Mercado en Colombia?”, in: Economía social de Mercado y
Tratados de Libre Comercio en Colombia, Fundación Social, Noviembre, 2004, Fundación Konrad
Adenauer.
“El Siglo del Modelo de Desarrollo”, in: Archivos de Economía, No. 180. Departamento Nacional
de Planeación DNP, 2002, Bogotá.
“Tendencia, ciclos y distribución del ingreso en Colombia: una crítica al concepto de modelo de
desarrollo”, in: Modelos de Desarrollo Económico en Colombia 1960-2002. Editorial Oveja
Negra, 2002, Bogotá. With: Andrés Escobar y Mauricio Santamaría.
“¿Cuál apertura? Evidencia de la fijación de precios en la Industria Argentina y Colombiana”, in:
Ensayos sobre Política Económica, Banco de la República, Dic. 1997. With: Marcela Eslava.
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“Choques de exportaciones y fluctuaciones de corto plazo en el ahorro. Teoría y Evidencia para
América Latina”, Planeación y Desarrollo, Vol. XXVII, No. 1, Jan. – Mar. 1996, Bogotá.
“Mecanismos de Transformación de la Deuda Externa: La Experiencia Latinoamericana” ESPE,
Banco de la República, No. 11, Jun. 1987.
“¿Hay Conflictos entre la Ética y la Economía?”, in: Universitas Económica, Vol. 9, no. 3, Jun.
1997, Bogotá. Universidad Javeriana. With: Zeinab Partow.
“¿Son comparables los paradigmas económicos? El caso del análisis de precios en Marx y Hayek”,
Desarrollo y Sociedad, Universidad de los Andes - CEDE, No 33, Mar. 1994, Bogotá
Health economics
Análisis Costo-Efectividad de la Introducción de Risperidona Inyectable de Liberación Prolongada
para el Tratamiento de Esquizofrenia y su Impacto en la Unidad de Pago por Capitación (UPC)”,
Sep. 2008, mimeo. With: F. García, M. P. Gómez
“Evaluación Económica de la Regulación de Precios de Productos Farmacéuticos Adoptada por el
Gobierno Nacional a través de la Circular 04 de 2006, sep. 2007, mimeo. With: V. Navas y M. P.
Gómez
Economics of mining
“Oil in Colombia: History, Regulation and Macroeconomic Impact”, in: Oil in Latinamerca,
Caracas, 2009. With: J. Navas, V. Navas y M. P. Gómez.
“La Minería del Oro en Antioquia y su Impacto Macroeconómico”, Ensayos Sobre Política
Económica, Banco de la República, No, 14, Dic. 1988. p 5-38. With: L. F. Jaime
Financial system and capital markets
“Promoviendo el Desarrollo del Mercado de Capitales en Colombia: Hoja de ruta”, preparado para
BRC Investor Services, mimeo, enero, 2008. With: V. Navas y M. P. Gómez
“El Impacto Social del Sistema Financiero”, Facultad de Economía, mimeo, Julio 2004. With: A.
Fonseca
“¿Hay un Estancamiento en la Oferta de Crédito?”, in: Archivos de Macroeconomía, No. 118,
DNP, 1999, Bogotá. With: Natalia Salazar.
“Notas de Economía Monetaria”, in: Archivos de Economía, No. 106, DNP, Abril 1999
“UPAC: Evolución y Crisis de un Modelo de Desarrollo”, in: Archivos de Economía, No. 129,
DNP, Dic. 1999.
“El Leasing y su Evolución en el Período 1979-1989”, Banca y Finanzas, Revista de la Asociación
Bancaria de Colombia, Dic. 1990.
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Public finance
“Rigideces Institucionales y Fexibilidad Presupuestaria: los Casos de Argentina, Colombia, México
y Perú”. Documento CEDE, Número 2006-33, Facultad de Economía, Universidad de los Andes.
With: A. Moya, J. A. Bonilla.
“Fiscal Inflexibility”, Documento CEDE No. 52, 2005. With: L. Fergusson y P. Querubín.
“La Batalla Política por el Presupuesto de la Nación: Inflexibilidades o Supervivencia Fiscal”,
Documento CEDE 2004-01, enero. With: L. Fergusson y P. Querubín.
“Manejo de Riesgos del Estado”, in: Terrorismo y Seguridad. Editorial Planeta Colombiana,
SEMANA, 2003, Bogotá.
“Elementos para el debate sobre una nueva reforma pensional”, in: Archivos de Economía, No.
156, DNP, 2001, Bogotá.
“Confronting Fiscal Imbalances via Intertemporal Economics, Politics and Justice: The Case of
Colombia”. Economic Review, Fedral Reserve Atlanta, Marzo, 2000. Con: V. Navas.
Economics of transportation
“La Regulación del Sector Transporte. TransMilenio, un Diseño para Superar las Fallas de Mercado
del Transporte Público”, próximo a publicar in: La regulación de servicios públicos en Colombia,
2005, Universidad de los Andes. With: A. M. Ibáñez y A. Moya
“TransMilenio, A Mass Transit System for Bogotá”. Economía, Journal of the Latin American and
Caribbean Economic Association, No. 21, 2004. With: A.M. Ibáñez y A. Moya, L.C. Hillón
“Una evaluación económica del sistema TransMilenio”. Revista de Ingeniería Número 21, 2004.
Universidad de los Andes. With: A.M. Ibáñez y A. Moya
Monetary economics
“Notas Sobre la Tasa de Interés y la Inflación en Colombia”, in: Apuntes del CENES, Centro de
Estudios Económicos CENES, Escuela de Economía UPTC, Separata No. 5, 1997. Tunja. With:
Marcela Eslava
“Sobre la Tasa de Interés como Instrumento de la Política Monetaria”, in: Debates de Coyuntura
Económica, Jun. 1996, Fedesarrollo.
“Auge y Perpetuación de una Inflación Moderada: Colombia 1970-1991”, Ensayos Sobre Política
Económica, Banco de la República, No. 28, Dec. 1995
“Indicadores de Política y Canales de Transmisión Monetaria, Colombia 1975-1991”, Ensayos
Sobre Política Económica, Banco de la República, Dec. 1993, No. 24. p 7-41.
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