CV Martin Tobal

1. MARTIN TOBAL
CITIZENSHIP: Argentina, Poland DATE OF BIRTH: 09/09/1981
LANGUAGES: Spanish (Native), English (Fluent), French (Fluent)
GRADUATE STUDIES
University of California, San Diego, La Jolla, CA
Ph.D., June 2012
Thesis Title: Distributional Effects of Trade and Tariffs between and within Countries
THESIS COMMITTEE
Professor James Rauch (Chair)
Department of Economics
University of California,
9500 Gilman Drive
La Jolla, CA. 92093-0508
+1(858)-534-2405
jrauch@ucsd.edu
Professor Gordon Hanson
Department of Economics
University of California,
9500 Gilman Drive
La Jolla, CA. 92093-0519
+1(858)-822-5087
gohanson@ucsd.edu
Professor Thomas Baranga
Department of Economics
University of California,
9500 Gilman Drive
La Jolla, CA 92093-0519
+1(858)-534-3939
tbaranga@ucsd.edu
University of Valencia, Valencia, Spain
M.A. in Industrial Organization, 2007, with Distinction
Master’s Thesis: Technology Spillovers and Cournot Competition
UNDERGRADUATE STUDIES
University of Valencia, Valencia, Spain
B.A., Economics, 2006, Summa Cum Laude
Université de Nantes, Nantes, France
Licence en Sciences Économiques, 2004, avec Mention (Distinction)
HOME ADDRESS AND TELEPHONE OFFICE ADDRESS AND TELEPHONE
143, Sinaloa Street, Colonia Roma, CDMX,
06700, Mexico, +52 (155) 62991250
martintobal@hotmail.com
Dirección General de Investigación Económica,
Banco de México, 18 Avenue 5 de Mayo,
Colonia Centro, CDMX., 06000, Mexico, +52
(55) 52372159
martin.tobal@banxico.org.mx
URL:https://sites.google.com/site/martintobaleco
nomics/

2. MARTIN TOBAL
FIELDS OF INTEREST
Primary Fields. International Macroeconomics and Finance: External Imbalances in Emerging Market
Economies, Exchange Rate Regimes, Financial Stability and Capital Flows. International Trade: Global
Value Chains, Distributional Effects of International Trade.
Secondary Fields. Finance: Competition and Financial Stability in the Banking Sector. Industrial
Organization: Welfare Implications of Entry Barriers.
RELEVANT POSITIONS HELD
2005-2007 LINEEX, Laboratory for Research in Experimental Economics
 Statistical Analyst
 Experiment Monitor
2012-2014 CEMLA, Center for Latin American Monetary Studies
 Deputy Manager of the Macroeconomic Research Department
 Member of Technical Committee of Monetaria
 Coordinator of seminars and courses
2014-2015 Banco de Mexico (the central bank), Research Directorate, Real Sector Analysis Unit
 Research Economist
 Preparation of reports for high-level officials and the Board of Governors
2015-2016 Banco de Mexico, Financial Stability Directorate, Macro-Financial Analysis Unit
 Research Economist
 Preparation of reports for high-level officials and the Board of Governors
2016-2017 Banco de Mexico, Research Directorate
 Advisor to the Chief Economist of the central bank
2017-2018 Banco de Mexico, Research Directorate, Unit of International Affairs
 Research Economist
 Preparation of reports for high-level officials and the Board of Governors
ARTICLES AND PUBLISHED BOOKS
“Macro-Financial Policy Challenges in the Face of a Complex Environment: The Case of Mexico.”
Chiquiar, Daniel, and Martin Tobal. International Trade Journal 29.5 (2015): 361-375.
“Regulatory Entry Barriers, Rent Shifting and the Home Market Effect.” Tobal, Martín. The Review of
International Economics 25.1 (2017): 76-97.

3. MARTIN TOBAL
“Regulatory Entry Barriers, Rent Shifting and the Home Market Effect.” Tobal, Martín. Banco de
México (2016), Working Papers, 2016-15.
“A Model of Wage and Employment Impacts of Service Offshoring.” Tobal, Martín. Canadian Journal of
Economics, forthcoming.
“A Model of Wage and Employment Effects of Service Offshoring.” Tobal, Martín. Banco de México
(2015), Working Papers, 2015-10.
“Currency Mismatch in the Banking Sector in Latin America and the Caribbean.” Tobal, Martín.
International Journal of Central Banking (2018), 14(1), 317-364
“Currency Mismatch in the Banking Sector in Latin America and the Caribbean.” Tobal, Martín. Banco
de México (2017), Working Papers, 2017-05.
“Two Models of FX Market Interventions: The Cases of Brazil and Mexico.” Tobal, Martín and Renato,
Yslas, Joint Research Network of Central Banks of the Americas, forthcoming.
“Two Models of FX Market Interventions: The Cases of Brazil and Mexico.” Tobal, Martín and Renato
Yslas. Banco de México (2016), Working Papers, 2016-14.
“Measuring and Understanding Trade in Service Tasks.” Chiquiar, Daniel, Martin Tobal and Renato Yslas,
Revise and Resubmit requested from the International Labour Review.
“Measuring and Understanding Trade in Service Tasks.” Chiquiar, Daniel, Martin Tobal and Renato
Yslas. Council on Economic Policies, Discussion Notes, 2016/2.
“Measuring and Understanding Trade in Service Tasks.” Chiquiar, Daniel, Martin Tobal and Renato
Yslas. Banco de México (2016), Working Papers, 2016-5.
“Notes to Understand Migration Policy with International Trade Theoretical Tools.” Cebreros, Alfonso,
Daniel Chiquiar, Mónica Roa and Martín Tobal. Banco de México (2017), Working Papers, 2017-3.
“Prudential Regulation, Currency Mismatches and Exchange Rates in Latin America and the Caribbean.”
Tobal, Martín. Banco de México (2017), Working Papers, 2017-21.
“Financial and Price Stability in Emerging Markets: The Role of the Interest Rates,” Menna, Lorenzo, and
Martín Tobal, Revise and Resubmit requested from BIS Working Papers.
WORK IN PROGRESS
“Global Value Chains in Mexico: A Historical Perspective.” Chiquiar, Daniel and Martín Tobal.
“Global Value Chains in Mexico: A World Input-Output Table Approach.” Chiquiar, Daniel, Armando
Aguirre, and Martín Tobal.

4. MARTIN TOBAL
“Financial Cycle and Output Gap: The Mexican Case.” Tobal, Martín, and Renato Yslas.
“Export Survival and Foreign Financing.” D’Amato, Laura, Máximo Sangiácomo, and Martín Tobal.
“Profit-Shifting and Welfare Enhancing trade Protection: An Incomplete Contracts Model.” Tobal, Martín.
“Vertical Differentiation and Small Banks” Tobal, Martín.
BLOG POSTS
Chiquiar, Daniel, and Tobal Martín (2017, April 11). Tendencias Político-Electorales, Comercio en
Servicios y Mercado Laboral.
Retrieved from http://focoeconomico.org/2017/11/02/tendencias-politico-electorales-comercio-en-
servicios-y-mercado-laboral/.
Chiquiar, Daniel, and Tobal Martín (2017, April 11). Brecha del Producto y Ciclo Financiero Global.
Retrieved from http://focoeconomico.org/2017/04/11/brecha-del-producto-y-ciclo-financiero-global/.
Chiquiar, Daniel, and Tobal Martín (2016, October 24). México y China: Ventajas Comparativas y
Competencia Global.
Retrieved from http://focoeconomico.org/2016/10/24/mexico-y-china-ventajas-comparativas-y-
competencia-global/.
Chiquiar, Daniel, and Tobal Martín (2016, June 6). La Voz de los Emergentes y el Ciclo Financiero
Global.
Retrieved from http://focoeconomico.org/2016/06/06/la-voz-de-los-emergentes-y-el-ciclo-financiero-
global/.
Chiquiar, Daniel, and Tobal Martín (2015, December 21). La Posición de México en la Cadena Global de
Valor.
Retrieved from http://focoeconomico.org/2015/12/21/la-posicion-de-mexico-en-la-cadena-global-de-
valor/.
CONFERENCE PRESENTATIONS
2010 International trade and development seminar, University of California, San
Diego, U.S.
2010 Economics seminar, Guest Speaker, University of Granada, Granada, Spain.
2011 International trade and development seminar, University of California, San
Diego, U.S.
2011 Economics seminar, Guest Speaker, University of Valencia, Valencia, Spain.
2012 Seminar, CEMLA, Mexico City, Mexico.
2012 McMaster University, Hamilton, Ontario, Canada.

5. MARTIN TOBAL
2012 XV Annual Meeting of the Central Bank Researchers Network, Central Bank
of Uruguay, Montevideo, Uruguay.
2012 Weekly seminar, Research Directorate, Banco de Mexico, Mexico City,
Mexico.
2013 Economics seminar, Guest Speaker, Central Bank of Argentina.
2013 V Meeting on Financial Stability, Central Bank Reserve of Peru, Lima, Peru.
2013 XVI Annual Meeting of the Central Bank Researchers Network, Central Bank
of México, México DF, México.
2013 Round-table on Foreign Exchange Market Interventions, Joint Meeting
organized by the BIS and CEMLA, Central Bank of Costa Rica, San José,
Costa Rica.
2013 World Bank-Banca D´Italia Conference on Macro-Prudential Policies,
Mexico City, Mexico.
2013 Economics seminar, Guest Speaker, Bank of Spain, Madrid, Spain.
2014 XVII Annual Meeting of the Central Bank Researchers Network, Mexico
City, Mexico.
2014 Conference on Insertion of Asian Economies into International Trade:
Challenges and Opportunities, Banco de Mexico, Mexico City, Mexico.
2014 8th
CompNet Workshop organized by the European Central Bank, Banca
D’Italia, Rome, Italy.
2015 Midwest Economic Theory and International Trade Conference, Columbus,
Ohio, United States, Ohio State University in Columbus, Ohio, U.S.
2015 Conference on employment effects of services trade reforms, Council on
Economic Policies, Geneva, Switzerland.
2016 Conference of the Economic Consultative Committee of the Bank for
International Settlements (ECC, BIS), presentation of the work “Effect of
Regulation on Banks’ Profitability and Portfolio Choices,” in representation
of Banco de Mexico, Basel, Switzerland.
2016 LACEA-LAMES Conference, EAFIT University, Medellín, Colombia.
2016 Economic Policy Committee, the World Trade Organization, in
representation of Banco de Mexico, Paris, France.
2017 Round-table on macro-prudential policies, Joint Meeting organized by the
BIS and CEMLA, Central Bank Reserve of Peru Lima, Peru.

6. MARTIN TOBAL
2017 Economics seminar, Guest Speaker, West Hemisphere Department,
International Monetary Fund (IMF).
2017 BIS CCA Research Conference, Board of Governors of the Federal Reserve,
Washington, U.S.
2017 Economics seminar, Guest Speaker, Bank of Spain, Madrid, Spain.
2017 LACEA-LAMES Conference, Buenos Aires, Argentina.
HONORS, SCHOLARSHIPS, AND FELLOWSHIPS
2007-2012 Graduate Student Teaching Fellowship. Economics Department, UCSD
2008-2009 Fellowship for Graduate Studies. Fundación ICO, Instituto de Crédito Oficial.
Ministerio de Economía y Hacienda, Gobierno de España
2007-2008 Fellowship for Graduate Studies. Fundación ICO, Instituto de Crédito Oficial.
Ministerio de Economía y Hacienda, Gobierno de España
2007-2011 Pre-Doctoral Fellowship. Conselleria d’Educacio, Generalitat Valenciana.
Declined the 2nd year due to alternative funding
2007 Research grant for for a research project related to “A Worldwide Exploratory
Inquiry into the Influence of Globalization on Cooperation and Trust.”
Patronato Sur-Norte
2006 Fellowship to collaborate with the Department of Applied Economics of the
University of Valencia. Ministerio de Economía y Hacienda, Gobierno de
España
2006 Premio al Rendimiento Académico (Top 3 Best G.P.A.scores). University of
Valencia
COURSES
“Advanced Workshop for Central Bankers,” Northwestern University, Evanston, Chicago.
TEACHING EXPERIENCE
2007-2012 Teaching Assistant, University of California, San Diego
SU11: Microeconomics (Prof. Nieto, A.); SP11: International Trade (Prof.
Rauch, J.);WI11: Econometrics C (Prof. Candido, M.); FA10: International

7. MARTIN TOBAL
Trade (Prof. Muendler, M.); SP10: International Trade (Prof. Rauch, J.);
WI10: Macroeconomics B (Prof. Peters, G.); FA09: Macroeconomics (Prof.
Peters, G.); SU09: Microeconomics C (Prof. Noel, M.); SP09:
Macroeconomics (Prof. Peters, G.); WI09: Macroeconomics B (Prof. Peters,
G.); FA07: Econometrics C (Prof. Stohs)
2013 Special Lecture on Supply and Demand, Tecnológico de Monterrey
EVENTS COORDINATED
“Course Macro-Prudential Policies,” joint with the International Monetary Fund (IMF) Institute
and Central Bank Reserve of Peru, August, 11-14, 2014, Lima, Perú.
“Conference on Insertion of Asian Economies into International Trade: Challenges and
Opportunities,” México DF, México.
“Monetary Operations and Financial Stability,” joint with CCBS, Bank of England, November,
24-28, 2013, Mexico City, Mexico.
“Conference on Macro-Prudential Policies,” joint with the World Bank and Banda D´Italia, June
20-21, 2013, Mexico City, México.
“Course on Financial Stability,” joint with the Bank of Spain, June 24-28, 2013, Madrid, Spain.
“Course Macro-Prudential Policies,” joint with the International Monetary Fund (IMF) Institute
and Central Bank of Brasil, October, 14-18, 2013, Brasilia, Brasil.
REFEREE
Review of International Economics, Monetaria, Banco de Mexico’s research documents.
COMPUTER SKILLS
Stata, E-Views, Wolfram Mathematica, Ms. Office