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The General Directorate of Financial Stability (DGEF) of Banco de México is now
accepting applications for its 2019 Summer Internship Program (SIP-DGEF). Qualified Ph.D.
students and individuals in current postdoctoral positions can apply for temporary paid positions.
The DGEF is looking for highly motivated students that wish to: (i) gain valuable work
experience with the staff of the DGEF and conduct policy-relevant research on applied financial
topics; (ii) participate in various aspects of the research process such as data collection, model
selection, analysis, literature reviews, drafting and reporting of findings; (iii) have an opportunity
to work with Banco de México’s extensive proprietary data and resources; and, (iv) develop
professional skills and deepen their understanding of the Mexican financial system.
During this summer, the selected candidates will have a place at Banco de México with
the purpose of focusing on their proposed research project under the supervision of DGEF
researchers and officials.
For the SIP-DGEF 2019, the following types of projects will be considered:
• Financial stability, systemic risk measurement and contagion channels, and early
warning indicators for systemic risk;
• Interaction between market and liquidity risks;
• Stress testing analysis and methods;
• Development and evaluation of macroprudential policies and tools;
• Measuring the risk-taking channel of monetary policy;
• Interaction between monetary and macroprudential policies;
• Feedback effects between financial system and the real economy;
• Financial and leverage cycles;
• Impact of asset prices and real estate prices on financial stability;
• Cross-border capital flows influencing domestic lending and foreign currency risk in
the non-financial sector.
• Interaction between financial stability and other macroeconomic phenomena.
Previous interns have had a rewarding and formative experience. Students found the
program useful as a building block towards their Ph.D. dissertation. Banco de México is located
in Mexico City; the SIP-DGEF has a two -month duration and takes place from July to August,
2019. However, the timeline of the program may be modified according to the applicants’ needs.
To be eligible for the SIP-DGEF, candidates must meet the following criteria:
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(i) applicants must be currently enrolled in a full-time Ph.D. program or in a
current postdoctoral position in the areas of Economics, Finance, Risk
Management, Statistics or any other related field;
(ii) applicants must be planning to continue their education or postdoctoral
position in the fall semester; preference will be given for students already at
the dissertation stage or undergoing research activities in a postdoctoral
position;
(iii) fluency in English is required and knowledge of Spanish is desirable.
The application deadline is April 29th, 2019. Notifications to successful applicants will
be given on May 6th, 2019. Applications submitted after the deadline will not be considered.
Successful applicants will sign a two-month professional services contract with Banco
de México whereby the applicant commits to a finished paper and will receive an amount up to
$ 6,500 US dollars. This amount is payable in Mexican pesos at the exchange rate prevailing at
the payment date and covers:
• Up to $1,500 US dollars for a round-trip economy class airfare, between Mexico City
and the airport closest to the university where the applicant is enrolled;
• $ 2,500 US dollars per month (before applicable taxes and at the exchange rate
prevailing at the time of payment);
In addition, Banco de México may cover up to $200 US dollars a month for food aid, or
will grant this aid in the form that the Banco de México may consider appropriate.
For recruiting purposes, accepted candidates must submit additional documentation
as required by Banco de México. Income taxes will be calculated based on the total paid amount
(fees, food aid and air ticket) and, if applicable, Banco de México will make retentions required
under applicable laws in Mexico.
Successful candidates will be fully responsible for their own living accommodations
during their stay in Mexico City.
Applicants must submit the following information:
• A Research Proposal with a maximum of 1,500 words. The proposal should define
a clear topic and should elaborate details on the methodology to be used, and the
required/proposed data as well as its sources.
• An updated CV including: nationality; current address, phone and e-mail; previous
studies; University of Ph.D. enrollment or postdoctoral position; and name and
contact information of main advisor.
• A university transcript in the case of doctoral students.
• A university letter that confirms additional details such as current enrollment and
current year of study within the Ph.D. program. Postdoctoral candidates need to
provide proof of doctoral degree as well as proof of their current status in the
postdoctoral position, indicating the institution where the position is held and the
start and end dates.
• A supervisor or an academic reference letter including the recommender contact
details such as the phone and e-mail.
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• An abstract of the intended or finished thesis, or a working paper.
To apply to the Program, please send all required information above as attachments in a single
e-mail (PDF or Word format) to the accounts of the contact persons below. If you require any
information please do not hesitate to contact by e-mail either of these accounts.
Dr. Calixto López (clopezc@banxico.org.mx)
Dr. Adrián Pardo (apardo@banxico.org.mx)

1022 International Affairs Building (IAB)
Mail Code 3308  
420 West 118th Street
New York, NY 10027
Ph: (212) 854-3680
Fax: (212) 854-0749
Business Hours:
Mon–Fri, 9:00 a.m.–5:00 p.m.

1022 International Affairs Building (IAB)

Mail Code 3308

420 West 118th Street

New York, NY 10027

Ph: (212) 854-3680
Fax: (212) 854-0749
Business Hours:
Mon–Fri, 9:00 a.m.–5:00 p.m.
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