 |
Alexandre TombiniBrazilian economist, head of the Central Bank of Brazil.
Date of Birth: 09.12.1963
Country:  Brazil |
Content:
- Alexander Tombini: Brazil's Central Bank Chief
- Career in the Public Sector
- Role at the Central Bank
- Leadership of the Central Bank
- Succession and Legacy
Alexander Tombini: Brazil's Central Bank Chief
Early Life and EducationBorn in Brazil, Alexander Tombini graduated with a Bachelor's degree in Economics from the University of Brasilia in 1984. He later earned his Ph.D. in Economics from the University of Illinois at Urbana-Champaign in 1991 and returned to the University of Brasilia as a visiting professor.
Career in the Public Sector
Tombini's career in public service began in the Ministry of Finance from 1991-1995, where he led a technical team negotiating the Mercosur common external tariff. He also served as the head of the Global Econometric Model maintained at the London Business School and as an editor of the 'Boletim de Economia Internacional', a quarterly publication of the ministry.
From 1995-1998, he worked as a special advisor to the International Trade Council and as a personnel director in the presidential administration.
Role at the Central Bank
Tombini joined the Central Bank in 1998 as a senior advisor to the Monetary Policy Committee until March 1999, when he was promoted to head of the Research Department. In July 2001, he became the senior advisor to the executive director and member of the Executive Board of the International Monetary Fund (IMF) in Brazil.
In 2006, Tombini was appointed director of the International Department and director of the Special Studies Department. His role in these key positions included the development of the inflation targeting system, which some analysts credit as a factor in his appointment as central bank governor.
Leadership of the Central Bank
President Dilma Rousseff pledged to grant Tombini and the Central Bank more autonomy in setting monetary policy, despite her desire to reduce interest rates, which were at record highs compared to global standards. Tombini demonstrated sound judgment by not abusing this autonomy and gradually lowering interest rates to more reasonable levels.
However, the inflation targeting system he developed faced challenges, with the bank occasionally failing to keep inflation within the target range. Notably, in 2013, it became clear that the target would be missed despite efforts to control inflation.
Succession and Legacy
Tombini succeeded Henrique Meirelles as President of the Central Bank, who had held the position for a record term. Associates have described Tombini as an introverted person, which presented a unique challenge in his rise to both a top economist and a skilled negotiator.
