His father, Ruperto Alarcón, was a former president of the Chamber of Deputies.

This deepened the political crisis in Ecuador as vice-president Rosalía Arteaga challenged Alarcón's assumption of the presidency.

He gave up the presidency after early elections were held in 1998, in which he did not run.

He continues to receive a lifetime pension from the Ecuadorian government of $ 38,800 annually.

He ran for mayor of Quito in 1988 and 1992, losing both times.