EDUCATION
Ph.D. The University of Chicago, USA

Fields of expertise
Macro economic and fiscal issues; exchange rate policy; public expenditure assessment; public sector reform; IMF programs and fiscal space.
Capital markets; micro finance; rural finance; competitiveness analysis

WORK EXPERIENCE
Consulting 2000-2006

U.S. Treasury
Paraguay

Technical assistance to the Presidency of the Central Bank of Paraguay in matters related to monetary policy and control of inflation. Also, addressed the institutional set-up needed for the Bank to provide relevant and timely information to the Bank Presidency.

Liberia
Technical Assistance: Institution building. Provided technical assistance to the Central Bank on dollarization and myriad issues related to institutional strengthening –first mission in 2004 and follow-up in 2005

Ministry of Finance
Venezuela
Advised the Minister of Finance on different economic proposals related to state reform and efficiency of public services

Congress
Venezuela
Office of Budget of the Venezuelan Congress. Led a team of six independent consultants to advice on fiscal reform, evaluate the macroeconomic imbalances, and address the sustainability of the exchange rate regime, the efficiency of PDVSA (the Venezuelan oil-giant), the state of non-financial SOE and study the fiscal situation

Banco Pichincha
Ecuador
Due diligence. Macroeconomic assessment and evaluate the sustainability of Ecuador’s monetary regime. Country risk assessment

Inter-American Development Bank
Latin America
Capital Markets: Evaluated the “Major constrains to the Development of Capital markets in Latin America”
Suriname
Addressing issues related to debt sustainability, fiscal stabilization funds and exchange rate reform.
Ecuador
Evaluation and critique of IADB’s strategy towards Ecuador
Honduras
Consulted on the Policy Dialogue document for discussion with the new authorities (taking over in 2006)
Venezuela
Fiscal Issues: Fiscal reform. Debt sustainability analysis
Rural and Micro Finance: diagnosis and recommendations for overhauling the rural finance system
Peru
Micro Finance: Evaluation and recommendations
Macroeconomic assessment: fiscal, exchange rate system and financial system.
Guatemala
Rural finance and micro-credit

The World Bank
Executive Director 1998-2000
Representing Argentina, Bolivia, Chile, Paraguay, Peru and Uruguay

Consultant, 2001-06
Paraguay
Fiscal space for infrastructure investment; analyzed the evolution of its public finances evaluating the solvency of the Treasury and its capacity to absorb additional expenditure in infrastructure, financed by the WB.
Peru
Wrote the Implementation Completion Report (ICR) on the Decentralization and Competitiveness loan, evaluating its objectives vis-à-vis its accomplishments, and drawing lessons for the future
Fiscal Revenues: chapter for policy dialogue with authorities taking oath in mid-2006
Fiscal space for the municipality of Lima: fiscal impact on the municipality of completing the Electric Train transport project
Ecuador
Evaluated the credit worthiness of 219 municipalities, rating them according to indicators of liquidity and solvency
Infrastructure Expending and Fiscal Space in the context of IMF programs
Work applied to Ecuador regarding WB rural roads project
Systemic crisis in the Community of Andean Countries: Analysis of issues and assessment of probability of contagion
Venezuela
Public Expenditure Review, consulted on major policy issues
Economic Memorandum, a major document assessing the country’s overall economic situation and recommending policies
Macroeconomic Assessment: Fiscal situation, public expenditure review, exchange rate regime Macro Economics: Policy Recommendations
Oman
Building a Research Department Lead consultant of World Bank team to set-up and develop the Research Department of the Ministry of Planning
Lebanon
Financial System: Evaluated its fiscal situation and the sustainability of its exchange rate regime. Assessed the probability that macroeconomic imbalances may cause financial instability or fullfledged banking crisis.
Seychelles
Fiscal and Banking Issues: Evaluated its fiscal situation and assessed the possibilities of banking instability
Egypt, Jordan and Turkey
Islamic Banking: Assessed equity-based banks (part of a study on Islamic Banking system.)

World Bank staff member (1987-1997)
Latin American and the Caribbean
Principal Economist, in charge of quality assurance of the economic and sector work done in the Latin American Region
Lead missions to discuss highly sensitive financial matters with Ministers of Finance and Central Bankers
Wrote influential reports, for example:
The Demand for Monetary Base and the Sustainability of Public Debt (1997)
Brazil Private Banking Sector: assessment (1996)
Bolivia Banking Sector and Rural Finance (1995)
Black December: the Mexican crisis and its effect on Argentina (1995)
Venezuela, Fiscal Issues (1994)
Peru Structural Adjustment Loan (1992)
Brazil: Capital Markets (1989)

ACADEMIC EXPERIENCE
USA, The University of Chicago, (1986) Fulbright Visiting Research Fellow.
Argentina, University of Tucuman (1981-1986), Professor of Monetary Theory and Policy
Chile, University of Chile (1978-1979), Professor of Applied Monetary Economics
CEPAL (1978-79): Senior Researcher in Carlos Masad’s Research Program on International Economics
Mexico, Center for Latin American Monetary Studies (1976-1977), Senior Researcher
Central Bank of Argentina, Visiting Scholar, (1968)

PRIVATE SECTOR
Advisor to the President, Bank of Tucuman, Argentina (1982-85)
President, Fundacion del Tucuman (Think tank), (1984-87)

CONFERENCES
“The Argentine Meltdown: Why and How” Joint Seminar on Argentina, Atlas Foundation and Hudson Institute, Washington, DC, 2003
“Taxes in a Free Society”, delivered to Instituto Ecuatoriano de Economia Politica Guayaquil, Ecuador 2001
“Globalization and Change in the XXI century”, Conference organized by “Instituto Liberal” Ankara, Turkey, 2000
“Highly Indebted Countries: Have them ever paid?” Seminar organized by Debt Relief International (DRI) and the Center for Latin American Monetary Studies CEMLA in Mexico City 1999
“Fractional Reserves and Financial Instability” The World Bank, Washington DC 1996
Seminar series on the Argentine Economy, Fundacion del Tucuman, Argentina, monthly 1983- 1987
“The Austral Plan and Stabilization in Argentina” Invited by professor Arnold Harberger, The University of California at UCLA, 1986
“Monetary Programming” Invited by the Central Bank of Ecuador, 1978

PUBLICATIONS
“Remedy for Banking Crises: what Chicago and Islam have in common” 2004, “Journal of Islamic Economic Studies”, Saudi Arabia.
“The Impact of the Macroeconomic Environment on Capital Markets in Emerging Latin American Economies” with Luis Giorgio, “Focus on Capital” K. Dowers and P. Masci, editors, Inter-American Development Bank, 2003
“Dinero” with Alvaro Saieh and Rodolfo Maino (forthcoming)
“Preventing Banking Sector Crises” Journal of Islamic Economic Research (forthcoming) – with Vicente Fretes-Cibils and Rodolfo Maino
“Macroeconomic Determinants of Stock Market Development”(with Lin Liu) Journal of Applied Economics, May 1999
“Postcript” Preventing Banking Sector Distress and Crises Washington, DC 1997
“Black December: The Mexican Crisis and its impact on Argentina” The World Bank 1996
“The Development of Brazilian Capital Markets” World Bank Report No. 11581-BR.
“The Demand for Monetary Base and the Sustainability of Public Debt” Working Paper No. 1774, Banco Mundial, Washington DC
“Financial Intermediation and Inflation: the Brazililan case” Brasil: A Retomada Do Desenvolvimento Economico, Fundación Getulio Vargas, 1995
“Anatomía del Subdesarrollo” Fundación del Tucumán, Argentina 1985
“Monetarism and Economic Crisis: Argentina 1978-81” Fundación del Tucumán 1985
“About Money Multipliers in Open Economies” Cuadernos de Economía, Pontificia Universidad de Chile, Abril 1981
“The Demand for Imported Goods” Cuadernos de la CEPAL, E/CEPAL/1088, Junio 1979
“Ajuste de Balanza de Pagos, Política Creditica y Control del Endeudamiento Externo” Cuadernos de la CEPAL, E/CEPAL/1088, Junio 1979
“Inflation Tax and Income Distribution” Cuadernos de Economía, Pontificia Universidad de Chile, Agosto 1978, Santiago.
“Recent Inflationary Experience in Latin America” with A. Gomez-Oliver, Monetaria, CEMLA, 1977, México DF.
“Dinámica de la Creación de Dinero” Ensayos, CEMLA, 1977, México DF.
“La Demanda de Dinero del Sector Publico y su Relación con el Proceso de Creación de Dinero” Cuadernos de Economía, Pontificia Universidad Católica de Chile, Diciembre 1976, Santiago.

BOOKS
“Understanding Economic Policy and Political Economy” (Spanish), CEMLA, Mexico 2000.
“Preventing Banking Sector Crises and Distress” (editor, with Suman Bery), Washington 1997
“Money, Prices and Monetary Policy” with Alvaro Saieh, (Buenos Aires 1984)
“The ABC (and Z) of Economics” (Buenos Aires 1986)
“A Critical Inquiry into Argentine Economic History” (Garland Publishing Co. New York, 1987)
“MONEY” an advanced textbook on monetary theory with Alvaro Saieh (Chile) and Rodolfo Maino (IMF); Mimeo.