Latin America in the Global Economy
Jeffrey H. Bergstrand is professor of finance in the Mendoza College of Business at the University of Notre Dame and a fellow of the Kellogg Institute. His research on international trade flows, free trade agreements, international finance and open-economy macroeconomics has been published in over 25 journal articles and as chapters in books. From 1996 to 2003, he was a co-editor of the Review of International Economics and remains on its editorial board. His 2001 article on “The Growth of World Trade: Tariffs, Transport Costs, and Income Similarity,” co-authored with Scott Baier, won the Bhagwati Award in 2004 for the Best Paper in the Journal of International Economics for the period 2001–02. His current research focuses on economic determinants of multinational firm behavior and foreign direct investment with Peter Egger and, under a grant from the US National Science Foundation, on the “Causes and Consequences of the Growth of Regionalism” with Scott Baier.
Lawrence (Larry) J. Brainard is senior advisor for emerging markets research at WestLB AG, London. Prior to joining WestLB in 2002, he was global head of emerging markets research and senior advisor at Chase Manhattan Bank in New York. Brainard has worked on debt and development in emerging market countries for over thirty years and published over 40 articles on those very topics. In the 1980s, he participated in economic committees established by creditor banks to evaluate economic developments associated with debt rescheduling in Poland, Yugoslavia, Nigeria, Brazil and Mexico. In the 1990s, Brainard was chief investment strategist and director of research for emerging market fixed income securities, first at Goldman Sachs and later at Chase Securities. In 1990, he received the first prize in the AMEX Bank Review awards competition for his essay “Reform in Eastern Europe: Creating a Capital Market.” He holds a PhD in economics from the University of Chicago.
E. Gerald Corrigan has been a managing director at Goldman Sachs since 1994. At the firm, he is co-chair of the risk management committee, vice chair of the business practices committee and a member of the commitments committee. Since joining Goldman Sachs, Corrigan has served as chair or co-chair of a number of firm-wide and industry-wide groups on issues having major implications for financial market efficiency and stability. Corrigan ended a 25-year career with the Federal Reserve System when he stepped down from his position as president and chief executive officer of the Federal Reserve Bank of New York in 1993. He had also served as vice chairman of the Federal Open Market Committee, president of the Federal Reserve Bank of Minneapolis and special assistant to Fed chairman, Paul A. Volcker. Corrigan earned a bachelor of social science degree in economics from Fairfield University and an MA and a PhD in economics from Fordham University in New York City. Corrigan is chairman, a trustee or a member of a number of non-profit organizations.
B. Gerald Dages is vice president of financial markets and institutions at the Federal Reserve Bank of New York. He joined the bank in 1988 as a bank examiner and became an officer of the bank in the international surveillance and review area a few years later. In 1995, he became part of a newly created emerging markets and international affairs group. Dages’ research focuses on the role of foreign banks in the overall economic development and stabilization of emerging markets, especially Mexico and Argentina. He holds a BS from the University of Illinois and an MPA from Princeton University’s Woodrow Wilson School of Public and International Affairs.
Augusto P. de la Torre has worked for The World Bank since 1997. As senior regional financial sector advisor for Latin America and the Caribbean, he provides technical and conceptual leadership to World Bank financial sector operations and research in the region and is actively involved in the joint IMF-World Bank Financial Sector Assessment Program. He also works closely with the Office of the Chief Economist for the Latin American and the Caribbean Region. From 1986 to 1992, he was an economist with the International Monetary Fund, and, during 1991–92, he was the IMF’s resident representative in Venezuela. De la Torre earned his MA and PhD degrees in economics at the University of Notre Dame and holds a licenciatura in philosophy from the Catholic University of Ecuador. He headed the Central Bank of Ecuador during 1993–96. In 1996, Euromoney Magazine chose him as the year’s “Best Latin Central Banker.” He is a member of the Carnegie Network of Economic Reformers.
Dennis E. Flannery assumed the position of executive vice president of the IDB in 2002. A graduate of Georgetown University’s School of Foreign Service, Flannery was managing director and founder of Stonehill Associates, a financial advisory services firm that provided advice and assistance in such areas as private equity investment, debt restructuring, structured finance, trade finance and governmental relations. From 1999 to 2002, he provided financial advisory services to the government of Indonesia as well as corporate clients with relation to the restructuring of non-performing corporate loans in that country’s banking system. Flannery was a financial advisor for the World Bank from 1985 to 1995, where he participated in designing and negotiating that institution’s involvement in sovereign debt restructuring transactions in virtually every country in Latin America. His previous positions include vice president and director of international project finance for the First Boston Corporation and general partner for Kuhn Loeb Lehman Brothers International, where he was charged with developing and executing international corporate finance and government advisory assignments.
Michael Gavin is managing director at UBS, where he serves as head of Latin American research. Prior to joining UBS, Gavin was an economist at the Inter-American Development Bank and played an important role in the research and analysis of financial policies in Latin America. He has also worked at the Federal Reserve Bank and been a visiting researcher and consultant at the International Monetary Fund and The World Bank. In academia, Gavin was an associate professor of economics at Columbia University and founded the master’s track in political economy. He has also taught at the Institute for Advanced Studies in Vienna, Austria, and at the Center for Economic Research and Graduate Education in Prague, Czech Republic. In 2002, LatinFinance placed Gavin first in its Research Olympics. In 2004, Institutional Investor selected Gavin as the third best analyst in Latin American economic research. He holds a PhD in economics from the Massachusetts Institute of Technology.
Alexandra Guisinger, an instructor in Notre Dame’s Department of Political Science and a Faculty Fellow at Kellogg, focuses on international political economy. Since pursuing her PhD at Yale University, she has researched extensively in the field of trade policy—how and why countries choose particular trade policies—as well as the causes and effects of protectionism and trade liberalization. Her dissertation examined the degree to which a nation’s trade policy comes to look like that of its neighbor countries.
Kellogg Fellow Frances Hagopian is the Michael P. Grace II Associate Professor of Latin American Studies in the Department of Political Science and former director of the Kellogg Institute. She studies the comparative politics of Latin America, with emphasis on democratization, political representation and the political economy of economic reform in Brazil, Argentina, Chile and Mexico. She is the co-editor (with Scott Mainwaring) of The Third Wave of Democratization in Latin America (Cambridge, forthcoming), author of Traditional Politics and Regime Change in Brazil (Cambridge 1996), which was named a Choice outstanding book in Comparative Politics, and several articles on democratization which have appeared in World Politics, Comparative Political Studies and other journals and books. Hagopian has held fellowships from the University of Pittsburgh, the Social Science Research Council, the American Council of Learned Societies and Fulbright-Hays. She previously taught at Harvard and Tufts Universities and the Massachusetts Institute of Technology.
Anne O. Krueger has been the first deputy managing director of the International Monetary Fund since 2001. Before joining the Fund, Krueger was the Herald L. and Caroline L. Ritch Professor in Humanities and Sciences in the department of economics at Stanford University, the founding director of Stanford’s Center for Research on Economic Development and Policy Reform and a senior fellow of the Hoover Institution. Krueger had previously taught at the University of Minnesota and Duke University and, from 1982 to 1986, was the World Bank’s vice president for economics and research. Krueger is a distinguished fellow and past president of the American Economic Association, a member of the National Academy of Sciences, and a research associate of the National Bureau of Economic Research. A recipient of a number of economic prizes and awards, she has published extensively on policy reform in developing countries, the role of multilateral institutions in the international economy, and the political economy of trade policy. She recently edited several books, including Latin American Macroeconomic Reform: The Second Stage (2003: with José Antonio González, Vittorio Corbo and Aaron Tornell). She received her undergraduate degree from Oberlin College and her PhD in economics from the University of Wisconsin.
Scott Mainwaring is the Eugene Conley Professor of Political Science and the director of the Kellogg Institute for International Studies. His work focuses on parties and party systems and democracy regimes in Latin America. His recent books include Christian Democracy in Latin America: Electoral Competition and Regime Games (Stanford University Press 2003: coeditor), Democratic Accountability in Latin America (Oxford University Press 2003: coeditor) and Rethinking Party Systems in the Third Wave of Democratization: The Case of Brazil (Stanford University Press 1999). Mainwaring has published articles in the British Journal of Political Science, Comparative Politics, Comparative Political Studies, and many other journals.
Brian Deveraux O’Neill is managing director, a member of the managing committee and chairman, Canada & Latin America, for JPMorgan. He joined the firm in 1977 and has been involved in all aspects of investment banking within Latin America. In addition to New York, he has worked for the firm in Santiago, Chile (four years); Buenos Aires, Argentina (five years); and São Paulo, Brazil (three years). He assumed his current responsibilities in 1994. O’Neill is a director of the Council of the Americas and the Americas Society. He is also a member of the Council on Foreign Relations and the Pacific Council on International Policy. He holds a BA from the University of San Diego and a master’s degree from the American Graduate School of International Management. In addition, he has completed the executive program at the Amos Tuck School at Dartmouth College.
Guillermo Ortiz became governor of the Bank of Mexico in 1998 and started another six-year term in 2004. From 1994 to 1997, Ortiz served as Secretary of Finance and Public Credit in the Mexican federal government. Prior to heading the Finance Ministry, he served briefly as Secretary of Telecommunications and Transportation at the outset of the Zedillo administration. His past professional experience includes having served as Undersecretary of Finance and Public Credit (1988–94), executive director at the IMF (1984–88), manager in the Economic Research Bureau of the Bank of Mexico (1977–84), and an economist in the Ministry of the Presidency of Mexico (1971–72). Ortiz has taught at universities in Mexico and the United States. He has written and published two books and numerous papers on economics and finance in journals and magazines in Mexico and abroad. A member of the Group of Thirty, he has received several honors and awards. Ortiz earned a bachelor of arts degree in economics from the Universidad Nacional Autónoma de México and a PhD in economics from Stanford University.
Guillermo Perry has been chief economist of the Latin America and Caribbean region at the World Bank since 1996. Prior to joining the World Bank, Perry served in several senior policy-making positions in his native country, Colombia, including that of Minister of Finance and Public Credit, Minister of Mining and Energy and director of the General Directorate of National Taxes. He was also director of two of Colombia’s leading economic think tanks (Fedesarrollo and CEDE). Perry has taught at Universidad de los Andes and Universidad Nacional de Colombia and served as a member of the Constitutional Assembly and of the Senate of the Republic in Colombia. He has published several books and numerous articles on a range of subjects, including macroeconomics, financial policy and international finance. He is presently a member of the governing body of GDN, the executive committee of LACEA and the Board of Directors of Fedesarrollo. Perry’s professional experience also includes international consulting on public finance and energy policy for several institutes and governments around the world. He undertook doctoral studies in economics and operational research at the Massachusetts Institute of Technology between 1968 and 1970.
Kellogg Fellow Jaime Ros specializes in development economics with special reference to Latin America. A professor of economics, Ros’ most recent book is Development Theory and the Economics of Growth (University of Michigan Press 2000). His articles have appeared in the Cambridge Journal of Economics, Journal of Development Studies, The Manchester School of Economic and Social Studies, El Trimestre Económico, Desarrollo Económico and other scholarly journals and edited books. Current projects include an edited book with Amitava Dutt on development economics and structuralist macroeconomics, a comparative study with Roberto Frenkel on the employment effects of macroeconomic policies in Latin America, and an analysis of monetary policy and inflation in Mexico with Luis Miguel Galindo.
Louis G. Schirano has had over 30 years of experience in international banking, the bulk of it with Bankers Trust Company of New York, where he served in various capacities as the global head of syndicate lending, chief lending officer for the international department, and head of the bank’s global debt restructuring team. Upon leaving Bankers Trust, he headed First Interstate Bank’s Latin American corporate finance effort, served as advisor to a number of banking clients in Latin America and Europe, and initiated the use of various specialized instruments in debt restructurings. Schirano retired from banking in the mid-1990s and moved in 2001 from New York to Granger, Indiana. He is presently an adjunct professor of international management and marketing at Saint Mary’s College. He received a BA from the University of Notre Dame and a JD from the New York University School of Law.
Ernesto Zedillo is director of the Yale Center for the Study of Globalization and professor of international economics and politics at Yale University. In 1994, after having held several positions at the Central Bank of Mexico and in the national government, he was elected president of Mexico. For the next six years, he led his country out of a financial crisis and into its highest five-year period of GDP growth in recent history. Zedillo currently serves as co-coordinator of the task force on trade for the UN Millennium Project. He recently was elected to chair the Global Development Network, which addresses problems of national and regional development. He is a member of the Trilateral Commission, the International Advisory Board of the Council on Foreign Relations, and the Board of Directors of the Institute for International Development. With decorations from the governments of 32 countries, he is the recipient of honorary doctor of laws degrees from Yale and Harvard Universities. He graduated from the school of economics at the National Polytechnic Institute and earned a PhD in economics at Yale.