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Core Team

The Globalization of Corporate Finance in Developing Countries

This report was prepared by the International Finance Team of the World Bank's Development Prospects Group. Substantial support was also provided by staff from other parts of the Development Economics Vice-Presidency, the World Bank operational regions and networks, the International Finance Corporation, and the Multilateral Investment Guarantee Agency.

The principal author was Mansoor Dailami, with direction by Uri Dadush. The report was prepared under the general guidance of World Bank Chief Economist and Senior Vice President François Bourguignon.Core team members were:

 Andrew Burns Dilek Aykut Haocong Ren
 Douglas Hostland Eung Ju Kim NeeltjeVan Horen
 Hans Timmer Valentina G. Bruno 
 Olga Sulla Jacqueline Irving 




Olga Sulla, is a macro and financial sector economist, currently working with the International Finance Team in Development Economics (DEC) Vice Presidency at the World Bank. She acquired 12 years of experience in global capital markets though operational, policy-making and research activities, she studied Economics and Finance at the Hebrew University. Prior to joining the World Bank in 2000, she was an economist at the Central Bank of Israel with Monetary Policy and Capital Markets department, being directly involved in the process of significant economic reforms under the Governance of Jacob Frenkel, and researching on macro-economic policy issues like inflation, exchange rate, international financial integration. Since joining the World Bank, she worked on financial sector development issues in India, Mexico, Russia, Turkey, Armenia, Albania, Romania, Moldova and Cyprus, some jointly with the IMF. During her work in the operations of the Finance and Private sector in the ECA region, she was a Task Team Leader of advisory projects in Kazakhstan on infrastructure financing, corporate governance and capital markets development. In addition, Ms. Sulla served as an Advisor at the office of the Dutch Executive Director at the Board of the World Bank for two consecutive years during which she led the constituency’s strategy on financial sector, agriculture, Trust Funds and Partnerships. She was also responsible for the review of the Bank’s projects and programs in East and North Africa and the Middle East.

Dilek Aykut, is an Economist and FDI specialist. She is conducting research on FDI related issues including trends, determinants, South-South FDI, sectoral analysis etc. and maintaining regular contact with colleagues working on FDI in the Bank and other institutions (IMF, OECD, UNCTAD). Dilek's previous experience includes: Consultant, World Bank Trade Department; Graduate Research Fellow, University of Pittsburgh Center for Social and Urban Research; Instructor, University of Pittsburgh, Department of Economics.

Eung Ju Kim, is a Research Analyst, focusing on monitoring trends in FDI flows and project finance. His duties include monitoring of trends and prospects of FDI flow and infrastructure & project finance, and preparing commercial debt restructuring appendix and capital flow forecasting as a part of GDF exercise. In addition, he provides diversified sets of data and analytics for senior management briefings and ad-hoc requests. He has also prepared several briefing notes on a variety of issues associated with FDI trends, Brady bonds, Infrastructure finance, and international bond markets. Mr. Kim's previous experience includes examining the impact of sovereign credit ratings on capital flows (wrote a section for GDF 2000) and monitoring trends in privatization activities (for GDF2001); work on several cross-support projects, including lending review & the strategy paper ("Demand for World Bank Lending"), the policy note on the International Development Goal for poverty reduction, and strategic directions paper for SRMVP (Middle-income Countries Task Force Report).

Neeltje van Horen, is a consultant for the International Finance Team and a bank lending specialist. Her responsibilities involve the monitoring of trends in bank lending to developing countries. She is conducting research in several areas including South-South bank lending, FDI in the financial sector, financial crises, asset pricing, financial integration and trade credit. Prior to joining the International Finance Team, Neeltje worked in the World Bank Research Group. She holds a Phd from the University of Amsterdam.

Jacqueline Irving, as a consultant for the International Finance Team, is responsible for monitoring and analyzing trends and conducting research, including for the GDF report, on a number of topics including South-South bank lending by new emerging market lenders to resource-rich poor countries in Africa and ECA; foreign investor participation in African local currency bond markets; trends in crossborder equity listings by developing country firms on international stock exchanges; and channels for petrodollar recycling. She has been building on research and operational work over the past several years, including for the IMF, on developing countries’ access to foreign private capital, regional integration of securities markets, and associated policies. Previous experience includes 7 years with the Economist Intelligence Unit, most recently leading a team of regional analysts for the country report series, Financing Foreign Operations. Over the past decade, she has also consulted for the UN, including the DSG's Development Financing Unit and the Economic Commission for Africa. She has a Master's degree from Columbia University.

Valentina G. Bruno, as a consultant for the International Finance Team, has provided analysis of the trends in equity markets for developing countries corporations. She holds a PhD. in Finance from the London School of Economics (2006), where she specialized in corporate finance, with a focus on assessing the effectiveness of alternative corporate governance regimes. She will be taking an assistant professorship at American University, Kogod Business School, this fall.

Haocong Ren, as a consultant for the International Finance Team, has provided analysis of the trends and implications of global capital flows, with a focus on international bond issuance and external financing of emerging market corporations. She has also worked on commercial debt restructuring by emerging market countries and fulfilled ad hoc requests from the management. She has an MPhil. degree in economics and taught at the George Washington University prior to joining the International Finance Team.

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