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GFDR 2014: Core Team

Meet the Report’s Core Team

Asli Demirgüç-Kunt, Director of Research

Asli Demirgüç-Kunt

Director, Chief Economist (GFDR 2013, 2014)

Asli Demirgüç-Kunt is the Director of Research at the World Bank. After joining the Bank in 1989 as a Young Economist, she has been in different divisions of the Research Group, working on financial sector issues and advising on financial sector policy. She is the lead author of the World Bank Policy Research Report 2007, Finance for All? Policies and Pitfalls in Expanding Access.The author of over 100 publications, she has published widely in academic journals. Her research has focused on the links between financial development and firm performance and economic development. Banking crises, financial regulation, access to financial services, including SME finance, are among her areas of research. Prior to coming to the Bank, she was an Economist at the Federal Reserve Bank of Cleveland. She holds a Ph.D. and M.A. in economics from the Ohio State University.


Martin Cihak, Lead Economist

Martin Cihak

Lead Economist (GFDR 2013, 2014)

Martin Cihak is a Lead Economist and Team Leader for the Global Financial Development Report (GFDR) 2013 and 2014. Prior to joining the Bank, Martin Cihak has been a Deputy Division Chief in the Monetary and Capital Markets Department of the International Monetary Fund. In his work so far, he has focused on issues relating to financial sector regulation and supervision, financial stability, and financial system reforms. He has covered these topics in numerous Fund (and Bank/Fund) missions and a range of publications. He was one of the co-editors of the Bank-Fund Financial Sector Assessment Handbook. Before joining the IMF in 2000, he was a chief analyst in a commercial bank, a university lecturer, and an advisor to a minister. He received a PhD in Economics from the Center for Economic Research and Graduate Education, Prague and has MAs both in Economics and in Law. View recent publications by Martin Cihak.


María Soledad Martínez Pería, Lead Economist

María Soledad Martínez Pería

Lead Economist (GFDR 2013, 2014)

María Soledad Martínez Pería is a Lead Economist in the Finance and Private Sector Development Team of the Development Economics Research Group at the World Bank. Her published work has focused on currency and banking crises, depositor market discipline, foreign bank participation in developing countries and access to finance. Currently, she is conducting research on bank financing to SMEs, the impact of remittances on financial development and the spread of the recent financial crisis. Prior to joining the World Bank, Sole worked at the Brookings Institution, the Central Bank of Argentina, the Federal Reserve Board, and the International Monetary Fund. She holds a Ph.D. in economics from the University of California, Berkeley and a B.A. from Stanford University.


Cesar Calderon, Senior Economist

Cesar Calderon

Senior Economist (GFDR 2013)

Cesar Calderon is a Senior Economist in the core GFDR team. He joined the World Bank in 2005 where he worked on diverse macroeconomic and development issues at the Regional Chief Economist Office for Latin America and the Caribbean Region at the World Bank. Prior to the Bank, he worked in the Research Department at the Central Bank of Chile and the Central Reserve Bank of Peru and was an invited Lecturer at the ILADES-Georgetown University Masters Program in Economics in Santiago, Chile. He was awarded his Ph.D. in Economics from the University of Rochester in 2002. He has published in the areas of Open Macroeconomics, Growth and Development. He is currently working in issues globalization, economic fluctuations, and financial development.


Margaret Miller, Senior Economist

Margaret Miller

Senior Economist (GFDR 2014)

Margaret Miller is a Senior Economist in the Financial Inclusion Practice, Finance and Private Sector Development Department, World Bank Group. She has been with the World Bank for more than 15 years where she has worked on the Millennium Development Goals and corporate strategy as well as on a number of topics in financial sector development including credit reporting and financial capability including two years spent at CGAP. She holds a Ph.D. in Economics from the University of California at Berkeley, a Masters in International Policy Studies from Stanford University and a BA in Economics with Honors, also from Stanford.


Miriam Bruhn, Economist

Miriam Bruhn

Economist (GFDR 2013, 2014)

Miriam Bruhn is an Economist in the Finance and Private Sector Development Team of the Development Research Group. She joined the Bank as a Young Economist in September 2007. Her research interests include the effect of regulatory reform on entrepreneurial activity, the informal sector, micro and small enterprises, financial literacy, and the relationship between institutions and economic development. She holds a Ph.D. in Economics from MIT and a B.A. in Economics from Yale University.


Martin Kanz, Economist

Martin Kanz

Economist (GFDR 2013, 2014)

Martin Kanz is an Economist in the Finance and Private Sector team of the World Bank Development Economics Research Group. Martin's research interests include banking and financial intermediation, consumer finance, and the political economy of state interventions in credit markets. As part of his research, Martin has been involved in several field experiments and impact evaluations on financial sector topics, predominantly in India and Sub-Saharan Africa. Prior to joining the World Bank, Martin worked for the Investment Strategy Group at Goldman Sachs in New York and taught graduate and undergraduate courses in finance and economics. He received his A.B. in Economics from Harvard College, his M.Sc. in Development Economics from Oxford and his Ph.D. from Harvard University.


Subika Farazi, Research Analyst

Subika Farazi

Research Analyst (GFDR 2013, 2014)

Subika Farazi is a Research Analyst in the core GFDR team. Prior to joining the team, Subika worked with the Finance and Private Sector Development team of Middle East and North Africa region where she co-authored a regional flagship report on finance. Her work focused on studying the obstacles to SME financing and performance of state-owned banks. She also participated in a number of Financial Sector Assessment Programs for countries in Middle East and North Africa region. Subika's research interests include SME development, financial infrastructure development, banking and corporate sector performance, the informal sector, and financial markets and the macroeconomy. She holds a Ph.D. in Economics from George Washington University.


Claudia Ruiz, Economist

Claudia Ruiz

Economist (GFDR 2014)

Claudia Ruiz is a Young Professional in the Finance and Private Sector Development Team of the Development Economics Research Group. She joined the Bank in September 2011. Her research has focused on understanding the impact that access to finance has on individuals’ welfare, and the role that financial services have in promoting economic development. She holds a Ph.D. in Economics from UCLA.


Amin Mohseni-Cheraghlou, Consultant

Amin Mohseni-Cheraghlou

Consultant (GFDR 2014)

Amin Mohseni-Cheraghlou is a Consultant in FPDCE and the core team for the 2014 GFDR. Previously, he worked in the World Bank's treasury group, Middle East and North Africa (MENA) sustainable development group, and Development Economics (DEC) financial and private sector development research group. While at DEC, Amin was involved in the latest round of the Bank Regulation and Supervision Survey, an important input into the 2013 GFDR. Prior to starting his graduate studies in Economics he worked for Texas Instruments. He has taught courses in engineering, economics, mathematics, energy economics, and research methods. His research interests include development macroeconomics, economies of the MENA region, and Islamic finance. He is a co-author of a 2010 publication The Militarization of the Persian Gulf: An Economic Analysis. Amin received a PhD in Economics from American University in Washington DC. He also holds M.A.s in International Development and Economics and a B.S. in electrical engineering from the University of Maryland.


Mauricio Alejandro Pinzon Latorre, Research Assistant

Mauricio A. Pinzón Latorre

Research Assistant (GFDR 2013)

Mauricio A. Pinzón Latorre, a Colombian citizen, worked as a Research Assistant in the core GFDR team in 2011–2012. He joined the Bank in 2010 as a Consultant for the FPD Vice-Presidency after working as Research Fellow for the Research Department at the Inter-American Development Bank. He has also worked as an Advisor for the Colombian Ministry of Finance and Public Credit and as a Research Assistant for the Center of Economic Development Studies at Universidad de los Andes, Colombia. His research interests include financial structure and economic development, the impact of government intervention in finance, and the relationship between productivity and enterprise financial access. He received an M.A. and B.A. in Economics from Universidad de los Andes.


Parabal Partap Singh

Parabal Partap Singh

Short-Term Consultant (GFDR 2014)

Parabal Partap Singh has been a short-term consultant with the core GFDR team. Parabal attends Stanford University, focusing on Economics and International Relations. Parabal has been working at the World Bank Group as part of the Stanford in Washington program, which involves a full-time internship during the day and classes at night. Prior to this, he has worked as a consultant at the NYU Center on International Cooperation and as a research assistant at the Indian Prime Minister’s Economic Advisory Council. His research interests include macroeconomic development, SME development and international currency markets.

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