SERGIO SCHMUKLER is Lead Economist at the World Bank Research Department. He obtained his Ph.D. from U.C. Berkeley in 1997, when he joined the World Bank. He has also been Treasurer of LACEA-the Latin America and Caribbean Economic Association (since 2004), Associate Editor of the Journal of Development Economics (2001-2004), taught at the Department of Economics, University of Maryland (1999-2003), and worked at the International Monetary Fund Research Department (2004-2005). Previously, he worked at the U.S. Federal Reserve Board, the Inter-American Development Bank Research Department, and the Argentine Central Bank. His research area is international finance and international financial markets and institutions. He has published many articles in leading academic journals and edited volumes on emerging market finance, financial globalization, financial crises and contagion, financial development, and institutional investors. He also co-authored and edited four books published by Elsevier, McGraw Hill, Stanford University Press, and the World Bank.