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Luis Serven

Senior Adviser

LUIS SERVEN is Research Manager for Macroeconomics and Growth in the Development Research Group. After joining the Bank in 1988, he worked at the Research department, and between 1999 and 2004 he managed the regional research program on Latin America and the Caribbean. Prior to joining the Bank he worked as a senior researcher at FEDEA and taught at the Universidad Complutense of Madrid, MIT and CEMFI. His recent research focuses on open economy macroeconomics, fiscal policy and growth, exchange rate regimes, international portfolio diversification, saving and investment determinants, and microeconomic regulation and growth. He holds a Bachelor in Economics from the Universidad Complutense de Madrid and a Ph.D. in Economics from the Massachusetts Institute of Technology.

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World Bank working papers and publications

1 .Infrastructure, growth, and inequality : an overview
2 .Emerging issues in financial development : lessons from Latin America
3 .Partial consumption insurance and financial openness across the world
4 .Productivity and the welfare of nations
5 .The World Bank research observer 27 (1)
6 .The World Bank research observer 26 (2)
7 .Is infrastructure capital productive ? a dynamic heterogeneous approach
8 .Global imbalances before and after the global crisis
9 .Infrastructure in Latin America - Working Paper
10 .Infrastructure in Latin America - Dataset
11 .Productivity, welfare and reallocation : theory and firm-level evidence
12 .Undervaluation through foreign reserve accumulation : static losses, dynamic gains
13 .The World Bank research observer 25 (1)
14 .Business regulation and economic performance
15 .Medium-term business cycles in developing countries
16 .Too poor to grow
17 .Informality in Latin America and the Caribbean
18 .Are all the sacred cows dead ? implications of the financial crisis for macro and financial policies
19 .Infrastructure and economic development in Sub-Saharan Africa
20 .The World Bank research observer 23 (2)
21 .Real exchange rates, saving and growth : is there a link ?
22 .The World Bank research observer 23 (1)
23 .Fiscal redistribution and income inequality in Latin America
24 .Fiscal rules, public investment, and growth
25 .Walking up the down escalator : public investment and fiscal stability
26 .The World Bank research observer 21 (2)
27 .A normal relationship ? Poverty, growth, and inequality
28 .Getting real about inequality : evidence from Brazil, Colombia, Mexico, and Peru
29 .The World Bank economic review 19 (3)
30 .The impact of regulation on growth and informality - cross-country evidence
31 .Regulation and macroeconomic performance
32 .Macroeconomic stability in developing countries - How much is enough?
33 .The effects of infrastructure development on growth and income distribution
34 .Trends in infrastructure in Latin America, 1980-2001
35 .Country Portfolios
36 .Tango with the Gringo: the hard peg and real misalignment in Argentina
37 .Greenfield foreign direct investment and mergers and acquisitions - feedback and macroeconomic effects
38 .The anatomy of a multiple crisis : why was Argentina special and what can we learn from it?
39 .Do capital flows respond to risk and return?
40 .World market integration through the lens of foreign direct investors
41 .Real exchange rate uncertainty and private investment in developing countries
42 .Pricing currency risk : facts and puzzles from currency boards
43 .The World Bank economic review 14 (3)
44 .Global transmission of interest rates : monetary independence and the currency regime
45 .Verifying exchange rate regimes
46 .What drives private saving around the world?
47 .External sustainability : a stock equilibrium perspective
48 .Measuring aid flows : a new approach
49 .Macroeconomic uncertainty and private investment in developing countries - an empirical investigation
50 .Uncertainty, instability, and irreversible investment : theory, evidence, and lessons for Africa
51 .Does public capital crowd out private capital? : evidence from India
52 .Income inequality and aggregate saving : the cross-country evidence
53 .Fiscal and monetary contraction in Chile : a rational-expectations approach
54 .Terms-of-trade shocks and optimal investment : another look at the Laursen-Metzler effect
55 .Saving, investment, and growth in developing countries : an overview
56 .Capital goods imports, the real exchange rate, and the current account
57 .Dynamic response to external shocks in classical and Keynesian economies
58 .Fiscal policy in classical and Keynesian open economies
59 .Dynamic response to foreign transfers and terms-of-trade shocks in open economies
60 .The World Bank research observer 7 (1)
61 .An empirical macroeconomic model for policy design : the case of Chile
62 .Adjustment policies and investment performance in developing countries : theory, country experiences, and policy implications
63 .Anticipated real exchange-rate changes and the dynamics of investment
64 .Private investment and macroeconomic adjustment : an overview

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