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

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