LUIS SERVEN is Senior Advisor in the World Bank’s Research Department, where he manages the research program on Macroeconomics and Growth. He previously managed the Bank’s regional research program on Latin America and the Caribbean. Prior to joining the Bank he worked as a senior researcher at FEDEA, an economics think tank where he was part of the founding team, and taught at the Universidad Complutense of Madrid, MIT, PUC-Rio and CEMFI. His current research focuses on capital flows and exchange rates, fiscal policy, and productivity and growth. He has published numerous books and articles in professional journals on these and other research topics. He holds a Bachelor in Economics from the Universidad Complutense de Madrid and a Ph.D. in Economics from the Massachusetts Institute of Technology. Currently he is co-editor of The World Bank Economic Review and The World Bank Research Observer.