Attend Spring Meetings on Development topicsfrom Apr 17-21. Comment and engage with experts.Calendar of Events

Global Financial Development Report 2017 / 2018:
Bankers without Borders

Core Team

Image

Asli Demirgüç-Kunt

Director of Research, Development Research Group

Asli Demirgüç-Kunt is the Director of Research in the World Bank. After joining the Bank in 1989 as a Young Economist, she has held different positions, including Director of Development Policy, Chief Economist of Financial and Private Sector Development Network, and Senior Research Manager, doing research and advising on financial sector and private sector development issues. She is the lead author of World Bank Policy Research Report 2007, Finance for All? Policies and Pitfalls in Expanding Access. She has also created the World Bank’s Global Financial Development Report and directed the issues on Rethinking the Role of the State in Finance (2013), Financial Inclusion (2014), and Long Term Finance (2015/16). 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.

Ata Can Bertay

Ata Can Bertay

Research Economist, Development Research Group

Ata Can Bertay is a Research Economist at the World Bank's Development Economics Research Group leading the Global Financial Development Report 2017-2018: Bankers without Borders on international banking. He is on leave from his position as an assistant professor of finance at Ozyegin University, Istanbul. He received his B.A. in Economics from Boğaziçi University (2008), his M.Sc. (2010), and his Ph.D. in Economics (2014) from Tilburg University. From 2010 to 2012, he worked at the World Bank as a consultant in the Research Group. He also visited the New York University, Stern School of Business as a visiting scholar in 2013. His research interests include banking, financial economics and macrofinance, and his research has appeared in journals such as the Journal of Financial Stability, Journal of Banking and Finance, and Journal of Financial Intermediation.

Image

Robert Cull

Research Manager, Development Research Group

Robert Cull is acting research manager in the Finance and Private Sector Development Team of the World Bank's Development Research Group. His most recent research is on the performance of microfinance institutions, African financial development, Chinese financial development and firm performance, and the effects of the global financial crisis on foreign banks in developing economies. He has published numerous articles in peer-reviewed academic journals including the Economic Journal, Journal of Development Economics, Journal of Economic Perspectives, Journal of Financial Economics, Journal of Law and Economics, and the Journal of Money, Credit, and Banking. The author or editor of multiple books, his most recent co-edited book Banking the World: Empirical Foundations of Financial Inclusion was published by MIT Press January, 2013. He is also co-editor of the Interest Bearing Notes, a bi-monthly newsletter reporting on financial and private sector research.

Image

Sergio Schmukler

Lead Economist, Development Research Group

Sergio Schmukler is Lead Economist at the World Bank’s Development Research Group. His research area is international finance and international financial markets and institutions. He obtained his Ph.D. in Economics from the University of California at Berkeley in 1997, when he joined the World Bank's Young Economist and Young Professionals Programs. He currently teaches financial development at Columbia University. He is a member of the Money and Finance Research (Mo.Fi.R) group and Treasurer of LACEA, the Latin America and Caribbean Economic Association (since 2004). In recent years, he has visited the Bank for International Settlements (BIS), the Central Bank of Chile, CREI at Universitat Pompeu Fabra, the Dutch Central Bank, and the Hong Kong Institute for Monetary Research of the Hong Kong Monetary Authority. He has taught at the Department of Economics of University of Maryland (1999-2003), worked at the International Monetary Fund Research Department (2004-2005), was Associate Editor of the Journal of Development Economics (2001-2004), and has participated in several other editorial boards. In earlier years, he worked at the Argentine Central Bank, the U.S. Board of Governors of the Federal Reserve System, and the Inter-American Development Bank Research Department.

Image

Miriam Bruhn

Senior Economist, Development Research Group

Miriam Bruhn is a Senior 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.

Image

Claudia Ruiz

Economist, Development Research Group

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

Nan Zhou

Nan Zhou

Research Analyst, Development Research Group

Nan Zhou is a Research Analyst with the Development Research Group. His recent research explores the ownership, funding structure and performance of international banks, particularly in developing country contexts. In the past, he studied the role of long-term finance provision by capital markets and the extent it relates to institutional investor presence. He also participated in the IMF-World Bank Financial Sector Assessment Program for China, contributing to technical areas including bond market development, shadow banking, and resolution of distressed debts. He holds an M.A. in economics from Cornell University and B.Soc.Sc. from the Chinese University of Hong Kong.

Image

Juan Jose Cortina Lorente

Research Analyst, Development Research Group

Juan Jose Cortina Lorente is a Research Analyst at the World Bank’s Development Research Group, Macroeconomics and Growth Team. He joined the Bank in July of 2013 and worked on topics relating to emerging markets finance, financial globalization, financial inclusion, and financial development. He is author of several publications on global financial markets, written with Didier T. and Schmukler S.L. Prior to joining the Bank, he has worked as a Research Fellow at the Complutense University of Madrid. He holds a M.Sc. in Economics from the Barcelona GSE (Universitat Pompeu Fabra) and a B.A. with honors from the Complutense University of Madrid.

Ruth Llovet Montanes

Ruth Llovet Montanes

Ruth Llovet Montanes is a World Bank Group Analyst in the Operations and Strategy Unit of the Development Economics Vice Presidency. She joined the World Bank in July of 2015 and has been working on topics relating to emerging markets finance, firms’ capital raising activity, international capital flows, and financial market development. She is a core team member of the 2017/2018 Global Financial Development Report on international banking. Prior to joining the Bank, she worked as a research assistant at the Spanish Ministry of Foreign Affairs and Cooperation in Madrid. Ruth holds an M.Sc. and a B.A. in Economics from Universitat Pompeu Fabra.