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Augusto de la Torre

Augusto de la Torre, a national of Ecuador, is the Chief Economist for Latin American and the Caribbean. Since joining the World Bank in 1997, he has held the positions of Senior Advisor in the Financial Systems Department and Senior Financial Sector Advisor, both in the Latin America and the Caribbean region. From 1993 to 1997, Mr. de la Torre was the head of the Central Bank of Ecuador, and in November 1996 was chosen by Euromoney Magazine as the year’s "Best Latin Central Banker." From 1986 to 1992 he worked at the International Monetary Fund, where, among other positions, he was the IMF’s Resident Representative in Venezuela (1991-1992).

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Mr. de la Torre has published extensively on a broad range of macroeconomic and financial development topics. He is a member of the Carnegie Network of Economic Reformers. He earned his M.A. and Ph.D. degrees in Economics at the University of Notre Dame and holds a Bachelors degree in Philosophy from the Catholic University of Ecuador.

Contact information: Email:
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Recent Papers and Publications:


blue arrow Regulatory Reform: Integrating Paradigms (with Alain Ize) 2009.  World Bank Working Paper No. 4842

blue arrow Low Carbon, High Growth: Latin American Responses to Climate Change (with Pablo Fajnzylber and John Nash) 2009, World Bank.

blue arrow Drivers and Obstacles to Banking SMEs: The Role of Competition and the Institutional Framework (with M. S. Martinez Peria and S. Schmukler) 2008.  World Bank Working Paper No. 4788.

blue arrowBank Involvement with SMEs: Beyond Relationship Lending (with M.S. Martinez Peria and S. Schmukler) 2009.  World Bank Working Paper No. 4649.
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Fair Growth: Economic Policies for Latin America's Poor and Middle-Income Majority (with N. Birdsall and R. Menezes) 2008. Center for Global Development and Inter-American Dialogue. Versa Press.
blue arrowThe Basic Analytics of Access to Financial Services, Financial Markets, Institutions & Instruments (blue arrowwith T. Beck).  2007.  World Bank Working Paper Version No. 4026.

Financial Development: Maturing and Emerging Policy Issues (with J. C. Gozzi, and S. Schmukler)  World Bank Research Observer, Vol. 22, No. 1, Spring 2007. World Bank Working Paper Version No. 3963.

blue arrowInnovative Experiences in Access to Finance: Market Friendly Roles for the Visible Hand? (with J. C. Gozzi, and S. Schmukler) 2007. World Bank Working Paper No. 4326.

blue arrowEmerging Capital Markets and Globalization: The Latin American Experience (with S. Schmukler) Stanford University Press and the World Bank. 2007.

blue arrowCapital Market Development: Whither Latin America?” In Strengthening Global Financial Markets (with J. C. Gozzi, and S. Schmukler) 2007. IASE/NBER Volume, ed. M. Garcia and S. Edwards. Chicago: University of Chicago Press. World Bank Working Paper Version No. 4156.

blue arrowStock Market Development under Globalization: Whither the Gains from Reforms? (with J. C. Gozzi, and S. Schmukler) 2006. World Bank Working Paper No. 4184.

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Brazil: Interest Rates and Intermediation Spreads (with S. Claessens) 2006. World Bank Report No. 36628-BR.

blue arrowCoping with Risk Through Mismatches: Domestic and International Financial Contracts for Emerging Economies (with S. Schmukler). 2004. International Finance, 7:3.  World Bank Working Paper Version No. 3212.
blue arrowLiving and Dying with the Hard Pegs: The Rise and Fall of Argentina's Currency Board (with E. Levy and S. Schmukler). 2002. Economia. Spring. World Bank Working Paper Version No. 2980.
blue arrowFinancial Globalization: Unequal Blessings (with E. Levy and S. Schmukler) 2002.
 International Finance, Vol. 5, No. 3, pp. 335-357. World Bank Working Paper Version No. 2903.
blue arrowEcuador Crisis in the Late 1990's: Banking, Currency and Debt Meltdown (with R. Garcia-Saltos and Y. Mascaro). 2001. Mimeo.
blue arrowWashington Contentious: Economic Policies for Social Equity in Latin America (with N. Birdsall) 2002.

blue arrow Resolving Bank Failures in Argentina. Recent Developments and Issues 2000. World Bank Working Paper 2295.

blue arrowChile: Financial Sector Assessment 2004
blue arrowFinancial Sector Assessment Costa Rica (the FSAP was led with A. Ize). 2003.
blue arrowFinancial Sector Assessment Mexico (the FSAP was led with A. Leone). 2002.
blue arrowLa Reforma Económica y la Nueva Legitimidad 2002.  Economía Exterior 22:61-74.

Recent Presentations

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Fair Growth: Economic Policies for Latin America's Poor and Middle-Income Majority

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Latinoamérica frente a la Recesión en EE.UU.

blue arrowThe Growth and Trade in Latin America: Issues and Prospects

blue arrowThe Sub-Prime Crisis and Latin America's Immune System 

blue arrowBrazil Interest Rates and Intermediation Spreads: Why so high? 

blue arrowLatin American Capital Markets: Stylized Facts, Recent Developments, and Issues

blue arrowBank Regulation and Financial Development
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Argentina's Financial Crisis
blue arrowOrigins and types of Financial Crises
blue arrowLatest Generations of Financial Crises
blue arrowLegal Framework and Bank Insolvency
blue arrowLoan Classification and Provisionaing
blue arrowCoping with Risk through Mistmaches
blue arrowRole of Supervision in Crises
blue arrowRole of Governments in Credit Markets

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