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She is also the chair of the Latin American Shadow Financial Regulatory Committee (CLAAF). From March 1998 to October 2000, she served as managing director and chief economist for Latin America at Deutsche Bank. Before joining Deutsche Bank, Rojas-Suarez was the principal advisor in the Office of Chief Economist at the Inter-American Development Bank. Between 1984-1994 she held various positions at the International Monetary Fund, most recently as deputy chief of the Capital Markets and Financial Studies Division of the Research Department. She has been a visiting fellow at the Institute for International Economics, a visiting advisor at the Bank for International Settlements and has also served as a professor at Anahuac University in Mexico and advisor for PEMEX, Mexico’s National Petroleum Company. Rojas-Suarez has also testified before a Joint Committee of the US Senate on the issue of dollarization in Latin America.
She has published widely in the areas of macroeconomic policy, international economics and financial markets in a large number of academic and other journals including Journal of International Economics, Journal of International Money and Finance, Journal of Development Economics, Journal of Contemporary Economic Policy, International Monetary Fund Staff Papers. She has also published or being cited in prestigious newspapers such as the Financial Times, the Wall Street Journal and the Washington Post. She is also regularly interviewed by CNN en Español.
Michael P. Dooley & Donald J. Mathieson & Liliana Rojas-Suarez, 1997. "Capital Mobility and Exchange Market Intervention in Developing Countries" NBER Working Papers 6247, National Bureau of Economic Research, Inc.
Rojas-Suarez, L & Weisbrod, S-R, 1997. "Financial Markets and the Behavior of Private Savings in Latin America" Working Papers 340, Inter-American Development Bank, Research Department.
McNelis, P.D. & Rojas-Suarez, L., 1996. "Exchange rate depreciation, Dollarization and Uncertainty: A Comparison of Bolivia and Peru" Working Papers 325, Inter-American Development Bank, Research Department.
Rojas-Suarez, L. & Weisbrod, S.R., 1996. "Banking crises in Latin America: Experience and Issues" Working Papers 321, Inter-American Development Bank, Research Department.
Rojas-Suarez, L. & Weisbrod, S.R., 1996. "Building Stability in Latin American Financial Markets" Working Papers 320, Inter-American Development Bank, Research Department.
Rojas-Suarez, L. & Weisbrod, S.R., 1996. "Managing Banking Crises in Latin America: The Di's and Don'ts of Successful Bank Restructuring Programs" Working Papers 319, Inter-American Development Bank, Research Department.
Rojas-Suarez, L. & Weisbrod, S., 1994. "Achieving Stability in Latin American Financial Markets in the Presence of Volatile Capital Flows" Working Papers 304, Inter-American Development Bank, Research Department.
After Nancy Birdsall wrote from Lima last week that she’d been (happily) surprised to see microeconomic issues atop the agenda at the normally macro-heavy World Bank/IMF meetings, I now offer an alternative perspective from the meetings in the Peruvian capital: financial inclusion as a macro issue.
“Latin America is no exception regarding the adverse changes in emerging market conditions that have occurred since the US Fed began reducing Quantitative Easing (QE) in May 2013.” That’s the assessment of the Latin American Shadow Regulatory Committee (or CLAAF) in its latest statement.
In spite of recent progress in the usage of alternative financial services by adult populations, Latin America’s financial inclusion gaps have not reduced, relatively to comparable countries, and, in some cases, have even increased during the period 2011-2014. Institutional weaknesses play the most salient role through direct and indirect effects. Lack of enforcement of the rule of law directly reduces depositors’ incentives to entrust their funds to formal financial institutions. Indirectly, low institutional quality reinforces the adverse effects of insufficient bank competition on financial inclusion.
Debt crises in Europe, sluggish growth in the United States, and an overvalued Chinese currency could all spell trouble for developing countries. CGD senior fellow Liliana Rojas-Suarez unpacks three big financial-sector risks for 2011.
For almost half a decade, the aggressive expansion of liquidity by advanced economies’ central banks aimed at reigniting growth has fueled a surge of capital inflows into Latin America. Under the influence of dizzying terms of trade and extremely low world interest rates, the region’s central banks tried to prevent excessive domestic credit expansion by increasing intervention in foreign exchange markets, raising reserve requirements and, in some cases, imposing capital controls. The role of fiscal policy remained extremely limited.
But, as key commodity prices appear to have peaked and growth in Europe remains non-existent is the current policy stance in the region appropriate? The CLAAF members will deal with this issue by addressing, among others, the following questions:
Should Latin American countries continue with the current policy mix in the expectation that increasing global liquidity will eventually deliver growth in advanced economies, which will in turn support the region’s economic activity? What are the risks for the region’s financial stability if it continues down this path?
If, alternatively, policymakers reduce barriers to capital inflows to boost economic activity, will they compromise the strength of the financial system?
By implicitly pursuing multiple goals, do central banks run the risk of jeopardizing their credibility?
If the advanced economies recover and global liquidity is drastically reduced, can Latin America deal with such reversal? What should be the priorities to assuage the effects of a sudden stop of inflows?
Are low international interest rates inducing a mispricing of risk in Latin America?
My guest on this Wonkcast is CGD senior fellow Liliana Rojas Suarez, who serves as chair of the Latin American Shadow Financial Regulatory Committee (CLAAF). CLAAF is comprised of financial economists and former senior financial officials from the region who meet twice a year to study a current policy issue. They then issue a statement offering advice to policymakers in the region and others interested in Latin American financial regulatory issues—or just in the region’s overall economic health.