Emerging Markets at the
Crossroads: Current Challenges and Future Prospects
Friday, April 26, 2013
● 8:30 a.m. – 4 p.m.
Ian H. Solomon
United States Executive Director, The World Bank
Honorable Ian Solomon is the United States Executive Director of the World Bank
Group. Solomon was nominated by President Barack Obama and confirmed
unanimously by the United States Senate. As the U.S. Executive Director, he
represents the United States as the largest shareholder on the executive boards
of the World Bank Group institutions.
Previously, Solomon was Senior Advisor to the Secretary of the United
States Department of the Treasury on international and domestic issues,
including working on the Administration's global food security initiative as a
member of Secretary Geithner's senior staff. From March 2005 through November
2008, Solomon served as Legislative Counsel to then-U.S. Senator Barack
Obama working on issues relating to poverty, economic development, government
reform, tax, budget, banking, and finance.
Before coming to Washington DC, Solomon was Associate Dean at Yale Law
School overseeing finance and administration. He co-taught a popular seminar on
negotiation and conflict resolution and was actively involved in urban economic
development initiatives. Solomon served as Chairman of the New Haven,
Connecticut Port Authority and as Treasurer to revitalize New Haven's
world-renowned Shubert Theater. He directed an initiative to increase small and
minority business contracting with the City of New Haven, and worked to grow
businesses and create jobs through technology transfer by Yale University.
Solomon was a consultant with McKinsey & Company in New York, where he
helped global financial institutions, media companies, and non-profit
organizations realize strategic and operational opportunities. He advised the
CEO of the Upper Manhattan Empowerment Zone, a major urban economic development
initiative, and served as Acting Director of its lending subsidiary for small
businesses and entrepreneurs.
Originally from New York, Solomon lived in South Africa during the period
of transition to nonracial democracy. He co-authored two chapters in "No More
Tears..." Struggles for Land in Mpumalanga, South Africa (Africa World Press,
(Yiorgos) Allayannis has taught in the First Year Finance program and elective
courses in Portfolio, Valuation, and Financial Institutions and Markets as well
as in programs in Darden's Executive Education, the CFA Institute, SNL Financial
and the World Bank.
His primary research focus is on corporate risk management, exchange-rate
risk, capital structure and corporate financial policies. Specifically, his work
examines the impact of financial and operational risk management on firm
valuation and risk, the valuation implications of cash flow volatility, and the
determinants and evolution of a firm's exchange-rate risk. His recent work
explores capital structure and liquidity as a way to manage risk and improve
value, corporate governance, and earnings management. His research has been
published in leading finance journals, such as the Journal of Finance, Journal
of Financial Economics and Review of Financial Studies. He was the recipient of:
the University of Virginia Alumni Association Distinguished Professor Award in
2011; the Outstanding Faculty Award in 2002, 2009, 2010 and 2012; was elected
Faculty Marshal by the graduating classes of 2002, 2004, 2005, 2009, 2010 and
2012; and was the recipient of the Wachovia Award for Research Excellence in
2002 for his article on corporate risk management and its impact on firm value.
Between 2005 and 2007, Allayannis was a director in Citigroup’s Global
Financial Strategy Group in the Investment Banking Division. He worked
extensively with clients in the financial institutions and industrials sectors
advising on a broad range of issues such as capital structure, credit ratings,
capital distribution policies, valuation and risk management. He was involved in
several strategic and financing transactions. Allayannis also published several
Citigroup reports on risk management in emerging markets, the impact of energy
prices on corporate financial strategies and the value creation of divestitures
in the financial services sector.
Stijn Claessens is Assistant Director in the Research Department of the
International Monetary Fund where he leads the Financial Studies Division. He is
also a Professor of International Finance Policy at the University of Amsterdam
where he taught for three years (2001-2004). Claessens, a Dutch national, holds
a Ph.D. in business economics from the Wharton School of the University of
Pennsylvania (1986) and M.A. from Erasmus University, Rotterdam (1984). He
started his career teaching at New York University business school (1987) and
then worked earlier for fourteen years at the World Bank in various positions
(1987-2001). Prior to his current position, he was Senior Adviser in the
Financial and Private Sector Vice-Presidency of the World Bank (from 2004-2006).
His policy and research interests are firm finance; corporate governance;
internationalization of financial services; and risk management. Over his
career, Claessens has provided policy advice to
emerging markets in Latin America and Asia and to transition economies. His research
has been published in the Journal of Financial Economics, Journal of Finance and
Quarterly Journal of Economics. He had edited several books, including
International Financial Contagion (Kluwer 2001) Resolution of Financial Distress (World
Bank Institute 2001), and A Reader in International Corporate Finance (World
Bank). He is a fellow of the London-based CEPR.
Janamitra Devan is Vice President, Financial and Private Sector Development
(FPD). FPD plays a vital role in operations, strategy and knowledge for both the
World Bank and IFC. Devan brings a distinguished set of skills and experience to
this key position.
Prior to this appointment, Devan, a U.S. national, was Director for Asia of
the McKinsey Global Institute and Senior Fellow at McKinsey & Company's Shanghai
office after 10 years as a senior executive with the company. Devan led a
large-scale study on the urbanization of China; built a network of top Chinese
economists to support McKinsey’s understanding of the Chinese economy; and
developed a strong suite of proprietary knowledge products. He also advised
senior executives and CEOs of more than 40 multinational corporations spanning
the Fortune 1000 list of companies in airline, banking, food and beverage,
consumer products, energy, mining, and infrastructure sectors.
Before his work in China, Devan was Director of Global Operations of
McKinsey's flagship Strategy Practice with special expertise in global and
corporate strategy for a broad spectrum of the firm's financial, consumer, and
knowledge-based clients in the U.S., Europe, and Asia. While leading the
Strategy Practice, he created and led the Institute for Corporate Excellence, an
initiative to better understand the drivers of corporate performance.
Devan began his professional career as an economist at the Monetary Authority
of Singapore. He subsequently worked as a consultant for Ernst and Whinney
before teaching for several years at Middlebury College. From 1998-99 he was
Program Manager of FIAS, where he managed the program for the Middle East and
Devan holds a Ph.D. in Business Economics and Public Policy from Indiana
Eric Guichard is the Founder and Chief Executive Officer of Homestrings.
is also currently Chairman and Chief Executive Officer of GRAVITAS Capital
Advisors, Inc. an asset management firm he founded in 1996
(www.gravitascapital.com) GRAVITAS Capital advises global and sovereign
institutional assets. He runs the Sovereign Solutions Practice which includes
innovative macro solutions such as the Sovereign Debt Redemption Fund Ltd and
the Pension Support Fund Ltd. Guichard also manages GRAVITAS's Tactical Allocation
Fund, LLC. He received a 2009 Risk Innovator Award for Finance from Risk &
Prior to GRAVITAS Capital, Guichard was portfolio manager at the World Bank
(1990-1996) where he also served as technical adviser to sovereign and
multilateral institutions worldwide.
Guichard is a graduate of the University of Dakar (Cheikh Anta Diop), in Senegal;
of Duquesne University in Pittsburgh; and of the Harvard Business School, where
he earned his MBA (World Bank Scholar and Harvard Fellowship award.)
Guichard lectures internationally and has published articles on global finance
and risk management. He lives in Washington, DC with his family.
Devesh Kapur was appointed Director of the Center for the Advanced Study of
India in 2006. He is Associate Professor of Political Science at Penn, and holds
the Madan Lal Sobti Associate Professor for the Study of Contemporary India.
Prior to arriving at Penn, Kapur was Associate Professor of
Government at the University of Texas at Austin, and before that the Frederick Danziger Associate Professor of Government at Harvard. His research focuses on
human capital, national and international public institutions, and the ways in
which local-global linkages, especially international migration and
international institutions, affect political and economic change in developing
countries, especially India. His latest book, Diaspora, Democracy and
Development: The Impact of International Migration from India on India, was
published by Princeton University Press in August 2010, and earned him the 2012
ENMISA (Ethnicity, Nationalism, and Migration Section of International Studies
Association) Distinguished Book Award. Kapur is the recipient of the
Joseph R. Levenson Teaching Prize awarded to the best junior faculty, Harvard
College, in 2005.
Kapur holds a B. Tech in Chemical Engineering from the Institute of
Technology, Banaras Hindu University; an M.S. in Chemical Engineering from the
University of Minnesota; and a Ph.D. from the Woodrow Wilson School at
William Kerr is an Associate Professor at Harvard Business School.
teaches Launching Global Ventures for second-year MBA students; Launching New
Ventures and Owners, Presidents and Managers for executive students; and
Theoretical and Empirical Perspectives on Entrepreneurship for doctoral
students. Kerr was previously co-chair of the first-year course The
Entrepreneurial Manager at HBS. He has received Harvard's Distinction in
Teaching award and was designated the HBS Marvin Bower Fellow.
Kerr's research focuses on entrepreneurship and innovation. One research
strand examines the role of immigrant scientists and entrepreneurs in US
technology development and commercialization, as well as the subsequent
diffusion of new innovations to the immigrants’ home countries. A second
research strand considers agglomeration and entrepreneurship, with special
interest in how government policies aid or hinder the entry of new firms,
cluster formation, and growth. A final interest area is entrepreneurial finance
and angel investments.
Kerr is a Research Fellow of the NBER and Bank of Finland, has received
several awards for his research papers, and serves on the editorial boards of
multiple academic journals. Kerr has worked extensively with the World Bank,
Massachusetts Technology Leadership Council, and the National Science
Foundation. Kerr received his Ph.D. in Economics from MIT and his B.S. in
Systems Engineering from the University of Virginia.
Kerr has worked with firms worldwide. Past projects include business plan
development for start-up ventures in Hong Kong, establishing a corporate
entrepreneurship and CVC unit within a Korean chaebol, and evaluating the
acquisition of early-stage communications companies for a US multinational
entering the Asian market. He also advised the governments of South Africa and
Singapore on the economic benefits from telecom market deregulation.
Kerr and his family live in Lincoln, MA. They enjoy outdoor sports and trail
running, are active members of their local church, and maintain close ties to
his wife's home country of Finland. Kerr grew up in Alabama and remains a
passionate college football fan.
Gheewhan Kim became the Minister for Economic Affairs at the Korean Embassy
in Washington, D.C on August 25, 2011. Previously he was Director-General for
Multilateral Trade in the Ministry of Foreign Affairs and Trade (MOFAT), dealing
with WTO, APEC, OECD and G20 Trade matters. He was a senior official and a chief
negotiator for various WTO Doha Development Agenda negotiations, including
services and fishery subsidies. Kim was also involved in FTA matters as Deputy
Director-General of the FTA Policy Bureau and was chief negotiator in the
Korea-Japan FTA consultations.
As Head of Legal Service, Kim was responsible for WTO dispute settlement at
the Ministry, where he successfully challenged countervailing measures imposed
by Japan and the EU against Hynix DRAM semiconductors. He also served as Head of
the Task Force for Hosting the 2012 Yeosu Exposition.
Since joining the Ministry of Foreign Affairs in 1983, Kim has served at
various overseas posts, including the Embassy in Muscat, Oman, and the Korean
Mission in Geneva, Switzerland. He worked as Counselor at the Embassies in the
United Kingdom and the Russian Federation. Kim served as Director for Supporting
North Korean Refuges at the Ministry of National Unification. He was awarded a
Public Service Merit Medal in 2008. He completed military service as Lieutenant
at the Judge Advocate General’s Office and at the Fleet Command of the Korean
He received his LL.B from the College of Law at Seoul National University in
Korea, and graduated from the University of Cambridge in the United Kingdom with
an LL.M and Diploma for International Law.
Leora Klapper is a Lead Economist in the Development Research Group, Finance
and Private Sector Research Unit, at the World Bank. Since joining the Bank as a
Young Economist in 1998, she has published articles on entrepreneurship, access
to finance, corporate governance, risk of financial institutions, and bankruptcy
and risk management. Her current research focuses on the impact of financial
crises and civil conflict on entrepreneurship, and developing global indicators
of financial inclusions. She has over 30 publications, and is currently a member
of the Journal of Comparative Economics editorial board, the OECD
Entrepreneurship Indicators Steering Group, and the G-20 Working Group on SME
Finance Data Collection. Prior to coming to the Bank she worked at the Board of
Governors of the Federal Reserve System, the Bank of Israel, and Salomon Smith
Barney. She holds a Ph.D. in financial economics from New York University Stern
School of Business.
Ning has been has been the Commercial Minister for the Embassy of the People’s
Republic of China since May, 2012, and with the Chinese Ministry of Foreign
Affairs (MOFCOM) since 1987. He has devoted the past twelve years of his career
to promoting bilateral economic and trade relations between the United States
and China. Some highlights of his tenure with the Ministry of Foreign Affairs
include being the first person to have been appointed Director-General of the
Department for WTO Affairs, and serving as counselor for the permanent mission
of China to Geneva. He Ning is a graduate of Guangdong University of Foreign
Caglar Ozden, a Turkish national, is senior economist in the Development
Research Group's Trade and Integration team. He received his undergraduate
degrees in economics and industrial engineering from Cornell University and his
Ph.D. in economics from Stanford University. Prior to joining the World Bank six
years ago, he was on the faculty of the economics department at Emory
University. His research explores the nexus of globalization of product and
labor markets, government policies and economic development. He has published
numerous papers in leading academic journals which explored the dynamics of
protectionist trade policies, adverse consequences of unilateral trade
preferences, placement of highly educated migrants in unskilled jobs in the US
labor market - the brain waste effect. His most current research explores the
role of diasporas and social networks on migration flows and patterns,
performance of migrants in the destination labor markets, linkages between
migration, trade and foreign direct investment flows and causes of the migration
decisions of physicians from sub-Saharan Africa. He has edited three books on
migration, remittances, brain drain and their impact on economic development.
The latest, International Migration, Economic Development and Policy, was
published in 2007.
is a senior officer on trade policy in the Economic Department of the Embassy of
Chile to the United States. Palomo is responsible for supporting
and implementing bilateral economic activities and promoting exports and investment.
Prior to working at the Embassy of Chile, from 2007 to 2010, Palomo worked
on international economic issues at the Office of Minister of Foreign Affairs of
From 2004-2006, Palomo served as a Project Coordinator at Directorate General
of International Economic Affairs where she was responsible for implementing the
project Strengthening Institutional Capacity of DIRECON, financed by the Inter–American
In 2003, Palomo was assigned to the Embassy of Chile in Norway where she
served as a Consul, a post that she held until 2004.
Between 2001 and 2002 she served as economic adviser at the Directorate General
of International Economic Affairs, Ministry of Foreign Affairs of Chile. She participated
in the negotiation process with the European Union and European Free Trade Association
Palomo received her undergraduate degree in Commercial Engineering and her
Master degree in Financial Economics from Pontificia Universidad Católica de Chile,
where she graduated with honors. She entered the Andrés Bello Diplomatic Academy
in 1997, and graduated in 1998.
Kislaya Prasad is a Research Professor at the Robert H. Smith School of
Business, University of Maryland. He received his Ph.D. in Economics and M.S. in
Computer Science from Syracuse University. Previous positions include Professor
of Economics at Florida State University and Research Officer at the University
of Cambridge. His principal research focus is on the computability and
complexity of individual decisions and economic equilibrium, innovation and
diffusion of technology, and social influences on economic behavior. His
research has been published in leading economic journals such as Journal of
Monetary Economics, Journal of Mathematical Economics, International Journal of
Game Theory, and Journal of Economic Dynamics and Control. Current projects
include medical treatment variations and diffusion of technologies in medicine,
complexity of choice under uncertainty, and experimental tests of contract
theory. His research is currently funded by a grant from the National Science
Foundation. Prasad is also a Guest Scholar at the Center on Social and
Economic Dynamics, The Brookings Institution, Washington D.C.
W. Senbet is the William E. Mayer Chair Professor of Finance at the Smith School
of the University of Maryland, College Park and Director of the Center for
Financial Policy. He has been an influential member of the global community of
finance scholars for over 30 years. His chief research interests are in the
areas of corporate finance, international finance, agency, and financial
contracting. He has advised the World Bank, the International Monetary Fund, the
United Nations, African Economic Research Consortium, and other international
institutions on issues of financial sector reform and capital market
development. He also served as an independent director for The Fortis Funds and
currently is an independent director for The Hartford Funds.
Senbet is internationally recognized for his widely cited
contributions to finance, which have appeared in such leading academic journals
as the Journal of Finance, Review of Financial Studies, and Journal of Business.
He has published over sixty papers. He has served on more than a dozen journal
Senbet has received numerous professional honors and recognitions for
his impact on the finance profession. He has been elected (twice) director of
the American Finance Association and is a past president of the Western Finance
Association. He was inducted into the Financial Economists Roundtable, a
distinguished group of financial economists who have made significant
contributions to finance and add their knowledge to current policy debates. In
2005, Senbet was awarded an honorary doctor of Letters Honoris Causa
by Addis Ababa University, Ethiopia’s flagship institution of higher learning
and his alma mater. In 2006, he was inducted as Fellow of the Financial
Management Association International for his career-long distinguished
scholarship and professional service.
Kenneth Smith Ramos
Smith Ramos is currently the Head of the Trade and NAFTA Office of the Ministry
of Economy of Mexico, in Washington DC. promoting trade relationships between
Mexico and the United States and ensuring proper This office is in charge of
Also, this office engages with relevant stakeholders from the academic, private,
and public sectors on key trade issues that affect the bilateral relationship
and addresses global issues that are relevant to the NAFTA region.
Prior to serving in his current post, Smith was Coordinator General for
International Affairs at the Mexican Ministry of Agriculture, Livestock, Rural
Development, Fisheries and Food (SAGARPA), where he was responsible for
agricultural trade negotiations and international cooperation. He managed six
Foreign Agricultural Offices of Mexico that play a key role in the promotion of
Mexican agricultural exports through the participation in international trade
shows, and trade missions.
Previously, Smith worked at the Mexican Federal Competition Commission, as
Director-General for International Affairs, as well as in the Ministry of
Economy, where he was Director-General for Assessment and Monitoring of
He started his professional career working for Mexico’s NAFTA negotiating
team. Smith has a Bachelor’s Degree in International Affairs from Georgetown
University, and a Master’s Degree in International Economy from Johns Hopkins
is Political Counselor at the Turkish Embassy in Washington since August 2012.
He is also currently Foreign Policy Institute Fellow at SAIS. Formerly he was
Fellow (2011-2012) at the Weatherhead Center for International Affairs, Harvard
He previously served as the Deputy Special Advisor and Deputy Chief of Staff
to the Minister of Foreign Affairs, H.E. Ahmet Davutoglu. Yorulmazlar previously
was Third and Second Secretary at the Turkish Embassy in Tehran between
Yorulmazlar completed double majors in Political Science &IR and History from
the Bogazici University, Istanbul. He got an M.Sc. in European Politics and Policy
at the London School of Economics as a Chevening Scholar of the British Council.
He is currently a PhD candidate at the Bogazici University completing his
dissertation on “Ideas and foreign policy: The role of the JDP-Davutoglu
paradigm in Turkish foreign policy after 2002.”
A. Zelner (Ph.D., University of California, Berkeley, 2001) studies the
strategies that firms use to manage the diverse political, social, and economic
institutions they encounter when doing business abroad. Much of his research
focuses on infrastructure industries recently subject to market-oriented
reform—such as privatization, deregulation, and liberalization—and the
challenges that such environments pose for private investors. Other projects
focus on the role played by corporate groups—clusters of legally independent
firms joined by multiplex economic and social ties—in Western Europe and the
United States, and the comparative effects of national renewable energy policies
on “green” innovation patterns in Western Europe. Zelner’s research
has been published in such journals as Administrative Science Quarterly,
Strategic Management Journal, Academy of Management Review, American
Sociological Review and Harvard Business Review.