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Marcelo Giugale
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Marcelo Giugale is the Senior Economic Adviser of the World Bank Group’s Cluster of Global Practices for Equitable Growth, Finance, and Institutions—the professional home of the Group’s 2,000-plus specialists in macroeconomics, trade, finance, poverty reduction, and institutional development. An international development leader, and a former Director of country, regional, and global Departments, his twenty-five years of experience span the Middle East, Eastern Europe, Central Asia, Latin-America, and Africa, where he led senior-level policy dialogue and over thirty billion dollars in lending operations across the development spectrum. A Fellow of the National Academy of Public Administration, he has published on macroeconomic policy, finance, subnational fiscal rules, development economics, business, agriculture, and applied econometrics. Notably, he was the chief editor of collections of policy notes published for the presidential transitions in Mexico (2000), Colombia (2002), Ecuador (2003), Bolivia (2006) and Peru (2006). In 2014, he authored “Economic Development: What Everyone Needs to Know”, a featured volume by Oxford University Press. His opinion editorials are published in the leading newspapers and blog-sites of the USA, Europe, Latin-America, and Africa. He received decorations from the governments of Bolivia and Peru, and taught at the American University in Cairo, The London School of Economics, and the Universidad Católica Argentina. A citizen of Argentina and Italy, he holds a PhD and a MSc in Economics from The London School of Economics, and a Summa-Cum-Laude BA in Economics from Universidad Católica Argentina. You can watch his TED talk (“Ending Poverty”), and follow him on Twitter at @Marcelo_WB

Entries by Marcelo Giugale

Why Are Governments Struggling to Prop the World's Economy?

(3) Comments | Posted March 3, 2016 | 2:54 PM

"Out of ammo", "helicopter money", "monetary impotence", "infrastructure push", "savings glut". These are the kind of strange handles economists are using when debating why the world's economy is stuck--and what governments should do to jolt it out of its lethargy. The data is clear. Growth in global output is about...

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From Miami to Mumbai: What Makes Cities Competitive?

(1) Comments | Posted December 16, 2015 | 9:33 AM

It is every mayor's dream to govern a city where businesses thrive, jobs are abundant, and people are happy. So mayors spend long hours trying to attract investors and please citizens. It is a tough job. They know they compete with other cities, both at home and abroad. They have...

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Of Fools and Free Markets

(1) Comments | Posted October 29, 2015 | 10:41 AM

Think back to 2007. The world of finance was on a roll. Even people with bad or no credit history could borrow money to buy a house, see it gain value, sell it, and make a quick profit. "Subprime mortgage", "bullet repayment", and "house flipping" were part of the middle-class...

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The Fed's Decision and the Developing Countries

(0) Comments | Posted September 14, 2015 | 1:37 PM

The US Federal Reserve's extraordinary monetary policy has been good for the developing world. Its commitment to fighting recession by keeping interest rates close to zero explains most of the surge in gross capital flows toward emerging and developing economies--as a proportion of the recipients' GDP, those flows grew by...

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Piketty, Stiglitz and Our Renewed Interest in Inequality

(6) Comments | Posted May 10, 2015 | 10:54 AM

The publication in 2014 of Thomas Piketty's Capital in the Twenty-First Century brought inequality to the center of the public policy debate.

Looking at lots of historical data, he finds that the return on capital is always higher than economic growth. That means that those who own...

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Time to End Fuel Subsidies

(3) Comments | Posted April 16, 2015 | 10:30 AM

Every year, governments in the developing world spend half a trillion dollars making energy cheaper for their citizens--they subsidize the consumption of oil, natural gas, coal, and other fossil fuels. This is bad for social equity, for economic growth, and for the environment. But they do it anyway--a kind of...

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Europe's Woes and the World's Poor

(0) Comments | Posted February 27, 2015 | 5:09 PM

Europe's lingering economic troubles are at the center of global attention. Can the European Central Bank print enough money to jump-start the continent's economy? Or should that be done through a blast of public investment financed with yet more accumulation of debt? How should Greece be helped? What does the...

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Cheap Oil and the Poor

(3) Comments | Posted January 9, 2015 | 9:53 AM

After four years hovering at about $100 per barrel, the price of oil has suddenly collapsed -- and is expected stay at $70 or less in 2015. Both more supply and less demand are behind the change: large producers in the Arabian Peninsula keep pumping apace, the US is "fracking"...

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The Economic Impact of Ebola

(3) Comments | Posted October 8, 2014 | 9:44 AM

The outbreak of Ebola in West Africa has claimed thousands of lives -- more than 3,000 and counting -- and it has the power to take many more. It also has the power to wreck the economies of one of the poorest regions in the world. Whether it does or...

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Does Debt Forgiveness Work? Ask Africa

(0) Comments | Posted May 13, 2014 | 5:13 PM

When countries in sub-Saharan Africa ("Africa" for short) gained independence in the 1960s, they inherited little or no public debt. And they stayed relatively debt-free until the early 1980s. Then, they went on a borrowing binge. By mid-1990s, the average African nation owed more than the value of all the...

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What Can Foreign Investment Really Do for Your Country?

(0) Comments | Posted April 1, 2014 | 11:29 AM

When a respectable multinational company announces a new project in a poor country, it is usually a cause for celebration -- especially when the project won't hurt the environment and won't corrupt public officials. These companies create jobs, pay taxes, and bring badly-needed foreign currency. More subtly, they use better...

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Impact Evaluation: A Woman's Best Friend?

(1) Comments | Posted March 7, 2014 | 9:50 AM

Since the early 1900s, the world celebrates international women's day each March. In the earlier years, there was not much to "celebrate." Today, there is. The past three decades have witnessed real progress towards gender equity. Women have gained access to education, health, jobs, land, and other assets...

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Should Foreign Aid Be Abandoned or Adapted?

(16) Comments | Posted January 7, 2014 | 11:27 AM

In his latest book, Angus Deaton, an idol among development data junkies, makes two claims. First, advances in medicine have helped humans live longer and better lives. Over the centuries, greater awareness of germs, the discovery of vaccines, and the use of sanitation drastically brought child mortality down,...

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Why Can't We Innovate Our Way Out of Poverty?

(48) Comments | Posted November 21, 2013 | 9:21 AM

It is one of those unproven-but-probably-true facts that developing countries have an easier time getting out of poverty than getting into prosperity. They go from "low-" to "middle-income" level relatively fast, but rarely make it to "high-income" status. [A country is considered middle-income if its average citizen makes between $1,200...

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Can Africa Follow China's Industrialization Path?

(11) Comments | Posted October 2, 2013 | 7:28 PM

The simple answer is "No". But there is a lot that sub-Saharan Africa ("Africa" for short) can learn from the Chinese industrialization experience -- that incredible transformation from an old, inward-looking, heavy industrial sector which provided relatively little employment, exported almost nothing, and was owned and managed by the state,...

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How Green Should Economic Growth Be?

(12) Comments | Posted May 23, 2013 | 4:15 PM

First dilemma. When your country sells its oil, copper, or timber, it is actually swapping one asset for another: out goes a natural resource, in comes cash. Your national wealth has not changed. Now, if the cash is invested wisely, you might be better off -- rather than leaving hydrocarbons,...

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What on Earth Are 'Commodity Super-Cycles' and Why Do They Matter?

(11) Comments | Posted May 9, 2013 | 8:58 AM

The average developing country lives off exporting commodities like oil, gas, copper, cocoa or soybeans. The sale of these resources brings both revenue to the government and foreign currency to import what is not produced at home -- which, in these places, tends to be most things. So whatever happens...

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Les Misérables: How Many People Live in Extreme Poverty?

(15) Comments | Posted April 22, 2013 | 7:49 PM

Every year, for the past 35 years, the World Bank has published the World Development Indicators, a fine collection of data on developing countries. The just-released 2013 issue of "the WDI" is unusually telling. Deep into the report, there is a table that shows the status and the...

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What's the Future of Foreign Aid?

(2) Comments | Posted April 8, 2013 | 9:02 AM

Rich countries have been giving money to poor ones for many decades and for many reasons -- from geopolitics to post-colonial guilt to altruism. Much of that money was meant for development, that is, to build the schools, hospitals and roads that, over time, would make the recipients less poor....

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Can Governments Create Industries?

(14) Comments | Posted February 28, 2013 | 10:38 AM

It is an old debate. Back in the '50s and '60s, from Asia to Latin-America, an idea caught fire among development economists: governments should try to create industries. Typically, civil servants would pick industries that could employ lots of people or substitute imports, required huge upfront investments, were considered strategic,...

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