Person:
Giugale, Marcelo

Financial Advisory and Banking Services, World Bank Treasury
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Debt management, Financial Integrity, Public Finance
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Financial Advisory and Banking Services, World Bank Treasury
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Last updated: January 31, 2023
Biography
Marcelo Giugale is the Director of the World Bank’s Department of Financial Advisory and Banking Services—the team of professionals who help emerging and developing countries manage their reserves, lighten their debts, and hedge their risks. A former Director of country, regional, and global Departments, and an international development leader, his twenty-eight 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. An elected Fellow of the US 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.
Citations 35 Scopus

Publication Search Results

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  • Publication
    Africa's Macroeconomic Story
    (World Bank, Washington, DC, 2013-10) Hostland, Douglas; Giugale, Marcelo M.
    Much of Sub-Saharan Africa's post-independence macroeconomic history has been characterized by boom-bust cycles. Growth accelerations have been common, but short lived. Weak policy formulation and implementation led to large external and fiscal imbalances, excessive debt accumulation, volatile inflation, and sharp exchange rate fluctuations. This characterization changed, however, in the mid-1990s, when debt relief and better macroeconomic policy began to provide a source of stability that has helped sustain robust growth throughout much of the region. In resource rich countries, the process was supported over the past few years by a dramatic increase in commodity prices. But resources are only one part of the story. Growth has exhibited impressive resilience even in the face of negative external shocks, as in 2008-2009. While the short-term outlook remains positive, over the medium term policy makers face new challenges. Several countries have the potential to greatly expand natural resource production and become major commodity exporters; volatile resource revenue will complicate their fiscal and monetary planning. Rising investor appetite for financial assets of frontier markets and the development of domestic debt markets will continue to broaden the menu of and trade-offs among financing options at a time when global interest rates may start sloping upward. Complex financing arrangements -- notably for private-public or public-public partnerships in infrastructure -- will become more common and will generate new types of fiscal commitments and contingencies.