Independent research & practical ideas for global prosperity

Liliana Rojas-Suarez

Recent Research

Advanced Economies Pose Three Financial Risks to Developing Countries in 2011
Financial Integration and Foreign Banks in Latin America: Do They Amplify External Financial Shocks? - Working Paper 203
The International Financial Crisis: Eight Lessons for and from Latin America - Working Paper 202

Senior Fellow

Macroeconomic policy, international economics, financial markets, Latin America, regional public goods

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Education: PhD in Economics from the University of Western Ontario.

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Media Contact: Jessica Brinton

Liliana Rojas-Suarez is a senior fellow at the Center for Global Development with expertise on Latin America and on financial services and the development impact of global financial flows. Her most recent book is Growing Pains in Latin America: An Economic Growth Framework as Applied to Brazil, Colombia, Costa Rica, Mexico, and Peru.

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 and has also served as a professor at Anahuac University in Mexico and an advisor for PEMEX, Mexico's National Petroleum Company. Rojas-Suarez has also testified before a Joint Committee of the U.S. Senate on the issue of dollarization in Latin America. She has published widely in the areas of macroeconomic policy, international economics and financial markets.

New Popular Working Papers Books Other CGD Pubs Events Selected Works

Liliana Rojas-Suarez 2012 Global Economic Prospects in CNN in Spanish (Interview) - Jan 19, 2012

As part of a special edition of CNN program, CNN Dinero, Senior Fellow Liliana Rojas-Suarez formed part of a panel discussing global economic prospects for 2012. She emphasized that events in Europe will determine growth prospects around the globe. Liliana is not optimistic about the resolution of...
Global Risks for Low-Income Countries: Views on the IMF Perspective (Event Video) - Dec 23, 2011

Most low-income countries (LICs) recovered swiftly from the 2008-9 global crisis and have grown strongly since early 2010. But progress in rebuilding macroeconomic buffers has been slow, and the LICs are now less well prepared to deal with external shocks than they were before the crisis. At a time...
Dealing with Banking Problems in Europe - Liliana Rojas-Suarez (Interview) - Dec 20, 2011

Senior Fellow Liliana Rojas-Suarez was interviewed by CNN en Español on dealing with the current banking problems in Europe. With the escalation of the banking problems, some countries, such as Greece, need a comprehensive restructuring of their banking systems, while many others need a TARP-like...
The Current Debt Crisis and the Possibility of a Banking Crisis in the European Union: Liliana Rojas-Suarez (interview) - Sep 16, 2011

Senior Fellow Liliana Rojas-Suarez was interviewed by CNN en Español on the current debt crisis within Europe. In this interview she states her view that a banking crisis is highly likely within Europe. She notes that, in addition to the recent issues experienced by the French banks, many other...
El banco central Europeo compra bonos de Espana y Italia (CNN en Espanol) - Aug 9, 2011

Senior Fellow Liliana Rojas-Suarez was interviewed by CNN en Español on the European Central Bank’s (ECB) recent purchases of bonds from Italy and Spain. She notes that the size and duration of the intervention is important in determining its efficacy. Without a clear commitment by the ECB to...
Impacto de decradación (CNN en Espanol) - Aug 9, 2011

Senior fellow Liliana Rojas- Suarez discusses the U.S. credit rating downgrade and its effects. She emphasizes that the fundamental problems behind the 2008 financial crisis – namely the deeply troubled mortgage markets - have not been solved, and that this downgrade, together with the ongoing...
El Efecto en la Region: Liliana Rojas-Suarez (Interview) - Jul 28, 2011

CGD Senior fellow Liliana Rojas-Suarez discusses what implications might befell Latin American economies if the U.S. does not raise its debt ceiling.
The Debt Cap Showdown and the Developing World: Liliana Rojas-Suarez - Jul 19, 2011

The American media is abuzz with stories of doom and gloom as tensions mount over stalled efforts to raise the U.S. debt ceiling. Europe, meanwhile, has its own debt woes, with mounting fears that a default in Greece could spill over into Ireland, Portugal and Spain. So far, however, there has...
Avoiding a Credit Bubble in Latin America (Wonkcast) - Jun 20, 2011

For now, the future for Latin America looks bright. Confidence is high throughout the region after a strong rebound from the global financial crisis. But large and possibly volatile inflows of capital could lead to a credit bubble if regulators don’t take steps now to slow the large flood of hot...
The New Approach to Financial Regulation: Is It Relevant for Developing Countries? (With Applications to Latin America) (Presentation) - Mar 8, 2011

These slides are from a presentation by Liliana Rojas-Suarez on the macroprudential approach to financial regulation. Key components of this approach include the recent Basel III Accord, which, among other measures, will impose higher capital requirements and entail a tighter focus on high quality...

Advanced Economies Pose Three Financial Risks to Developing Countries in 2011 - Jan 18, 2011

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.
Policy Principles for Expanding Financial Access - Sep 30, 2009

The CGD Task Force on Access to Financial Services proposes 10 principles for financial-sector policymakers—including national authorities, donors, private-sector participants, international financial institutions, and others—on the facilitation, regulation, and direct provision of...
The International Financial Crisis: Eight Lessons for and from Latin America - Working Paper 202 - Jan 27, 2010

This paper presents lessons derived from the 2008–09 financial crisis for Latin America and developing countries in other regions that might seek economic growth in the context of greater integration to the international capital markets.
The New Approach to Financial Regulation: Is It Relevant for Developing Countries? (With Applications to Latin America) (Presentation) - Mar 8, 2011

These slides are from a presentation by Liliana Rojas-Suarez on the macroprudential approach to financial regulation. Key components of this approach include the recent Basel III Accord, which, among other measures, will impose higher capital requirements and entail a tighter focus on high quality...
Growing Pains in Latin America: An Economic Growth Framework as Applied to Brazil, Colombia, Costa Rica, Mexico, and Peru - Sep 17, 2009

Growing Pains in Latin America lays out and applies a new approach to delivering sustainable, inclusive economic growth to the region.
Financing Development: The Power of Regionalism - Oct 1, 2004

The historic 2002 United Nations Conference on Financing for Development in Monterrey, Mexico, overlooked a crucial question: regionalism. Financing Development: The Power of Regionalism is designed to correct this omission.
The Provision of Banking Services in Latin America: Obstacles and Recommendations - Working Paper 124 - Jun 25, 2007

Access to financial services -- ranging from credit to the use of electronic means of payment -- is crucial for growth and poverty reduction. This new working paper by CGD senior fellow Liliana Rojas-Suarez tells why access to financial services is low in Latin America and suggests innovative...
Financial Integration and Foreign Banks in Latin America: Do They Amplify External Financial Shocks? - Working Paper 203 - Feb 8, 2010

This paper explores the impact of international financial integration on credit markets in Latin America. The overall effect is positive, but the foreign banks do tend to amplify the impact of foreign shocks on credit and interest rates. Important policy recommendations include ring-fencing...
El Efecto en la Region: Liliana Rojas-Suarez (Interview) - Jul 28, 2011

CGD Senior fellow Liliana Rojas-Suarez discusses what implications might befell Latin American economies if the U.S. does not raise its debt ceiling.
Global Risks for Low-Income Countries: Views on the IMF Perspective (Event Video) - Dec 23, 2011

Most low-income countries (LICs) recovered swiftly from the 2008-9 global crisis and have grown strongly since early 2010. But progress in rebuilding macroeconomic buffers has been slow, and the LICs are now less well prepared to deal with external shocks than they were before the crisis. At a time...

Financial Integration and Foreign Banks in Latin America: Do They Amplify External Financial Shocks? - Working Paper 203 - Feb 8, 2010

This paper explores the impact of international financial integration on credit markets in Latin America. The overall effect is positive, but the foreign banks do tend to amplify the impact of foreign shocks on credit and interest rates. Important policy recommendations include ring-fencing...
The International Financial Crisis: Eight Lessons for and from Latin America - Working Paper 202 - Jan 27, 2010

This paper presents lessons derived from the 2008–09 financial crisis for Latin America and developing countries in other regions that might seek economic growth in the context of greater integration to the international capital markets.
The Provision of Banking Services in Latin America: Obstacles and Recommendations - Working Paper 124 - Jun 25, 2007

Access to financial services -- ranging from credit to the use of electronic means of payment -- is crucial for growth and poverty reduction. This new working paper by CGD senior fellow Liliana Rojas-Suarez tells why access to financial services is low in Latin America and suggests innovative...
Financial Regulations in Developing Countries: Can they Effectively Limit the Impact of Capital Account Volatility? - Working Paper 59 - May 20, 2005

After more than a decade of financial sector liberalization, both of domestic markets and of international financial transactions (capital account liberalization), policymakers in many developing countries remain concerned about the effects that large and highly volatile capital flows have on their...

Growing Pains in Latin America: An Economic Growth Framework as Applied to Brazil, Colombia, Costa Rica, Mexico, and Peru - Sep 17, 2009

Growing Pains in Latin America lays out and applies a new approach to delivering sustainable, inclusive economic growth to the region.
Financing Development: The Power of Regionalism - Oct 1, 2004

The historic 2002 United Nations Conference on Financing for Development in Monterrey, Mexico, overlooked a crucial question: regionalism. Financing Development: The Power of Regionalism is designed to correct this omission.

The New Approach to Financial Regulation: Is It Relevant for Developing Countries? (With Applications to Latin America) (Presentation) - Mar 8, 2011

These slides are from a presentation by Liliana Rojas-Suarez on the macroprudential approach to financial regulation. Key components of this approach include the recent Basel III Accord, which, among other measures, will impose higher capital requirements and entail a tighter focus on high quality...
Advanced Economies Pose Three Financial Risks to Developing Countries in 2011 - Jan 18, 2011

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.
Policy Principles for Expanding Financial Access - Sep 30, 2009

The CGD Task Force on Access to Financial Services proposes 10 principles for financial-sector policymakers—including national authorities, donors, private-sector participants, international financial institutions, and others—on the facilitation, regulation, and direct provision of...
Growing Pains in Latin America (brief) - Sep 25, 2009

What policies could help Latin America achieve accelerated, sustained growth that reduces poverty and inequality? CGD senior fellow Liliana Rojas-Suarez describes the framework for growth outlined in the book Growing Pains in Latin America and its practical policy recommendations.
The Right Response in Latin America to Oil and Food Price Pressures: Fight Inflation Now! - Aug 15, 2008

CGD senior fellow Liliana Rojas-Suarez argues that the recent sharp spike in food and oil prices, above the long term upward trend, threatens Latin America’s stability and is the result of excess global liquidity and the U.S. credit mess. She says the region must fight inflation now and, going...
A New Era at the Inter-American Development Bank
Six Recommendations for the New President - Jan 19, 2006

This new report by a group comprising several of Latin America's most influential economic policymakers, CGD senior fellow Liliana Rojas Suarez, and CGD president Nancy Birdsall suggests ways for the IDB to become more flexible and to step up its support for market oriented reforms. The IDB's new...
Financing Development: The Power of Regionalism - Oct 1, 2004

The historic 2002 United Nations Conference on Financing for Development in Monterrey, Mexico, overlooked a crucial question: regionalism. Financing Development: The Power of Regionalism is designed to correct this omission.

Global Risks for Low-Income Countries: Views on the IMF Perspective - Dec 14, 2011
The Center for Global Development presents Global Risks for Low-Income Countries: Views on the IMF Perspective Opening Remarks Min Zhu Deputy Managing Director International Monetary Fund Presentation of Report Key Findings Hugh Bredenkamp Deputy Director, Strategy, Policy and...
Policy Seminar: Will the World Relapse into Crisis? Can the Region Remain Immune? - Sep 23, 2011
The Inter-American Development Bank presents Policy Seminar: Will the World Relapse into Crisis? Can the Region Remain Immune? Introductory remarks by Santiago Levy (IDB) Panel 1: Will the world relapse into Crisis? Raghuram Rajan (University of Chicago) Carmen...
Are Uncertainties in the North Seeding a New Crisis in the South? Options for Latin America - Jun 7, 2011
The Center for Global Development presents Are Uncertainties in the North Seeding a New Crisis in the South? Options for Latin America Featuring members of The Latin-American Shadow Financial Regulatory Committee (CLAAF): Liliana Rojas-Suarez, President, CLAAF; Senior Fellow, Center for...
Latin America: Managing Abundance to Avoid a Bust - May 23, 2011
The CSIS Americas Program is pleased to invite you to "Latin America: Managing Abundance to Avoid a Bust" With a lead presentation by: Rodrigo Valdés Senior Advisor Western Hemisphere Department, International Monetary Fund And discussants: Liliana Rojas-Suárez Senior...
The Global Implications of India's Microcredit Crisis - Dec 9, 2010
On Thursday, December 9, 2010 The Center for Global Development was pleased to host The Global Implications of India’s Microcredit Crisis. The event featured presentations by David Roodman, Senior Fellow at the Center for Global Development; Stephen Rasmussen, Technology Program...
Does the European Crisis Matter for Latin America? What Is the Appropriate Policy Response? - Jun 16, 2010
Latin America may be quite vulnerable to events in Europe. Beyond the risk that a deep crisis in Europe may result in double dip recession in advanced economies with deleterious global implications, Latin America's trade and financial channels with Europe are large and growing. On the other hand,...
Too Early to Lower the Guard: How Will Latin America Fare If Macroeconomic Imbalances in Industrial Countries Intensify? - Dec 8, 2009
Latin America’s response to the global financial crisis has been remarkably strong. Effective use of fiscal, monetary and exchange rate policies allowed Latin America to fare better than other parts of the world and better than the region itself during previous global economic crises. But...
Growing Pains in Latin America - Sep 29, 2009
Join us as we launch CGD’s newest book, Growing Pains in Latin America: An Economic Growth Framework as Applied to Brazil, Colombia, Costa Rica, Mexico, and Peru. The book’s principal author and editor, CGD senior fellow Liliana Rojas-Suarez, will address the central issues posed in this book:...
The IMF’s Outlook for Latin America and the Caribbean: Stronger Fundamentals Pay Off - May 21, 2009
Spillovers from a global crisis that began in advanced economies pose a severe test to Latin America and the Caribbean region. The good news is that during this decade, countries of the hemisphere have made themselves more resilient—though not immune—by strengthening policy frameworks and...
New Ideas in Development after the Financial Crisis - Apr 22, 2009
The New Ideas in Development After the Financial Crisis Conference, sponsored by CGD and the Bernard L. Schwartz Forum on Constructive Capitalism, will examine the implications of the global financial crisis on existing development strategies. Panels of distinguished academics and policy...
Maintaining Financial Stability in Latin America in the Midst of the Global Financial Meltdown - Dec 4, 2008
Among emerging markets, Latin America is the most financially open region in the world: there are few restrictions on international capital flows and in most countries foreign banks dominate the banking system. While countries have benefitted from capital inflows, especially foreign direct...
Book Launch of "Building Inclusive Financial Systems: A Framework for Financial Access" - Jan 16, 2008
Broad-based and inclusive financial systems can significantly aid financial development, reduce poverty, and expand economic opportunity in developing countries. Poor households and individuals often have difficulty obtaining financial services for a multitude of reasons, including transaction...

Non-CGD Publications

Rojas-Suarez, Liliana, “Growth Challenges in Latin America: What is Unique about the Region?” (2009) paper made for the Development Challenges in the Hemisphere Task Force. Center for Hemispheric Policy at the University of Miami.

Rojas-Suarez, Liliana, “Análisis de la Coyuntura Financiera Internacional” (2008) Panel included in the publication América Latina ante la crisis financiera internacional. Centro de Información de la Secretaría General Iberoamericana.

Rojas-Suarez, Liliana, "Toward a Sustainable FTAA: Does Latin America Meet the Necessary Financial Preconditions?" (2002) Institute for International Economics. Working Paper No. 02-4.

Rojas-Suarez, Liliana, "International Standards for Strengthening Financial Systems: Can Regional Development Banks Address Developing Countries Concerns?" (February 2002). Prepared for the Conference on: Financing for Development: Regional Challenges and the Regional Development Banks at the Institute for International Economics.

Rojas-Suarez, Liliana, "Can International Capital Standards Strengthen Banks in Emerging Markets?" (2001) Institute for International Economics. Working Paper No. 01-10.

Rojas-Suarez, Liliana, "Rating Banks In Emerging Markets: What Credit Rating Agencies Should Learn From Financial Indicators" (2001) Institute for International Economics. Working Paper No. 01-06.

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.

Mathieson, Donald J. and Rojas-Suarez, Liliana, "Capital Mobility and Exchange Market Intervention in Developing Countries" (November 1996). IMF Working Paper No. 96/131

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.

Rojas-Suarez, Liliana and Weisbrod, Steven R., "Financial Market Fragilities in Latin America: From Banking Crisis Resolution to Current Policy Challenges" (October 1994). IMF Working Paper No. 94/117

Mathieson, Donald J. and Rojas-Suarez, Liliana, "Liberalization of the Capital Account: Experiences and Issues" (June 1992). IMF Working Paper No. 92/46

Weisbrod, Steven R., Lee, Howard and Rojas-Suarez, Liliana, "Bank Risk and the Declining Franchise Value of the Banking Systems in the United States and Japan" (June 1992). IMF Working Paper No. 92/45

Mathieson, Donald J. and Rojas-Suárez, Liliana, "A Framework for the Analysis of Financial Reforms and the Cost of Official Safety Nets" (May 1992). IMF Working Paper No. 92/31

Rojas-Suarez, Liliana, "Currency Substitution and Inflation in Peru" (May 1992). IMF Working Paper No. 92/33

Rojas-Suárez, Liliana, "From the Debt Crisis Toward Economic Stability: An Analysis of the Consistency of Macroeconomic Policies in Mexico" (March 1992). IMF Working Paper No. 92/17

Khor, Hoe and Rojas-Suarez, Liliana, "Interest Rates in Mexico: The Role of Exchange Rate Expectations and International Creditworthiness" (January 1991). IMF Working Paper No. 91/12

Rojas-Suárez, Liliana, "Risk and Capital Flight in Developing Countries" (July 1990). IMF Working Paper No. 90/64

Mathieson, Donald J. and Rojas-Suarez, Liliana, "Financial Market Integration and Exchange Rate Policy" (January 1990). IMF Working Paper No. 90/2

Lane, Timothy and Rojas-Suarez, Liliana, "Credibility, Capital Controls, and the EMS" (January 26, 1989). IMF Working Paper No. 89/9

Rojas-Suarez, E. Liliana, “Devaluation and Monetary Policy in Developing Countries: A General Equilibrium Model for Economies Facing Financial Constraints” (March 9, 1987). IMF Working Paper No. 87/14

Rojas-Suarez, Liliana, "Financial Constraints and the Real Effects of Monetary Stabilization Policies under Alternative Exchange Rate Regimes" (October 2, 1987). IMF Working Paper No. 87/65