| ACKNOWLEDGEMENTS |

Economic and Social Progress in Latin America is the flagship publication of the Inter-American Development Bank. This issue was produced by the Research Department and was coordinated by Eduardo Borensztein, Eduardo Levy Yeyati, and Ugo Panizza under the supervision of Guillermo Calvo and Eduardo Lora. Carlos Andrés Gómez-Peña, who was project assistant, and Rita Funaro and John Dunn Smith, who edited a preliminary version of the report, completed the coordinating team.

Although all chapters were reviewed and approved by all three coordinators, the principal responsibility for each chapter was as follows:

Chapter 1: Eduardo Borensztein, Eduardo Levy Yeyati, and Ugo Panizza
Chapter 2: Ugo Panizza
Chapter 3: Ugo Panizza
Chapter 4: Eduardo Borensztein
Chapter 5: Eduardo Borensztein
Chapter 6: Eduardo Fernández-Arias and Andrew Powell
Chapter 7: Eduardo Borensztein, Barry Eichengreen, and Ugo Panizza
Chapter 8: Ugo Panizza
Chapter 9: Ugo Panizza
Chapter 10: Eduardo Lora and Ugo Panizza
Chapter 11: Alejandro Izquierdo and Igor Zuccardi
Chapter 12: Eduardo Levy Yeyati
Chapter 13: Eduardo Borensztein, Eduardo Levy Yeyati, and Ugo Panizza
Chapter 14: Eduardo Borensztein, Barry Eichengreen, Eduardo Levy Yeyati, and Ugo Panizza
Appendix: María Laura Devoto and Ugo Panizza

The chapters were in part based on background research papers written specifically for this report by Laura Alfaro (Chapter 13), Matteo Bobba (Chapter 6), Patrick Bolton (Chapter 7), Eduardo Borensztein (Chapters 5, 7, 12, 13, and 14), Camila Campos (Chapter 3), Daniel Cohen (Chapter 13), Kevin Cowan (Chapters 2, 5, and 7), Gerardo della Paolera (Chapter 4), Barry Eichengreen (Chapter 7), Marcela Eslava (Chapter 9), Eduardo Fernández-Arias (Chapter 6), Xavier Freixas (Chapter 7), Eloy García (Chapter 14), Martín González Rozada (Chapter 5), Alejandro Izquierdo (Chapter 11), Dany Jaimovich (Chapters 2 and 3), Fabio Kanczuk (Chapter 13), Miguel Kiguel (Chapter 8), Eduardo Levy Yeyati (Chapters 2, 5, 11, 12, 13, and 14), Eduardo Lora (Chapter 10), Mauricio Olivera (Chapter 10), Ugo Panizza (Chapters 2, 3, 7, 12, 13, and 14), Andrew Powell (Chapter 6), Roberto Rigobón (Chapter 14), Jean-Charles Rochet (Chapter 9), Federico Sturzenegger (Chapters 2 and 11), Alan Taylor (Chapter 4), Patricio Valenzuela (Chapters 5 and 9), and Igor Zuccardi (Chapter 11). Chapter 7 also drew on the papers of the IDB Latin American and Caribbean Research Network project on the development of the Latin American bond market.

Overall research assistance was provided by Mariano Álvarez, Matteo Bobba, Laura Clavijo, Fabio Dorso, María Fernández, Dany Jaimovich, Gonzalo Llosa, Juan Francisco Martínez, Patricio Valenzuela, Mónica Yáñez, and Igor Zuccardi.

The long list of individuals who participated in the production of this report by attending various seminars at the Inter-American Development Bank, Universidad Torcuato Di Tella, and DFID on the outline and preliminary results of the report and providing comments on background papers and the preliminary chapters includes Miguel Braun, Ricardo Caballero, Eduardo Cavallo, Marcos Chamon, Bill Cline, Tito Cordella, Enrique Cosio Pascal, Enrica Detragiache, Eugenio Díaz-Bonilla, Koldo Echebarría, Germán Fermo, Roque Fernández, Franco Fornasari, Javier Game, Márcio Garcia, Pablo Guidotti, John Hauge, Ricardo Hausmann, Fidel Jaramillo, Graciela Kaminsky, Ricardo Leal, Joaquim Levy, Lorenza Martínez, Ricardo Martner, Pietro Masci, Paolo Mauro, Enrique Mendoza, Gian Maria Milesi-Ferretti, Marcus Miller, Juan Pablo Nicolini, Juan Ricardo Ortega, Sergio Pernice, Fernando Quevedo, Luca Ricci, Liliana Rojas-Suárez, João Sayad, Sergio Schmukler, Nemat Shafik, Jorge Streb, Rogério Studart, Ernesto Talvi, Vito Tanzi, Toni Venables, Alejandro Werner, John Williamson, and Jeromin Zettelmeyer.

The IDB’s Office of External Relations, under the direction of Alfredo Barnechea, was responsible for the editorial production of the report.

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