JOSE M. FANELLI is currently Senior Researcher at CEDES, Argentina. He specializes in the analysis of macroeconomic and financial problems in developing countries and has published a large number of academic articles and several books on these topics. He has been actively involved in the establishment of permanent research networks in the Latin American region. GARY MCMAHON is Principal Economist with the Global Development Network. He was on secondment to the World Bank from 2004-2006, where he worked from 1996-2001 on social and environmental sustainability and research capacity build