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Asli Demirg¨¹?-Kunt is the Chief Economist of the Europe and Central Asia Region of the World Bank. Over her 30-year career in the World Bank, she has also served as the Director of Research, Director of Development Policy, and the Chief Economist of the Finance and Private Sector Development Network, conducting research and advising on financial and private sector development issues. The author of over 100 publications, she has published widely in academic journals and is among the most-cited researchers in the world. Her research has focused on the links between financial development, firm performance, and economic development. Banking and financial crises, financial regulation, access to financial services and inclusion, as well as SME finance and entrepreneurship are among her areas of research. She has also created the Global Financial Development Report series and Global Findex financial inclusion database. She has been the President of the International Atlantic Economic Society (2013-14) and Director of the Western Economic Association (2015-18) and serves on the editorial boards of professional journals. Prior to coming to the Bank, she was an Economist at the Federal Reserve Bank of Cleveland. She holds a Ph.D. and M.A. in economics from Ohio State University.

Davide S. Mare is a Research Economist in the Finance and Private Sector Development Team of the World Bank's Research Group. He co-led the Global Financial Development Report 2019-2020 on bank regulation and supervision. His main research interests lie in banking focusing on bankruptcy prediction, credit risk measurement, competition and SMEs financing. Prior to joining the World Bank, Davide was a Lecturer (Assistant Professor) in Business Economics at the University of Edinburgh Business School and a financial consultant for large European banks. His work has appeared in leading international journals and reports such as the European Journal of Operational Research, the Journal of Financial Stability and the World Bank flagship report ¡°Risks and Returns¡±.

Ata Can Bertay was a Research Economist at the World Bank's Development Economics Research Group co-leading Global Financial Development Report 2019-2020 on bank regulation and supervision. Previously, he led the GFDR 2017-2018: Bankers without Borders on international banking. He is currently an assistant professor of finance at Sabanc? University, Istanbul. He received his B.A. in Economics from Bo?azi?i University (2008), his M.Sc. (2010), and his Ph.D. in Economics (2014) from Tilburg University. From 2010 to 2012, he worked at the World Bank as a consultant in the Research Group. He also visited the New York University, Stern School of Business as a visiting scholar in 2013. His research interests include banking, financial economics and macrofinance, and his research has appeared in journals such as the Journal of Financial Stability, Journal of Banking and Finance, and Journal of Financial Intermediation.

Robert Cull is acting research manager in the Finance and Private Sector Development Team of the World Bank's Development Research Group. His most recent research is on the performance of microfinance institutions, African financial development, Chinese financial development and firm performance, and the effects of the global financial crisis on foreign banks in developing economies. He has published numerous articles in peer-reviewed academic journals including the Economic Journal, Journal of Development Economics, Journal of Economic Perspectives, Journal of Financial Economics, Journal of Law and Economics, and the Journal of Money, Credit, and Banking. The author or editor of multiple books, his most recent co-edited book Banking the World: Empirical Foundations of Financial Inclusion was published by MIT Press January, 2013. He is also co-editor of the Interest Bearing Notes, a bi-monthly newsletter reporting on financial and private sector research.

Miriam Bruhn is a Senior Economist in the Finance and Private Sector Development Team of the Development Research Group. She joined the Bank as a Young Economist in September 2007. Her research interests include the effect of regulatory reform on entrepreneurial activity, the informal sector, micro and small enterprises, financial literacy, and the relationship between institutions and economic development. She holds a Ph.D. in Economics from MIT and a B.A. in Economics from Yale University.

Claudia Ruiz is an Economist in the Finance and Private Sector Development Team of the Development Research Group. She joined the Bank in September 2011. Her research has focused on understanding the impact that access to finance has on individuals and firms, and the role that financial services have in promoting economic development. She holds a Ph.D. in Economics from UCLA.

Deniz Anginer is an Assistant Professor in Finance at the Simon Fraser University (SFU). His research focuses on liquidity and credit risk in financial markets. Prior to joining SFU, he worked as a Financial Economist in the Development Research Group at the World Bank and as a consultant for Oliver Wyman in their New York office. He holds a Ph.D. in Finance from the Ross School of Business at the University of Michigan.

Nan Zhou is a Financial Sector Analyst within the World Bank Finance, Competitiveness, and Innovation Global Practice. A member of the Vienna Financial Sector Advisory Center, he works to strengthen supervisory practices and improve policy coordination for financial stability in Emerging Europe and Central Asia countries. In the past, his research topics included the funding strategies and performance of international banks, the impact of the financial crisis on firm capital structure, and the determinants of costs of bank financial intermediation. He has also participated in the IMF-World Bank Financial Sector Assessment Program for China, contributing to technical areas including bond market development, shadow banking, and resolution of distressed debts. He holds an M.A. in Economics from Cornell University and B.Soc.Sc. from the Chinese University of Hong Kong.¡±

Jinjing Liu is a consultant in the Finance and Private Sector Development Team of the World Bank's Development Research Group. She joined the Bank in October 2017. Her research focuses on downside risk and its implications for portfolio selection and asset pricing, as well as the effect of adopting relative performance evaluation in executives¡¯ compensation contracts on firms¡¯ value and managerial behavior. She also participated in other World Bank¡¯s projects, such as green mortgage and bank efficiency. She holds a Ph.D. in Economics from McGill University.