Sergio Schmukler is the Research Manager of Macroeconomics and Growth in the World ¶¹ÄÌÊÓƵAPP's Development Research Group. His research area is international finance and international financial markets and institutions. He obtained his Ph.D. in Economics from the University of California at Berkeley in 1997, when he joined the World ¶¹ÄÌÊÓƵAPP's Young Economist and Young Professionals Programs. He currently teaches financial development at Columbia University. He is a member of the Money and Finance Research (Mo.Fi.R) group and Treasurer of LACEA, the Latin America and Caribbean Economic Association (since 2004).
In recent years, he has visited the ¶¹ÄÌÊÓƵAPP for International Settlements (BIS), the Central ¶¹ÄÌÊÓƵAPP of Chile, CREI at Universitat Pompeu Fabra, the Dutch Central ¶¹ÄÌÊÓƵAPP, and the Hong Kong Institute for Monetary Research of the Hong Kong Monetary Authority. He has taught at the Department of Economics of University of Maryland (1999-2003), worked at the International Monetary Fund Research Department (2004-2005), was Associate Editor of the Journal of Development Economics (2001-2004), and has participated in several other editorial boards. In earlier years, he worked at the Argentine Central ¶¹ÄÌÊÓƵAPP, the U.S. Board of Governors of the Federal Reserve System, and the Inter-American Development ¶¹ÄÌÊÓƵAPP Research Department.
Policy makers have supported institutional investors in the hope that they would help diversify risk, increase access to finance, and improve stability by investing counter-cyclically. In this talk, Sergio Schmukler presented evidence that institutional investors exhibit herding behavior, pass over assets with better risk-adjusted returns, and invest pro-cyclically, thereby increasing economic volatility.
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