CIGI has formed a task force of eminent economists to study and offer solutions for the devastating effects of the current financial crisis on developing and transition economies. Reminiscent of the 1930s, when most Latin American countries were in default, several countries recently have experienced a sharp reduction of their international trade, a rapid decline in inward investment flows and, in many cases, repatriation of prior foreign investment and a fall in remittances. This first statement by the task force briefly outlines the nature of the crisis for developing countries and suggests in general terms a strategy for a way forward.

  • Marcelo de Paiva Abreu earned his doctorate in economics from Cambridge University. He is a special expert in integration and trade at the Inter-American Development Bank in Washington, DC.

  • Sergey M. Kadochnikow is a CESifo research network fellow and doctor of sciences in economics. He has held several positions at Ural State University in Ekaterinburg, Russia, including associate professor, dean of the school of economics and head of the department of international economics.

  • Mia Mikic works in the Trade and Investment Division of the UN Economic and Social Commission for Asia and the Pacific in Bankok, Thailand. She received her PhD in economics from the University of Zagreb in 1985. From 2001-2005, she was a professor of international economics at her alma mater. From 2002-2005, she also served as the director of the international economics and business program.