Strategic Advisor · International Finance · Climate & Development

Rogério
Studart

Strategic advisor and international economist with over four decades of experience advising governments, multilateral institutions, and private sector leaders. Former Executive Director at the World Bank Group and the Inter-American Development Bank. Focused on international finance, climate finance, and strategic positioning of developing economies in a changing global landscape.

Publications Get in Touch
Rogério Studart
Current Affiliations
CEBRI
Senior Fellow — Political Economy Group
Global Federation of Competitiveness Councils
Distinguished Fellow
International Consultant & Advisor
Governments · DFIs · Corporations · Multilaterals
About

A career at the intersection of finance, development & climate

40+
Years of Experience
2,300+
Academic Citations
9
Countries Represented at World Bank
68
Publications

Rogério Studart is a Brazilian economist with deep expertise in development finance, macroeconomics, and sustainable development. He holds a PhD in Economics from the University of London, where his doctoral thesis earned the prestigious Sayers Prize for Best Thesis in Monetary Economics (1992/93).

"Financial institutions are not mere intermediaries — they play an active, decisive role in the investment and growth process of developing economies."

An adjunct professor at the Institute of Economics of the Federal University of Rio de Janeiro (IE-UFRJ), Studart has spent decades combining rigorous academic research with high-level international policy work at the World Bank Group, IDB, UNECLAC, and UNCTAD.

Today, his work focuses on the economics of climate transition — especially the policies and finance mechanisms needed to accelerate low-carbon growth in the Global South, and on reimagining development finance for a sustainable future.

Career

Professional Journey

2021 — Present
Senior Fellow — CEBRI & Distinguished Fellow — GFCC
Rio de Janeiro, Brazil / Washington, D.C.
Member of CEBRI's Political Economy Group, fostering policy-oriented discussions on macroeconomic and sustainable development strategies for Brazil. Leading projects on sustainable finance and the role of development banks in mobilizing private finance for sustainable investments. Member of three boards of directors.
2019 — 2021
Senior Fellow — World Resources Institute (WRI)
Washington, D.C.
Led policy-driven analysis and showcased low-carbon and deforestation-free development opportunities for various middle-income economies. Supported the formulation of decarbonization policies in Brazil, Colombia, and Mexico, and helped evaluate national Decarbonization Plans ("green new deals").
2014 — 2019
International Consultant & Researcher
Brookings Institution · Boston Consulting Group · UNCTAD · Boston University
Senior Fellow at the Brookings Institution (2015–2018) working on SDG implementation; supported strategic reforms of the Islamic Development Bank with Boston Consulting Group (2017); evaluated the role of new multilateral banks with UNCTAD/BNDES/CAF/Columbia University (2016); Senior Visiting Scholar at Boston University's Pardee School of Global Studies (2015 & 2017).
2007 — 2014
Executive Director — World Bank Group
Washington, D.C.
Represented Brazil, Colombia, Dominican Republic, Ecuador, Haiti, Panama, Philippines, Suriname, and Trinidad & Tobago across all four WBG institutions (WB, IFC, IDA, MIGA). Participated in G-20 and BRICS meetings representing Brazil. Advocated for voting power reform benefiting developing economies.
2004 — 2007
Executive Director — Inter-American Development Bank Group (IDB)
Washington, D.C.
Represented Brazil and Suriname across IDB and IIC. Chaired the Latin American and Caribbean Group (GRULAC), the Committee on Budgetary and Financial Policies, and the Board of Executive Directors of the IIC. Played an active role in debt relief agreements for the poorest countries.
2003 — 2004
Senior Economist — Inter-American Development Bank
Department of Sustainable Development, Washington, D.C.
Financial Markets Specialist: authored the IDB's Financial Sector Policy, prepared reports on financial sectors in Latin America and the Caribbean, and contributed to the Supervision and Evaluation Department (OVE).
1995 — 2002
Economic Affairs Officer — United Nations
UNCTAD (1995–1996) · ECLAC/CEPAL (1996–1999)
Contributed to the UNCTAD Trade and Development Report on the role of financial systems in development. At ECLAC, co-authored major reports and provided technical support to member countries on macroeconomic policy and long-term financing. Professor of macroeconomics and development finance at the UN ECLAC summer school for three consecutive years.
1994 — 2016
Adjunct Professor of Economics — Federal University of Rio de Janeiro (IE-UFRJ)
Rio de Janeiro, Brazil
Taught macroeconomics, monetary economics, and international finance at graduate and undergraduate levels. Supervised doctoral and master's dissertations. Visiting professor at UNAM, Mexico (1997–1998). Member of editorial boards of leading economics journals in Brazil, UK, Chile, and Mexico. On leave 1999–2015 for UN and World Bank duties.
Earlier Career
Macroeconomist & Credit Analyst
IBGE (1986–1988) · Chase Manhattan Bank Brazil (1984–1985)
Macroeconomist at Brazil's Institute of Statistics (IBGE), analyzing industrial survey data. Credit Analyst at Banco Lar Brasileiro / Chase Manhattan Bank, completing the competitive CMB credit analysis program (graduated 2nd in class).
Research

Areas of Focus

🌿
Climate Finance & Low-Carbon Transition
Policies and finance mechanisms to accelerate low-carbon growth, especially in developing economies and the Global South. Includes work on "moving the trillions" and guaranteeing sustainable infrastructure.
🏦
Development Finance
The role of financial systems, development banks, and capital markets in supporting long-term investment and economic growth. Includes national development banks and SDG financing.
🌍
International Finance & Macroeconomics
Financial globalization, exchange rate regimes, Latin American financial systems, and Brazil-China economic and climate relations.
📐
Post-Keynesian Economics
Alternative frameworks for understanding the investment-finance nexus, including the concept of "functionality" in financial markets and critiques of financial liberalization.
🤝
Sustainable Development Policy
Multilateral approaches to the SDGs, the role of international institutions, and ESG frameworks for sustainable infrastructure in developing economies.
🇧🇷
Brazilian & Latin American Economy
Monetary policy, interest rates, financial regulation, the banking sector, and Brazil's role in global economic and climate governance.
Publications

Selected Works

Book
Economia monetária e financeira: teoria e política
Elsevier Brasil · 2017 · with Carvalho, Paula, Sicsú et al.
Book
Moving the trillions a debate on positive pricing of mitigation actions
Brasil no Clima · 2015 · with Sirkis, Hourcade, Dasgupta et al.
Book
Financiamiento para el desarrollo: América Latina desde una perspectiva comparada
Libros de la CEPAL · 2006 · with Stallings
Book
Financiamiento para el desarrollo
B-CEPAL · 2006 · with Stallings
Book
Finance for Development: Latin America's Banks and Capital Markets After Liberalization
Brookings Institution · 2005 · with Stallings
Book
Investment finance in economic development
Routledge · 1995
Book
Moving the trillions
A debate on positive pricing of mitigation actions, Rio de Janeiro, 145-157 · with Sirkis, Hourcade, Dasgupta et al.
Journal Article
FERNANDO CARDIM DE CARVALHO, SISTEMAS FINANCEIROS EO FINANCIAMENTO DA ACUMULAÇÃO
Revista de Economia Contemporânea, 24(02), e202424 · 2020 · with Alves Jr
Journal Article
FERNANDO CARDIM DE CARVALHO, FINANCIAL SYSTEMS, AND THE FINANCING OF CAPITAL ACCUMULATION
Revista de Economia Contemporânea, 24, e202424 · 2020 · with Alves Jr
Journal Article
Guaranteeing sustainable infrastructure
International Economics, 155, 84-91 · 2018 · with Gallagher
Journal Article
El Estado, los mercados y el financiamiento del desarrollo
Revista de la CEPAL · 2005
Journal Article
Comportamiento paradójico de la banca extranjera
Revista de la CEPAL(82) · 2004 · with Moguillansky, Vergara
Journal Article
Foreign banks in Latin America: a paradoxical result
Cepal Review, 2004(82), 19-35 · 2004 · with Moguillansky, Vergara
Journal Article
Dollarization:“An Intellectual Fad or a Deep Insight”?
Journal of Post Keynesian Economics, 23(4), 639-661 · 2001
Journal Article
THE BANKING SYSTEM AND CREDIT IN ARGENTINA, BRAZIL, CHILE, AND MEXICO: THE CHALLENGES OF STABILITY AND GROWTH
conference on “Domestic Finance and Global Capital in Latin America” organised by the Latin America Research Group Research Department, Federal Reserve Bank of Atlanta, Miami, Florida, November, 1 · 2001
Journal Article
Financial opening and deregulation in Brazil in the 1990s Moving towards a new pattern of development financing?
The Quarterly Review of Economics and Finance, 40(1), 25-44 · 2000
Journal Article
POLÍTICAS FINANCIERAS Y CRECIMIENTO EN EL CONTEXTO DEL DESARROLLO: LECCIONES DERIVADAS SE AMÉRICA LATINA Y DEL SUDESTE ASIÁTICO EN LOS AÑOS OCHENTA
Investigación Económica, 15-42 · 1998
Journal Article
O financiamento do desenvolvimento face às mudanças recentes dos sistemas financeiros
Indicadores Econômicos FEE · 1998
Journal Article
Politicas financieras y crecimiento en el contexto del desarrollo: lecciones derivadas de América Latina y del Sudeste Asiático en los años ochenta
Investigación Económica, 58(224), 1-4 · 1998
Journal Article
The efficiency of financial systems, liberalization, and economic development
Journal of Post Keynesian Economics, 18(2), 269-292 · 1995
Journal Article
O sistema financeiro e o financiamento do crescimento: uma alternativa pós-keynesiana à visão convencional
Brazilian Journal of Political Economy, 13, 110-129 · 1993
Journal Article
Financial repression and economic development: towards a post-Keynesian alternative
Review of political economy, 5(3), 277-298 · 1993
Book Chapter
The new development banks and the financing of transformation in Latin America and the Caribbean
Southern-Led Development Finance, 49-82 · 2020 · with Ramos
Book Chapter
Development finance: Theory and practice
The Palgrave Handbook of Development Economics: Critical Reflections on Globalisation and Development, 471-505 · 2019 · with de Carvalho, Kregel, de Castro
Book Chapter
Terraplanismo econômico na Reforma da Previdência
INCERTEZAS E SUBMISSÃO?, 191 · 2019 · with Alves Jr, de Lima
Book Chapter
Finance for transformation: A post-Keynesian perspective on global sustainable development
Money, Method and Contemporary Post-Keynesian Economics, 83-95 · 2018
Book Chapter
The Future of Development Banks
The future of national development banks, 86 · 2018 · with Ramos
Book Chapter
Building Sustainable Financing Architecture to Achieve the SDGs
From Summits to Solutions: Innovations in Implementing the Sustainable Development Goals, 126 · 2018
Book Chapter
Guaranteeing finance for sustainable infrastructure: A proposal
Moving the trillions, 92 · 2015 · with Gallagher
Book Chapter
‘The Stages' of Financial Development, Financial Liberalization and Growth in Developing Economies: In Tribute to Victoria Chick
Money, Macroeconomics and Keynes, 68-78 · 2013
Book Chapter
Integrating uneven partners: The destabilizing effects of financial liberalization and internationalization of Latin American economies
Money integration and dollarization, 176-196 · 2006
Book Chapter
Financiamento do desenvolvimento
Economia Brasileira Contemporânea: 1945-2004, 1995-96 · 2005
Book Chapter
El acceso al financiamiento, un reto para la creación de empresas dinámicas
Desarrollo Emprendedor. América Latina y la experiencia internacional. Banco Interamericano de Desarrollo (IADB) y Fundes Internacional · 2004 · with Suaznábar
Book Chapter
Financial regulation and supervision in emerging markets: The experience of Latin America since the Tequila Crisis
From Capital Surges to Drought: Seeking Stability for Emerging Economies, 292-316 · 2003 · with Stallings
Book Chapter
The Regional Fallout of Argentina’s Crisis
Forum on Debt and Development (FONDAD), 68 · 2003 · with Ffrench-Davis
Book Chapter
Changing expectations, capital surges and the banking sector: Argentina, Brazil, Chile and Mexico in the 1990s
Financial Stability and Growth in Emerging Economies(102) · 2003
Book Chapter
Financial opening, instability and macroeconomic peformance in Latin America during the 1990s: some possible perverse links
Monetary Union in South America · 2003
Book Chapter
Development Finance
The Elgar Companion to Post Keynesian Economics, Cheltenham: Edward Elgar Publishing · 2003
Book Chapter
Financial regulation and supervision in emerging markets
this volume · 2002 · with Stallings
Book Chapter
Integração financeira, instabilidade e desempenho macroeconômico nos anos 90: algumas possíveis conexões perversas
Arquitetura Assimétrica–O espaço dos países emergentes e o Sistema Financeiro Internacional. Rio de Janeiro: Fundação Konrad Adenauer/FGV-IBRE · 2002
Book Chapter
Securitização, derivativos e investidores institucionais: um novo padrão de financiamento de longo prazo
Financiamento do Setor Elétrico Brasileiro. Editora Garamont, Rio de Janeiro · 1998
Book Chapter
Financial policies, growth and distribution: theory and lessons from Latin America and some Asian economies
Aspects of the distribution of income, 297-329 · 1998
Working Paper / Report
A common ESG language to unlock funding for sustainable infrastructure projects in developing economies
T20 Policy Brief, June · 2023 · with Albuquerque, Berahab, Emran et al.
Working Paper / Report
Unlocking Funding for Sustainable Infrastructure in Developing Economies: A Common ESG Language
2023 · with Albuquerque, Berahab, Emran et al.
Working Paper / Report
Colombia Shows Leadership in the Race Against Climate Change
World Resources Institute. https://www. wri. org/insights/colombiashows-leadership-race-against-climate-change · 2021 · with Vergara, Finch, Langer et al.
Working Paper / Report
Reimagining China-Brazil relations under the BRI: the climate imperative
Council on Foreign Relations · 2021 · with Myers
Working Paper / Report
Designing the COVID-19 recovery for a safer and more resilient world
World Resources Institute · 2020 · with Levy, Brandon
Working Paper / Report
Policy and institutional framework for delivering on sustainable infrastructure
T20 Policy Brief. More Information · 2019 · with Bhattacharya, Nofal, Krueger et al.
Working Paper / Report
Financing sustainable infrastructure in the Americas
Global Economic Governance Initiative, Boston University, GEGI working paper, 7 · 2016 · with RAMOS
Working Paper / Report
Infrastructure for sustainable development: the role of national development banks
GEGI Policy Brief, 7(10), 2016 · 2016 · with Gallagher
Working Paper / Report
The State, the markets and development financing
2005
Working Paper / Report
Comportamiento paradójico de la banca extranjera en América Latina
2004 · with Vergara, Moguillansky
Working Paper / Report
Institutional requirements for market-led development in Latin America
ECLAC · 2003 · with Cimoli, Correa, Katz
Working Paper / Report
Necesidades institucionales de un desarrollo orientado hacia el mercado en América Latina
CEPAL · 2003 · with Cimoli, Correa, Katz
Working Paper / Report
Desnacionalização do setor bancário e financiamento das empresas: a experiência brasileira recente
Instituto de Pesquisa Econômica Aplicada (Ipea) · 2002 · with Carvalho, Alves Júnior
Working Paper / Report
Financial integration, instability and macroeconomic performance in the 1990s: some possible perverse links
Santiago de Chile, CEPAL, inédito · 2002
Working Paper / Report
Estrutura e operação dos sistemas financeiros no Mercosul: perspectivas a partir das reformas institucionais dos anos 1990
Instituto de Pesquisa Econômica Aplicada (Ipea) · 2001 · with Hermann
Working Paper / Report
O Desenvolvimento Financeiro e o Processo de Integração Financeira no Mercosul: tendências e perspectivas
Instituto de Pesquisa Econômica Aplicada (Ipea) · 2001 · with Hermmann
Working Paper / Report
Pension funds and the financing productive investment: an analysis based on Brazil's recent experience
ECLAC · 2000
Working Paper / Report
Sistemas financeiros no Mercosul: desenvolvimento recente e perspectivas de integração
Final report of a research funded by CEPAL-Brasilia (mimeo) · 1999 · with Hermann
Working Paper / Report
Estado, mercados e o financiamento do desenvolvimento
Texto para discussão · 1997
Working Paper / Report
O retorno dos fluxos de capital privado e o desenvolvimento econômico: questões teóricas face a uma conjuntura internacional adversa
Texto para discussão · 1995
Working Paper / Report
Acordo da basileia
1995 · with Carvalho
Working Paper / Report
Saving, financial markets and economic development: theory and lessons from Brazil
Texto para discussão · 1994
Working Paper / Report
Investment finance, saving and funding and financial systems in economic development: theory and lessons from Brazil
University of London, University College London (United Kingdom) · 1993
Working Paper / Report
Financial Repression and Economic Development: A Post-Keynesian Response
University College, London, Department of Economics · 1991
Working Paper / Report
Transição para uma economia de baixo carbono
with Vámos, Berlin
Working Paper / Report
Developing Entrepreneurship: Experience in Latin America and Worldwide Title: Desarrollo emprendedor: América Latina y la experiencia internacional
Inter-American Development Bank · with Bianchi, Kantis, Bacic et al.

Full list of publications available on Google Scholar, IDEAS/RePec and ResearchGate.

Recognition

Awards & Distinctions

🏆
University of London Sayers Prize
Best Doctoral Thesis in Monetary Economics, University of London, 1992/93.
🥇
Alfred Eisner Fellowship
Best paper at the Malvern Conference on Political Economy (1993), sponsored by the Review of Political Economy.
🌐
Distinguished Fellow — GFCC
Distinguished Fellow of the Global Federation of Competitiveness Councils.
📊
2,300+ Academic Citations
Wide international reach across development economics, finance, and sustainability research (Google Scholar).
Strategic Advisory

Advising leaders on international finance and climate strategy

Provides strategic advisory services to governments, multilateral institutions, development banks, and private sector actors on international financial architecture, climate finance, and development strategy.

Advises senior decision‑makers on navigating global financial shifts, accessing climate finance, strengthening economic resilience, and positioning institutions and countries in the evolving geoeconomic landscape.

Focus areas include climate finance access, multilateral development bank reform, sustainable development strategy, and international financial cooperation.

Combines policy experience, academic insight, and board‑level engagement to support strategic decisions at the highest levels.

Contact

Get in Touch

Rogério Studart is available for speaking engagements, research collaboration, policy advisory work, and media inquiries related to development finance, climate economy, and international economics.

✉ rstudart2010@gmail.com
💼
LinkedIn
📚
Google Scholar
🔬
ResearchGate
🌿
WRI Profile
🌎
CEBRI Profile
✍️
Project Syndicate