LEORA F. KLAPPER The World Bank phone: 1-202-473-8738 1818 H Street, NW email: [email protected] Washington, DC 20433 web: https://www.worldbank.org/en/about/people/l/leora-klapper USA skype: leora.klapper CURRENT EMPLOYMENT • The World Bank, Washington, DC Lead Economist, Development Research Group, 2011-Present Senior Economist, Development Research Group, 2002-2011 (Young) Economist, Development Research Group, 1998-2002 PRIMARY RESEARCH FIELDS: Consumer Finance; Digital Financial Services; Behavioral Economics; Measurement COUNTRY EXPERIENCE: Argentina, Bangladesh, Cambodia, China, Cote d’Ivoire, Ghana, Hungary, India, Indonesia, Kenya, Latvia, Maldives, Mauritius, Mexico, Mongolia, Morocco, Poland, Romania, South Africa, Sri Lanka, Tanzania FOUNDER: - Global Findex Database - Entrepreneurship Database AWARDS: - Accion 2018 Edward W. Claugus Award for exceptional leadership and innovation in financial inclusion - World Bank Group Team Awards 2014, 2016, 2019 EDUCATION • Stern School of Business, New York University (1993-1998) Ph.D. in Financial Economics Fields: Corporate Finance, Financial Institutions. Dissertation: Essays on Collateralization - The Dean’s Outstanding Teaching Award for Graduate Instructor, 1997 - The Berkley Center for Entrepreneurial Studies Fellowship, 1996-1998 - University Doctoral Fellowship, New York University, 1993-1996 • State University of New York at Binghamton (1986-1990) BS in Economics and Math (with Honors) PRIOR EMPLOYMENT • Salomon Brothers, Economic and Market Analysis, New York, NY (Part-time 1995-1998) • Peter L. Bernstein, New York, NY (Part-time 1995-1996) Researcher, “Against the Gods: The Remarkable Story of Risk” • The Bank of Israel, Jerusalem, Israel (1992-1993) • Federal Reserve Board of Governors, Washington, DC (1990-1992) • Office of Management and Budget, Washington, DC (Summers 1988 & 1989) OTHER PROFESSIONAL ACTIVITIES • Mastercard Center for Inclusive Growth Data Fellow, 2018-Present • Innovations for Poverty Action Measuring Global Financial Health Project Advisory Committee Member, 2018-Present • Her Majesty Queen Maxima of the Netherlands UN Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA) Reference Group Member, 2016-Present • BBVA Financial Literacy Advisory Board Member, 2016-Present • G-20 Global Partnership for Financial Inclusion (GPFI) Implementing Partner, 2010-Present • World Economic Forum Financial Inclusion Metrics Working Group Project Member, 2017-2018 • i2i Advisory Board Member, 2016-2018 • OECD Entrepreneurship Indicators Steering Group Member, 2005-2009 RESEARCH CITATIONS • 23,110 citations in published and working papers; h-index=52 (Google Scholar, 2020) • Author rank top-2% as measured by number of citations and number of downloads in the past 12 months and top-3% of all authors by average rank score (IDEAS, 2020) EDITING & REFEREEING • Co-editor, World Bank Economic Review, 2016-2020 • Associate Editor, Journal of Comparative Economics, 2010-2015 • Referee for American Economic Review, Journal of Corporate Finance, Journal of Development Economics, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Economics, Journal of International Economics, Journal of Political Economy, Review of Financial Studies, Small Business Economics, Quarterly Journal of Economics, World Development, etc. EXTERNAL GRANTS: • Bill and Melinda Gates Foundation, 2010, 2013, 2018, 2019 • UNCDF Better Than Cash Alliance, 2019, 2017, 2015 • MasterCard Foundation, 2018 • Better Than Cash Alliance/UNCDF, 2018 • AXA Foundation, 2016 • S&P Global, 2016 • MetLife Foundation, 2015 • International Center for Growth, 2015 • Innovations for Poverty Action, 2014 • Asian Development Bank-Innovations for Poverty Action Evaluation Grant, 2013 • Australian Agency for International Development, 2013 • Ewing Marion Kauffman Foundation, 2007, 2010 BOOKS • The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution, with Asli Demirguc-Kunt, Dorothe Singer, Saniya Ansar, and Jake Hess, The World Bank, 2018 • Entrepreneurship Snapshots 2010: Measuring the Impact of the Financial Crisis on New Business Registration with Inessa Love, The World Bank, 2010 SELECT JOURNAL PUBLICATIONS • “Financial Literacy and Financial Resilience: Evidence from Around the World" with Annamaria Lusardi, Financial Management, August 2019 o Awarded Financial Management Top Downloaded Paper 2018-2019 • “Workplace Signaling and Financial Commitment: Evidence from a Field Experiment” with Emily Breza and Martin Kanz, AEA Papers and Proceedings 2018, May 2018 • “Salary Delays and Overdrafts in Rural Ghana” with Niklas Buehren, Markus Goldstein, Tricia Koroknay-Palicz and Simone Schaner, AEA Papers and Proceedings 2018, May 2018 • “Improving Financial Access for Entrepreneurs in Developing Countries: Evidence from a Series of Experiments with Commercial Bank Loan Officers” with Shawn Cole and Martin Kanz, Journal of Finance, April 2015. • “Measuring Financial Inclusion: Explaining Variation Across and Within Countries” with Asli Demirguc-Kunt, Brookings Papers on Economic Activity, Spring 2013 • “Trade Credit Contracts” with Luc Laeven, and Raghuram Rajan, Review of Financial Studies 25:3, 2012 • “The Impact of the Financial Crisis on New Firm Registration” with Inessa Love, Economics Letters 113:1, 2011 [lead article] • “Portfolio Preferences of Foreign Institutional Investors” with Reena Aggarwal and Peter Wysocki, Journal of Banking and Finance 29:12, 2006 [lead article] o Awarded Elsevier’s Economics & Finance Journals Most Cited Articles 2005-2009 • “Corporate Governance, Investor Protection and Performance in Emerging Markets” with Inessa Love, Journal of Corporate Finance, 2004 o Awarded second most highly cited article in the Journal of Corporate Finance in 2010 • “Capital Structure, Foreign Debt and Financial Risk: Evidence from East Asia” with Yiorgos Allayannis and Greg Brown, Journal of Finance, 2003 OTHER JOURNAL PUBLICATIONS • “Measuring Financial Inclusion and Opportunities to Expand Access to and Use of Financial Services” with Asli Demirguc-Kunt, Dorothe Singer, and Peter van Oudheusden, World Bank Economic Review 34, February 2020 • “The Opportunities and Challenges of Digitizing Government-to-Person Payments” with Dorothe Singer, World Bank Research Observer 32:2, 2017 • “How digital payments can benefit entrepreneurs”, IZA World of Labor 396, 2017 • “The Role of Private Equity Investments in Public Firms: International Evidence” with Sandeep Dahiya, Leora Klapper, Harini Parthasarathy and Dorothe Singer, Journal of Corporate Finance 45, 2017 • “The Foundations of Financial Inclusion: Understanding Ownership and Use of Formal Accounts” with Franklin Allen, Asli Demirguc-Kunt, and Sole Martinez Peria, Journal of Financial Intermediation 27, 2016 [lead article] • “New Firm Registration and the Business Cycle” with Inessa Love and Douglas Randall, International Entrepreneurship and Management Journal 1:2, 2015 • “The Role of Informal Financial Services in Africa” with Dorothe Singer, Journal of African Economics 24:1, 2014. • “The Impact of Business Environment Reforms on New Registrations of Limited Liability” with Inessa Love, World Bank Economic Review 30:2, 2014. • “Bargaining Power and Trade Credit” with Daniela Fabbri, Journal of Corporate Finance 10:5, 2014 • “Islamic Finance and Financial Inclusion: Measuring Use of and Demand For Formal Financial Services Among Muslim Adults” with Asli Demirguc-Kunt and Douglas Randall, Middle East Review of Economics and Finance 10:2, 2014. • "Taxation and Capital Structure: Evidence from a Transition Economy" with Konstantinos Tzioumis, FinanzArchiv / Public Finance Analysis, 2012 • “Patterns of Business Creation, Survival, and Growth: Evidence from Africa” with Christine Richmond, Labour Economics 18:1, 2012 • “Financial Literacy and Retirement Planning: The Russian Case” with Georgios A. Panos, Journal of Pension Economics and Finance 10:4, 2012 • "The Challenges of Bankruptcy Reform" with Elena Cirmizi and Mahesh Uttamchandani, World Bank Research Observer 26:2, 2011 • “Entrepreneurship and Development: The Role of Information Asymmetries” with Inessa Love, World Bank Economic Review: Symposium Issue on Entrepreneurship and Growth 25:3, 2012 • “The Impact of the Business Environment on Young Firm Financing” with Larry Chavis and Inessa Love, World Bank Economic Review: Symposium Issue on Entrepreneurship and Growth 25:3, 2012 • “Gender and the New Business Environment for New Firm Creation” with Simon Parker, World Bank Research Observer 26:2, 2011 • “Entrepreneurship in Post-Conflict Transition: The Role of Informality and Access to Finance” with Asli Demirguc-Kunt and Georgios Panos, Economics of Transition 19:1, 2010 • “The Typology of Partial Credit Guarantee Funds around the World” with Thorsten Beck and Juan Carlo Mendoza, Journal of Financial Stability 6:1, 2010 • “Bank Competition and Financial Stability” with Allen Berger and Rima Turk, Journal of Financial Services Research 35:2, 2009 [lead article] • “What Does ‘Entrepreneurship’ Data Really Show?” with Zoltan J. Acs and Sameeksha Desai, Small Business Economics, 2008 • “Bank Ownership Type and Banking Relationships” with Allen Berger, Maria Soledad Martinez Peria, and Rida Zaidi, Journal of Financial Intermediation 17:1, 2008 • “American Depository Receipts ADR Holdings of U.S. Based Emerging Market Funds” with Reena Aggarwal and Sandeep Dahiya, Journal of Banking and Finance 31:6,