Frank Westermann is Professor of International Economic Policy at the Institute of Empirical Economic Research, University Osnabrueck. Furthermore, he is Research Professor in the Division of Business Cycle Analyses and Surveys at the ifo Institute and Research fellow at CESifo. Professor Westermann obtained his M.S. in Applied Economics in 1996 and his Ph.D. in International Economics in 1998 at the University of California, Santa Cruz. He received his Habilitation and venia legendi in Economics from the University of Munich in 2004. The research interests of Frank Westermann include International Economics, Applied Macroeconomics and Economic Policy. Recently he has worked on interlinkages between financial crises, financial development and long run growth. His latest publication is "Systemic Crises and Growth” (Quaterly Journal of Economics, 2008, with Romain Ranciere and Aaron Tornell).