Victor Lledo is a Senior Economist in the IMF’s Fiscal Affairs Department. His main areas of research are fiscal rules, fiscal councils, and fiscal federalism. He has worked extensively with both advanced and developing economies in several IMF Departments. He has a Ph.D. in Development Studies from the University of Wisconsin-Madison. He also holds a Master in Economics from the Getúlio Vargas Foundation Graduate School of Economics and a Bachelor in Economics from the University of Brasilia, both in Brazil.