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PORTES, RICHARD Print E-mail

 
Richard Portes's Mug ShotProfessor of Economics, London Business School and European University Institute (Firenze)
President, Centre for Economic Policy Research


Main Topics: International macroeconomics, international finance, macroprudential regulation, credit default swap (CDS) markets and European integration.

Richard Portes is one of the major experts on sovereign debt, financial regulation, crises, and the interrelationship of national economies.
His work on financial derivatives currently focuses on the role of credit default swaps in the economic earthquakes shaking the world, and he has made compelling arguments for their regulation.

 

 
Professional Profile: Richard Portes is Professor of Economics at London Business School.
He is also the Founder and President of the Centre for Economic Policy Research (CEPR), inaugural holder of the Tommaso Padoa-Schioppa Chair at the European University Institute (Florence), and Senior Editor and Co-Chairman of the Board of Economic Policy.

From 1978-2011 he was also Directeur d'Etudes at the Ecole des Hautes Etudes en Sciences Sociales in Paris.

He is an elected Fellow of the Econometric Society and of the British Academy. He is a member of the Advisory Scientific Committee to the European Systemic Risk Board, of the Steering Committee of the Euro50 Group, and of the Bellagio Group on the International Economy. Professor Portes was a Rhodes Scholar and a Fellow of Balliol College, Oxford (of which he is now Honorary Fellow), and has also taught at Princeton, Harvard, and Birkbeck College (University of London). He was Distinguished Global Visiting Professor at the Haas Business School, University of California, Berkeley, and Joel Stern Visiting Professor of International Finance at Columbia Business School.
He was decorated Commander of the British Empire (CBE) in the Queen’s New Year Honours List 2003. He holds three honorary doctorates.

His current research interests include international macroeconomics, international finance, European bond markets and European integration, the global and European financial crisis, and financial regulation.

He has written extensively on international currencies, financial stability, globalisation, sovereign borrowing and debt, European monetary issues, European financial markets, international capital flows, centrally planned economies and transition, macroeconomic disequilibrium, and European integration.

 

 

Education:
  • MA DPhil, Oxford
 
  • B.A., Yale

 

 

Selected Works: 
  • The Social Value of the Financial Sector: Too Big to Fail or Just Too Big?, co-editor, 2013
  • Macroeconomic Stability and Financial Regulation, co-editor, 2009
  • International Financial Stability, co-author, 2007
  • ‘Macroprudential policy and monetary policy’, in D. Schoenmaker (ed.), Macroprudentialism, CEPR Press, December 2014
  • ‘Capital controls and the resolution of failed cross-border banks: the case of Iceland’, with Fridrik Mar Baldursson, Capital Markets Law Journal, 2014
  • ‘Monetary Policies and Exchange Rates at the Zero Lower Bound’, Journal of Money Credit and Banking 2012
  • ‘Benchmark status in fixed-income asset markets’ (with P Dunne and M Moore), Journal of Business Finance and Accounting 2007
  • ‘Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar’, with Elias Papaioannou and Gregorios Siourounis, Journal of the Japanese and International Economies 2006
  • ‘The Determinants of Cross-Border Equity Flows’ (with H. Rey), Journal of International Economics 2005
  • ‘Credit default swaps in Europe’, ‘The Triffin Dilemma and a multipolar reserve system’, ‘The euro zone crisis’, chapters in R. Baldwin and D. Vines, eds., Rethinking global economic governance in light of the crisis: New perspectives on economic policy foundations, 2012
  • ‘Watch the indices! Derivatives and the Eurozone crisis’ (with A.-L. Delatte), Vox EU, 17 April 2014
  • ‘The impact on the financial sector of long-term low nominal-interest rates’ (with V. Acharya and R. Reid), VoxEU, 3 July 2013
  • ‘Nonlinearities in sovereign bond pricing: the role of CDS indices’ (with Anne-Laure Delatte and Julien Fouquau), CEPR Discussion Paper 9898, NBER Working Paper 19985, March 2014
  • ‘Gambling for resurrection in Iceland: the rise and fall of the banks’ (with Fridrik Mar Baldursson), CEPR Discussion paper 9664, September 2013. 110 pp.