The World Bank on Wednesday named former Bear Stearns govt Carmen Reinhart as its new vice president and chief economist, tapping an professional on monetary crises who additionally serves on the advisory board of the New York Federal Reserve.
“I’m more than happy to welcome Carmen to the World Bank Group as we increase our efforts to revive development and meet the pressing debt and recession crises going through lots of our consumer nations,” World Bank Group President David Malpass mentioned in a press release.
Reinhart, now a professor at Harvard University, printed a guide entitled “This Time is Different: Eight Centuries of Financial Folly,” along with economist Kenneth Rogoff of Harvard University in 2009.
The guide referred to as for stricter laws and an early-warning system to sound the alarm about monetary bubbles, arguing that central bankers, coverage makers and traders tended to disregard the telltale indicators of a bubble as a result of they had been satisfied that “this time is different.”
Malpass mentioned Reinhart’s expertise and insights would show invaluable throughout the present unprecedented disaster triggered by the coronavirus pandemic and the financial havoc it’s wreaking across the globe. She will begin her new job on June 15.
Reinhart has a Ph.D. from Columbia University and at the moment teaches worldwide economics on the Harvard Kennedy School. She has additionally labored on the Peterson Institute for International Economics, International Monetary Fund and the University of Maryland.
The Bank mentioned Reinhart’s areas of experience included worldwide capital flows, finance, and macroeconomics, the economies of Asia and Latin America, banking and sovereign debt crises, forex crashes, and contagion.
She is an adviser and contributor to ongoing World Bank debt transparency discussions and a member of a brand new IMF exterior advisory group engaged on coverage challenges, together with the coronavirus pandemic and its financial influence.
Earlier in her profession, she labored as vice president and chief economist at Bear Stearns. She has been listed amongst Bloomberg Markets Most Influential 50 in Finance, Foreign Policy’s Top 100 Global Thinkers, and Thomson Reuters’ The World’s Most Influential Scientific Minds.