[22][23][24], Reinhart met her husband, Vincent Reinhart, when they were classmates at Columbia University in the late 1970s. Growth in a Time of Debt, also known by its authors' names as Reinhart–Rogoff, is an economics paper by American economists Carmen Reinhart and Kenneth Rogoff published in a non peer-reviewed issue of the American Economic Review in 2010. (Bloomberg Markets) -- When Carmen Reinhart and Kenneth Rogoff published their heavyweight history of financial crises in late 2009, the title was ironic. Mar 23, 2020 Carmen M. Reinhart. Assuming this role on June 15, 2020, Reinhart provides thought leadership for the institution at an unprecedented time of crisis. CARMEN M. REINHART is vice president and chief economist of the World Bank Group. Carmen M. Reinhart is Professor of Economics and Director of the Center for International Economics at the University of Maryland. Carmen M. Reinhart is the Vice President and Chief Economist of the World Bank Group. 11 Flow of Funds aggregate the private and public sectors, where the latter is comprised of federal (net), state and local and government enterprises. Please help by adding references that support its inclusion, or remove the category if none exist. The appointment is effective June 15, President David Malpass said in a statement Wednesday. 3 Add to Bookmarks. Restructuring Argentina’s Private Debt is Essential Matías Baglietto/NurPhoto via Getty Images. Her best-selling book (with Kenneth S. Rogoff)  entitled This Time is Different: Eight Centuries of Financial Folly  documents the striking similarities of the recurring booms and busts that have characterized financial history. Leigh Bureau World Bank, Congressional Budget Office Advisory Board (nonremunerated) She was Senior Policy Advisor and Deputy Director at the International Monetary Fund and Chief Economist the investment bank Bear Stearns in the 1980s. [16], She also has written monthly columns for international media organization Project Syndicate since 2014. [17], Fellow economist Alan Blinder credits both Reinhart and Kenneth Rogoff with describing highly relevant aspects of the 2008 financial institution near-meltdown and resulting serious recession. She received her Ph.D. from Columbia University. Washington: The World Bank on Wednesday named former Bear Stearns executive Carmen Reinhart as its chief economist, tapping a financial crisis expert who also currently serves on advisory boards of the IMF and the New York Federal Reserve. Born in Havana, Cuba, Reinhart arrived in the United States on January 6, 1966, at the age of 10, with her mother and father and three suitcases. Our analysis is based on new data on forty-four countries spanning about two hundred years. Nikkei CHRISTOPH TREBESCH is a professor of International Finance at … [3] and Professor of Economics and Director of the Center for International Economics at the University of Maryland. ", "Rogoff and Reinhart defend their numbers", "Does High Public Debt Consistently Stifle Economic Growth? graduate teaching at FIU,[10] Reinhart in 1978 went on to attend Columbia University graduate school. In December 2018, Reinhart received the King Juan Carlos Prize in Economics and Nabe's Adam Smith Award. [9] A few years down the road, Reinhart also received her Ph.D. from Columbia University in 1988. But the political will to undertake these measures may well be lacking if countries decide to turn inward rather than prop up the global economy. When the family moved to Miami, Reinhart started college at two-year Miami Dade College, before transferring to Florida International University, where she received a B.A. She has been listed among Bloomberg Markets Most Influential 50 in Finance, Foreign Policy’s Top 100 Global Thinkers, and Thompson Reuters' The World's Most Influential Scientific Minds. "Global Cycles: Capital Flows, Commodities, and Sovereign Defaults, 1815–2015." KENNETH ROGOFF is the Thomas D. Cabot Professor of Public Policy and professor of economics at Harvard University. 15639 January 2010, Revised January 2010 JEL No. Washington Speakers Bureau ", Reinhart, Carmen, and Vincent Reinhart. This Time Is Different: Eight Centuries of Financial Folly reminded readers that the catastrophic 2008-09 … The president of the European Community recognises that the political will for public sector cost-cutting is exhausted, the IMF now suggests the chancellor find a plan B, and an investigation into the data reveals one of the intellectual underpinnings of austerity to be the result of arithmetic and coding errors. How Innovation Can Help End Forced Labor in Global Supply Chains . In the field of political business cycles, my 1988 Review of Economic Studies paper with Anne Sibert and my 1990 American Economic Review paper explore the incentives politicians have to time budget splurges prior to elections. Carmen M. Reinhart (née Castellanos, born October 7, 1955) is a Cuban-born American economist and the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School. ... by Guest Blogger for Net Politics. She was Senior Policy Advisor and Deputy Director at the International Monetary Fund and Chief Economist the investment bank Bear Stearns in the 1980s. by Stewart M. Patrick. Learn more in our new issue. In 2010, a pair of Harvard economists published a paper that confirmed the warnings of the global austerity movement. Agenda . [18], In a normal recession such as 1991 or 2000, the Keynesian tools of tax cuts and infrastructure spending (fiscal stimulus), and lowered interest rates (monetary stimulus), will usually right the economic ship in a matter of months and lead to recovery and economic expansion. Carmen Reinhart is the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School. From 2001 to 2003, she returned to the International Monetary Fund as deputy director at the Research Department. May 15, 2020 Carmen M. Reinhart & Rob Subbaraman urge governments to cooperate on addressing supply-chain disruptions and refrain from protectionist measures. She has testified before Congress and is listed among Foreign Policy's Top 100 Global Thinkers, Thompson Reuters' The World's Most Influential Scientific Minds, and Bloomberg Markets Most Influential 50 in Finance. Smith Richardson Foundation, Bloomberg 10 Indeed, this is the central argument in Carmen M. Reinhart and Vincent R. Reinhart (2010) originally published in November 17, 2008). [14] Her book (with Kenneth Rogoff), This Time is Different: Eight Centuries of Financial Folly, studied the striking similarities of the recurring booms and busts that have characterized financial history. During wars, governments finance their war expenditures however they can, and right now there are dire needs.” “The scenario we are in is not a sustainable one,” she added. [20][21], A review by Herndon, Ash, and Pollin of her widely cited paper with Rogoff, "Growth in a Time of Debt", argued that "coding errors, selective exclusion of available data, and unconventional weighting of summary statistics lead to serious errors that inaccurately represent the relationship between public debt and GDP growth among 20 advanced economies in the post-war period". Open borders seem to facilitate the spread of infection. By Carmen Reinhart and Vincent Reinhart. Federal Reserve Bank of San Francisco Restructuring Argentina’s Private Debt is Essential. The work argued that debt above 90% of GDP was particularly harmful to economic growth, while corrections have shown this is not the case, and that the negative correlation between debt and growth does not increase above 90% as their work had contended. 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