October 8, 2010
Washington—The Peterson Institute for International Economics announced today that Dr. Carmen M. Reinhart, coauthor (with Kenneth S. Rogoff) of This Time Is Different: Eight Centuries of Financial Folly, has been appointed Dennis Weatherstone Senior Fellow. The chair was created in 1995 by friends of the late Dennis Weatherstone, a founding member of the Board of Directors of the Institute and Chairman and Chief Executive Officer of JPMorgan & Company from 1980 to 1987. The Weatherstone chair has been held since 1995 by Dr. Morris Goldstein, who is retiring from full-time service for family reasons. The announcement of Dr. Reinhart's appointment was made by C. Fred Bergsten, director of the Institute.
Dr. Reinhart has been professor of economics and director of the Center for International Economics at the University of Maryland since 1996. She served for eight years at the International Monetary Fund, most recently (2001–02) as deputy director and senior policy adviser in the Research Department. She was chief economist and vice president at the investment bank Bear Sterns in the 1980s. Dr. Reinhart received her PhD in economics at Columbia University, where her thesis adviser was Nobel Laureate Robert Mundell. She is a research associate at the National Bureau of Economic Research, a research fellow at the Center for Economic and Policy Research, and a member of the Panel of Economic Advisers to the Congressional Budget Office.
Dr. Reinhart's book, This Time is Different: Eight Centuries of Financial Folly, has been translated into thirteen languages and is one of the most widely praised studies of the origins of economic crises. In the early 1990s, before the Mexican financial crisis, she wrote about the fickleness of capital flows to emerging markets and the likelihood of abrupt reversals. Before the Asian crisis of 1997–98, she documented the international historical links between asset price bubbles and banking crises, and how the latter could lead to currency crashes. In 2000, the Institute published her book, Assessing Financial Vulnerability: An Early Warning System for Emerging Markets, coauthored with Dr. Goldstein and Graciela Kaminsky. Dr. Reinhart's work is frequently featured in the financial press around the world.
Dr. Reinhart has written widely on a variety of topics in macroeconomics, international finance, and trade. Her papers have been published in many leading scholarly journals. She is one of the most cited economists worldwide, according to Research Papers in Economics. She is currently working on a sequel to her latest book, tentatively titled This Time It's Different: Country Histories, Charts and Other Stories (also with Kenneth S. Rogoff). Dr. Reinhart was born in Havana, Cuba, and is a US citizen. She is married to Dr. Vincent Reinhart, until recently director of the Division of Monetary Affairs at the Board of Governors of the Federal Reserve System.
"We are delighted and thrilled to be joined by such a distinguished, world-class economist," said Dr. Bergsten. "She will further enhance the quality and reputation of our superb team at the Institute and we all look forward to working closely with her."
Dr. Goldstein, the first and to-date only holder of the Dennis Weatherstone Senior Fellowship, informed Dr. Bergsten earlier this year of his decision to retire though he will continue to be associated with Institute on a part-time basis. "Few of our colleagues have contributed as much to the success of the Peterson Institute as Morris Goldstein, and he will be greatly missed," said Dr. Bergsten. "We are very pleased that he will continue to work with us on a part-time basis, however."
Dr. Goldstein joined the Institute in 1994 after a career of 25 years at the International Monetary Fund, the last seven of which he served as deputy director of research. His numerous contributions to international economic and financial thinking and policy included his seminal The Case for an International Banking Standard (1997), which was quickly adopted as part of the global response to the Asian financial crisis of 1997–98 and helped insulate many emerging-market economies from the worst ravages of The Great Recession a decade later; his pioneering work on early warning systems, including via the volume coauthored with Dr. Reinhart cited above; his early and extensive analyses of the China currency problem; and his recent major contributions to reform of international financial regulation in the wake of the global crisis. Dr. Goldstein will remain a senior fellow at the Institute.
The Dennis Weatherstone Senior Fellowship was created in 1995 in honor of the late CEO of JPMorgan & Company, who died in 2008. Mr. Weatherstone was a founding member of both the Board of Directors of the Institute and its Executive Committee, and chaired its Investment Committee for a number of years. The chair was funded by a number of his close friends and associates including the Olayan Charitable Trust, JPMorgan, and the Stavros Niarchos Foundation.
About the Institute
The Peter G. Peterson Institute for International Economics is a private, nonprofit, nonpartisan research institution devoted to the study of international economic policy. Since 1981 the Institute, directed by C. Fred Bergsten, has provided timely and objective analysis of, and concrete solutions to, a wide range of international economic problems. It is one of the very few economics think tanks that are widely regarded as "nonpartisan" by the press and "neutral" by the US Congress, its research staff is cited by the quality media more than that of any other such institution, and it was selected as Top Think Tank in the World for 2008 in the first comprehensive survey of over 5,000 such institutions. Support is provided by a wide range of charitable foundations, private corporations, individual donors, and from earnings on the Institute's publications and capital fund. It moved into its award-winning new building in 2001, celebrated its 25th anniversary in 2006, and adopted its new name at that time, having previously been the Institute for International Economics.