World Bank names Carmen Reinhart as chief economist and vice president
- Economist Carmen M. Reinhart, Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School (HKS), will take a two-year leave to become chief economist and vice president at the World Bank on June 15.
- An acclaimed authority on international finance and financial crises, Reinhart is widely known for her award-winning scholarly history of financial disasters, “This Time is Different: Eight Centuries of Financial Folly” (2008), written with Harvard economist Kenneth Rogoff.
- The Gazette spoke with Reinhart about her grim forecast for the U.S. economy, the roles debt and China may play in a recovery, and whether the pandemic spells the end of globalization as we know it.
- The book called for stricter regulations and an early-warning system to sound the alarm about financial bubbles, arguing that central bankers, policy makers and investors tended to ignore the telltale signs of a bubble.
- In an article here she wrote on the pandemic in March, Reinhart said: “Clearly, this is a ‘whatever-it-takes’ moment for large-scale, outside-the-box fiscal and monetary policies.”
- Reinhart has a Ph.D. from Columbia University and teaches international economics at the Harvard Kennedy School. She has also worked at the Peterson Institute for International Economics, the International Monetary Fund and the University of Maryland and the former Bear Stearns investment bank.
- IMF Managing Director Kristalina Georgieva tweeted her congratulations, calling Reinhart “a great choice, especially at this time of crisis.”
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Reinhart’s expertise include international capital flows, and sovereign debt crises, the Bank said.She replaces Pinelopi Goldberg, who left on March 1 after only 15 months on the job.
About World Bank-
- The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects.
- It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).
- The World Bank is a component of the World Bank Group.
- Formation – July 1944
- Motto – Working for a World Free of Poverty
- Headquarters – Washington, D.C., U.S.
- Membership – 189 Countries (IBRD), 173 Countries (IDA)
- President– David Malpass
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