Enrico Perotti

Last updated
Enrico Perotti
Enrico Perotti.jpg
Born (1959-05-16) May 16, 1959 (age 65)
Asti, Italy
NationalityDutch
OccupationEconomist

Enrico Camillo Perotti (born May 16, 1959) is a Dutch (Italian born) economist and Professor of International Finance at the University of Amsterdam since 1994. [1] His research contributions span many fields such as (central) banking, corporate finance, political economy, redistributive growth, legal and financial history. His current research focuses on banking theory and financial regulation in a context of financial stagnation and a structural demand for safety. He has served as advisor for the European Commission, World Bank, IMF, Bank of England, Federal Reserve Bank, De Nederlandsche Bank and European Central Bank, and was member from 2020 to 2024 of the Advisory Scientific Committee of the General Board of the European Systemic Risk Board (ESRB). [2] Furthermore, Perotti has been appointed senior advisor to DNB Board in 2024. [3]

Contents

Education and academic career

Perotti was born in Asti, Italy and grew up in Milan. He attended the classical gymnasium at Liceo Zucchi in Monza, Italy. He graduated in Discipline Economiche e Sociali from Università Bocconi, Milan, and won a MIT scholarship for a PhD in Finance at the Massachusetts Institute of Technology (MIT), where he completed his doctoral studies in 1990 under the supervision of Franco Modigliani and Jean Tirole. [4] He taught in 1989-1994 at Boston University's Graduate School of Management [1] and has held various visiting appointments at MIT, Harvard, Oxford, Columbia Business School, London Business School, New York Federal Reserve and the LSE. [5]

Contributions

Enrico Perotti’s work has ranged widely, mostly seeking novel theoretical insight. His MIT theoretical dissertation combined models of privatization, crossholding networks, the Japanese Keiretsu groups and the dynamics of asset pricing under political risk. [6] His first publication in American Economic Review concerned the strategic use of leverage in contract renegotiation. [7] Early in his career he became involved in research and policy advice on the financial transition in Eastern Europe and Russia, serving as advisor to the EC, World Bank and IMF. He published in top journals (AER, JPE) on the historical and political foundations of corporate governance, financial development, pension funding and privatization, jointly with Ernst-Ludwig von Thadden, Bruno Biais and Stijn Claessens. [8] [9] Parallel interests included models of correlated risk taking (EER), the evolution of legal institutions (in particular, the emergence of the corporate form JLEO) and the internal and financial structure of innovative firms (MgtScience, RandJE). [10] [11] Since the 2007–2008 financial crisis he has focused on (central) banking and financial regulation, proposing in an article with Javier Suárez (economist) the use of Pigouvian charges to target aggregate liquidity externality. [12] He served in 2010-12 as senior advisor at the Dutch Central Bank (DNB) and Hublon-Norman Fellow at the Bank of England, and was involved in advising EU legislation on capital requirements in banking and insurance. As Duisenberg Fellow he served as advisor to the ECB on macroprudential tools during the introduction of the EU Banking Union. [13] Upon full return to academia he focused on a new advanced curriculum in (central) banking and financial regulation, supervising PhD candidates and publishing theoretical work on excess credit cycles, financial stagnation, tail risk incentives, contingent convertible capital, suspension of convertibility, regulatory forbearance and the containment of bank runs. [14] [15] [16] [17]

In 2020 he joined the ESRB Advisory Scientific Board, contributing to work on long term credit trends and policy options for uninsured runs. [18] In 2024 he returned as senior advisor for financial stability at DNB. [19]  

He is currently working on financial resilience, demand for safety and the political economy of climate policy. He is an active contributor to VoxEU and to the CEPR webinar, policy and discussion paper series. [20]

Fellowships and awards

Recent publications

Related Research Articles

<span class="mw-page-title-main">Wim Duisenberg</span> Dutch politician and economist

Willem Frederik "Wim" Duisenberg was a Dutch politician and economist who served as President of the European Central Bank from 1 June 1998 until 31 October 2003. He was a member of the Labour Party (PvdA).

Javier Suárez Bernaldo de Quirós is a Spanish economist who is known for his specialization in financial crises.

Financial innovation is the act of creating new financial instruments as well as new financial technologies, institutions, and markets. Recent financial innovations include hedge funds, private equity, weather derivatives, retail-structured products, exchange-traded funds, multi-family offices, and Islamic bonds (Sukuk). The shadow banking system has spawned an array of financial innovations including mortgage-backed securities products and collateralized debt obligations (CDOs).

Alexander Ljungqvist is a Swedish economist, educator, scholar, writer, and speaker. He is a professor of finance at the Stockholm School of Economics, where he is the inaugural holder of the Stefan Persson Family Chair in Entrepreneurial Finance. His areas of expertise include corporate finance, investment banking, initial public offerings, entrepreneurial finance, private equity, venture capital, corporate governance, and asset pricing. Professor Ljungqvist teaches Master's, MBA, and executive courses in private equity and venture capital and a PhD course in corporate finance.

<span class="mw-page-title-main">Duisenberg School of Finance</span> Educational school now part of University of Amsterdam

The Duisenberg School of Finance (DSF) was an educational university in the Netherlands. It offered Master's level education in finance between 2008 and 2015. The school was launched as a collaboration between the Dutch financial sector and various academic institutions. DSF's founders include influential Dutch economist Nout Wellink and Minister of Economic Affairs, Maria van der Hoeven. The name was chosen by the founders to honor Wim Duisenberg, the first President of the European Central Bank. 

<span class="mw-page-title-main">Andrea Beltratti</span> Italian professor and economist

Andrea Beltratti is professor at Bocconi University, director of the Executive Master in Finance - EMF at SDA Bocconi School of Management and Chairman of Eurizon Capital. He has been Chairman of the Management Board of Intesa Sanpaolo until May 2013.

Financial fragility is the vulnerability of a financial system to a financial crisis. Franklin Allen and Douglas Gale define financial fragility as the degree to which "...small shocks have disproportionately large effects." Roger Lagunoff and Stacey Schreft write, "In macroeconomics, the term "financial fragility" is used...to refer to a financial system's susceptibility to large-scale financial crises caused by small, routine economic shocks."

Söhnke Matthias Bartram is a professor in the Department of Finance at Warwick Business School (WBS). He is also a research fellow in the Financial Economics programme and the International Macroeconomics and Finance programme of the Centre for Economic Policy Research (CEPR), a charter member of Risk Who's Who, and a member of an international think tank for policy advice to the German government. Prior to joining the University of Warwick, he held faculty positions at Lancaster University and Maastricht University and worked for several years in quantitative investment management at State Street Global Advisors as Head of the London Advanced Research Center.

Xavier Vives is a Spanish economist regarded as one of the main figures in the field of industrial organization and, more broadly, microeconomics. He is currently Chaired Professor of Regulation, Competition and Public Policies, and academic director of the Public-Private Sector Research Center at IESE Business School in Barcelona.

A contingent convertible bond (CoCo), also known as an enhanced capital note (ECN), is a fixed-income instrument that is convertible into equity if a pre-specified trigger event occurs. The concept of CoCo has been particularly discussed in the context of crisis management in the banking industry. It has been also emerging as an alternative way for keeping solvency in the insurance industry.

<span class="mw-page-title-main">Isabel Schnabel</span> German economist

Isabel Schnabel is a German economist who has been serving as a member of the Executive Board of the European Central Bank since 2020.

Reint E. Gropp is a German economist, the president of the Halle Institute for Economic Research (IWH) as well as professor of economics at Otto-von-Guericke University Magdeburg. His fields of research cover financial economics, macroeconomics, corporate finance as well as money and banking.

<span class="mw-page-title-main">Arnoud Boot</span> Dutch economist

Arnoud W.A. Boot is a Dutch economist and professor of Corporate Finance and Financial Markets at the University of Amsterdam. He is a member of the Royal Netherlands Academy of Arts and Sciences since 2008 and is also a member of its Social-Scientific Council.

<span class="mw-page-title-main">Zvi Wiener</span>

Zvi Wiener is a Professor of Finance and the former dean of the Hebrew University Business School Business administration at the Hebrew University of Jerusalem.

Mark Jeffrey Flannery is an American economist, since 2024 the Bank of America Eminent Scholar professor emeritus at the Warrington College of Business at the University of Florida. From 2000 to 2005, he was the Editor of the Journal of Money, Credit and Banking. From 2014-2016, Flannery was Director of the U.S. Securities and Exchange Commission's Division of Economic and Risk Analysis.

<span class="mw-page-title-main">Andrea Sironi</span> Italian economist

Andrea Sironi is an Italian academic. He is a Professor of Banking and Finance at Bocconi University, where he was the Rector from 2012 to 2016, and has been the President since 2022. He also serves as chairman of Assicurazioni Generali and Fondazione AIRC per la Ricerca sul Cancro.

<span class="mw-page-title-main">Ilya Strebulaev</span>

Ilya A. Strebulaev is a Russian- American financial economist, researcher, author, and speaker with expertise in venture capital, startups, and corporate innovation. He has been a professor at the Stanford Graduate School of Business since 2004. From 2018 to 2022 he was on the board of directors of Yandex, the Russian equivalent of Google.

Ṣebnem Kalemli-Özcan is an economist and the Neil Moskowitz Professor of Economics and Finance at the University of Maryland, College Park. She is a co-editor of the Journal of International Economics, on the board of editors of the American Economic Review, an associate editor of the Journal of the European Economic Association and an associate editor of the Journal of Development Economics. She is a research fellow at the NBER and CEPR.

Luc Laeven is a Dutch economist, director-general of the research department of the European Central Bank 2015–present. Previously he held senior posts at the International Monetary Fund and the World Bank. He was also a Professor Finance at Tilburg University from 2009 to 2019. He has been a research fellow at the Centre for Economic Policy Research in London since 2009.

<span class="mw-page-title-main">Tobias Adrian</span> German and American economist

Tobias Adrian is a German and American economist who has been Financial Counsellor of the International Monetary Fund and Head of their Monetary and Capital Markets Department since 2017. He was previously employed at the Federal Reserve Bank of New York, where he was a Senior Vice President and the Associate Director of the Research and Statistics Group. His research covers aspects of risk to the wider economy of developments in capital markets. His work has covered the global financial crisis, monetary policy transmission, and the yield curve.

References

  1. 1 2 "Prof. Dr. E.C. (Enrico) Perotti". 6 March 2024.
  2. ↑ "Advisory Scientific Committee". 6 October 2023.
  3. ↑ "ABS professor appointed Senior Advisor to DNB Board - Amsterdam Business School". 20 February 2024.
  4. ↑ Perotti, Enrico Camillo (1990). Lack of commitment and strategic behavior : Four essays in financial economics (Thesis). Massachusetts Institute of Technology.
  5. ↑ "Enrico Perotti". World Economic Forum. 15 July 2024.
  6. ↑ Perotti, Enrico Camillo (1990). Lack of commitment and strategic behavior : Four essays in financial economics (Thesis). Massachusetts Institute of Technology.
  7. ↑ Perotti, Enrico C.; Spier, Kathryn E. (December 1993). "Capital Structure as a Bargaining Tool: The Role of Leverage in Contract Renegotiation". American Economic Review. 83 (5): 1131–1141. doi:10.2307/2117552.
  8. ↑ Biais, Bruno; Perotti, Enrico (2002). "Machiavellian Privatization". American Economic Review. 92: 240–258. doi:10.1257/000282802760015694.
  9. ↑ Perotti, Enrico C.; von Thadden, Ernst-Ludwig (2006). "The Political Economy of Corporate Control and Labor Rents". Journal of Political Economy. 114 (1): 145–175. doi:10.1086/500278. JSTOR   10.1086/500278.
  10. ↑ Dari-Mattiacci, Giuseppe; Gelderblom, Oscar; Jonker, Joost; Perotti, Enrico C. (May 2017). "The Emergence of the Corporate Form". The Journal of Law, Economics, and Organization. 33 (2). Oxford University Press: 193–236. doi:10.1093/jleo/ewx002 . Retrieved 24 March 2017.
  11. ↑ Hellmann, Thomas; Perotti, Enrico (2011). "The Circulation of Ideas in Firms and Markets". Management Science. 57 (10): 1813–1826. doi:10.1287/mnsc.1110.1385.
  12. ↑ Suarez, Javier; Perotti, Enrico C. (November 2011). "A Pigouvian Approach to Liquidity Regulation". International Journal of Central Banking (27).
  13. ↑ "Wim Duisenberg Fellows". 15 July 2024.
  14. ↑ Perotti, Enrico C.; Ratnovski, Lev; Vlahu, Razvan (December 2011). "Capital Regulation and Tail Risk". International Journal of Central Banking (27).
  15. ↑ Martynova, Natalya; Perotti, Enrico (July 2018). "Convertible Bonds and Bank Risk-Taking". Journal of Financial Intermediation. 35: 61–80. doi:10.1016/j.jfi.2018.01.002.
  16. ↑ Martynova, Natalya; Perotti, Enrico; Suarez, Javier (December 2022). "Capital Forbearance in the Bank Recovery and Resolution Game". Journal of Financial Economics. 146 (3): 884–904. doi:10.1016/j.jfineco.2022.09.006.
  17. ↑ Matta, Rafael; Perotti, Enrico (April 2024). "Pay, Stay, or Delay? How to Settle a Run". The Review of Financial Studies. 37 (4): 1368–1407. doi:10.1093/rfs/hhad084.
  18. ↑ "Advisory Scientific Committee". 6 October 2023.
  19. ↑ "ABS professor appointed Senior Advisor to DNB Board - Amsterdam Business School". 20 February 2024.
  20. ↑ "Enrico Perotti". April 2024.
  21. ↑ "Fellows | EEA".
  22. 1 2 "Enrico Perotti". April 2024.
  23. ↑ "Granted projects | NWO". 21 June 2018.
  24. ↑ "Wim Duisenberg Fellowship". 8 March 2024.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.