Richard Portes

Professor of Economics; Academic Director, AQR Asset Management Institute

BA (Yale) MA DPhil (Oxford) CBE FBA

Richard Portes, Professor of Economics at London Business School, is Founder and Honorary President of the Centre for Economic Policy Research (CEPR) and Co-Founder of Economic Policy. He is an elected Fellow of the Econometric Society and of the British Academy. He has been Chair of the European Systemic Risk Board Advisory Scientific Committee, of which he remains a member, and he is Co-Chair of the ESRB Joint Expert Group on Non-bank Financial Intermediation as well as of the new ESRB Crypto Assets Task Force. He is a founder member of the Bellagio Group on the International Economy and the Euro50 Group. He is an Academic Director of the AQR Asset Management Institute at LBS.

Professor Portes was a Rhodes Scholar, then an Official Fellow of Balliol College, Oxford (of which he is now an Honorary Fellow). He has also taught at Princeton and Birkbeck College (University of London). He was the inaugural holder of the Tommaso Padoa-Schioppa Chair at the European University Institute (2014-2017), and he has been Distinguished Global Visiting Professor at the Haas Business School, UC Berkeley, and Joel Stern Visiting Professor of International Finance at Columbia Business School. He holds three honorary doctorates. He has written extensively on sovereign borrowing and debt, European monetary issues, European financial markets, macroprudential regulation, and international capital flows. Professor Portes was decorated CBE in the 2003 New Year’s Honours.

International macroeconomics
International finance
European integration
Financial regulation
Macroprudential policy

2023

Capital controls as a bargaining device: The case of Iceland

Baldursson F; Portes R; Thorlaksson E

Review of International Economics 2023 In Press

Corporate foreign bond issuance and interfirm loans in China

Huang Y; Panizza U; Portes R

Journal of International Economics 2023 Forthcoming

Credit Suisse: Too big to manage, too big to resolve, or simply too big?

Admati A; Hellwig M; Portes R

Vox EU 2023 8 May 2023

The European Monetary System crisis of 1992

Portes R

In: Corsetti, G et al (eds), The Making of the European Monetary Union: 30 years since the ERM crisis, CEPR

2021

Mapping exposures of EU banks to the global shadow banking system

Abad J; D’Errico M; Killeen N; Luz V; Peltonen T; Portes R; Urbano T

Journal of Banking and Finance 2021 Vol 34:5 p 2318-2361

The European Systemic Risk Board in "Crisis Mode"

Portes R

In: Financial Stability Review No. 24 / Is Macroprudential Policy resilient to the Pandemic?

2020

A system-wide scenario analysis of large-scale corporate bond downgrades

Portes R; Fell J; Mazzaferro F; Schaaning E

European Systemic Risk Board

The European “Postwar Consensus” and the Birth of the EEC

Portes R

In Giavazzi F; D'Ovidio F & Mingardi (Eds.) The Liberal Heart of Europe, Springer, pp.40-45

2019

Interconnectedness: Shadow Banking and Capital Markets Union

Portes R

In: Capital Markets Union and Beyond. Allen F et al (eds.), Chapter 17, pp.331-340

2018

Interconnectedness: mapping the shadow banking system

Portes R

In: Banque Du France Financial Stability Review, April 2018

Putting the Greek debt problem to rest

Eichengreen B; Avgouleas E; Maduro M P; Panizza U; Portes R; di Mauro B W; Wyplosz C; Zettelmeyer J

Column in: VOX Eu

Restoring Trust in Iceland: Iceland’s IMF Programme

Baldursson F; Portes R

In: Sigurjonsson, T., Schwarzkopf, D. and Bryant, M. (Ed.) The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis, Emerald Publishing Limited, pp. 111-128.

2016

Greece : a new way forward

Papaioannou E; Portes R; Reichlin L

London Business School conference on Greece, May 2015

Regime-dependent sovereign risk pricing during the Euro crisis

Delatte A-L; Fouquau J; Portes R

Review of Finance 2016 Vol 27:1 p 363-385

Secular stagnation, growth, and real interest rates

Gourinchas P-O; Portes R; Rabanal P

IMF Economic Review 2016 Vol 64:4 p 575-580

2015

Greece : seeking a way forward

Papaioannou E; Portes R; Reichlin L

VoxEU 2015

Greece’s imperfect imperative

Reichlin L; Papaioannou E; Portes R

Project syndicate 2015

2014

Capital controls and the resolution of failed cross-border banks: The case of Iceland

Baldursson F M; Portes R

Capital Markets Law Journal 2014 Vol 9:1 p 40-54

Macroprudential policy and monetary policy

Portes R

in Schoenmaker D (ed.), Macroprudentialism, CEPR Press, 2014. pp47-60

Watch the indices! Derivatives and the Eurozone crisis

Portes R; Delatte A

Vox CEPR's Policy Portal, April 2014

2013

Panel discussion

Portes R

In Heath A et al eds., Liquidity and Funding Markets, Reserve Bank of Australia, 2013

The impact on the financial sector of long-term low nominal-interest rates

Acharya V; Portes R; Reid R

VoxEU 2013 July

The wisdom of Karlsruhe: The OMT court case should be dismissed

Giavazzi F; Portes R; Weder di Mauro B; Wyplosz C

VoxEU 2013 June

2012

A reassessment of the Triffin Dilemma

Portes R

In Koeune J-C (ed.), In search of a new world monetary order: Proceedings of a conference to celebrate the 100th anniversary of Robert Triffin (1911-1993). P.I.E. Peter Lang SA

Credit default swaps: Useful, misleading, dangerous?

Portes R

VoxEU

Governance of the international monetary system

Portes R

Book Chapter: In Allen F, Carletti E, Simonelli S, Governance for the Eurozone, FIC Press, 2012

Monetary policies and exchange rates at the zero lower bound

Portes R

Journal of Money, Credit, and Banking 2012 Supplement s1 Vol 44 p 157-163

2011

Greece: The way forward

Portes R; Jacobides M G; Vayanos D

Eurointelligence 10 November 2011

Restructure Ireland’s debt

Portes R

VoxEU

2010

Ban naked CDS

Portes R

Eurointelligence 2010 18 March

Currency wars and the emerging market countries

Portes R

VoxEU

Global crisis and international currencies

Portes R

Economic and Social Research Institute, Cabinet Office, Government of Japan, March 2010

Global imbalances

Portes R

Book Chapter: In Dewatripont M, Freixas X, Portes R eds., Macroeconomic Stability and Financial Regulation, CEPR, 2009

Global imbalances and the crisis

Portes R

World Bank Growth Commission, March 2010

The costs of global imbalances

Portes R

In Claessens S et al., (eds.), Rebalancing the Global Economy: A Primer for Policymakers, VoxEU/CEPR e-book.

The international role of the Euro: A status report

Portes R; Papaioannou E

Book Chapter: In Buti M et al., eds., The Euro: The First Decade, CUP, 2010

Wasting the crisis: the G-20’s role in financial sector reform

Portes R

Global Asia 2010 Vol 5:3 p 22-27

2009

Dealing with the crisis: Policy proposals for the G20

Portes R; Dewatripont M; Freixas X

http://www.voxeu.org/index.php?q=node/3231

Macroeconomic stability and financial regulation

Dewatripont M; Freixas X; Portes R

VoxEU 2009

Wasting the crisis

Portes R

Eurointelligence 2009 8 October

2008

A strategy emerges: the right policies to deal with the crisis

Portes R

In Baldwin R; Eichengreen B eds., Rescuing our jobs and savings, Vox Book (www.VoxEU.org), October 2008

Capitalise on the crisis: How to move forward

Portes R

http://www.voxeu.org/index.php?q=node/2548 12 November 2008

Costs and benefits of running an international currency

Portes R; Papaioannou E

European Economy Economic Papers 348, November 2008, European Commission

Ratings agency reform

Portes R

22 January 2008, in VoxEU, http://www.voxeu.org/index.php?q=node/887

The euro challenges the dollar in international finance: a bumpy road ahead

Portes R

Finance (Australia) October 2008

The international role of the euro: a status report

Papaioannou E; Portes R

European Commission, April 2008, pp68

2007

Benchmark status in fixed-income asset markets

Dunne P; Moore M; Portes R

Journal of Business Finance and Accounting 2007 Vol 34:9-10 p 1615-1634

Regulating the international financial system: towards a more balanced, market-based model

Portes R

19 November 2007, in VoxEU at http://www.voxeu.org/index.php?q=node/719

Sovereign wealth funds

Portes R

Originally published in Real IR magazine September 2007. Republished on VoxEu.org 17 Oct 2007

The internationalisation of Iceland's financial sector

Portes R; Baldursson F

Iceland Chamber of Commerce, Nov 2007, pp69

2006

Challenging the Washington Consensus

Portes R

Central Banking 2006 May Vol 26 p 65-67

European corporate bond markets: transparency, liquidity, efficiency

Biais B; Declerck F; Dow J; Portes R; Thadden E-L von

City of London and CEPR, May 2006, pp75

Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar

Papaioannou E; Portes R; Siourounis G

Journal of the Japanese and International Economies 2006 December Vol 20:4 p 508-547

2005

Determinants of cross-border equity flows

Portes R; Rey H

Journal of International Economics 2005 Feb Vol 65:2 p 269-296

Resolution of sovereign debt crises: the new old framework

Portes R

In Bourguignon F; Jacquet P, eds., Economic Integration and Social Responsibility, Oxford University Press, 2005

2004

Dealing with destabilizing 'market discipline'

Portes R; Cohen D

In Borio C et al, eds., Market Discipline, pp 381-396, MIT Press, 2004

2003

Consequences of saying no: an independent report into the economic consequences of the UK saying no to the euro

Begg D; Portes R; et al.

Britain in Europe, May 2003

Crises de la dette: prevention et resolution

Portes R; Cohen D

Documentaion Francaise, September 2003

Dealing with destabilizing 'market discipline'

Portes R; Cohen D

in BIS/FRB Chicago conference, 2003

Discussion of Codogno L et al., 'Yield spreads on EMU government bonds'

Portes R

Economic Policy 2003 Oct Vol 18:37 p 527-529

Discussion of Eichengreen B and Rose A, 'Does it pay to defend against a speculative attack?'

Portes R

in Dooley M and Frankel J eds., Managing currency crises in emerging markets, University of Chicago Press/NBER, 2003

Discussion of Obstfeld M and Taylor A, 'Globalization and capital markets'

Portes R

in Bordo M et al. eds., Globalization in historical perspective, University of Chicago Press/NBER, 2003

Discussion of Park Y C and Lee Y, 'Recovery and sustainability in East Asia'

Portes R

in Dooley M and Frankel J eds., Managing currency crises in emerging markets, University of Chicago Press/NBER, 2003

Great expectations: the social sciences in Britain

Portes R; et al.

Commission on the Social Sciences, March 2003

2002

Discussion of Hau H et al., 'How has the euro changed the foreign exchange market?'

Portes R

Economic Policy 2002 Apr Vol 17:34 p 182-185

Euro and the international financial system

Portes R

in Buti M and Sapir A eds., EMU and economic policy in Europe: The challenge of the early years, p 334-356, Edward Elgar, 2002

New technologies, financing issues and capital flows

Portes R

in Symposium on New Technologies and Monetary Policy, 2002

Who's afraid of the big enlargement?

Portes R

CEPR Policy Paper No. 7, June 2002

2001

Eastern Germany since unification: wage subsidies remain a better way

Portes R; Begg D

in Riphahn R et al. eds., Employment policy in transition: the lessons of German integration for the labor market, p 140-153, Springer Verlag, 2001

European contribution to international financial stability

Portes R

in CEPR Colloquium, 2001

Information and capital flows: the determinants of transactions in financial assets

Rey H; Portes R; Oh Y

European Economic Review 2001 Vol 45:4-6 p 783-796

2000

Britain's adoption of the Euro

Huhne C; Portes R et al.

Policy Unit of the Liberal Democrats, 2000

Economic globalisation: how far, how fast, how fraught?: a perspective from the UK

Portes R

in Conference at Center for the US and France (Brookings Institution), 2000

EMU and portfolio adjustment

Adjaoute K; Portes R; et al.

CEPR Policy Paper No. 5, November 2000

Global financial markets and financial stability: 'Europe's role'

Portes R

in Proceedings of World Bank ABCDE-E Conference: Governance, Equity and Global Markets, p195-213, La Documentation Francaise, 2000

Monetary union in motion: the European experience

Portes R

Integracion y Commercio 2000 Jan-Apr

Role of institutions for collective action

Portes R

in Adams C, Litan R and Pomerleano M eds., Managing financial and corporate distress: lessons from Asia, p 47-73, Brookings Institution, 2000

1999

Contribution to round table discussion

Portes R

in Agenor P-R et al. eds., Asian financial crisis: causes, contagion and consequences, p 404-406, Cambridge University Press, 1999

Discussion of G Corsetti, P Pesenti and N Roubini 'Asian crisis: an overview of the empirical evidence and policy debate'

Portes R

in Agenor P-R et al. eds., Asian financial crisis: causes, contagion and consequences, p 163-164, Cambridge University Press, 1999

Internationalisation of the euro

Portes R; Rey H

Global Outlook 1999 1st quarter p 49-56

1998

Analysis of financial crisis: lessons for the international financial system

Portes R

in Hunter W C et al. eds., Asian financial crisis: origins, implications and solutions: proceedings of the Federal Reserve Bank of Chicago & International Monetary Fund, p 471-478, Kluwer Academic Publishers, 1998

Comment on P Volcker 'Globalization, stability and the financial markets'

Portes R

BNL Quarterly Review 1998 Mar p 145-150

Dealing with the Asian financial crises

Portes R; Ito T

European Economic Perspectives 1998 Apr Vol 17 p 3-4

Emergence of the euro as an international currency

Portes R; Rey H

Economic Policy 1998 Apr Vol 26 p 305-343

Euro and international equity flows

Portes R; Rey H

Journal of the Japanese and International Economies 1998 Vol 12 p 406-423

European integration: retrospect and prospect

Portes R; Vines D A

in Drysdale P and Vines D eds., Europe, East Asia and APEC: a shared global agenda?, p 73-101, Cambridge University Press, 1998

Managing financial crises in emerging markets

Portes R; Eichengreen B

in Maintaining financial stability in a global economy: proceedings of Jackson Hole Symposium, p 193-225, Kansas City, 1998

New approach to managing financial crises

Portes R; Eichengreen B

in Financial crises and Asia, p 35-38, CEPR, 1998

Orderly debt workouts

Portes R

Insights 1998 Jun Vol 26

Recent currency crises in East Asia

Eichengreen B; Portes R et al.

Journal of the Japanese and International Economies 1998 Vol 12 p 535-542

1997

Coping with capital inflows

Portes R; Vines D A

Commonwealth Secretariat Economic Paper No. 30, April 1997

Costs and benefits of Eastern enlargement

Baldwin R; Francois J; Portes R

Economic Policy 1997 Apr Vol 24 p 125-176

Euro, the dollar, and the international monetary system

Portes R; Alogoskoufis G

in Krueger T, Masson P and Turtleboom B eds., EMU and the International Monetary System, IMF, 1997

Fixed vs. floating exchange rates: what's new in the debate?

Portes R

in Blejer M et al. eds., Optimum currency areas: new analytical and policy developments, p 57-60, IMF, 1997

Users and abusers of economics

Portes R

in van Bergeijk P et al. eds., Economic science and practice: the roles of academic economists and policy-makers, p 49-59, Edward Elgar, 1997

1996

Capital structure of firms in Central and Eastern Europe

Cornelli F; Portes R; Schaffer M

in Bouin O, Coricelli F and Lemoine F eds., Different paths to a market economy: China and European economies in transition, OECD, 1998

Centre for Economic Policy Research: a 'Think Net' model

Portes R

in Telgarsky J and Ueno M eds., Think tanks in a democratic society: an alternative voice, p 73-80, Urban Institute, 1996

Dealing with the debt threat

Portes R

Global Outlook 1996 Vol 1 p 22-31

Discussion of G Calvo and M Goldstein, 'Crisis prevention and crisis management after Mexico: what role for the official sector?'

Portes R

in Calvo G et al. eds., Private capital flows to emerging markets after the Mexican crisis, p 283-286, Institute for International Economics, 1996

European economy at the end of the century: a more integrated Europe

Portes R

in 50th Anniversary of Faculty of Economics, Ljubljana, 1996

European Union enlargement to the east: institutional implications of a strategy

Portes R

in European Economic Association meeting, Istanbul, 1996

Impact of European Monetary Union on global interest rate linkages and consequences for the exchange rate policy of the euro

Portes R et al.

European Commission/London Business School, 1996

Implementing EMU

Portes R

American Economic Review 1996 May Vol 86:2 p 139-142

Let's fight the next sovereign debt war now

Portes R

Economic Outlook 1996 Feb Vol 20:2 p 12-17

Managing the next Mexico

Portes R; Eichengreen B

in Kenen P ed., From Halifax to Lyons: what has been done about crisis management?, p 26-45, Princeton University Press, 1996

1995

Economic liberalization and reform: the experience of Eastern Europe

Portes R

Boughton J and Lateef K eds., Fifty years after Bretton Woods, IMF/World Bank, 1995

Economic transformation in Central Europe and Eastern Germany

Portes R

in Gutmann G ed., Die Wettbewerbsfahigkeit der ostdeutschen Wirtschaft, p 11-21, Duncker & Humboldt, 1995

Integrating the Central and East European countries into the international monetary system

Portes R

in Genberg H ed., International monetary system: its institutions and its future, p 61-80, Springer, 1995

Opportunities outweigh adjustment: the political economy of trade with Central and Eastern Europe

Faini R; Portes R

in Faini R and Portes R eds., European Union trade with Central and Eastern Europe: adjustment and opportunities, p 1-18, Centre for Economic Policy Research, 1995

Panel discussion

Portes R

in de Fontenay P et al. eds., Western Europe in transition: the impact of the opening up of Eastern Europe and the former Soviet Union, Banca d'Italia/IMF/Oesterreichische Nationalbank, 1995

Panel discussion

Portes R

in Mizsei K and Rudka A eds., From association to accession: the impact of the association agreements on Central Europe's trade and integration with the European Union, p 148-149, IEWS, 1995

1994

Central and East European countries and the EC

Portes R

in Herr H et al. eds., Macroeconomic problems of transformation, p 256-272, Edward Elgar, 1994

Central and East European countries and the EC

Portes R

Informacion Comercial Espanola 1994 Apr Vol 728

Comment on a paper by A Inotai: 'European Communities and Eastern Europe'

Portes R

in Henning R and Hufbauer G eds., Reviving the European Union, p 172-176, Institute for International Economics, 1994

Future of European monetary integration: contribution to a panel discussion

Portes R

in Cobham D ed., European monetary upheavals, p 229-231, Manchester University Press, 1994

Transformation traps

Portes R

Economic Journal 1994 Sep Vol 104 p 1178-1189

1993

Central Europe: the way forward

Portes R; Nuti D M

in Portes R ed., Economic transformation in Central Europe: a progress report, p 1-20, CEPR and the Commission of the European Communities, 1993

Comment on a paper by J Williamson: `Economic reform and debt relief in Eastern Europe'

Portes R

in Teunissen J J ed., Pursuit of reform, p131-134, FONDAD, 1993

Comment on McKinnon

Portes R

in Giovannini A ed., Finance and development: issues and experience, p 257-260, Cambridge University Press, 1993

Comments on Blejer M and Gelb A, 'Contraction of Eastern Europe's economies'

Portes R

in IMF/IBRD Conference Proceedings, 1993

Comments on papers by Dallago and Zienkowski

Portes R

in Economic statistics for economies in transition: Eastern Europe in the 1990s, p 50-53 and p 86-87, US Department of Commerce (BLS), 1993

Comments on papers by Riecke and Oblath

Portes R

in Newbery D and Szekely I eds., Economic transformation in Hungary, p 233-235, Cambridge University Press, 1993

Eastern Germany since unification: wage subsidies remain a better way

Portes R; Begg D

Economics of Transition 1993 Vol 1:4 p 383-400

EMS and EMU after the fall

Portes R

World Economy 1993 Jan Vol 16:1 p 1-15

Enterprise debt and economic transformation

Portes R; Begg D

Economics of Transition 1993 Vol 1:1 p 116-117

Enterprise debt and economic transformation: financial restructuring of the state sector in Central and Eastern Europe

Portes R; Begg D

in Mayer C and Vives X eds., Capital markets and financial intermediation, p 230-255, Cambridge University Press, 1993

Enterprise debt and financial restructuring in Central and Eastern Europe

Portes R; Begg D

European Economic Review 1993 Mar Vol 37 p 396-407

From central planning to a market economy

Portes R

in Islam S and Mandelbaum M eds., Making markets: economic transformation in Eastern Europe and the post-Soviet states, Council on Foreign Relations Press, 1993