Helene Rey

Lord Raj Bagri Professor of Economics

MS (Stanford) PhD (EHESS, Paris) PhD (London)

Hélène Rey is Professor of Economics at London Business School. Until 2007, she was at Princeton University, as Professor of Economics and International Affairs in the Economics Department and the Woodrow Wilson School.

Her research focuses on the determinants and consequences of external trade and financial imbalances, the theory of financial crises and the organisation of the international monetary system. She demonstrated in particular that countries gross external asset positions help predict current account adjustments and the exchange rate.

In 2005 she was awarded an Alfred P. Sloan Research Fellowship. She received the 2006 Bernácer Prize (best European economist working in macroeconomics and finance under the age of 40). In 2012 she received the inaugural Birgit Grodal Award of the European Economic Association honoring a European-based female economist who has made a significant contribution to the Economics profession. In 2013 she received the Yrjö Jahnsson Award (European economist under 45 years old who has made a contribution in theoretical and applied research that is significant to economics in Europe), shared with Thomas Piketty.

Professor Rey is a Fellow of the British Academy, of the Econometric Society and of the European Economic Association. She is on the board of the Review of Economic Studies and associate editor of the AEJ: Macroeconomics Journal. She is a CEPR Research Fellow and an NBER Research Associate. She is a member of the Haut Conseil de Stabilité Financière (French Macro Prudential Authority), of the Commission Economique de la Nation and of the Bellagio Group on the international economy.

Currently, Professor Rey was formerly one of the Academic Directors of the AQR Asset Management Institute at LBS. She was a member of the Conseil d’Analyse Economique until 2012, on the Board of the Board of the Autorité de Contrôle Prudentiel et de Résolution (2010-2014). She writes a regular column for the French newspaper Les Echos.

Hélène Rey received her undergraduate degree from ENSAE, a Master in Engineering Economic Systems from Stanford University and her PhDs from the London School of Economics and the Ecole des Hautes Etudes en Sciences Sociales.

  • International finance
  • International macroeconomics
  • US current account deficit
  • Exchange rates
  • Global imbalances
  • International capital flows
  • Financial crises


Central Bank Policy and the Concentration of Risk: Empirical Estimates

Coimbra N; Kim D; Rey H

Journal of Monetary Economics 2022 Vol 125 p 182-198

Global portfolio rebalancing and exchange rates

Camanho N; Hau H; Rey H

Review of Financial Studies 2022 Vol 35:11 p 5228-5274


Introduction: NBER International Seminar on Macroeconomics 2020

Frankel J; Rey H

Journal of International Economics 2021 Vol 130


Financial integration and growth in a risky world

Coeurdacier N; Rey H; Winant P

Journal of Monetary Economics 2020 Vol 112 p 1-21

The global financial cycle after Lehman

Miranda-Agrippino S; Rey H

AEA papers and proceedings 2020 May 2020 Vol 110 p 523-528

U.S. monetary policy and the global financial cycle

Rey H; Miranda-Agrippino S

Review of Economic Studies 2020 Vol 87:6 p 2754-2776


The international monetary and financial system

Gourinchas P-O; Rey H; Sauzet M

Annual Review of Economics 2019 Vol 11 p 859-893


Financial cycles and credit growth across countries

Coimbra N; Rey H

AEA papers and proceedings 2018 Vol 108 p 509-512

Monetary policy in the capitals of capital

Gerko E; Rey H

Journal of the European Economic Association 2017 Vol 15:4 p 721-745


International channels of transmission of monetary policy and the Mundellian Trilemma

Rey H

IMF Economic Review 2016 April Vol 64:1 p 6-35

Real interest rates, imbalances and the curse of regional safe asset providers at the Zero Lower Bound

Gourinchas P-O; Rey H

pp70-105 in The future of the international monetary and financial architecture, Proceedings of the ECB Sintra Forum on Central Banking, Frankfurt am Main,

Reinforcing the Eurozone and protecting an open society

Corsetti G; Feld L; Koijen R; Reichlin L; Reis R; Rey H; Mauro B

CEPR Press, 2016


Financial flows and the international monetary system

Rey H; Passari E

Economic Journal 2015 Vol 125:584 p 675-698

New start for the Eurozone: dealing with debt

Corsetti G; Feld L; Lane P; Reichlin L; Rey H; Vayanos D; Weder di Mauro B

CEPR Press, 2015


Capital account management

Rey H

Book Chapter: In Akerlof G; Blanchard O; Romer D & Stiglitz J eds., What Have We Learned? Macroeconomic Policy after the Crisis, MIT Press, 2014. pp 307-316

Dilemma not trilemma: the global financial cycle and monetary policy independence

Rey H

Federal Reserve Bank of Kansas City Economic Policy Symposium (2013) 2013

External adjustment, global imbalances and valuation effects

Gourinchas P O; Rey H

In Gopinath G, Helpman E, and Rogoff K, Handbook of International Economics, Elsevier 2013

Fiscal Union in the Eurozone?

Rey H

Political, Fiscal and Banking Union in the Eurozone 2013 p 107-116

Funding flows and credit in carry trade economies

Agrippino S M; Rey H

Federal reserve Bank of Australia conference proceedings 2013 p 211-228

Home bias in open economy financial macroeconomics

Coeurdacier N; Rey H

Journal of Economic Literature 2013 Vol 51:1 p 63-115


Banks and cross-border capital flows: policy challenges and regulatory responses

Brunnermeier M; Rey H; et al.

CIEPR report, 2012

The financial crisis and the geography of wealth transfers

Gourinchas P O; Rey H; Truempler K

Journal of International Economics 2012 Vol 88:2 p 266-283


Imbalances and the international monetary system

Rey H

European Commission DG2 Annual Research Conference 2011 January

Reforming the international monetary system

Rey H; Gourinchas P; Farhi E

CEPR e-Book and Conseil d'Analyse Economique

Reforming the international monetary system

Gourinchas P-O; Farhi E; Rey H

CEPR & Conseil d'Analyse Economique E-book

Rethinking central banking

Rey H

Brookings and Alfred P. Sloan Foundation E-book

Rethinking the international monetary system

Rey H; Gourinchas P-O; Farhi E

CEPR & Conseil d'Analyse Economique E-book

The risky steady state

Rey H; Coeurdacier N; Winant P

American Economic Review 2011 May Vol 101:3 p 398-401


One TV, one price?

Rey H; Imbs J; Mumtaz H; Ravn M

Scandinavian Journal of Economics 2010 Vol 112:4


Home bias at the fund level

Rey H; Hau H

American Economic Review 2008 Vol 98:2 p 333-338


From world banker to world venture capitalist: US external adjustment and the exorbitant privilege

Rey H; Gourinchas P O

in G7 Current Account Imbalances: Sustainability and Adjustment; R Clarida (ed); The University of Chicago Press

International financial adjustment

Rey H; Gourinchas P O

Journal of Political Economy 2007 11 Vol 5:4 p 665-703

La France et ses economistes

Rey H

in Regards sur la France; ed. Bitar K, Editions du Seuil


Exchange rates, equity prices and capital flows

Rey H; Hau H

Review of Financial Studies 2006 Vol 19:1 p 273-317

Globalization and Emerging Markets: With or Without Crash?

Rey H; Martin P

American Economic Review 2006 Vol 96 p 1631-1651


PPP strikes back: aggregation and the real exchange rate

Rey H; Imbs J; et al.

Quarterly Journal of Economics 2005 Vol 120:1 p 1-43

The determinants of cross border equity flows

Rey H; Portes R

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


Can portfolio rebalancing explain the dynamics of equity returns, equity lows, and exchange rates?

Rey H; Hau H

American Economic Review 2004 Vol 94:2 p 126-133

Financial super-markets: size matters for asset trade

Rey H; Martin P

Journal of International Economics 2004 Vol 64:2 p 335-361


Nonlinearities and real exchange rate dynamics

Imbs J; Mumtaz H; Ravn M O; Rey H

Journal of the European Economic Association 2003 Vol 1:2-3 p 639-649


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

International trade and currency exchange

Rey H

Review of Economic Studies 2001 Vol 68.2 p 443-464


Financial integration and asset returns

Rey H; Martin P

European Economic Review 2000 Vol 44:7 p 1327-1350


Enterprises in transition: macroeconomic influence on enterprise decision-making and performance

Rey H; Buiter W H; Lago R

in Financial Sector Transformation; Cambridge University Press; Blejer M & Skreb M (eds.)


Emergence of the euro as an international currency

Portes R; Rey H

Economic Policy 1998 Apr Vol 26 p 305-343

The emergence of the euro as an international currency

Rey H; Portes R

Economic Policy 1998:26 p 305-343

The euro and world equity flows

Rey H; Portes R

Journal of the Japanese and International Economies 1998:12.4 p 406-423


A portfolio approach for a cross-sectoral and cross-national investment strategy in transition economics

Rey H; Buiter W H; Lago R

Economics of Transition 1997 Vol 5:1 p 63-96


The Anatomy of Cyber Risk

Jamilov R; Rey H; Tahoun A

Social Sciences Research Network


Answering the Queen: Machine Learning and Financial Crises

Fouliard J; Howell M; Rey H

NBER Working Paper

Global footprints of monetary policy

Miranda-Agrippino S; Nenova T; Rey H

Centre for Macroeconomics

Granular credit risk

Galaasen S; Jamilov R; Juelsrud R; Rey H

NBER Working Paper


Financial cycles with heterogeneous intermediaries

Coimbra N; Rey H

NBER Working Paper


Financial integration and growth in a risky world

Coerdacier N; Rey H; Winant P

NBER Working Paper

World asset markets and the global financial cycle

Miranda-Agrippino S; Rey H

NBER Working Paper


Global portfolio rebalancing under the microscope

Rey H; Hau H

NBER Working Paper


Exorbitant privilege and exorbitant duty

Gourinchas P O; Govillot N; Rey H

IMES Discussion Paper Series - Bank of Japan.

Home bias in open economy financial microeconomics

Rey H; Coeurdacier N

NBER Working Paper

Aggregation bias does explain the PPP puzzle

Imbs J; Mumtaz H; Ravn M


Teaching portfolio

Our teaching offering is updated annually. Faculty and programme material are subject to change.