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.
- Personal website
- rportes@london.edu
- +44 (0)20 7000 8424
- Richard Portes CV
- 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 Vol 31:4 p 1303-1328
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Lessons for Eastern Europe Today
Blanchard O; Portes R; Nolling W
in Dornbusch R et al. eds., Postwar economic reconstruction and lessons for the East today, p 238-241, MIT Press, 1993
1992
European Community's response to Eastern Europe
Portes R
in Bofinger P ed., Economic consequences of the East, CEPR, 1992
European monetary union and international currencies in a tripolar world
Portes R; Alogoskoufis G
in Canzoneri M et al. eds., Establishing a central bank for Europe, p 273-300, Cambridge University Press, 1992
Structural reform in Central and Eastern Europe
Portes R
European Economic Review 1992 Vol 36 p 661-669
1991
External constraints on macroeconomic policy: The European experience
Portes R; Alogoskoufis G; Papdemos L
Cambridge University Press, 1991, pp xxi + 384
Path of reform in central and eastern Europe
Portes R
Special Issue of European Economy, Commission of the European Communities, Brussels, July 1991, pp. xi + 306
1990
Economic transformation in Hungary and Poland
Portes R
European Economy 1990 March Vol 43 p 11-17 Special Issue
Effective demands and spillovers
Portes R; Martin C
Scandinavian Journal of Economics 1990 March Vol 92 p 109-120
Interwar debt crisis and its aftermath
Portes R; Eichengreen B
World Bank Research Observer 5, pp 69-94, January 1990
2018
Corporate foreign bond issuance and interfirm loans in China
Huang Y; Panizza U; Portes R
NBER Working Paper
2017
Mapping the interconnectedness between EU banks and shadow banking entities
Abad J; D'Errico M; Killeen N; Luz V; Peltonen T A; Portes R; Urbano T
CEPR Discussion Paper
2016
All's well that ends well? : resolving Iceland's failed banks
Baldursson F M; Portes R; Thorlaksson E E
CEPR Discussion Paper
Indirect contagion : the policy problem
Clerc L; Giovannini A; Langfield S; Peltonen T; Portes R; Schleicher M
ESRB occasional paper series
2014
Nonlinearities in sovereign risk pricing : the role of CDS index contracts
Delatte A-L; Fouquau J; Portes R
CEPR Discussion Paper
2013
Gambling for resurrection in Iceland: the rise and fall of the banks
Baldursson F M; Portes R
Working Paper
2002
Defining benchmark status: an application using Euro-area bonds
Portes R; Dynne P G; Moore J M
Economics Discussion Paper Series
European contribution to international financial stability
Portes R
Economics Discussion Paper Series
2013
The social value of the financial sector: Too big to fail or just too big
Acharya V V ; Thorsten B; Evanoff D D; Kaufman G G; Portes R
Acharya V, Beck T, Evanoff D D, Portes R eds., World Scientific Publishers, 2013
2007
International financial stability
Ferguson R; Hartmann P; Panetta F; Portes R
Centre for Economic Policy Research, 2007, pp190
2002
Making sense of globalization: a guide to the economic issues
Bourguignon F; Portes R; et al.
CEPR Policy Paper No. 8, pp124, 2002
2000
Debt restructuring with and without the IMF
Portes R; Eichengreen B
International Financial Institution Advisory Commission, 2000
1998
Impact of EMU on global interest rate linkages and consequences for the exchange rate policy of the Euro
Williams G; Portes R; et al.
London Business School, 1998
1995
Crisis? What crisis? Orderly workouts for sovereign debtors
Eichengreen B; Portes R
CEPR, 1995, ppi-xvii +34
Trade with Central and Eastern Europe: adjustment and opportunities
Faini R; Portes R; eds.
Centre for Economic Policy Research, 1995, pp xvii + 278
1993
Economic transformation in Central Europe: a progress report
Portes R
CEPR and Commission of the European Communities, p xvi, p 294, 1993
Independent and accountable: a new mandate for the Bank of England
Begg D; Portes R; et al.
Centre for Economic Policy Research, 1993
Teaching portfolio
Our teaching offering is updated annually. Faculty and programme material are subject to change.
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Masters Degrees core courses
A key part of our Masters programmes curriculum.
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Financial Institutions
Financial Institutions -
Managerial Economics
Study how organisations behave under different market structures by exploring the logic and language of microeconomics, focusing on prices, markets, incentives and optimal decision-making. PROGRAMMES WITH THIS CORE COURSE
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Financial Institutions
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Masters Degrees electives
Optional courses providing a deep dive into specialist areas.
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European Financial Markets
From 1990 onwards, the European Union was progressing towards an integrated financial area, culminating in monetary union (EMU) and the Financial Services Action Plan. The Eurozone debt crisis partly reversed this process. But a Banking Union has been launched and there are plans for a Capital Markets Union. All of this has major consequences for the business environment. How does the European Central Bank differ from the Fed? Will the euro compete with the dollar as an international currency? Can European capital markets challenge the US for international portfolio managers and non-European issuers? Will the European banking sector experience a deep wave of cross-border restructurings? Will European securities exchanges merge - or disappear? The new regulatory environment is still under construction. Will the Eurozone and its banks survive? We will explore these and other key issues. PROGRAMMES WITH THIS ELECTIVE
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The Economics of a Crisis
This was The Economics of a Pandemic (E607) PROGRAMMES WITH THIS ELECTIVE
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European Financial Markets