Helene Rey
Lord Raj Bagri Professor of Economics
MS (Stanford) PhD (EHESS, Paris) PhD (London)
Hélène Rey is the Lord Bagri 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. She was elected President of the European Economic Association in 2022.
Her research focuses on the determinants and consequences of external trade and financial imbalances, the theory and empirics of financial crises and the organization of the international monetary system. She demonstrated in particular that countries's gross external asset positions help predict current account adjustments and the exchange rate. She introduced the concept of Global Financial Cycles and qualified the idea of the Mundellian Trilemma. She was awarded an Alfred P. Sloan Research Fellowship, the 2006 Bernácer Prize and the 2012 inaugural Birgit Grodal Award of the European Economic Association.
In 2013 she received the Yrjö Jahnsson Award shared with Thomas Piketty, in 2014, the Inaugural Carl Menger Preis, the 2015 Prix Edouard Bonnefous, the 2017 Maurice Allais Prize and the 2020 Prix Turgot. Professor Rey is an elected Fellow of the British Academy, of the Econometric Society, of the European Economic Association, of the American Academy of Arts and Sciences, a Foreign Honorary Member of the American Economic Association, a correspondant of the Académie des Sciences Morales et Politiques. She was made O.B.E for services to economics. She was on the board of the Review of Economic Studies (2008-2015), an associate editor of the AEJ: Macroeconomics Journal. She is a co-editor of the Annual Review of Economics, a Research Fellow and Vice President of CEPR and an NBER Research Associate.
She is a member of the Group of Thirty, of the Bellagio Group on the international economy and a member of the external advisory group to the managing director of the IMF. She is a member of the Haut Conseil de Stabilité Financière (French Macro Prudential Authority). She was a member of the Conseil d’Analyse Economique until 2012 and on 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.
- Personal website
- hrey@london.edu
- +44 (0)20 7000 8412
- International finance
- International macroeconomics
- US current account deficit
- Exchange rates
- Global imbalances
- International capital flows
- Financial crises
2024
Financial cycles with heterogeneous intermediaries
Coimbra N; Rey H
Review of Economic Studies 2024 Vol 91:2 p 817-857
2022
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
2021
Introduction: NBER International Seminar on Macroeconomics 2020
Frankel J; Rey H
Journal of International Economics 2021 Vol 130
2020
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
2019
The international monetary and financial system
Gourinchas P-O; Rey H; Sauzet M
Annual Review of Economics 2019 Vol 11 p 859-893
2018
Financial cycles and credit growth across countries
Coimbra N; Rey H
AEA papers and proceedings 2018 Vol 108 p 509-512
Reconciling risk sharing with market discipline: a constructive approach to euro area reform
Rey H; et al.
CEPR Policy insight No 91
2017
Financial resilience revisited: why consistency in regulation is now paramount - across sectors and regions, and over time
Allen F; Krahnen J-P; Rey H
G20 Insights
Monetary policy in the capitals of capital
Gerko E; Rey H
Journal of the European Economic Association 2017 Vol 15:4 p 721-745
2016
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
2015
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
2014
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
2012
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
2011
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 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
2010
One TV, one price?
Rey H; Imbs J; Mumtaz H; Ravn M
Scandinavian Journal of Economics 2010 Vol 112:4
2007
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
2006
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
2005
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
2004
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
2003
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
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
Financial integration and asset returns
Rey H; Martin P
European Economic Review 2000 Vol 44:7 p 1327-1350
1999
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.)
1998
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
1997
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
2020
Answering the Queen: Machine Learning and Financial Crises
Fouliard J; Howell M; Rey H
NBER Working Paper
2018
Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence
Rey H
NBER Working Paper
2016
Real interest rates, imbalances and the curse of regional safe asset providers at the Zero Lower Bound
Gourinchas P O; Rey H
NBER Working Paper
2015
Financial integration and growth in a risky world
Coerdacier N; Rey H; Winant P
NBER Working Paper
2010
Exorbitant privilege and exorbitant duty
Gourinchas P O; Govillot N; Rey H
IMES Discussion Paper Series - Bank of Japan.
Teaching portfolio
Our teaching offering is updated annually. Faculty and programme material are subject to change.
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Masters Degrees electives
Optional courses providing a deep dive into specialist areas.
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Banking and Monetary Policy in the Global Economy
This course analyses the relationships between the financial system, central banks and the economy. We will explore the following questions: What purpose does the financial system serve? How are money and credit created in the modern economy? How do banks, central banks and financial markets interact? How have central bank tools and objectives evolved? How should the financial system be regulated? We will make frequent references to current debates among policy-makers and financial market participants. -
Global Capital Markets and Currencies
This course deals with the international financial environment in a globalised economy. It will provide tools for assessing the impact of economic policy shocks and financial disturbances on financial markets, exchange rates, and capital flows. The course is suitable for anyone seeking further understanding of the international macroeconomy, whose importance the recent crisis has revealed. It will be especially relevant for careers in investment analysis, asset management, hedge funds, capital markets, corporate finance, and the finance/treasury function of corporates. GCMC gives the global macroeconomic context for international financing decisions. PROGRAMMES WITH THIS ELECTIVE
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Banking and Monetary Policy in the Global Economy
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Topics in Macroeconomics
Advanced Macroeconomics I
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Topics in Macroeconomics