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Ugo Panizza

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Italian economist
Ugo Panizza
NationalityItalian
Academic career
FieldDevelopment economics, International Finance, Sovereign debt, Sovereign default
InstitutionGraduate Institute of International and Development Studies, Geneva
Alma materJohns Hopkins University University of Turin
InfluencesBarry Eichengreen, Ricardo Hausmann
ContributionsOriginal sin (economics), Too Much Finance
Information at IDEAS / RePEc

Ugo Panizza is an Italian and Swiss economist. He is a professor of International Economics, department head, and Pictet Chair in Finance and Development at the Graduate Institute of International and Development Studies in Geneva. He is a vice-president of the Centre for Economic Policy Research (CEPR), the director of the International Center for Monetary and Banking Studies, the editor in Chief of Oxford Open Economics and International Development Policy, and the deputy director of the Centre for Finance and Development. He is a members of the Scientific Committees of the Fondazione Luigi Einaudi (Torino) and Long-term Investors@UniTo.

Diplomas

Panizza holds a PhD in economics from the Johns Hopkins University (his studies were financed by the Istituto Bancario San Paolo di Torino through a Luciano Jona Scholarship) and a Laurea (BA) from the University of Turin.

Contributions

Panizza is known for co-establishing the concept of original sin in development economics, alongside economists Barry Eichengreen and Ricardo Hausmann. His work on the costs of sovereign default (joint with Eduardo Borensztein, Eduardo Levy Yeyati, Federico Sturzenegger, and Jeromin Zettelmeyer), on the links between finance and economic development (joint with Jean Louis Arcand and Enrico Berkes), and on the relationship between public debt and economic growth (joint with Andrea Presbitero) has been widely cited in the international press.

In 2012 Panizza coauthored (with Jean-Louis Arcand and Enrico Berkes) an IMF working paper titled Too Much Finance showing that the relationship between financial development and economic growth goes from being positive to negative when the financial sector becomes too large.

In 2016 he coauthored a paper with Barry Eichengreen titled "A Surplus of Ambitions". The paper concludes that Europe’s crisis countries are unlikely to be able to run primary budget surpluses as large and persistent as officially projected.

He has contributed to the debate on Quantitative Easing in Europe and on the monetary and fiscal stimulus in the Eurozone. In 2017 he coauthored with David Miles, Ricardo Reis, and Angel Ubide the 19th Geneva Report on the World Economy titled And Yet It Moves. The report asks why inflation has remained so stable in the aftermath of the Great Recession.

In 2017 he co-authored (with Jeromin Zettelmeyer and Eike Kreplin) a Peterson Institute working paper aimed at assessing debt sustainability in Greece and contributed (with Jeromin Zettelmeyer, Beatrice Weder di Mauro, Charles Wyplosz, Richard Portes, Miguel Poiares Maduro, Barry Eichengreen, and Emilios Avgouleas) to the CEPR Independent Report on the Greek Official Debt. He also studied (with Patrick Bolton and Mitu Gulati) the spillovers of the Greek Retrofit on other peripheral European economies.

He contributed to the debate on Odious Debt, focusing on both Haiti and Venezuela. He wrote a Project Syndicate piece with Ricardo Hausmann discussing the possibility of creating an odiousness rating system and worked with Mitu Gulati on Venezuela's Hunger Bonds. His work on Haiti (coauthored with Mitu Gulati, Kim Oosterlinck, and Mark Weidemaier) focuses on the Independence Debt a series of US Loans to suppress the slave revolt that led to Haiti's independence.

During the Covid Pandemic, he coauthored (with Patrick Bolton, Lee Buchheit, Pierre-Olivier Gourinchas, Mitu Gulati, Chang-Tai Hsie, and Beatrice Weder di Mauro) a policy paper which described a mechanism to implement a debt standstill for emerging and developing economies affected by the pandemic. Successive work with Patrick Bolton and Mitu Gulati discussed options to provide temporary legal protection to the debtor countries in a scenario in which multiple sovereign debtors move into default territory.

In 2023 he co-authored (with Ricardo Hausmann, Carmen Reinhart and a team at the Harvard Growth Lab) a policy paper with a plan for the economic recovery of Lebanon.

Career

He has taught at the University of Turin and at the American University of Beirut. He also worked at the World Bank, the Inter-American Development Bank, and at the United Nations Conference on Trade and Development (UNCTAD) where he was the head of the Debt and Finance Analysis Unit. Currently Panizza is professor of International Economics and Pictet Chair in Finance and Development at the Graduate Institute of International and Development Studies in Geneva, where he is also the head of the Department of International Economics and the deputy director of the Centre for Finance and Development. Panizza is a CEPR Research Fellow, and a former editor of Economia (the Journal of Latin American and Caribbean Economic Association, LACEA). He is a member of the editorial board of several other academic journals.

References

  1. "Ugo PANIZZA | IHEID". www.graduateinstitute.ch. Retrieved 2024-04-24.
  2. "Vice Presidents". Retrieved 2019-04-08.
  3. "International Development Policy: The Graduate Institute's e-journal". graduateinstitute.ch. Archived from the original on 1 October 2017. Retrieved 17 January 2022.
  4. "Fondazione Einaudi". Retrieved 28 June 2024.
  5. Viarengo, Martina; Panizza, Ugo; Nano, Enrico (May 2021). "A Generation of Italian Economists". CID Working Papers.
  6. ^ "Economia Editorial Board, Ugo Panizza". Harvard CID. Retrieved 12 February 2015.
  7. "Ugo Panizza". The Graduate Institute of International and Development Studies. Retrieved 8 February 2014.
  8. "The evolution of original sin". www.ft.com. Retrieved 2024-07-21.
  9. "Default settings". The Economist. ISSN 0013-0613. Retrieved 2024-07-21.
  10. "Default Settings". The Economist. 3 April 2010. Retrieved 10 November 2012.
  11. "Secondary Sources". The Wall Street Journal. Retrieved 10 November 2012.
  12. "Bankers: Who Needs Them?". Time Magazine. 4 September 2012. Retrieved 10 November 2012.
  13. Jones, Tim (2012-02-24). "Latin America's past offers lessons on debt, but is Eurozone agenda skewed?". The Guardian. ISSN 0261-3077. Retrieved 2017-11-26.
  14. "Too Much Finance" (PDF). IMF Working Paper. Retrieved 12 February 2014.
  15. "Too Much Finance". VoxEU. 7 April 2011. Retrieved 12 February 2014.
  16. Eichengreen, Barry; Panizza, Ugo (2016). "A surplus of ambition: can Europe rely on large primary surpluses to solve its debt problem?". Economic Policy. 31 (85): 5–49. doi:10.1093/epolic/eiv016.
  17. "A Surplus of Ambitions". VoxEU. 30 July 2014. Retrieved 6 February 2016.
  18. "The bond market's dance over European debt will not last forever". The Financial Times. 17 November 2014. Retrieved 6 February 2015.
  19. "Back to reality". The Economist. 24 October 2014. Retrieved 6 February 2015.
  20. O'Brien, Matt (2016-04-20). "The crazy reason we might be facing a huge crisis in Greece again". Washington Post. ISSN 0190-8286. Retrieved 2017-11-26.
  21. Wigglesworth, Robin (2015-01-06). "Public finances: A world of debt". Financial Times. Retrieved 2017-11-26.
  22. "I sacrifici dell'Italia e i vantaggi dell'euro". Repubblica.it (in Italian). 2015-02-23. Retrieved 2017-11-26.
  23. "Why Greece Won't Ever Be Able to Pay Off Its Debts With Austerity". Bloomberg.com. 2015-02-19. Retrieved 2017-11-26.
  24. "Rashomon in euro land". The Economist. 5 November 2014. Retrieved 6 February 2015.
  25. "To QE or not to QE". The Economist. 21 January 2015. Retrieved 6 February 2015.
  26. "Events homepage". cepr.org. 17 April 2024.
  27. Sandbu, Martin (25 October 2017). "The ECB should not withdraw its stimulus". Financial Times. Retrieved 2017-11-26.
  28. Miles, David; Panizza, Ugo; Reis, Ricardo; Ubide, Ángel (2017-10-25). "Elusive inflation and the Great Recession". VoxEU.org. Retrieved 2017-11-26.
  29. "Greece Has the Resources to Heal Itself". Bloomberg.com. 2017-05-23. Retrieved 2017-11-26.
  30. "The Eurogroup is asking Greece to do something unprecedented". Financial Times. 13 April 2017. Retrieved 2017-11-26.
  31. Bolton, Patrick; Panizza, Ugo; Gulati, Mitu; Fu, Xuewen (2023-08-14). "The 2012 Greek Retrofit and Borrowing Costs in the European Periphery". IHEID Working Papers.
  32. Wigglesworth, Robin (2023-08-21). "Ignore the angry bleating of aggrieved creditors". Financial Times. Retrieved 2024-07-21.
  33. Wigglesworth, Robin (11 September 2017). "Venezuela crisis raises talk of 'Odious debt' doctrine". Financial Times. Retrieved 2017-11-26.
  34. Panizza, Ricardo Hausmann & Ugo (2017-08-30). "Odiousness Ratings for Public Debt by Ricardo Hausmann & Ugo Panizza - Project Syndicate". Project Syndicate. Retrieved 2017-11-26.
  35. Gulati, Mitu; Panizza, Ugo (2020). "Alternative Solutions to the Odious Debt Problem". Annals of the Fondazione Luigi Einaudi. 54 (1): 153–168.
  36. Gulati, Mitu; Panizza, Ugo (2020). "The Hausmann–Gorky Effect". Journal of Business Ethics. 166 (1): 175–195. doi:10.1007/s10551-019-04132-9.
  37. Gulati, Mitu; Panizza, Ugo (September 2018). "Maduro Bonds". IHEID Working Papers.
  38. "Mitu Gulati and Ugo Panizza on Haiti's Odious Post-Colonial Debt". Bloomberg.com. 2021-08-26. Retrieved 2024-07-21.
  39. Porter, Catherine; Méheut, Constant; Apuzzo, Matt; Gebrekidan, Selam (2022-05-20). "The Root of Haiti's Misery: Reparations to Enslavers". The New York Times. ISSN 0362-4331. Retrieved 2024-07-20.
  40. Kim, Oosterlinck; Ugo, Panizza; Mark, Weidemaier; Mitu, Gulati (2022). "The Odious Haitian Independence Debt". Journal of Globalization and Development. 13 (2): 339–378. doi:10.1515/jgd-2021-0057.
  41. Oosterlinck, Kim; Panizza, Ugo; Weidemaier, W. Mark; Gulati, Mitu (2022-01-01). "A Debt of Dishonor". Faculty Publications: 1247.
  42. Gulati, Mitu; Oosterlinck, Kim; Panizza, Ugo; Weidemaier, Mark C. (2024-05-16). ""Delicate and Embarassing": U.S. Loans To Suppress Haitian Independence". IHEID Working Papers.
  43. "Policy Insight 103: Born Out of Necessity: A Debt Standstill for COVID-19". CEPR. 2020-04-21. Retrieved 2024-07-20.
  44. Bolton, Patrick; Buchheit, Lee; Gourinchas, Pierre-Olivier; Gulati, Mitu; Hsieh, Chang-Tai; Panizza, Ugo; Mauro, Beatrice Weder di (2020-06-04). "How to Prevent a Sovereign Debt Disaster". Foreign Affairs. ISSN 0015-7120. Retrieved 2024-07-20.
  45. Panizza, Ugo; Bolton, Patrick; Gulati, Mitu (October 2020). "Legal Air Cover". CEPR Discussion Papers.
  46. "How to tackle Lebanon's economic crisis". www.ft.com. Retrieved 2024-07-21.
  47. "Towards a Sustainable Recovery for Lebanon's Economy". growthlab.hks.harvard.edu. Retrieved 2024-07-21.
  48. "La austeridad fue una mala idea". El Pais. 9 June 2013. Retrieved 12 February 2015.
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  52. "IMF Economic Review, Abound the Journal". Retrieved 10 March 2013.
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