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. In 2005 she was awarded an Alfred P. Sloan Research Fellowship. She received the 2006 Bernácer Prize for “her important research on the determinants and consequences of external trade and financial imbalances, the theory of financial crisis and the internationalization of currencies”. She received in 2012 the inaugural Birgit Grodal Prize of the European Economic Association , in 2013 the Yrjö Jahnsson Prize and in 2014 the inaugural Carl Menger Prize. She is on the Board of the Haut Conseil de Stabilité Financière, a member of the Commission Economique de la Nation and of the Bellagio Group on the international economy. She is also on the Board of INET. She writes a regular column for the French newspaper Les Echos. Her website is http://www.helenerey.eu/ where you can find links to profiles of Professor Rey done by Bloomberg, the Financial Times and Le Monde among others.
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The global financial cycle has transformed the well-known trilemma into a ‘dilemma’. Independent monetary policies are possible if and only if the capital account is managed directly or indirectly. This column argues the right policies to deal with the ‘dilemma’ should aim at curbing excessive leverage and credit growth. A combination of macroprudential policies guided by aggressive stress‐testing and tougher leverage ratios are needed. Some capital controls may also be useful.
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The Institute for New Economic Thinking convened many of the world’s most distinguished economists, academics and thought leaders at its inaugural Conference at King’s College, University of Cambridge.