HomeBusinessGita Gopinath's replacement as IMF's chief economist to be UC-Berkeley's Pierre-Olivier Gourinchas

Gita Gopinath’s replacement as IMF’s chief economist to be UC-Berkeley’s Pierre-Olivier Gourinchas

The International Monetary Fund stated on Monday it has appointed French-born University of California-Berkeley economist Pierre-Olivier Gourinchas as the Fund’s subsequent chief economist, changing Gita Gopinath, who’s becoming a member of the IMF administration staff this month.

The Fund stated Gourinchas, who joined UC-Berkeley in 2003 and held earlier financial posts at Princeton University and Stanford University, will begin part-time on Jan. 24 and transition to full-time Fund work on April 1. As Economic Counsellor, he’ll serve as director of the IMF’s Research Department.

IMF Managing Director Kristalina Georgieva stated Gourinchas “brings a stellar track record of scholarship and intellectual leadership in macroeconomic areas critical to our work — from global imbalances and capital flows to the stability of the international monetary and financial system, and more recently, to economic policies for the pandemic era.”

Gourinchas has written extensively lately https://sites.google.com/view/pgourinchas/home on the implications of the U.S. greenback’s place as the world’s dominant reserve foreign money. A 2019 paper concluded https://berkeley.app.box.com/s/oqtzizo8wch5snic1nys7ig01n6f65la that the greenback’s “hegemony” just isn’t sustainable and the buck ultimately will probably co-exist with China’s yuan and presumably the euro as dominant currencies.

Georgieva described Gourinchas as having “his finger on the pulse of global economic issues.”

After practically two years of disbursing emergency financing to growing international locations to assist them deal with the coronavirus pandemic, the Fund is shifting to their longer-term financing wants, together with debt aid and pressures from rising rates of interest and capital outflows.

The appointment of Gourinchas comes amid a reshuffling of administration within the wake of a World Bank information scandal that occurred throughout Georgieva’s time as the financial institution’s CEO in 2017 and that had targeted IMF board scrutiny on Georgieva final 12 months.

The IMF board cleared Georgieva of any wrongdoing in World Bank information modifications to enhance China’s enterprise local weather rating, however U.S. Treasury Secretary Janet Yellen had demanded Georgieva take concrete steps to guarantee integrity of IMF information, although Fund analysis was not known as into query.

In December, Georgieva appointed Gopinath https://www.reuters.com/article/imf-leadership-idTRNIKBN2IH2BE as the Fund’s second-ranking official, placing her in a wide-ranging coverage function overseeing IMF surveillance actions, analysis and flagship publications. She replaces Geoffrey Okamoto, a former Trump administration U.S. Treasury official, as first deputy managing director.

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