Stijn Claessens
Encyclopedia
Stijn Claessens is a Dutch economist
who currently serves as the Assistant Director of International Monetary Fund
's Research Department. He worked for fourteen years at World Bank
beginning in 1987 until 2001 where he assumed various positions including that of Lead Economist. Following his tenure at the World Bank
he became Professor of International Finance Policy at the University of Amsterdam where he remained for three years and still is on the faculty. Stijn has many distinguished academic publications and his work has been cited in many outlets including The Wall Street Journal
, The Financial Times, The Economist
, The Washington Post
and various other publications and he has appeared in several television programs.
. After graduating he applied to Erasmus University
in Rotterdam
where he in May 1979 receiving his Bachelor in Business Economics and in 1981 his Bachelor in Law. He then went on to receive his Doctorandus in Business Economics and applied for further education in the United States, specifically The Wharton School.
from Erasmus University
in 1984 and his Ph.D.
from The Wharton School of Business in 1986. During his time at Wharton he was a Research Fellow and taught International Financial Management, Micro-economic Theory & Monetary Economics to aspiring MBA students. In the Spring of 1987 he taught at New York University
as a visiting Assistant Professor of International Corporate Finance and International Financial Management. In mid-1987 he joined the World Bank
as a Financial Officer, becoming a Lead Economist towards the end of his fourteen year tenure at the Bank. He moved back to The Netherlands, to join the University of Amsterdam as the Professor of International Finance Policy in 2001 where he taught for three years and is still currently on staff as a professor.
In September 2004 after relocating back to the United States
he rejoined the World Bank
assuming the position of Senior Adviser to the Vice-President for Financial Setor at the Bank. He left the Bank in January 2007 to join The International Monetary Fund
IMF as the Chief of the Financial Studies Division in the Research Department. Currently he is also the assistant director, reporting to Olivier Blanchard
. Claessens remains a fellow at the Wharton School and at the London based CEPR
, among other networks.
Stijn Claessens has written extensively on issues in international economics and finance, including on firm finance, corporate governance
, internationalization of financial services, risk management
, and international finance
. He currently works on business and financial cycles. According to the Research Papers in Economics
project, he is among the 100 most influential economists in the world today (98 is his author rank based on total downloads and 83 is his author rank based on 2,196 total citations), while ranking second among Dutch economists
, Belarus
, Brazil
, Bulgaria
, China
, Chile
, Colombia
, Costa Rica
, Czech Republic
, Hungary
, India
, Indonesia
, South Korea
, Kyrgyz Republic, Malaysia, Mexico
, Nigeria
, Papua New Guinea
, Poland
, the Philippines
, Romania
, Russia
, Slovakia
, South Africa
, Thailand
, and Turkey
.
Current research and operational focus: enterprise and financial sector restructuring in
transition economies and developing countries; sovereign asset-liability management; corporate governance
and capital markets development; internationalization of financial services; business and financial cycles.
(OECD), Bank for International Settlements (BIS), World Bank
, Asian Development Bank
(ADB), Asian Development Bank Institute
(ADBI), Netherlands Ministry of Foreign Affairs (member Advisory Group Debt Relief Study)
, and his work has been cited by Joseph Stiglitz. His work in the field of corporate governance
has been quoted, especially The Separation of Ownership and Control in East Asian Corporations with Djankov, Simeon and Lang, Larry. His published work total over 190 books and papers; many have been cited in works such as Globalization and Its Discontents
and Restoring Financial Stability: How to Repair a Failed System.
His research has been published in the Journal of Financial Economics, Journal of Finance and Quarterly Journal of Economics. He has edited several books, including International Financial Contagion (Kluwer 2001) Resolution of Financial Distress (World Bank Institute 2001) and A Reader in International Corporate Finance (World Bank).
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
who currently serves as the Assistant Director of International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
's Research Department. He worked for fourteen years at World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
beginning in 1987 until 2001 where he assumed various positions including that of Lead Economist. Following his tenure at the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
he became Professor of International Finance Policy at the University of Amsterdam where he remained for three years and still is on the faculty. Stijn has many distinguished academic publications and his work has been cited in many outlets including The Wall Street Journal
The Wall Street Journal
The Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company, a division of News Corporation, along with the Asian and European editions of the Journal....
, The Financial Times, The Economist
The Economist
The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...
, The Washington Post
The Washington Post
The Washington Post is Washington, D.C.'s largest newspaper and its oldest still-existing paper, founded in 1877. Located in the capital of the United States, The Post has a particular emphasis on national politics. D.C., Maryland, and Virginia editions are printed for daily circulation...
and various other publications and he has appeared in several television programs.
Early life
Claessens was born in Udenhout, the Netherlands on June 19, 1959. The second son of four he attended a nearby high school where he excelled in mathematicsMathematics
Mathematics is the study of quantity, space, structure, and change. Mathematicians seek out patterns and formulate new conjectures. Mathematicians resolve the truth or falsity of conjectures by mathematical proofs, which are arguments sufficient to convince other mathematicians of their validity...
. After graduating he applied to Erasmus University
Erasmus University
Erasmus University Rotterdam is a university in the Netherlands, located in Rotterdam. The university is named after Desiderius Erasmus Roterodamus, a 15th century humanist and theologian...
in Rotterdam
Rotterdam
Rotterdam is the second-largest city in the Netherlands and one of the largest ports in the world. Starting as a dam on the Rotte river, Rotterdam has grown into a major international commercial centre...
where he in May 1979 receiving his Bachelor in Business Economics and in 1981 his Bachelor in Law. He then went on to receive his Doctorandus in Business Economics and applied for further education in the United States, specifically The Wharton School.
Academic career
Claessens earned his doctorandus in economicsEconomics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from Erasmus University
Erasmus University
Erasmus University Rotterdam is a university in the Netherlands, located in Rotterdam. The university is named after Desiderius Erasmus Roterodamus, a 15th century humanist and theologian...
in 1984 and his Ph.D.
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
from The Wharton School of Business in 1986. During his time at Wharton he was a Research Fellow and taught International Financial Management, Micro-economic Theory & Monetary Economics to aspiring MBA students. In the Spring of 1987 he taught at New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
as a visiting Assistant Professor of International Corporate Finance and International Financial Management. In mid-1987 he joined the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
as a Financial Officer, becoming a Lead Economist towards the end of his fourteen year tenure at the Bank. He moved back to The Netherlands, to join the University of Amsterdam as the Professor of International Finance Policy in 2001 where he taught for three years and is still currently on staff as a professor.
In September 2004 after relocating back to the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
he rejoined the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
assuming the position of Senior Adviser to the Vice-President for Financial Setor at the Bank. He left the Bank in January 2007 to join The International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
IMF as the Chief of the Financial Studies Division in the Research Department. Currently he is also the assistant director, reporting to Olivier Blanchard
Olivier Blanchard
Olivier Jean Blanchard is currently the chief economist at the International Monetary Fund, a post he has held since September 1, 2008. He is also the Class of 1941 Professor of Economics at MIT, though he is currently on leave. Blanchard is one of the most cited economists in the world, according...
. Claessens remains a fellow at the Wharton School and at the London based CEPR
CEPR
The acronym CEPR may refer to:* Centre for Economic Policy Research, a London-based European network of economists, founded in 1983* Center for Economic and Policy Research, a progressive think tank in Washington, D.C., founded in 1999...
, among other networks.
Stijn Claessens has written extensively on issues in international economics and finance, including on firm finance, corporate governance
Corporate governance
Corporate governance is a number of processes, customs, policies, laws, and institutions which have impact on the way a company is controlled...
, internationalization of financial services, risk management
Risk management
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities...
, and international finance
International finance
International finance is the branch of economics that studies the dynamics of exchange rates, foreign investment, global financial system, and how these affect international trade. It also studies international projects, international investments and capital flows, and trade deficits. It includes...
. He currently works on business and financial cycles. According to the Research Papers in Economics
Research Papers in Economics
Research Papers in Economics is a collaborative effort of hundreds of volunteers in 57 countries to enhance the dissemination of research in economics. The heart of the project is a decentralized database of working papers, preprints, journal articles and software components. The project started...
project, he is among the 100 most influential economists in the world today (98 is his author rank based on total downloads and 83 is his author rank based on 2,196 total citations), while ranking second among Dutch economists
Policy and Operational Work
Claessens has worked on various countries, including operational missions to: ArgentinaArgentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
, Belarus
Belarus
Belarus , officially the Republic of Belarus, is a landlocked country in Eastern Europe, bordered clockwise by Russia to the northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Its capital is Minsk; other major cities include Brest, Grodno , Gomel ,...
, Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
, Bulgaria
Bulgaria
Bulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, Chile
Chile
Chile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...
, Colombia
Colombia
Colombia, officially the Republic of Colombia , is a unitary constitutional republic comprising thirty-two departments. The country is located in northwestern South America, bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; to the...
, Costa Rica
Costa Rica
Costa Rica , officially the Republic of Costa Rica is a multilingual, multiethnic and multicultural country in Central America, bordered by Nicaragua to the north, Panama to the southeast, the Pacific Ocean to the west and the Caribbean Sea to the east....
, Czech Republic
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
, Hungary
Hungary
Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
, Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
, South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
, Kyrgyz Republic, Malaysia, Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
, Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
, Papua New Guinea
Papua New Guinea
Papua New Guinea , officially the Independent State of Papua New Guinea, is a country in Oceania, occupying the eastern half of the island of New Guinea and numerous offshore islands...
, Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
, the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
, Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
, Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, Slovakia
Slovakia
The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south...
, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
, Thailand
Thailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
, and Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
.
Current research and operational focus: enterprise and financial sector restructuring in
transition economies and developing countries; sovereign asset-liability management; corporate governance
and capital markets development; internationalization of financial services; business and financial cycles.
Consultancies
Organisation for Economic Co-operation and DevelopmentOrganisation for Economic Co-operation and Development
The Organisation for Economic Co-operation and Development is an international economic organisation of 34 countries founded in 1961 to stimulate economic progress and world trade...
(OECD), Bank for International Settlements (BIS), World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
, Asian Development Bank
Asian Development Bank
The Asian Development Bank is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia...
(ADB), Asian Development Bank Institute
Asian Development Bank Institute
The Asian Development Bank Institute is an Asian think tank focused on identifying effective development strategies for Asia and the Pacific, and on providing support to ADB member countries in managing development challenges. It was established in Tokyo in 1996 as a subsidiary of Asian...
(ADBI), Netherlands Ministry of Foreign Affairs (member Advisory Group Debt Relief Study)
Author
Claessens has written papers with distinguished economists including Paul KrugmanPaul Krugman
Paul Robin Krugman is an American economist, professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and an op-ed columnist for The New York Times...
, and his work has been cited by Joseph Stiglitz. His work in the field of corporate governance
Corporate governance
Corporate governance is a number of processes, customs, policies, laws, and institutions which have impact on the way a company is controlled...
has been quoted, especially The Separation of Ownership and Control in East Asian Corporations with Djankov, Simeon and Lang, Larry. His published work total over 190 books and papers; many have been cited in works such as Globalization and Its Discontents
Globalization and Its Discontents
Globalization and Its Discontents is a book published in 2002 by the 2001 Nobel laureate Joseph E. Stiglitz.According to James M. Rossi, Globalization and Its Discontents is a concise, devastating, and relentless indictment of the global economic policies of the International Monetary Fund, World...
and Restoring Financial Stability: How to Repair a Failed System.
His research has been published in the Journal of Financial Economics, Journal of Finance and Quarterly Journal of Economics. He has edited several books, including International Financial Contagion (Kluwer 2001) Resolution of Financial Distress (World Bank Institute 2001) and A Reader in International Corporate Finance (World Bank).
Books (authored or coauthored)
- Political Connections and Preferential Access to Finance: The Role of Campaign Contributions with Erik Feijen and Luc Laeven, Journal of Financial Economics, forthcoming.
- International Financial Integration through Equity Markets: Which Firms from Which Countries Go Global? with Sergio L. Schmukler, Journal of International Money and Finance, forthcoming.
- financial sector developmentFinancial sector developmentFinancial sector development in developing countries and emerging markets is part of the private sector development strategy to stimulate economic growth and reduce poverty....
and the Millennium Development Goals (February 26, 2007), with Erik Feijen. World Bank Publications, ISBN 0821368648 - Resolution of Financial Distress: An International Perspective on the Design of Bankruptcy Laws (June 15, 2001), with Simeon Djankov and Ashoka Mody. World Bank Publications, ISBN 0821349066
- A Reader in International Corporate Finance, Volume 1 (August 21, 2006), with Luc Laeven. World Bank Publications, ISBN 082136698X
- Are Financial Sector Weaknesses Undermining the East Asian Miracle (June, 1997), with Thomas C. Glaessner. World Bank Publications, ISBN 0821340069
- Electronic Finance: A New Approach to Financial Sector Development? (March 1, 2002), with Thomas C. Glaessner and Daniela Klingebiel. World Bank Publications, ISBN 0821351044
- International Financial Contagion (May 11, 2001), with Kristin Forbes. Springer, ISBN 0792372859
- The Internationalization of Financial Services - Issues and Lessons for Developing Countries (November 2000), with Marion Jansen. Kluwer Law International, ISBN 9041198172
Published and Forthcoming Papers (authored or coauthored)
- E-Finance in Emerging Markets: Is Leapfrogging Possible?
- Policy Selectivity Foregone: Debt and Donor Behavior in Africa
- Corporate Governance in Asia: A Survey
- The Growing Importance Of Networks in Finance and Its Effects on Competition
- Regulatory Reform and Trade Liberalization in Financial Services
- What Drives Banking Competition?
- Corporate Performance in the East Asian Financial Crisis
- The separation of ownership and control in East Asian Corporations
- Contagion: Understanding How It Spreads
- How does Foreign Entry Affect Domestic Banking Markets?
- Competition and Scope of Activities in Financial Services
- The Political Economy of Distress in East Asian Financial Institutions
- Electronic Finance: Reshaping the Financial Landscape Around the World
- Disentangling the Incentive and the Entrenchment Effects of Large Shareholdings
- Resolution of Corporate Distress in East Asia
- Financial Development, Property Rights, and Growth
- When does Corporate Diversification Matter to Productivity and Performance? Evidence from East Asia
Working Papers (authored or coauthored)
- Corporate Governance and Enforcement
- Stock Market Development and Internationalization: Do Economic Fundamentals Spur Both Similarly?
- Basle II Capital Requirements and Developing Countries: A Political Economy Perspective
- The Costs and Benefits of Group Affiliation: Evidence from East Asia
- The Pattern and Valuation Effects of Corporate Diversification: A Comparison of the US, Japan, and Other East Asian Economies
- Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centers
- Government Bonds in Domestic and Foreign Currency: The Role of Macroeconomic and Institutional Factors.
- Bankruptcy around the World: Explanations of its Relative Use
- Basel II, Sovereign Ratings and Transfer Risk. External versus Internal Ratings.
- Competition in the Financial Sector: Overview of Competition Policies Working Paper No. 09/45, March 1, 2009
- What Happens During Recessions, Crunches, and Busts? Working Paper No. 08/274, December 1, 2008
- Banks and Labor as Stakeholders: Impact on Economic Performance Working Paper No. 08/229, September 1, 2008
- Empirical Evidence on the New International Aid Architecture Working Paper No. 07/277, December 1, 2007
- International Financial Integration Through Equity Markets: Which Firms from Which Countries Go Global? Working Paper No. 07/138, June 1, 2007