Ross Levine
Encyclopedia
Ross Levine is an American economist
and the James and Merryl Tisch Professor
of Economics
at Brown University
. He is also director of the William R. Rhodes
Center for International Economics & Finance at Brown's Watson Institute for International Studies
.
from Cornell University
in 1982, graduating Phi Beta Kappa. He completed his Ph.D.
at UCLA in 1987.
He became an associate professor at the University of Virginia
in 1997 and was granted tenure two years later. From 1999 to 2005, he was the Curtis L. Carlson
Professor of Finance at the University of Minnesota
.
In 2005, he was hired by the Department of Economics at Brown University
, where he teaches an undergraduate course on financial institutions.
In February 2010, he debated the merits of financial innovation
with Joseph Stiglitz, the 2001 recipient of the Nobel Prize in Economics, in an online series for The Economist
.
He remains a consultant to the United States Treasury, Federal Reserve System
, and the International Monetary Fund
.
, banking regulation, and economic development
. Specifically, his research focuses on the links between financial intermediaries and economic growth
. He has also examined bank supervision and corruption
.
He has written extensively on the financial crisis of 2007–2010. In April 2010, he published An Autopsy of the U.S. Financial System, which investigated the causes of the crisis. He found that while financial institutions certainly played a major role in the system's collapse, regulatory policies
during the period from 1996-2006 also contributed to the crisis. He likens the government's role to negligent homicide
.
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...
and the James and Merryl Tisch Professor
Professor
A professor is a scholarly teacher; the precise meaning of the term varies by country. Literally, professor derives from Latin as a "person who professes" being usually an expert in arts or sciences; a teacher of high rank...
of Economics
Economics
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"...
at Brown University
Brown University
Brown University is a private, Ivy League university located in Providence, Rhode Island, United States. Founded in 1764 prior to American independence from the British Empire as the College in the English Colony of Rhode Island and Providence Plantations early in the reign of King George III ,...
. He is also director of the William R. Rhodes
William R. Rhodes
William R. "Bill" Rhodes is the Senior Vice Chairman of Citi. and the Chairman of Citigroup and Citibank.He is also Chairman of the Board of both the Americas Society and its affiliate, the Council of the Americas, which were originally founded by David Rockefeller in 1965, and is a board member of...
Center for International Economics & Finance at Brown's Watson Institute for International Studies
Watson Institute for International Studies
The Watson Institute for International Studies is a center for the analysis of international issues at Brown University, focusing mainly on global security and political economy and society. Its faculty span a wide range of disciplines, including, anthropology, economics, political science, and...
.
Education
He received his bachelor's degreeBachelor's degree
A bachelor's degree is usually an academic degree awarded for an undergraduate course or major that generally lasts for three or four years, but can range anywhere from two to six years depending on the region of the world...
from Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
in 1982, graduating Phi Beta Kappa. He completed his Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
at UCLA in 1987.
Career
Upon completion of his doctorate, he began work as an economist for the Board of Governors of the Federal Reserve System. From 1990 to 1997, he was a principal economist at The World Bank.He became an associate professor at the University of Virginia
University of Virginia
The University of Virginia is a public research university located in Charlottesville, Virginia, United States, founded by Thomas Jefferson...
in 1997 and was granted tenure two years later. From 1999 to 2005, he was the Curtis L. Carlson
Curt Carlson
Curtis "Curt" Carlson was a Swedish-American businessman and founder of Carlson.-Background:Curtis Leroy Carlson was born in Minneapolis, Minnesota, the son of Charles and Leatha Carlson, both Swedish-American immigrants...
Professor of Finance at the University of Minnesota
University of Minnesota
The University of Minnesota, Twin Cities is a public research university located in Minneapolis and St. Paul, Minnesota, United States. It is the oldest and largest part of the University of Minnesota system and has the fourth-largest main campus student body in the United States, with 52,557...
.
In 2005, he was hired by the Department of Economics at Brown University
Brown University
Brown University is a private, Ivy League university located in Providence, Rhode Island, United States. Founded in 1764 prior to American independence from the British Empire as the College in the English Colony of Rhode Island and Providence Plantations early in the reign of King George III ,...
, where he teaches an undergraduate course on financial institutions.
In February 2010, he debated the merits of financial innovation
Financial innovation
There are several interpretations of the phrase financial innovation. In general, it refers to the creating and marketing of new types of securities.- Why does financial innovation occur? :...
with Joseph Stiglitz, the 2001 recipient of the Nobel Prize in Economics, in an online series for 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...
.
He remains a consultant to the United States Treasury, Federal Reserve System
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
, and 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...
.
Research
Levine specializes in international financeInternational 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...
, banking regulation, and economic development
Economic development
Economic development generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area...
. Specifically, his research focuses on the links between financial intermediaries and economic growth
Economic growth
In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs for a given amount of output. Lowered costs increase demand...
. He has also examined bank supervision and corruption
Corruption
Corruption usually refers to spiritual or moral impurity.Corruption may also refer to:* Corruption , an American crime film* Corruption , a British horror film...
.
He has written extensively on the financial crisis of 2007–2010. In April 2010, he published An Autopsy of the U.S. Financial System, which investigated the causes of the crisis. He found that while financial institutions certainly played a major role in the system's collapse, regulatory policies
Financial regulation
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system...
during the period from 1996-2006 also contributed to the crisis. He likens the government's role to negligent homicide
Negligent homicide
Negligent homicide is a criminal charge brought against people who, through criminal negligence, allow others to die.Negligent Homicide is a lesser included offense to first and second degree murder, in the sense that someone guilty of this offense can expect a more lenient sentence, often with...
.
Books
- Guardians of Finance: Making Them Work for Us, (with James Barth and Gerard Caprio), MIT Press, 2011.
- Rethinking Bank Supervision and Regulation: Until Angels Govern, (with James Barth and Gerard Caprio), Cambridge University Press, 2006.
- Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development, (with Asli Demirguc-Kunt). MIT Press, 2001.
See also
- Banking regulation
- Economic developmentEconomic developmentEconomic development generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area...
- Financial crisis of 2007-2010
- Financial innovationFinancial innovationThere are several interpretations of the phrase financial innovation. In general, it refers to the creating and marketing of new types of securities.- Why does financial innovation occur? :...