Ugo Panizza
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 and Long-term Investors@UniTo.
Diplomas
Panizza holds a PhD in economics from the Johns Hopkins University and a Laurea 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, on the links between finance and economic development, and on the relationship between public debt and economic growth has been widely cited in the international press.In 2012 Panizza coauthored 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 a Peterson Institute working paper aimed at assessing debt sustainability in Greece and contributed to the CEPR He also studied 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 focuses on the Independence Debt a series of US loans to suppress the slave revolt that led to Haiti's independence.
During the COVID-19 pandemic, he coauthored 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 a policy paper with a plan for the economic recovery of Lebanon.