{{short description|French economist}} {{Infobox economist | name = Hélène Rey | school_tradition = | image = | image_size = | caption = | birth_date = {{birth year and age|1970}} | birth_place = Brioude, France | death_date = | nick_name = | death_place = | religion = | alma_mater = London School of Economics | field = | institution = London Business School (LBS) | doctoral_advisor = Charles Bean<br />George de Menil<br />Nobuhiro Kiyotaki | academic_advisors = | doctoral_students = | notable_students = | influences = | influenced = | contributions = | awards = Officer of the British Empire<br />Chevalier de l'Ordre National du Mérite<br />Alfred P. Sloan Research Fellowship<br />Bernácer Prize<br />Birgit Grodal Award<br />Yrjö Jahnsson Award<br />Carl Menger Preis<br />Maurice Allais Prize<br />Prix Turgot<br />Adam Smith Award<br />Toulouse Banque de France Senior Prize<br />Harms Prize Kiel Institute | signature = <!--file name only--> | repec_prefix = e | repec_id = pre8 }} '''Hélène Rey''' OBE (born 1970) is an economist who serves as the Lord Raj Bagri Professor of Economics<ref>{{Cite web |title=Helene Rey |url=https://www.london.edu/faculty-and-research/faculty-profiles/r/rey-h |access-date=2025-07-30 |website=London Business School |language=en}}</ref> at London Business School (LBS).
Her work focuses on international macroeconomics and finance with an emphasis on international capital flows, exchange rate dynamics, financial imbalances, financial crises and the international monetary system.<ref name="imf">Boby Michael (27 August 2014) [http://www.ibtimes.co.uk/imf-lists-25-brightest-young-economists-1462827 IMF Lists 25 Brightest Young Economists] ''International Business Times''</ref> She is internationally known for introducing the concept of the global financial cycle and challenging the Mundellian Trilemma as well as estimating the exorbitant privilege of the United States.
Rey is vice-president of the Center for Economic Policy Research (CEPR) and president of the European Economic Association in 2025. She is a fellow of the Econometric Society, the British Academy, the European Economic Association, the American Academy of Arts and Sciences, a foreign correspondent of the French Académie des Sciences Morales et Politiques, and a foreign honorary member of the American Economic Association. She is also a member of the Group of Thirty, the Bellagio Group, and of the external advisory group to the managing director of the International Monetary Fund (IMF). She was previously a member of the French Haut Conseil de Stabilité Financière, the Conseil d'Analyse Économique, and the Autorité de Contrôle Prudentiel et de Résolution.
==Early life and education== The daughter of a teacher and an engineer, Rey was born in Brioude in South-Central France<ref name="ft2">Annie Maccoby Berglof (14 June 2014) [http://www.ft.com/intl/cms/s/2/c28e6128-cf62-11e2-be7b-00144feab7de.html#axzz3BiaFPn89 At home: Hélène Rey] ''Financial Times''.</ref> in 1970, where she was educated at the Collège et Lycée La Fayette until her baccalaureate. She prepared national competitive scientific exams in the Lycée Blaise Pascal in Clermont-Ferrand.
Rey then received her undergraduate degree from ENSAE Paris in 1994<ref>{{Cite web |title=Helene Rey - Official Website |url=http://www.helenerey.eu/SAP.aspx?pid=Bio_en-GB |access-date=2020-04-24 |website=www.helenerey.eu}}</ref> and a Master of Science degree in Engineering Economic Systems from Stanford University the same year. She has Ph.Ds from Ecole des Hautes Etudes en Sciences Sociales and London School of Economics, both in 1998.
==Career== After working as a lecturer at LSE from 1997–2000, Rey was assistant professor and later professor (2006) at Princeton University where she also worked at Bendheim Center for Finance and Woodrow Wilson School.<ref name="cv2">[http://www.helenerey.eu/AjaxRequestHandler.ashx?Function=GetSecuredDOC&DOCUrl=App_Data/helenerey_eu/SAP/_Documents/vita2014.pdf HÉLÈNE REY] CV. London School of Economics</ref><ref name="lse2">[http://www.helenerey.eu/SAP.aspx?pid=Bio_en-GB Bio] Homesite. LSE. {{webarchive|url=https://web.archive.org/web/20140904180800/http://www.helenerey.eu/SAP.aspx?pid=Bio_en-GB|date=2014-09-04}} at WebCite.</ref> (2000-2006). She also was a visitor at Berkeley and the National Bureau of Economic Research (NBER) from 1999 to 2000. She then became a professor of Economics (2007), and later the Lord Raj Bagri professor of Economics (2016), at the London Business School (LBS), where she teaches today.
Rey was a member of the Conseil d'Analyse Économique which advises the French Prime Minister on economic matters from 2010 to 2012, and since 2012 has been a member of the Commission Economique de la Nation which advises the Finance Minister of France.<ref name="lse2" />
Rey is a regular contributor the French magazine ''Les Échos''.<ref name="lse2" /> She became a co-editor of the ''Annual Review of Economics'' as of 2019.<ref>{{cite web |title=Annual Review of Economics, Planning Editorial Committee - Volume 11, 2019 |url=https://www.annualreviews.org/db/directory?2019,economics |access-date=15 September 2021 |website=Annual Reviews Directory}}</ref>
==Economic research== Rey focuses her research on the determinants and consequences of financial trade and economic imbalances, the theory of financial crisis, and how the international monetary system is organized. Through her research, she has shown that certain countries different gross external asset positions help them predict future financial positions along with their exchange rates.
Rey is credited with ground-breaking research into the structure of international payments and capital flows. By examining the balance sheets of creditor and debtor nations, she offered new insights into relative returns on cross-border investments. She explained her approach in an interview with the ''Financial Times'', which wrote, "She also showed why the US is the world's banker. "We called it 'the US's exorbitant privilege'. The US earns more on external assets than it pays on external liabilities. It has an excess return on the order of 2 per cent ... So it issues a lot of government bonds that are happily bought by the rest of the world."<ref name="FT">{{cite news|last1=Berglof|first1=Annie Maccoby|title=At home: Hélène Rey|url=https://www.ft.com/content/c28e6128-cf62-11e2-be7b-00144feab7de|access-date=3 September 2014|publisher=Financial Times|date=June 14, 2013}}</ref><ref name="Exorbitant Privilege">{{cite journal|last1=Rey and Gourinchas|title=From World Banker to World Venture Capitalist: US External Adjustment and The Exorbitant Privilege∗|journal=NBER Conference|date=August 2005|url=http://www.helenerey.eu/AjaxRequestHandler.ashx?Function=GetSecuredDOC&DOCUrl=App_Data/helenerey_eu/Published-Papers_en-GB/_Documents_2012-13/72582505206_67186463733_exorbprivilegedec05.pdf}}</ref>
==Other activities== * Cercle des économistes, Member<ref>[https://lecercledeseconomistes.fr/membres/ Members] Cercle des économistes.</ref> * Centre de Recerca en Economia Internacional (CREI), Pompeu Fabra University (UPF), Member of the Advisory Board<ref>[https://crei.cat/about-crei/ Advisory Board] Centre de Recerca en Economia Internacional (CREI), Pompeu Fabra University (UPF).</ref> * Centre for European Reform (CER), Member of the Advisory Board<ref>[https://www.cer.eu/advisory-board Advisory Board] Centre for European Reform (CER).</ref> * French Prudential Supervision and Resolution Authority (ACPR), Member of the Board (2010-2014) * Regular column writer for French newspaper Les Echos
==Personal life== Rey is married to fellow professor of economics Richard Portes and the couple have a daughter. They live in London.<ref name="ft">Annie Maccoby Berglof (14 June 2014) [http://www.ft.com/intl/cms/s/2/c28e6128-cf62-11e2-be7b-00144feab7de.html#axzz3BiaFPn89 At home: Hélène Rey] ''Financial Times''.</ref>
==Awards and recognition==
* Review of Economic Studies Tour (1997) * Centre for Economic Policy Research (CEPR) Research Fellow (1999-) * National Bureau of Economic Research (NBER) Research Associate (2001-) * Alfred P. Sloan Fellowship (2005) * Germán Bernácer Prize (2006) * Elected Member of the Council of the European Economic Association (2008-11) * Elected Member of the Council of the Royal Economic Society (2008-13) * Member of the World Economic Forum Global Agenda Council (2010-17) * Fellow of the British Academy (2011-) * Inaugural Birgit Grodal Award (2012) * Fellow of the European Economic Association (2013-) * Fellow of the Econometric Society (2013-) * First woman to win Yrjö Jahnsson Award, shared with Thomas Piketty (2013)<ref name="cv3">[http://www.helenerey.eu/AjaxRequestHandler.ashx?Function=GetSecuredDOC&DOCUrl=App_Data/helenerey_eu/SAP/_Documents/vita2014.pdf HÉLÈNE REY] CV. London School of Economics</ref> * Inaugural Carl Menger Preis (2014)<ref>{{Cite web |title=Cookie Consent {{!}} Verein für Socialpolitik e.V |url=https://www.socialpolitik.de/en/consent?dest=%2Fen%2Fbisherige-preistraegerinnen-0 |access-date=2025-07-30 |website=www.socialpolitik.de}}</ref> * Named one of 25 brightest young economists by the International Monetary Fund.<ref name="imf2">Boby Michael (27 August 2014) [http://www.ibtimes.co.uk/imf-lists-25-brightest-young-economists-1462827 IMF Lists 25 Brightest Young Economists] ''International Business Times''</ref> (2014) * Prix de la Fondation Edouard Bonnefous de l'Institut de France, Académie des Sciences Morales et Politiques (2015)<ref>{{Cite web |title=Hélène Rey |url=https://geopolitique.eu/auteurs/5091/ |access-date=2025-07-30 |website=Groupe d'Etudes Géopolitiques |language=fr-FR}}</ref> * Elected Foreign Member of the American Academy of Arts and Sciences (2016-) * O.B.E for services to Economics (2016) * Grand Prix de l'Économie (2017) * Maurice Allais Prize (2017)<ref>{{Cite web |title=Prize-winners {{!}} Maurice ALLAIS Foundation |url=http://www.fondationmauriceallais.org/the-maurice-allais-economics-prize/prize-winners/?lang=en |access-date=2025-07-30 |website=www.fondationmauriceallais.org}}</ref> * Elected Foreign Correspondant of the Académie des Sciences Morales et Politiques (2018-) * Elected Council and Executive Committee Member, Econometric Society (2019-) * Prix Turgot (Grand Prix d'Honneur) (2020)<ref>{{Cite web |last=CAQUOT |first=Emmanuel |date=2020-03-12 |title=Cérémonie de remise du Prix Turgot le 12 mars 2020 |url=https://cercle-turgot.org/ceremonie-de-remise-du-prix-turgot-le-12-mars-2020/ |access-date=2025-07-30 |website=Cercle Turgot |language=fr-FR}}</ref> * Foreign Honorary Member of the American Economic Association (2020-) * Vice President of the Center for Economic Policy Research (CEPR) (2020-) * Asian Bureau of Finance and Economic Research (ABFER) Fellow (2022-) * Adam Smith Award (National Association of Business Economics) (2023) * Chevalier de l'Ordre National du Mérite (2024) * Bernhard Harms Prize, Kiel Institute for the World Economy (2024) * Senior Prize Banque de France and Toulouse School of Economics (2024) * President of the European Economic Association (2025)
== Selected works ==
=== Book chapters === * {{Cite book | last1 = Rey | first1 = Hélène | last2 = Gourinchas | first2 = Pierre-Olivier | authorlink2 = Pierre-Olivier Gourinchas | chapter = External adjustment, global imbalances and valuation effects |title=Handbook of International Economics |volume=4 |year=2014 |pages=585–645 }} * {{cite book | last1 = Rey | first1 = Hélène | contribution = Comment on "time to ship during financial crises" | editor-last1 = Giavazzi | editor-first1 = Francesco | editor-last2 = West | editor-first2 = Kenneth D. | editor-link1 = Francesco Giavazzi | editor-link2 = Kenneth D. West | title = NBER International Seminar on Macroeconomics 2012 | pages = 261–263 | publisher = National Bureau of Economic Research | location = Chicago, Illinois | year = 2013 | isbn = 9780226053271 }} * {{Cite book | last1 = Rey | first1 = Hélène | last2 = Gourinchas | first2 = Pierre-Olivier | authorlink2 = Pierre-Olivier Gourinchas | chapter = From World Banker to World Venture Capitalist: U.S. External Adjustment and the Exorbitant Privilege |title=G7 Current Account Imbalances: Sustainability and Adjustment |year=2007 |doi=10.3386/w11563 }}
=== Journal articles === * {{Cite journal | last1 = Rey | first1 = Hélène | last2 = Portes | first2 = Richard | authorlink2 = Richard Portes | title = The determinants of cross-border equity flows | journal = Journal of International Economics | volume = 65 | issue = 2 | pages = 269–296 | doi = 10.1016/j.jinteco.2004.05.002 | date = March 2005 | url = https://www.nber.org/papers/w7336.pdf }} * {{Cite journal | last1 = Rey | first1 = Hélène | last2 = Gourinchas | first2 = Pierre-Olivier | authorlink2 = Pierre-Olivier Gourinchas | title = International financial adjustment |journal=Journal of Political Economy |volume=115 |issue=4 |year=2007 |pages=665–703 |doi=10.1086/521966 |citeseerx=10.1.1.331.4666 }} * {{Cite journal | last1 = Rey | first1 = Hélène | last2 = Imbs | first2 = Jean M. | last3 = Mumtaz | first3 = Haroon | last4 = Ravn | first4 = Morten O. | title = One TV, one price? | journal = The Scandinavian Journal of Economics | volume = 112 | issue = 4 | pages = 753–781 | publisher = Wiley | doi = 10.1111/j.1467-9442.2010.01631.x | date = December 2010 | s2cid = 16487106 }} * {{Cite journal | last1 = Rey | first1 = Hélène | last2 = Gourinchas | first2 = Pierre-Olivier | last3 = Truempler | first3 = Kai | authorlink2 = Pierre-Olivier Gourinchas | authorlink3 = Kai Truempler | title = The financial crisis and the geography of wealth transfers | journal = Journal of International Economics | volume = 88 | issue = 2 | pages = 266–283 | doi = 10.1016/j.jinteco.2012.05.008 | date = November 2012 | s2cid = 1096559 }} * {{Cite journal |last1=Coeurdacier |first1=Nicolas |last2=Rey |first2=Hélène |title=Home Bias in Open Economy Financial Macroeconomics |journal=Journal of Economic Literature |year=2013 |volume=51 |issue=1 |pages=63–115 |doi=10.1257/jel.51.1.63 |s2cid=54926472 |url=https://spire.sciencespo.fr/hdl:/2441/c8dmi8nm4pdjkuc9g81p7j6b6/resources/homebias-24feb2011.pdf }} * {{Cite journal | last1 = Rey | first1 = Hélène | last2 = Passari | first2 = Evgenia | title = Financial Flows and the International Monetary System |journal=Economic Journal |volume=125 |issue=584 |pages=675–698 |year=2015 |doi=10.1111/ecoj.12268 | s2cid = 9067115 | url = https://basepub.dauphine.fr/handle/123456789/14524 }}
=== Papers === * {{Cite journal | last1 = Rey | first1 = Hélène | title = Dilemma not trilemma: the global financial cycle and monetary policy independence |journal=NBER Working Paper No. 21162 |date=May 2015 |doi=10.3386/w21162 |doi-access=free }}
== Further reading == * {{Cite journal | last1 = Clift | first1 = Jeremy | title = People in economics: Agent provocateur | journal = Finance & Development | volume = 52 | issue = 2 | pages = 4–7 | publisher = International Monetary Fund | date = June 2015 | url = http://www.imf.org/external/pubs/ft/fandd/2015/06/people.htm }} Interview with Hélène Rey. [http://www.imf.org/external/pubs/ft/fandd/2015/06/pdf/people.pdf Pdf.]
== References == {{reflist|30em}}
== External links == {{Wikiquote}} *{{google scholar id|bwe0tUAAAAJ}}
{{Subject bar| portal1=Economics|portal3 = Feminism | portal4 =Education| portal5=Biography| portal6=France}} {{Yrjö Jahnsson Award recipients}} {{Presidents of the European Economic Association}} {{Authority control}}
{{DEFAULTSORT:Rey, Helene}} Category:1970 births Category:Living people Category:People from Brioude Category:French women economists Category:Economics educators Category:21st-century French economists Category:Feminist economists Category:Fellows of the American Academy of Arts and Sciences Category:Institute for New Economic Thinking Category:Annual Reviews (publisher) editors Category:School for Advanced Studies in the Social Sciences alumni Category:Stanford University alumni Category:Academics of the London School of Economics Category:Princeton University faculty Category:Fellows of the British Academy Category:Fellows of the Econometric Society Category:Sloan Research Fellows Category:21st-century French statisticians