{{short description|American economist}} {{Use dmy dates|date=April 2022}} {{Infobox economist | name = Richard Portes | honorific_suffix = CBE, FBA | image = Richard Portes.jpg | image_size = 300 | caption = | birth_date = | birth_place = Chicago, Illinois, U.S. | citizenship = United States<br />United Kingdom<ref name=NBERCV>{{cite web |title=RICHARD PORTES |url=https://www.london.edu/-/media/files/faculty-and-research/faculty-profiles/economics-subject-area-cvs/rpcv0914.docx |publisher=London Business School |access-date=5 October 2018}}</ref> | field = Economics | alma_mater = Yale University {{small|(BA)}}<br />Oxford University {{small|(DPhil)}} | institution = London Business School | awards = Rhodes Scholarship<br />Woodrow Wilson Fellowship<br />Bicentennial Preceptorship, Princeton University<br />Guggenheim Fellowship<br />Fellow of the Econometric Society<br />Commander of the Order of the British Empire<br />Fellow of the British Academy | spouse = * Barbara Diana Frank (m. 1963; div. 2005) * Helene Rey (m. 2006) | children = Jonathan Portes, Alison Portes, Ana Rey-Portes | parents = Herbert Portes<br>Abra Halperin Portes | known_for = Founding the Centre for Economic Policy Research (CEPR); research on European financial integration and sovereign debt | website = {{URL|faculty.london.edu/rportes}} | footnotes = {{Google Scholar id|zD9KHs4AAAAJ}} | repec_prefix = e | repec_id = ppo132 }}

'''Richard David Portes''' CBE FBA is an American and British economist known for his work on international macroeconomics, financial regulation, and European integration. He is Professor of Economics at the London Business School.

Portes is the founder and Honorary President of the Centre for Economic Policy Research (CEPR). He previously served for three decades as Directeur d'Études at the School for Advanced Studies in the Social Sciences (EHESS) in Paris. Portes is a Commander of the Order of the British Empire and a Fellow of the British Academy.

== Early life and education == Portes was born in Chicago, Illinois, to Herbert Portes and Abra Halperin Portes.<ref name=nyt>{{cite web |title=Richard Porter Will Marry Miss Barbara Diana Frank |url=https://www.nytimes.com/1962/10/27/archives/richard-porter-will-marry-miss-barbara-diana-frank.html |publisher=Nytimes.com}}</ref> He entered Yale University in 1959 and earned a Bachelor of Arts degree in 1962.<ref>{{cite web |title=Yale '62 - Alumni Notes - June 2003 |url=https://yale62.org/an0703.html |website=Yale62.org}}</ref>

He then went to Oxford University on a Rhodes Scholarship, attending Balliol College, Oxford from 1962 to 1963 and Nuffield College, Oxford from 1963 to 1964. He then returned to Balliol, where he completed his D.Phil. in economics in 1969. He also received an M.A. (Oxon.) in 1965.<ref name=NBERCV/>

== Academic career == Portes began his academic career as Official Fellow and Tutor in Economics at Balliol College, Oxford (1965–1969), and later as Assistant Professor of Economics and International Affairs at Princeton University (1969–1972). He was offered tenure in 1971 but then moved to the University of London in 1972 as the founding Professor of Economics at Birkbeck College, where he chaired the Department of Economics and served as Dean of the Faculty of Economics.<ref name=CEPRCBE>{{cite web|title=CEPR founder Richard Portes awarded CBE for services to economics|url=http://www.cepr.org/press/cbe.htm|work=Press|publisher=Centre for Economic Policy Research|access-date=25 March 2013}}</ref>

He joined London Business School in 1995 as Professor of Economics, chairing its Economics Subject Area from 2000 to 2003 and later serving as a Governor from 2010 to 2013.<ref name=LBSmain>{{cite web|title=Richard Portes|url=http://faculty.london.edu/rportes/|work=Faculty Pages|publisher=London Business School|access-date=5 October 2018}}</ref> From 2014 to 2017, he was the inaugural holder of the Tommaso Padoa-Schioppa Chair in European Economic and Monetary Integration at the European University Institute in Florence.<ref name=eui>{{cite web |title=Richard Portes |url=https://fbf.eui.eu/people/richard-portes/ |website=Florence School of Banking and Finance}}</ref> From 2016 to 2025, he was Academic Co-Director of the AQR Asset Management Institute at the London Business School.<ref name=london>{{cite web |url=https://www.london.edu/faculty-and-research/faculty-profiles/p/portes-r |title=Richard Portes |website=London Business School |access-date=9 December 2021}}</ref>

He served as part-time Directeur d’Études at the School for Advanced Studies in the Social Sciences (EHESS) in Paris from 1978 until his retirement from this post in 2008.<ref>{{cite web |title=Annuaire - Richard Portes |url=https://pagesblanches.aria.ehess.fr/personne/portes |website=EHESS.fr}}</ref>

In addition, Portes has held visiting appointments on a Guggenheim Fellowship at Harvard University (1977–1978), as Distinguished Global Visiting Professor at the Haas School of Business, University of California, Berkeley (1999–2000), and as the Joel Stern Visiting Professor of International Finance at Columbia Business School (2003–2004).<ref>{{cite web |url=https://www.theigc.org/people/richard-portes |title=Richard Portes |website=International Growth Centre |access-date=4 February 2025}}</ref> He has been a Research Associate of the National Bureau of Economic Research since 1980.<ref>{{cite web |title=Richard Portes |url=https://www.nber.org/people/richard_portes?page=1&perPage=50 |website=NBER |language=en}}</ref>

== Research == Portes’s research spans international finance, international macroeconomics, macroprudential regulation, European integration, and European bond markets.<ref name="RichardPortes">{{cite web |title=Richard Portes |url=https://www.london.edu/faculty-and-research/faculty/profiles/p/portes-r|publisher=London Business School |access-date=24 April 2019}}</ref> He has written extensively on sovereign debt, international capital flows, transition economies, macroeconomic disequilibrium, and European monetary integration.<ref>{{cite web |title=Richard Portes: Citations and Publications |url=https://scholar.google.at/citations?user=zD9KHs4AAAAJ&hl=en|website=Google Scholar |access-date=5 October 2018}}</ref><ref>{{cite web |title=Richard Portes: Research Output |url=https://ideas.repec.org/e/ppo132.html|website=IDEAS |access-date=5 October 2018}}</ref>

His paper with Hélène Rey using gravity models for cross-border equity flows (''Journal of International Economics'', 2005) inspired a wide range of subsequent research on the role of distance and information in international capital movements.<ref>{{cite journal |last1=Portes |first1=Richard |last2=Rey |first2=Hélène |title=The determinants of cross-border equity flows |journal=Journal of International Economics |date=March 2005 |volume=65 |issue=2 |pages=269–296 |doi=10.1016/j.jinteco.2004.05.002}}</ref> His study with Richard Baldwin and Joseph Francois on the eastern enlargement of the European Union was widely cited in policy debates prior to the EU expansion.<ref>{{cite news |title=Eastern Promise |url=https://www.economist.com/finance-and-economics/1997/04/10/eastern-promise|newspaper=The Economist |date=10 April 1997 |access-date=5 October 2018}}</ref><ref>{{cite journal |last1=Baldwin |first1=R. |last2=Francois |first2=J. |last3=Portes |first3=R. |title=The costs and benefits of eastern enlargement: the impact on the EU and central Europe |journal=Economic Policy |date=1997 |volume=12 |issue=24 |pages=125–176 |doi=10.1111/1468-0327.00018 |s2cid=14414518 |url=https://academic.oup.com/economicpolicy/article-abstract/12/24/125/2366315|access-date=5 October 2018 |url-access=subscription}}</ref>

In work that foreshadowed the 1997 Asian financial crisis, his paper “Anatomy of Financial Crises” (in Portes and Swoboda, ''Threats to International Financial Stability'', 1987) examined the links among debt defaults, exchange-market disturbances, and bank failures.<ref>{{cite journal |last1=Podolski |first1=Tad |title=Review of Threats to International Financial Stability |journal=International Affairs |date=1988 |volume=64 |issue=3 |pages=488–489 |doi=10.2307/2622883 |url=https://www.jstor.org/stable/2622883 |issn=0020-5850}}</ref>

His work on collective action clauses in sovereign bond contracts (with Barry Eichengreen) proposed a solution to the “holdout” problem in debt renegotiations, which led to the widespread adoption of such clauses in international bond issuances. He was the first (with Georgios Alogoskoufis, 1991) to write on the potential international role of the euro and returned to this theme in a widely cited paper in ''Economic Policy'' with Hélène Rey (1998). His recent work with the European Systemic Risk Board (ESRB) on European financial stability and crypto-assets has also been influential in shaping policy and academic perspectives.<ref>{{cite web |title=Crypto-assets and decentralised finance |url=https://www.esrb.europa.eu/pub/pdf/reports/esrb.cryptoassetsanddecentralisedfinance202305~9792140acd.en.pdf|publisher=European Union}}</ref> In 2025, he highlighted the systemic risks posed by multi-issuer stablecoins in the ''Financial Times'' (25 July 2025).<ref>{{cite news |title=The stablecoin loophole that could expose the EU |url=https://www.ft.com/content/3dd627ff-d091-4141-9c48-5d63a15eb879 |work=FT.com}}</ref>

== Institutional leadership, policy, and advisory work == Portes was the Founding Director (1983) and later President (1983–2016) of the Centre for Economic Policy Research (CEPR), a European network of academic economists.<ref>{{cite web |title=Richard Portes |url=https://cepr.org/about/people/richard-portes |website=CEPR |language=en |date=12 April 2018}}</ref> Portes co-founded the academic journal ''Economic Policy'' in 1985 (affiliated with CEPR) and served as its Co-Chair until 2017.<ref>{{cite web |title=ECONOMIC POLICY 1985 A European Forum |url=http://academic.oup.com/economicpolicy/issue-pdf/1/1/10963838 |publisher=Oxford Academic}}</ref>

He served as Secretary-General of the Royal Economic Society (RES) from 1992 to 2008—the longest tenure since John Maynard Keynes.<ref>{{cite web |title=Secretaries-General |url=https://res.org.uk/secretaries-general/ |website=Royal Economic Society}}</ref> He was a founding member of the Euro 50 Group<ref name=eui /> and of the revived Bellagio Group on the International Economy.<ref name=london />

Portes has also advised several international and governmental bodies, including the European Commission, IMF,<ref>{{cite web |title=The Challenge and Experience of Economic liberalization and Reform |url=https://www.elibrary.imf.org/downloadpdf/display/book/9781557754875/ch06.pdf |publisher=IMF}}</ref> and Bank of England. He served on the General Board of the European Systemic Risk Board from 2016 to 2020, chaired its Advisory Scientific Committee (2017, 2020–2021),<ref>{{cite web |title=2023 Seventh ESRB Annual conference - Speakers |url=https://www.esrb.europa.eu/news/schedule/2023/html/20231116_7th_annual_conference_speakers.hr.html |website=European Central Bank |language=hr}}</ref> and currently co-chairs ESRB expert groups on non-bank financial intermediation and on crypto-assets and decentralised finance.<ref>{{cite web |title=Crypto-assets and decentralised finance |url=https://www.esrb.europa.eu/pub/pdf/reports/esrb.cryptoassetsanddecentralisedfinance202305~9792140acd.en.pdf |publisher=European Union}}</ref> He has been a member of the Group of Economic Policy Advisers to the European Commission presidency,<ref>{{cite web |title=The Group of policy advisers to the\nCommission (GOPA) sets up Group of Economic Policy Analysis (GEPA) with top\nEuropean Economists |url=https://ec.europa.eu/commission/presscorner/detail/en/memo_05_37 |website=European Commission}}</ref> and in the United Kingdom has acted as Specialist Adviser to the House of Commons Treasury Committee<ref>{{cite web |title=House of Commons - Treasury - Fifth Report|url=https://publications.parliament.uk/pa/cm199798/cmselect/cmtreasy/503v/ts0510.htm |website=Parliament.uk}}</ref> and the House of Lords European Union Committee on issues including the euro and the European Central Bank.<ref>{{cite web |title=European Union Committee 13th Report of Session 2007–08 |url=https://publications.parliament.uk/pa/ld200708/ldselect/ldeucom/90/90.pdf |publisher=Parliament.uk}}</ref>

== Awards and honours == * 1962–1965: Rhodes Scholarship<ref>{{cite web |title=Richard Portes CBE FBA |url=https://www.rhodeshouse.ox.ac.uk/scholar-community/rhodes-scholar-bios/rhodes-scholars-class-of-1962/richard-portes-cbe-fba/ |publisher=Rhodes Trust}}</ref> * 1977: Guggenheim Fellowship<ref>{{cite web |title=Guggenheim Fellowships: Supporting Artists, Scholars, & Scientists |url=https://www.gf.org/fellows/richard-d-portes |website=Gf.org}}</ref> * 1983: Fellow of the Econometric Society<ref>{{cite web |title=Current Fellows |url=https://www.econometricsociety.org/society/organization-and-governance/fellows/current |website=Econometric Society |language=en}}</ref> * 2000: Honorary doctorate, Université libre de Bruxelles<ref name=HN /> * 2000: Honorary doctorate, London Metropolitan University<ref name=HN /> * 2003: Commander of the Order of the British Empire in the 2003 New Year Honours for services to economics<ref>{{cite web |title=New Year Honours: Order of the British Empire |url=https://www.independent.co.uk/news/uk/home-news/new-year-honours-order-of-the-british-empire-137835.html |website=The Independent |language=en |date=31 December 2002}}</ref> * 2004: Fellow of the British Academy<ref>{{cite web |title=Professor Richard Portes FBA |url=https://www.thebritishacademy.ac.uk/fellows/profiles/richard-portes-FBA/ |website=The British Academy |language=en}}</ref> * 2004: Fellow of the European Economic Association<ref>{{cite web |title=Fellows |url=https://www.eeassoc.org/fellows |website=EEA}}</ref> * 2013: Honorary doctorate, Université Paris-Dauphine<ref name=HN>{{cite web |title=CEPR President receives honorary degree {{!}} Centre for Economic Policy Research |url=https://cepr.org/content/cepr-president-receives-honorary-degree |website=CEPR |language=en |access-date=28 September 2020 |archive-date=23 October 2013 |archive-url=https://web.archive.org/web/20131023043518/https://cepr.org/content/cepr-president-receives-honorary-degree |url-status=bot: unknown }}</ref> * 2014: Honorary Fellow, Balliol College, Oxford<ref>{{cite web |title=Honorary Fellows |url=https://www.balliol.ox.ac.uk/people/senior-members/honorary-fellows |website=Balliol College |language=en}}</ref>

== Personal life == Portes married Barbara Diana Frank in 1963;<ref>{{cite news |title=Barbara Frank Wed To Richard Portes |url=https://www.nytimes.com/1963/08/05/archives/barbara-frank-wed-to-richard-portes.html |publisher=The New York Times}}</ref> they divorced in 2005. In 2006, he married economist Hélène Rey.<ref>{{cite web |title=At home: Hélène Rey |url=https://www.ft.com/content/c28e6128-cf62-11e2-be7b-00144feab7de |website=FT.com}}</ref> He has three children: Jonathan Portes, Alison Portes, and Ana Rey-Portes.<ref>{{cite web |title=Yale '62 - Alumni Notes - January/February 2007 |url=https://yale62.org/an010207.html |website=Yale Class of 1962}}</ref>

==Notes== {{reflist}}

==External links== {{commons category}} * [http://faculty.london.edu/rportes/ Web page of Richard Portes at London Business School] * [http://voxeu.org/users/richardportes0 Web page of Richard Portes on voxeu.org] * [http://www.cepr.org/default_static.htm CEPR website] {{Webarchive|url=https://web.archive.org/web/20060302222021/http://www.cepr.org/default_static.htm |date=2 March 2006 }} * {{Google Scholar id | zD9KHs4AAAAJ}} {{Authority control}}

{{DEFAULTSORT:Portes, Richard}} Category:Living people Category:20th-century American economists Category:American Jews Category:Commanders of the Order of the British Empire Category:Fellows of the British Academy Category:Fellows of the Econometric Society Category:Academics of London Business School Category:Fellows of Balliol College, Oxford Category:Princeton University faculty Category:Harvard University staff Category:Academics of Birkbeck, University of London Category:British economists Category:Economists from Illinois Category:American Rhodes Scholars Category:Yale University alumni Category:Social scientists from Chicago Category:Alumni of Balliol College, Oxford Category:European Economic Community officials Category:Academic staff of the School for Advanced Studies in the Social Sciences Category:21st-century American economists Category:Year of birth missing (living people)