{{Short description|Italian economist}} {{Infobox economist | name = Ugo Panizza | school_tradition = | image =Ugo panizza.jpg | image_size = | caption = | birth_date = | birth_place = | death_date = | death_place = | institution = Graduate Institute of International and Development Studies, Geneva | field = Development economics, International Finance, Sovereign debt, Sovereign default | alma_mater = Johns Hopkins University University of Turin | influences = Barry Eichengreen, Ricardo Hausmann | influenced = | contributions = Original sin (economics), Too Much Finance | awards = | signature = | repec_prefix = e | repec_id = ppa92 }}
'''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.<ref>{{Cite web |title=Ugo PANIZZA {{!}} IHEID |url=https://www.graduateinstitute.ch/faculty/ugo-panizza |access-date=2024-04-24 |website=www.graduateinstitute.ch}}</ref> He is a vice-president of the Centre for Economic Policy Research (CEPR),<ref name="CEPR0">{{cite web|url= https://cepr.org/content/vice-presidents|title=Vice Presidents|access-date=2019-04-08}}</ref> 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.<ref>{{cite web |url=http://graduateinstitute.ch/home/relations-publiques/news-at-the-institute/news-archives.html/_/news/corporate/2017/international-development-policy |title=International Development Policy: The Graduate Institute's e-journal |website=graduateinstitute.ch |access-date=17 January 2022 |archive-url=https://web.archive.org/web/20171001174205/http://graduateinstitute.ch/home/relations-publiques/news-at-the-institute/news-archives.html/_/news/corporate/2017/international-development-policy |archive-date=1 October 2017 |url-status=dead}}</ref> He is a members of the Scientific Committees of the Fondazione Luigi Einaudi (Torino)<ref>{{cite web |url=https://www.fondazioneeinaudi.it/scopri/la-fondazione/organi-istituzionali |title=Fondazione Einaudi |access-date=28 June 2024 }}</ref> and Long-term Investors@UniTo.
== Diplomas == Panizza holds a PhD in economics from the Johns Hopkins University (his studies were financed by the Istituto Bancario San Paolo di Torino through a Luciano Jona Scholarship)<ref>{{Cite journal |last1=Viarengo |first1=Martina |last2=Panizza |first2=Ugo |last3=Nano |first3=Enrico |date=May 2021 |title=A Generation of Italian Economists |url=https://ideas.repec.org//p/cid/wpfacu/400.html |journal=CID Working Papers |language=en}}</ref> and a Laurea (BA) from the University of Turin.<ref name="Ugo Panizza Economia">{{cite web|url=http://www.cid.harvard.edu/Economia/Panizza.htm|title=Economia Editorial Board, Ugo Panizza|publisher=Harvard CID|access-date=12 February 2015}}</ref><ref name="Ugo Panizza">{{cite web|url=http://graduateinstitute.ch/faculty/directory/panizza|title=Ugo Panizza|publisher=The Graduate Institute of International and Development Studies|access-date=8 February 2014|archive-date=16 February 2014|archive-url=https://web.archive.org/web/20140216114602/http://graduateinstitute.ch/faculty/directory/panizza|url-status=dead}}</ref>
== Contributions == Panizza is known for co-establishing the concept of original sin in development economics, alongside economists Barry Eichengreen and Ricardo Hausmann.<ref>{{Cite web |title=The evolution of original sin |url=https://www.ft.com/content/ae4db21e-d2a0-458f-a096-96b5d2d19af0 |access-date=2024-07-21 |website=Financial Times}}</ref> His work on the costs of sovereign default<ref name="settings">{{Cite news |title=Default settings |url=https://www.economist.com/finance-and-economics/2010/03/31/default-settings |access-date=2024-07-21 |newspaper=The Economist |issn=0013-0613}}</ref> (joint with Eduardo Borensztein, Eduardo Levy Yeyati, Federico Sturzenegger, and Jeromin Zettelmeyer), on the links between finance and economic development (joint with Jean Louis Arcand and Enrico Berkes), and on the relationship between public debt and economic growth (joint with Andrea Presbitero) has been widely cited in the international press.<ref name="settings"/><ref name="Secondary Sources">{{cite news|url=https://blogs.wsj.com/economics/2012/04/23/secondary-sources-debt-and-growith-long-term-unemployment-indebted-homeowners/|title=Secondary Sources|publisher=The Wall Street Journal|access-date=10 November 2012}}</ref><ref name="Bankers: Who Needs Them?">{{cite news|url=https://business.time.com/2012/09/04/bankers-who-needs-them/|title=Bankers: Who Needs Them?|publisher=Time Magazine|access-date=10 November 2012|date=4 September 2012}}</ref><ref>{{Cite news|url=https://www.theguardian.com/global-development/poverty-matters/2012/feb/24/latin-america-past-lessons-debt-eurozone|title=Latin America's past offers lessons on debt, but is Eurozone agenda skewed?|last=Jones|first=Tim|date=2012-02-24|work=The Guardian|access-date=2017-11-26|language=en-GB|issn=0261-3077}}</ref>
In 2012 Panizza coauthored (with Jean-Louis Arcand and Enrico Berkes) an IMF working paper titled Too Much Finance<ref name="IMF Too Much Finance">{{cite web|url=https://www.imf.org/external/pubs/ft/wp/2012/wp12161.pdf|title=Too Much Finance|publisher=IMF Working Paper|access-date=12 February 2014}}</ref><ref name="VOX Too Much Finance">{{cite web|url=http://www.voxeu.org/article/has-finance-gone-too-far|title=Too Much Finance|date=7 April 2011 |publisher=VoxEU|access-date=12 February 2014}}</ref> 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".<ref name="A Surplus of Ambitions">{{cite journal |title=A surplus of ambition: can Europe rely on large primary surpluses to solve its debt problem? |first1=Barry |last1=Eichengreen |first2=Ugo |last2=Panizza |journal=Economic Policy |volume=31 |issue=85 |date=2016 |pages=5–49 |doi=10.1093/epolic/eiv016 }}</ref><ref name="VOX A surplus of Ambitions">{{cite web|url=http://www.voxeu.org/article/can-large-primary-surpluses-solve-europe-s-debt-problem|title=A Surplus of Ambitions|date=30 July 2014 |publisher=VoxEU|access-date=6 February 2016}}</ref> 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.<ref name="The bond market’s dance over European debt will not last forever">{{cite news|url=http://www.ft.com/intl/cms/s/0/81f8c5ac-6c16-11e4-b939-00144feabdc0.html|title=The bond market's dance over European debt will not last forever|work=The Financial Times|access-date=6 February 2015|date=17 November 2014}}</ref><ref name="Back to reality">{{cite news|url=https://www.economist.com/news/finance-and-economics/21627647-debt-some-euro-zone-economies-looks-unsustainable-back-reality|title=Back to reality|publisher=The Economist|access-date=6 February 2015|date=24 October 2014}}</ref><ref>{{Cite news|url=https://www.washingtonpost.com/news/wonk/wp/2016/04/20/the-crazy-reason-we-might-be-facing-a-huge-crisis-in-greece-again/|title=The crazy reason we might be facing a huge crisis in Greece again|last=O'Brien|first=Matt|date=2016-04-20|newspaper=Washington Post|access-date=2017-11-26|language=en-US|issn=0190-8286}}</ref><ref>{{cite web|url=https://www.ft.com/content/05b14576-958f-11e4-b3a6-00144feabdc0|title=Public finances: A world of debt|last=Wigglesworth|first=Robin|date=2015-01-06|website=Financial Times|access-date=2017-11-26}}</ref><ref>{{Cite news|url=http://www.repubblica.it/economia/affari-e-finanza/2015/02/23/news/i_sacrifici_dellitalia_e_i_vantaggi_delleuro-108143925/|title=I sacrifici dell'Italia e i vantaggi dell'euro|date=2015-02-23|work=Repubblica.it|access-date=2017-11-26|language=it}}</ref><ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2015-02-19/why-greece-won-t-ever-be-able-to-pay-off-its-debts-with-austerity|title=Why Greece Won't Ever Be Able to Pay Off Its Debts With Austerity|date=2015-02-19|work=Bloomberg.com|access-date=2017-11-26}}</ref>
He has contributed to the debate on Quantitative Easing in Europe and on the monetary and fiscal stimulus in the Eurozone.<ref name="Rashomon in euro land">{{cite news|url=https://www.economist.com/blogs/freeexchange/2014/11/economists-roundtable-euro-zone-0|title=Rashomon in euro land|publisher=The Economist|access-date=6 February 2015|date=5 November 2014}}</ref><ref name="To QE or not to QE">{{cite news|url=https://www.economist.com/blogs/freeexchange/2015/01/quantitative-easing-and-euro-zone-0|title=To QE or not to QE|publisher=The Economist|access-date=6 February 2015|date=21 January 2015}}</ref> 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''.<ref>{{cite web|url=https://cepr.org/active/publications/books_reports/viewreport.php?cvno=P301|title=Events homepage|website=cepr.org|date=17 April 2024 }}</ref> The report asks why inflation has remained so stable in the aftermath of the Great Recession.<ref>{{cite news|url=https://www.ft.com/content/46df5586-b965-11e7-9bfb-4a9c83ffa852|title=The ECB should not withdraw its stimulus|last=Sandbu|first=Martin|website=Financial Times|date=25 October 2017 |access-date=2017-11-26}}</ref><ref>{{cite web|url=http://voxeu.org/article/elusive-inflation-and-great-recession|title=Elusive inflation and the Great Recession|last1=Miles|first1=David|last2=Panizza|first2=Ugo|date=2017-10-25|website=VoxEU.org|access-date=2017-11-26|last3=Reis|first3=Ricardo|last4=Ubide|first4=Ángel}}</ref>
In 2017 he co-authored (with Jeromin Zettelmeyer and Eike Kreplin) a Peterson Institute working paper aimed at assessing debt sustainability in Greece<ref>{{Cite news|url=https://www.bloomberg.com/view/articles/2017-05-23/greece-has-the-resources-to-heal-itself|title=Greece Has the Resources to Heal Itself|date=2017-05-23|work=Bloomberg.com|access-date=2017-11-26}}</ref><ref>{{cite news|url=https://ftalphaville.ft.com/2017/04/13/2187231/the-eurogroup-is-asking-greece-to-do-something-unprecedented/|newspaper=Financial Times|language=en|access-date=2017-11-26|title=The Eurogroup is asking Greece to do something unprecedented |date=13 April 2017 }}</ref> and contributed (with Jeromin Zettelmeyer, Beatrice Weder di Mauro, Charles Wyplosz, Richard Portes, Miguel Poiares Maduro, Barry Eichengreen, and Emilios Avgouleas) to the CEPR [https://cepr.org/publications/policy-insight-92-independent-report-greek-official-debt Independent Report on the Greek Official Debt.] He also studied (with Patrick Bolton and Mitu Gulati) the spillovers of the Greek Retrofit<ref>[https://www.nytimes.com/2012/03/07/business/global/mitu-gulati-an-architect-of-greeces-debt-deal-wants-more.html Mitu Gulati an Architect of Greece's Debt Deal Wants More]</ref> on other peripheral European economies.<ref>{{Cite journal |last1=Bolton |first1=Patrick |last2=Panizza |first2=Ugo |last3=Gulati |first3=Mitu |last4=Fu |first4=Xuewen |date=2023-08-14 |title=The 2012 Greek Retrofit and Borrowing Costs in the European Periphery |url=https://ideas.repec.org//p/gii/giihei/heidwp13-2023.html |journal=IHEID Working Papers |language=en}}</ref><ref>{{Cite news |last=Wigglesworth |first=Robin |date=2023-08-21 |title=Ignore the angry bleating of aggrieved creditors |url=https://www.ft.com/content/43166af6-9e43-4129-b47b-10cd36460054 |access-date=2024-07-21 |work=Financial Times}}</ref>
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<ref>{{cite news |last=Wigglesworth |first=Robin |date=11 September 2017 |title=Venezuela crisis raises talk of 'Odious debt' doctrine |website=Financial Times |url=https://www.ft.com/content/fa6850cc-96c3-11e7-b83c-9588e51488a0 |url-access=subscription |access-date=2017-11-26}}</ref><ref>{{Cite news|url=https://www.project-syndicate.org/commentary/odiousness-ratings-public-debt-by-ricardo-hausmann-and-ugo-panizza-2017-08|title=Odiousness Ratings for Public Debt by Ricardo Hausmann & Ugo Panizza - Project Syndicate|last=Panizza|first=Ricardo Hausmann & Ugo|date=2017-08-30|work=Project Syndicate|access-date=2017-11-26|language=en}}</ref> and worked with Mitu Gulati on Venezuela's Hunger Bonds.<ref>{{Cite journal |last1=Gulati |first1=Mitu |last2=Panizza |first2=Ugo |date=2020 |title=Alternative Solutions to the Odious Debt Problem |url=https://ideas.repec.org//a/fle/journl/v54y2020i1p153-168.html |journal=Annals of the Fondazione Luigi Einaudi |language=en |volume=54 |issue=1 |pages=153–168}}</ref><ref>{{Cite journal |last1=Gulati |first1=Mitu |last2=Panizza |first2=Ugo |date=2020 |title=The Hausmann–Gorky Effect |url=https://ideas.repec.org//a/kap/jbuset/v166y2020i1d10.1007_s10551-019-04132-9.html |journal=Journal of Business Ethics |language=en |volume=166 |issue=1 |pages=175–195|doi=10.1007/s10551-019-04132-9 |url-access=subscription |hdl=10419/201685 |hdl-access=free }}</ref><ref>{{Cite journal |last1=Gulati |first1=Mitu |last2=Panizza |first2=Ugo |date=September 2018 |title=Maduro Bonds |url=https://ideas.repec.org//p/gii/giihei/heidwp12-2018.html |journal=IHEID Working Papers |language=en}}</ref><ref>{{Cite news |date=2021-08-26 |title=Mitu Gulati and Ugo Panizza on Haiti's Odious Post-Colonial Debt |url=https://www.bloomberg.com/news/articles/2021-08-26/mitu-gulati-and-ugo-panizza-on-haiti-s-odious-post-colonial-debt |access-date=2024-07-21 |work=Bloomberg.com |language=en}}</ref> His work on Haiti (coauthored with Mitu Gulati, Kim Oosterlinck, and Mark Weidemaier) focuses on the Independence Debt<ref>{{Cite news |last1=Porter |first1=Catherine |last2=Méheut |first2=Constant |last3=Apuzzo |first3=Matt |last4=Gebrekidan |first4=Selam |date=2022-05-20 |title=The Root of Haiti's Misery: Reparations to Enslavers |url=https://www.nytimes.com/2022/05/20/world/americas/haiti-history-colonized-france.html |access-date=2024-07-20 |work=The New York Times |language=en-US |issn=0362-4331}}</ref><ref>{{Cite journal |last1=Kim |first1=Oosterlinck |last2=Ugo |first2=Panizza |last3=Mark |first3=Weidemaier |last4=Mitu |first4=Gulati |date=2022 |title=The Odious Haitian Independence Debt |url=https://ideas.repec.org//a/bpj/globdv/v13y2022i2p339-378n8.html |journal=Journal of Globalization and Development |language=en |volume=13 |issue=2 |pages=339–378|doi=10.1515/jgd-2021-0057 |hdl=2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/370681 |hdl-access=free }}</ref><ref>{{Cite journal |last1=Oosterlinck |first1=Kim |last2=Panizza |first2=Ugo |last3=Weidemaier |first3=W. Mark |last4=Gulati |first4=Mitu |date=2022-01-01 |title=A Debt of Dishonor |url=https://scholarship.law.unc.edu/faculty_publications/652 |journal=Faculty Publications |pages=1247}}</ref> a series of US loans to suppress the slave revolt that led to Haiti's independence.<ref>{{Cite journal |last1=Gulati |first1=Mitu |last2=Oosterlinck |first2=Kim |last3=Panizza |first3=Ugo |last4=Weidemaier |first4=Mark C. |date=2024-05-16 |title="Delicate and Embarassing": U.S. Loans To Suppress Haitian Independence |url=https://ideas.repec.org//p/gii/giihei/heidwp07-2024.html |journal=IHEID Working Papers |language=en}}</ref>
During the COVID-19 pandemic, he coauthored (with Patrick Bolton, Lee Buchheit, Pierre-Olivier Gourinchas, Mitu Gulati, Chang-Tai Hsie, and Beatrice Weder di Mauro) a policy paper which described a mechanism to implement a debt standstill for emerging and developing economies affected by the pandemic.<ref>{{Cite web |date=2020-04-21 |title=Policy Insight 103: Born Out of Necessity: A Debt Standstill for COVID-19 |url=https://cepr.org/publications/policy-insight-103-born-out-necessity-debt-standstill-covid-19 |access-date=2024-07-20 |website=CEPR |language=en}}</ref><ref>{{Cite news |last1=Bolton |first1=Patrick |last2=Buchheit |first2=Lee |last3=Gourinchas |first3=Pierre-Olivier |last4=Gulati |first4=Mitu |last5=Hsieh |first5=Chang-Tai |last6=Panizza |first6=Ugo |last7=Mauro |first7=Beatrice Weder di |date=2020-06-04 |title=How to Prevent a Sovereign Debt Disaster |url=https://www.foreignaffairs.com/articles/world/2020-06-04/how-prevent-sovereign-debt-disaster |access-date=2024-07-20 |work=Foreign Affairs |language=en-US |issn=0015-7120}}</ref> 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.<ref>{{Cite journal |last1=Panizza |first1=Ugo |last2=Bolton |first2=Patrick |last3=Gulati |first3=Mitu |date=October 2020 |title=Legal Air Cover |url=https://ideas.repec.org//p/cpr/ceprdp/15336.html |journal=CEPR Discussion Papers |language=en}}</ref>
In 2023 he co-authored (with Ricardo Hausmann, Carmen Reinhart and a team at the Harvard Growth Lab) a policy paper with a plan for the economic recovery of Lebanon.<ref>{{Cite web |title=How to tackle Lebanon's economic crisis |url=https://www.ft.com/content/9a11c736-d342-4dfa-95f3-457530c83c3f |access-date=2024-07-21 |website=Financial Times}}</ref><ref>{{Cite web |title=Towards a Sustainable Recovery for Lebanon's Economy |url=https://growthlab.hks.harvard.edu/policy-research/lebanon |access-date=2024-07-21 |website=growthlab.hks.harvard.edu |language=en}}</ref>
== Career == He has taught at the University of Turin and at the American University of Beirut. He also worked at the World Bank, the Inter-American Development Bank, and at the United Nations Conference on Trade and Development (UNCTAD) where he was the head of the Debt and Finance Analysis Unit. Currently Panizza is professor of International Economics and Pictet Chair in Finance and Development at the Graduate Institute of International and Development Studies in Geneva, where he is also the head of the Department of International Economics and the deputy director of the Centre for Finance and Development.<ref name="UP El Pais">{{cite news|url=http://economia.elpais.com/economia/2013/06/08/actualidad/1370714145_131680.html|title=La austeridad fue una mala idea|publisher=El Pais|access-date=12 February 2015|date=9 June 2013}}</ref><ref name="Ugo Panizza Economia"/> Panizza is a CEPR Research Fellow,<ref name="CEPR">{{cite web|url=http://www.cepr.org/static/researchers/research_fellows_all.php|title=CEPR Research Fellows|access-date=7 February 2015|archive-date=9 February 2015|archive-url=https://web.archive.org/web/20150209010332/http://www.cepr.org/static/researchers/research_fellows_all.php|url-status=dead}}</ref> and a former editor of Economia (the Journal of Latin American and Caribbean Economic Association, LACEA).<ref name="Economia">{{cite web|url=http://www.cid.harvard.edu/Economia/editorial.htm|title=Economia Editorial Board|access-date=7 February 2015}}</ref> He is a member of the editorial board of several other academic journals.<ref name="WBER">{{cite web|url=http://www.oxfordjournals.org/our_journals/wber/editorial_board.html|title=World Bank Economic Review, Editorial Board|access-date=12 February 2015}}</ref><ref name="IMFER">{{cite web|url=http://www.palgrave-journals.com/imfer/about.html|title=IMF Economic Review, Abound the Journal|access-date=10 March 2013}}</ref><ref name="REI">{{cite web|url=http://www.rei.unipg.it/rei/about/editorialTeam|title=Review of Economics and Institutions, Editorial Board|access-date=12 February 2015|archive-date=12 February 2015|archive-url=https://web.archive.org/web/20150212114907/http://www.rei.unipg.it/rei/about/editorialTeam|url-status=dead}}</ref>
== References == {{reflist}}
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{{DEFAULTSORT:Panizza, Ugo}} Category:Living people Category:Italian economists Category:Academic staff of the Graduate Institute of International and Development Studies Category:Johns Hopkins University alumni Category:Year of birth missing (living people) Category:Swiss economists Category:University of Turin alumni