Lucas Papademos Appointed as Inaugural Minos A. Zombanakis Professor of the International Financial System

Contact: Molly Lanzarotta
Phone: (617) 495-1115
Date: April 15, 2011

Cambridge MA – Esteemed economist Lucas Papademos has been appointed the Minos A. Zombanakis Professor of the International Financial System at the John F. Kennedy School of Government at Harvard University, the first faculty member to hold that title.

The professorship was established last year with a $4 million endowment via contributions from friends and relatives of Zombanakis from around the world as well as a matching contribution from the Harvard University Professorship Challenge Fund. The professorship supports a distinguished professor, or professor of practice, whose research and teaching will inform contemporary policy issues relating to the challenges of global markets.

Zombanakis is a distinguished alumnus of Harvard, where he obtained graduate degrees in economics and public administration. During his long career in banking, he is recognized for founding roles in the Euroloan markets, the syndicated loan market, and the creation of the London Interbank Offered Rate (LIBOR). Harvard Kennedy School is pleased to name a professorship in his honor.

Papademos, a visiting professor at Harvard Kennedy School, is professor of economics at the University of Athens and senior fellow at the Center for Financial Studies, Goethe University Frankfurt. Previously, he served as the Vice-President of the European Central Bank from 2002 to 2010 and as Governor of the Bank of Greece from 1994 to 2002. He taught economics at Columbia University from 1975 to 1984 and at the University of Athens from 1988 to 1993. He has been a member of various boards and committees including the Financial Stability Board and the EU Economic and Financial Committee.

Papademos also held the position of Economic Counsellor (Chief Economist) at the Bank of Greece from 1985 to 1993 when he was appointed Deputy Governor. Prior to that, he served as a senior economist at the Federal Reserve Bank of Boston in 1980. He has published numerous articles in the fields of macroeconomic theory, the structure and functioning of financial markets, monetary analysis and policy as well as on subjects concerning the economic performance, financial stability, and economic policy in the European Union. Papademos earned a BS in physics, an MS in electrical engineering, and a PhD in economics, all from the Massachusetts Institute of Technology.

“The Harvard Kennedy School faculty and students will be greatly enriched by the appointment of Lucas Papademos as Zombanakis Professor,” says David T. Ellwood, dean and Scott M. Black Professor of Political Economy, Harvard Kennedy School. “He brings with him a vast wealth of experience and knowledge, and we look forward to his many important contributions in the field of international financial markets.”

"The rapid globalization of financial markets has greatly increased the interdependence of our economies with profound implications for economic performance and policy effectiveness,” Papademos says. “The international integration of financial markets has played an essential role in the efficient allocation of resources across borders, thus supporting world economic growth, but it has also contributed to the transmission of risks and financial imbalances globally. The crisis revealed weaknesses in the functioning of the financial system which are being addressed by both market participants and policymakers. At Harvard Kennedy School, I plan to contribute to a better understanding of the evolving structure and functioning of the international financial system and to the design of policy frameworks that can promote the system's efficiency and stability.”

“I am very pleased to have a man of the stature of Lucas Papademos as the first person to occupy the Zombanakis chair,” says Zombanakis. “These are trying times for international markets, and I’m hopeful that Professor Papademos’ research will help enhance the understanding of the global financial system and identify ways in which we might improve it.”

Papademos is teaching spring modules this year on “Macroeconomic and Financial Policy in the Global Economy” and “The Global Financial Crisis: Policy Responses and Challenges.”

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