Harvard Kennedy School Professor Carmen M. Reinhart has been appointed as the new chief economist and vice president of the World Bank Group.

World Bank Group President David Malpass made the announcement today in Washington, noting that the appointment comes “as we boost our efforts to restore growth and meet the urgent debt and recession crises facing many of our client countries.”

Since joining the Kennedy School faculty in July 2012, Reinhart has been the Minos A. Zombanakis Professor of the International Financial System. She will join the World Bank on June 15, on leave from Harvard Kennedy School.

“Carmen Reinhart has reshaped the way that both scholars and practitioners think about the international financial system,” said Kennedy School Dean Douglas Elmendorf. “Her research and writing have greatly expanded our understanding of debt, capital flows, and financial and economic crises. ”