Ugo Panizza

Ugo Panizza is an Italian economist. He is a 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 deputy director of the Centre for Finance and Development, the director of the International Center for Monetary and Banking Studies, and the editor in Chief of International Development Policy. He is also a vice-president of the Centre for Economic Policy Research (CEPR).[1]

Ugo Panizza
Ugo panizza.jpg
InstitutionGraduate Institute of International and Development Studies, Geneva
FieldDevelopment economics, International Finance, Sovereign debt, Sovereign default
Alma materJohns Hopkins University
InfluencesBarry Eichengreen, Ricardo Hausmann
ContributionsOriginal sin (economics) , Too Much Finance
Information at IDEAS / RePEc


Panizza holds a PhD in economics from the Johns Hopkins University and a Laurea (BA) from the University of Turin.[2][3]


Panizza is known for co-establishing the concept of original sin in development economics, alongside economists Barry Eichengreen and Ricardo Hausmann. His work on the costs of sovereign default (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.[4][5][6][7]

In 2012 Panizza coauthored (with Jean-Louis Arcand and Enrico Berkes) an IMF working paper titled Too Much Finance [8][9] 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".[10][11] 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.[12][13][14][15][16][17]

He has contributed to the debate on Quantitative Easing in Europe and on the monetary and fiscal stimulus in the Eurozone.[18][19] 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. The report asks why inflation has remained so stable in the aftermath of the Great Recession.[20][21]

In 2017 he co-authored (with Jeromin Zettelmeyer and Eike Kreplin) a Peterson Institute working paper aimed at assessing debt sustainability in Greece[22][23] and wrote a Project Syndicate piece with Ricardo Hausmann discussing the possibility of creating an odiousness rating system.[24][25]


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 director of the Centre for Finance and Development.[26][2] Panizza is a CEPR Research Fellow,[27] and a former editor of Economia (the Journal of Latin American and Caribbean Economic Association, LACEA).[28] He is a member of the editorial board of several other academic journals.[29][30][31]


  1. ^ "Vice Presidents". Retrieved 2019-04-08.
  2. ^ a b "Economia Editorial Board, Ugo Panizza". Harvard CID. Retrieved 12 February 2015.
  3. ^ "Ugo Panizza". The Graduate Institute of International and Development Studies. Retrieved 8 February 2014.
  4. ^ "Default Settings". The Economist. 3 April 2010. Retrieved 10 November 2012.
  5. ^ "Secondary Sources". The Wall Street Journal. Retrieved 10 November 2012.
  6. ^ "Bankers: Who Needs Them?". Time Magazine. 4 September 2012. Retrieved 10 November 2012.
  7. ^ Jones, Tim (2012-02-24). "Latin America's past offers lessons on debt, but is Eurozone agenda skewed?". The Guardian. ISSN 0261-3077. Retrieved 2017-11-26.
  8. ^ "Too Much Finance" (PDF). IMF Working Paper. Retrieved 12 February 2014.
  9. ^ "Too Much Finance". VoxEU. Retrieved 12 February 2014.
  10. ^ Eichengreen, Barry; Panizza, Ugo (2016). "A surplus of ambition: can Europe rely on large primary surpluses to solve its debt problem?". Economic Policy. 31 (85): 5–49. doi:10.1093/epolic/eiv016.
  11. ^ "A Surplus of Ambitions". VoxEU. Retrieved 6 February 2016.
  12. ^ "The bond market's dance over European debt will not last forever". The Financial Times. 17 November 2014. Retrieved 6 February 2015.
  13. ^ "Back to reality". The Economist. 24 October 2014. Retrieved 6 February 2015.
  14. ^ O'Brien, Matt (2016-04-20). "The crazy reason we might be facing a huge crisis in Greece again". Washington Post. ISSN 0190-8286. Retrieved 2017-11-26.
  15. ^ Wigglesworth, Robin (2015-01-06). "Public finances: A world of debt". Financial Times. Retrieved 2017-11-26.
  16. ^ "I sacrifici dell'Italia e i vantaggi dell'euro". (in Italian). 2015-02-23. Retrieved 2017-11-26.
  17. ^ "Why Greece Won't Ever Be Able to Pay Off Its Debts With Austerity". 2015-02-19. Retrieved 2017-11-26.
  18. ^ "Rashomon in euro land". The Economist. 5 November 2014. Retrieved 6 February 2015.
  19. ^ "To QE or not to QE". The Economist. 21 January 2015. Retrieved 6 February 2015.
  20. ^ Sandbu, Martin. "The ECB should not withdraw its stimulus". Financial Times. Retrieved 2017-11-26.
  21. ^ Miles, David; Panizza, Ugo; Reis, Ricardo; Ubide, Ángel (2017-10-25). "Elusive inflation and the Great Recession". Retrieved 2017-11-26.
  22. ^ "Greece Has the Resources to Heal Itself". 2017-05-23. Retrieved 2017-11-26.
  23. ^ "". Retrieved 2017-11-26. External link in |title= (help)
  24. ^ "Subscribe to read". Financial Times. Retrieved 2017-11-26.
  25. ^ Panizza, Ricardo Hausmann & Ugo (2017-08-30). "Odiousness Ratings for Public Debt by Ricardo Hausmann & Ugo Panizza - Project Syndicate". Project Syndicate. Retrieved 2017-11-26.
  26. ^ "La austeridad fue una mala idea". El Pais. 9 June 2013. Retrieved 12 February 2015.
  27. ^ "CEPR Research Fellows". Retrieved 7 February 2015.
  28. ^ "Economia Editorial Board". Retrieved 7 February 2015.
  29. ^ "World Bank Economic Review, Editorial Board". Retrieved 12 February 2015.
  30. ^ "IMF Economic Review, Abound the Journal". Retrieved 10 March 2013.
  31. ^ "Review of Economics and Institutions, Editorial Board". Retrieved 12 February 2015.