My current research (with Estelle Cantillon and Eric Lambin) proposed a new market mechanism to finance a nature-based provision of carbon and biodiversity benefits. In our mechanism, jurisdictions propose nature-positive large-scale projects. Investors buy shares in these projects. Shares do not affect land ownership but produce carbon and biodiversity dividends. Prices in the primary market are used to pin down investor preferences over project attributes and generate conversion rates for different projects in the secondary market, thereby fostering liquidity for investors. Compared to existing credit-based approaches, our mechanism lowers transaction costs, encourages additionality, reduces leakage, and fosters long-term thinking for market participants. We propose several venues to support demand for this new market and discuss options available to adapt the mechanism to pure conservation projects, which are essential but less amenable to be turned into dividend-producing assets because they generate lower climate and biodiversity flow benefits.
2024 – Co-Director of the Hoffmann Center of Global Stustainabilty
2024 – André Hoffmann Chair of International Economics, Climate and Nature Finance Geneva Graduate Institute
2019 – Professor of International Economics, Geneva Graduate Institute
2018 – President, Centre for Economic Policy Research (CEPR), London
2015 – Research Professor, INSEAD, Fontainebleau and Singapore
2001-2018 Chair of Policy and International Macroeconomics, Johannes Gutenberg University of Mainz
2004-2012 Member German Council of Economic Experts, Wiesbade
1997–1998 Research Fellow United Nations University, Tokyo
1994-1996 Economist, International Monetary Fund, Washington
Europe’s Economic Security, 2024, CEPR Press, Paris & London (with Jean Pisani-Ferry and Jeromin Zettelmeyer).
“Carbon Taxation and Greenflation: Evidence from Europe and Canada,” 2023, Journal of the European Economic Association, 16.03.23 (with Maximilian Konradt). Previous version CEPR Working Paper 16396.
“The need for reform after the demise of Credit Suisse,” 2023, Report of the Expert group on Banking Stability, Bern
Climate and Debt, 2022, CEPR Press, London, (with Patrick Bolton, Lee Bucheit, Mito Gulati, Ugo Panizza and Jeromin Zettelmeyer).
“Greek Debt Sustainability and Official Crisis Lending,” 2016, Brookings Papers on Economic Activity, 2016, Fall 2015 Conference (with Julian Schumacher).
“Quantifying Structural Subsidy Values for Systemically Important Financial Institutions,” 2013, Journal of Banking and Finance 37, 3830-3842, (with Kenichi Ueda); also International Monetary Fund Working Paper WP/12/128.
Europa Union Deutschland, Berlin, Award for outstanding engagement on Europe (Europa Lilie), 2011
Thomas Dehler Foundation, München, Award of the Thomas Dehler prize, 2009
World Economic Forum, Geneva, Named Young Global Leader, 2005
