Prof. Martin Grandes, PhD

Martin Grandes holds a Ph.D. in Economics from the “Ecole des Hautes Etudes en Sciences Sociales”, Paris. Since August 2009 he has been Full Professor of Economics and Finance, Director of Research in Economics, Faculty of Social and Economic Sciences, and Director of the Applied Research Centre at the Graduate Business School of the Pontifical Catholic University of Argentina (UCA). Before joining UCA he served as Executive Director the Center for Financial Stability, a Latin American think tank based in Buenos Aires, for about a year.

From September 2004 to August 2008 he was Associate Professor of Finance and Public Policy and Dean of the Graduate School of Government at The American University of Paris (AUP), where he is currently on leave. Prior to joining the AUP Prof. Grandes served as an economist the OECD Development Centre (September 2000-September 2004), was consultant to ECLAC-UN (2002-2003) and advisor to two deputy secretaries of state in the Ministry of Finance in Argentina (1999-2000). He has also consulted for the Bank for International Settlements and co-ordinated projects for the Inter-American Development Bank. During his doctoral studies and later on during his academic tenure Prof. Grandes has been awarded numerous scholarships, grants and general financial support from distinguished institutions the world over. His research activities have focused on international finance and development, more recently on the determinants of sovereign and corporate debt costs in Latin America and Southern Africa. In particular, he co-edited a book published by the OECD “Reducing Capital Cost in Southern Africa”, featured in The Economist in December 2005. In addition, he has published in several academic journals and has also contributed chapters in a host of books and policy-oriented publications. Martin Grandes most recent contributions to the press include The Financial Times (Britain), Le Monde Economique (France), Le Point (France), La Vanguardia (Spain), Clarín (Argentina), Cinco Días (Spain), Cronista (Argentina) and La Nación (Argentina). In 2005 he was co-chair of the annual meeting of the Latin American and the Caribbean Economic Association (LACEA), held at AUP.

ISM SEMINARS 

• International Finance, IEMBA Program
• Financial Management, MBA & IEMBA Programs
• Corporate Finance, MBA & IEMBA Programs
• Advanced Corporate Finance, DBA & Ph.D. Programs

EDUCATION  

Ph.D. in Economics, D.E.L.T.A., Ecole des Hautes Etudes en Sciences Sociales, Ecole Normale Supérieure, Paris, France, 2004  

DEA (Post Graduate Work), Torcuato Di Tella University, Buenos Aires, Argentina, 2001  

Master in Economics, University of Buenos Aires, ISEG, 1998  

Master in Governmental Economics, University of Buenos Aires, Economic Science School, 1998  

Undergraduate in Economics, 1995  

European Workshop on "EMU: Current State and Future Prospects”, http://www.soc.uoc.gr/ss6/programme.htmTTHH Rethymno, University of Crete, Greece, Crete, August 24 - August 31, 2003.  

Summer School of Macroeconomics, Prof. Christiano and Prof. Chari. Lisbon, September 9-13 2002.  

PROFESSIONAL EXPERIENCE

Center for Financial Stability, Latin American think tank, Argentina, 2008 – 2009
Executive Director  

OECD Development Centre, Paris, France, 2000 - 2004
Consultant Economist  

United Nations, Latin America, 2002 – 2003
Consultant to ECLAC, II Ford Foundation Project on “Management of Volatility and Financial Liberalisation in Emerging Countries”  

OECD Development Centre, Paris, France, 2000
Trainee Researcher, attached to a project on capital flows in emerging countries  

National Ministry of Economy and Public Works and Services, Argentina, 1997 - 2000
Advisor to the Undersecretary of Macroeconomic Programming, 1999 - 2000
Member of the Government Civil Economist Program at the National 1997 - 2000  

Instituto Torcuato di Tella, Buenos Aires, Argentina, 1997 – 1998
Research Assistant, analytical and statistical assistance in income distribution and labour market related issues  

University of Buenos Aires, Economics Research Institute, Argentina, 1994 - 1996
Research Assistant at the Centro de Estudios de la Estructura Económica

ACADEMIC EXPERIENCE  

Pontifical Catholic University of Argentina, Graduate Business School, 2009 – present
Full Professor of Economics and Finance, Director of the Applied Research Centre and the Graduate Program in Advanced Finance  

The American University of Paris, School of Government, 2004 – 2008
Organizing Dean, Director of the MPA in Strategic Public Policy and Associate Professor of Finance and Public Policy  

International School of Management, Paris, France, 2007 – present
Finance Professor, all programs  

University of Buenos Aires, 2009 – present
Professor of Monetary and Financial Theory and Policy (MA in Economics)
Associate (part-time) Professor of Economic Growth  

Universidad Torcuato di Tella, 2009 – present
Professor of International Finance, Master in Public Policy  

Doctoral School of Economics, Ecole Normale Superieure Lyon, January 2010
Visiting Professor at the, on The Empirics of Economic Growth and Country Risk  

Central Academy of Finance and Development, Beijing, May 2008 and April 2010
Visiting Professor in Fixed Income Securities  

Centro de Investigacion y Docencia Economica CIDE, Mexico, July 2007 and 2009
Visiting Professor in Country Risk, Fiscal Policy and Macroeconomic Framework  

Institute d’Etudes Politiques de Paris (Sciences Po), Paris, France, March – June 2006
Visiting Assistant Professor in Development Macroeconomics  

ESCP-EAP, European School of Management, Paris, France, September 2003 – May 2007
Visiting Assistant Professor in International Economics and International Finance  

Ecole des Hautes Etudes Commerciales (HEC), Paris, France, January – March 2003
Visiting Assistant Professor in Managerial Economics  

PUBLICATIONS

Latest Media Publications  

• “Quelle formation pour les decideurs de demain”, Democratiser et ouvrir l’education. In Le Point, Paris, France, 5/4/2007.  
• "Capital cost burdens hobble South African business". In the Financial Times, Letters to the Editors, London, BritainTT,TT 27/4/2004.  
• “Argentine: les vraies raisons de la crise”. In Le Monde Economique, 16/9/2002, Paris, France.  
• “Brasil: entre el tango y la pared”. In La Vanguardia, 30/6/2002, Suplemento Dinero, Barcelona, España  
• “Explain this change of heart on Argentina”. In the Financial Times, 31/10/2001, Letters to the Editors, London, Britain.  
• “El Agro y el Riesgo País”. In Clarin 6/10/2001, Suplemento Rural, columna primer nivel, Bs.As, Argentina.  
• “La dolarización no es la solución que necesita la Argentina”. In Cinco Días 14/7/2001, Madrid, España.  
• “Riesgo país, consenso político y crecimiento económico”. In La Nación 17/11/99, Bs. As. (jointly with Julio Nogués).  

Working Papers  

• “On the Estimation of the Cost of Equity in Latin America”, submitted to a journal (2010); jointly with Demian Panigo and Ricardo Pasquini.  
• “The Cost of Corporate Bond Financing in Latin America. A Structural Approach”, CEF Working Paper 20 (July 2007); jointly with Demian Panigo and Ricardo Pasquini.  
• “The Cost of Equity beyond CAPM: Evidence from Latin American Stock Markets (1986-2004)”, CEF Working Paper 17 (March 2007); jointly with Demian Panigo and Ricardo Pasquini.  
• “The Opportunity Cost of Equity in Latin America”, CEF Working Paper 12, (May 2006); jointly with Demian Panigo and Ricardo Pasquini.  
• “How Important Is Sovereign Risk in Determining Corporate Default Premia? The Case of South Africa”, IMF Working Paper 217, (November 2005); jointly with Marcel Peter.  
• “Macroeconomic Policies: New Issues of Interdependence”, OECD Development Centre Working Paper 241 (January 2005); jointly with Helmut Reisen and Nicolas Pinaud.  
• "The Rand Zone Experience: a Comparative View of Macroeconomic Convergence in Southern Africa", OECD Development Centre Working Paper 231 (December 2003).  
• “The Currency Premium and Local-currency Denominated Debt Costs in South Africa”, OECD Development Centre Working Paper 230 (December 2003); jointly with Marcel Peter and Nicolas Pinaud.  
• “Convergence and Divergence of Sovereign Bond Spreads: Lessons from Latin America”, OECD Development Centre Technical Paper 200 (October 2002). A revised and extended version can be found at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=302085  
• External Solvency, Dollarisation and Investment Grade: Towards a Virtuous Circle? OECD Development Centre Technical Paper 177 (June 2001). 
• Riesgo País. ¿políticas económicas, contagio o ruido político? Subsecretaría de Programación Macroeconómica, MEYOSP (Sovereign Risk: Economic Policy, Contagion or Political Noise, Undersecretariat of Macroeconomic Programming, jointly with Julio Nogués) (November 1999).  
• Inversión en Maquinaria y Equipos: Un Modelo Econométrico para la Experiencia Argentina 1991-1998.  
• Subsecretaría de Programación Macroeconómica, MEYOSP (Investment on Machinery and Equipment: An Econometric Model for the Argentine Experience 1991-1998, Undersecretariat of Macroeconomic Programming). Also published in Anals of the XXXIV Annual Meeting of the Argentine Political Economics Association (in spanish, AAEP). 1999.  
• Distribución del Ingreso y Mercado de Trabajo en el Gran Buenos Aires, 1987-1997 (Income Distribution and Labor Markets in Greater Buenos Aires, jointly with Pablo Gerchunoff). In Anals of the XXXIII Annual Meeting of the Argentine Political Economics Association (in spanish, AAEP). Also available in CD-ROM. 1998.  
• La Macro Dependencia de Brasil. Un Enfoque desde las Exportaciones Argentinas (Brazil´s Macrodependency. An Argentine Exports Approach) Thesis towards the Master’s degree from ISEG. Also available in Capital Foundation Working Papers. 1998  
• Apertura y crecimiento endógeno en los países periféricos (Openness and Endogenous Growth in LDC´s, jointly with Marta Bekerman); in Cenes Working Papers, Nr.6, FCE, UBA. 1997.  

Peer-reviewed publications  

• “Pricing Currency Risk under Flexible Exchange Rate Regimes: The Case of South Africa”, under revision for the Journal of African Economies (Oxford University) (2010), joint with Marcel Peter and Nicolas Pinaud.  
• “The Determinants of Sovereign Bond Spreads: Theory and Facts from Latin America”, Latin American Journal of Economics (Cuadernos de Economia), November (2007).  
• “The True Measure of Country Risk: A Primer on the Interrelations between Solvency and the Polity of Emerging Markets: Argentina 1886-1892”, in Growth, Institutions and Crises: Latin America from a Historic Perspective, edited by Sebastian Edwards (UCLA). Chicago: University of Chicago Press, (2007); jointly with Gerardo della Paolera.  
• “Exchange Rate Regimes and Macroeconomic Performance: The Cases of Argentina, Brazil and Mexico”, CEPAL Review 86, August (2005); jointly with Helmut Reisen.  
• “An Assessment of the Costs, Benefits and Optimality of the Common Monetary Area in Southern Africa”, Studies in Economics and Econometrics, Vol. 28, 3, November (2004).  
• "Hard Peg versus Soft Float. A Tale of Two Latin-American Countries", in "The Macroeconomics of Exchange Rate Regimes", Revue Economique, Vol. 54, 5, September (2003); jointly with Helmut Reisen.  
• “Can Dollarisation Cope with Fiscal and External Vulnerability?”, Journal of Emerging Market Finance, vol.I, 1, Fall (2002).  
• Country Risk: Economic Policy, Contagion or Political Noise? Journal of Applied Economics, Vol. IV, 1 (May 2001); jointly with Julio Nogués.

Articles in Books/Policy Studies  

• “Which Economic Policies can reduce the Cost of Capital in Latin America?”, CEF Policy Brief (2007); jointly with Demian Panigo, Ricardo Pasquini and Alberto Musalem.  
• “Reducing Capital Cost in Southern Africa”, OECD Development Centre Policy Study (December 2005); co-edited with Nicolas Pinaud. Reviewed in “The Economist”, December 8 2005.  
• “Systèmes de change et croissance économique dans un monde globalisé: notes sur la théorie et constat récent“, in “La mondialisation et ses effets: nouvelles approches, nouveaux débats “, Florence Pinot de Villechenon et Jean-Philippe Bouilloud, editors, éditions L'Harmattan, (2005).  
• "Which Policies Can Reduce the Cost of Capital in Southern Africa?" OECD Development Centre Policy Brief No. 25; jointly with Nicolas Pinaud (2004).  
• Convergencia Macroeconómica en el Mercosur: un camino crítico. Convención Anual de ABA (Asociación de Bancos Argentinos) (Macroeconomic Convergence in Mercosur: a critical path. Argentine Bank Association –ABA- Annual Convention. Capital Foundation, Martín Redrado ed.) (July 1999).  

CONFERENCES

• Universidad Católica de Córdoba and Universidad Nacional de Córdoba, November 27 2009 (speaker).  
• XLIV Annual Meeting of the Asociación Argentina de Economía Política, November 18, 19 and 20 2009 (speaker and discussant).  
• Conference of Fundación Capital “PENSAMIENTO ESTRATÉGICO PARA LA ARGENTINA EN EL NUEVO MUNDO POST-CRISIS”, October 22 2009 (speaker).  
• University of South Florida, Tampa, US, Special Conference run by the Government and International Affairs Department, February 24 2009 (speaker).  
• Second International Business Forum, UN Financing for Development Follow-Up Conference, Doha, November 28 2008 (speaker).  
• XIII Annual Meeting of the Latin American and Caribbean Economic Association (LACEA), Rio de Janeiro, November 20-23 2008 (speaker and discussant).  
• Annual Conference of the European Group of Public Administration (EGPA), Rotterdam, September 3-5 2008 (discussant).  
• Second Meeting of the Global Network of Government Innovators, Ash Institute for Democratic Governance and Innovation, Kennedy School of Government, Harvard University, March 31-April 2 2008 (participant- scholarship).  
• Annual Conference of the European Group of Public Administration (EGPA), Madrid, September 19-22 2007 (discussant).  
• “Southern Engines of Global Growth: China, India, Brazil and South Africa”, United Nations-WIDER, Helsinki, September 7-8 2007 (speaker).  
• “Opening and Innovation on Financial Emerging Markets”, CDC-Natixis, CEFI, CEPII and TX Consultancy, Beijing, March 27-28 2007 (speaker).  
• Regional Integration Network Meeting, Universidad de las Americas, Puebla, Mexico, January 26-27 2007 (speaker).  
• XI Annual Meeting of the Latin American and Caribbean Economic Association (LACEA), ITAM, Mexico DF, November 2-4 2006 (speaker).  
• Annual Conference of the European Group of Public Administration (EGPA), Milano, September 6-9 2006 (discussant).  
• “Workshop of the Working Group on Local Currency Bonds and Financial Stability”, Committee of the Global Financial System, Bank for International Settlements, Basel, May 9 2006 (speaker and discussant).  
• “Second Annual Meeting on the Future of Financial Regulation”, Financial Markets Group, London School of Economics, April 6-7, 2006 (speaker). 
• “PROGRESOS EN TEMAS MACROECONÓMICOS Y FINANCIEROS”, CEPAL-G-24, Santiago, Chile, November 7-8 2005 (discussant).  
• X Annual Meeting of the Latin American and Caribbean Economic Association (LACEA), The American University of Paris, Paris, October 27-29 2005 (speaker).  
• “The Cost of Capital in South Africa”, Investec Bank, Cape Town, July 15 2005 (speaker).  
• African Finance Journal Conference, African Finance Association, Bellville, Cape Town, July 13 2005 (speaker).  

AWARDS

• Beca de retorno RAICES of the Ministry of Science, Technology and Innovation of Argentina (2009)  
• Grant del Ash Institute for Democratic Governance and Innovation, Harvard University, to participate in the Second Meeting of the Global Network of Government Innovators  
• Various "Faculty Grants" of The American University of Paris present academic papers in several academic International meetings (2004-2008)    
• Two scholarships to attend international conferences in France and Greece awarded by DELTA, from l´Ecole Normale Superieure-Ecole des Hautes Etudes en Sciences Sociales, Paris (2001-2003)  
• Instituto Superior de Economistas de Gobierno del Ministerio de Economia y Obras y Servicios Públicos de la Nación, scholarship awarded to do an internship at the Organization for Economic Cooperation and Development (2000)  
•  Instituto Superior de Economistas de Gobierno del Ministerio de Economia y Obras y Servicios Públicos de la Nación, scholarship awarded for the Master in Public Economics (1997-1998) 

FURTHER CONTRIBUTIONS  

Referee of the Journal of Applied Economics, the Oxford Bulletin of Economics and Statistics, the Kiel Review of World Economics and The Scottish Journal of Political Economy.  
Member of the Latin American and Caribbean Economic Association.  
Member of the Argentinean Association of Political Economy.  
Consulting Member of the Argentinean Council of Foreign Relations (CARI).  
Advisory Board Member of Avanzar por el Desarrollo Humano (NGO in the microfinance sector).   Founding member and partner of the Argentinean Association of Biofuels and Hydrogen