Kiel Institute Bernhard Harms Prize 2024 Awarded to Hélène Rey

London Business School's Hélène Rey will be awarded this year's Bernhard Harms Prize by the Kiel Institute for the World Economy. Professor Rey is one of the world's most influential scholars on international macroeconomics and finance with special emphasis on financial stability, international capital flows, exchange rates, and the international monetary system.

Rey is the Lord Bagri Professor of Economics at London Business School. The 10,000 Euro Bernhard Harms Prize, one of Europe's leading awards in the field of international economics, has been awarded by the Kiel Institute for the World Economy since 1964.

“Hélène Rey is an internationally outstanding scholar who has broadened the horizons of international macroeconomics through her groundbreaking research. With great tenacity, a pronounced scientific curiosity and exceptional talent, she has not only succeeded in questioning some supposed certainties of international macroeconomics but has also identified alternative determinants of international capital flows,” said Moritz Schularick, President of the Kiel Institute for the World Economy.

"Among others, she has demonstrated the existence of a global financial cycle that significantly limits the impact of national monetary policies, regardless of the exchange rate regime chosen. Due to her extraordinary ability to derive targeted financial policy recommendations from scientific findings, she is an internationally highly esteemed contact for monetary and financial policy issues in the media and politics.”

Hélène Rey will receive the Bernhard Harms Prize during the Kiel Institute Geoeconomics Conference on October 17. Among her most influential academic achievements is the development of the concept known as the “global financial cycle”, introduced in several of her research papers. The concept examines how global financial markets and capital flows are interconnected and how they affect individual economies, highlighting the fact that national monetary policies are often constrained by global financial conditions, even for countries with flexible exchange rates.