Jacob Frenkel | |
|---|---|
יעקב פרנקל | |
.jpg) Frenkel in 2023 | |
| Governor of theBank of Israel | |
| In office 1991–2000 | |
| Preceded by | Michael Bruno |
| Succeeded by | David Klein |
| Chief Economist of the International Monetary Fund | |
| In office 1987–1991 | |
| President | Michel Camdessus |
| Preceded by | William Hood |
| Succeeded by | Michael Mussa |
| Personal details | |
| Born | Jacob Aharon Frenkel (1943-02-08)8 February 1943 (age 83) |
| Education | Hebrew University(BA) University of Chicago(MA,PhD) |
| Academic background | |
| Doctoral advisor | Robert Mundell |
| Academic work | |
| Discipline | Economics |
| Institutions | University of Chicago (1973–1987) International Monetary Fund (1987–1991) Bank of Israel (1991–2000) Merrill Lynch (2000–2004) Group of Thirty American International Group (2004–preset) JPMorgan Chase (2009–present) |
| Doctoral students | Christina Liu |
Jacob Aharon Frenkel (Hebrew:יעקב אהרן פרנקל; born 8 February 1943)[1][2][3] is an Israeli economist and, until the end of 2019, was the chairman ofJPMorgan Chase International.[4] He served as governor of theBank of Israel between 1991 and 2000.[5][6]
Frenkel was born inMandatory Palestine.[7] He earned aB.A. ineconomics andpolitical science at theHebrew University of Jerusalem, and anM.A. andPh.D. in economics at theUniversity of Chicago. He earned his Ph.D. in 1970 with a thesis titledMoney, Wealth and the Balance of Payments in a Model of Accumulation.[5]
Frenkel is currently the chairman ofJPMorgan Chase International, which executes the international strategy of the American financial services firm.[8] He also serves as chairman and CEO of theGroup of Thirty (G-30), which is a private, nonprofit, consultative group on international economic and monetary affairs.
Frenkel served from 2004 to 2009 as vice chairman ofAmerican International Group (AIG) and from 2000 to 2004 as chairman ofMerrill Lynch International, as well as chairman of Merrill Lynch’s Sovereign Advisory and Global Financial Institutions Groups. Between 1991 and 2000 he served two terms as the governor of theBank of Israel. He is credited with reducing inflation inIsrael and achieving price stability, liberalizing Israel’s financial markets, removingforeign exchange controls, and integrating the Israeli economy into theglobal financial system. During 1995–1996, Frenkel served as chairman of the board of governors of theInter-American Development Bank and, during 1999–2000, as vice chairman of the board of governors of theEuropean Bank for Reconstruction and Development.
Between 1987 and 1991, he was the economic counselor and director of research at theInternational Monetary Fund, and between 1973 and 1987 he was on the faculty of theUniversity of Chicago, where he held the position of the David Rockefeller Professor of International Economics and served as editor of theJournal of Political Economy.
He is a fellow of theEconometric Society, a foreign honorary member of theAmerican Academy of Arts and Sciences, a member of the board of directors of theNational Bureau of Economic Research, a former member of the international advisory board of theCouncil on Foreign Relations, a member of theTrilateral Commission, a member of the board of the council for the United States and Italy, a member of the investment advisory council of thePrime Minister of Turkey, and a member of the international advisory council of theChina Development Bank. He is also a member of the board of directors of thePeter G. Peterson Institute for International Economics.
In June 2013 he was nominated to be the governor of the Bank of Israel for a second time.[9] In July 2013, following official inquiries into an event that took place in Hong Kong Airport in November 2006, he withdrew his nomination.[10] Frankel denied any wrongdoing but authorities inHong Kong stated that he had been arrested at the airport for suspected theft of a suit bag from aduty-free shop.[11] Frenkel did not disclose the incident to the Committee on Senior Appointments, which vetted his nomination for a new governor of the Bank of Israel.[12]
Frenkel serves on theLeadership Council for Concordia, a nonpartisan, nonprofit based in New York City focused on promoting effective public-private collaboration to create a more prosperous and sustainable future. In early 2021, he was appointed by theG20 to the High Level Independent Panel (HLIP) on financing the global commons for pandemic preparedness and response, co-chaired byNgozi Okonjo-Iweala,Tharman Shanmugaratnam andLawrence Summers.[13]
Frenkel won the 2002Israel Prize in Economics. He received the Tel-Aviv University Hugo Ramniceanu Prize for Economics, the Czech Karel Englis Prize in Economics, the “Order de Mayo al Merito” (in the rank of Gran Cruz) decoration from the Government of Argentina and the “Order of Merit” (in the rank of Cavaliere di Gran Croce) decoration from the Republic of Italy. He is also a recipient of several Honorary Doctoral degrees and other decorations and awards, including the “1993 Economic Policy Award” by “Emerging Markets” and the “1997 Central Banker of the Year Award” by “Euromoney”.[14][4]
| Diplomatic posts | ||
|---|---|---|
| Preceded by William Hood | Chief Economist of the International Monetary Fund 1987–1991 | Succeeded by |
| Government offices | ||
| Preceded by | Governor of theBank of Israel 1991–2000 | Succeeded by |
Governor of theBank of Israel  | ||
|---|---|---|
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