Overview

Gikas A. Hardouvelis is Professor of Finance and Economics in the University of Piraeus, Independent Non-Executive Member of the Board of Directors of the National Bank of Greece, and the First Vice Chair of the Foundation for Economic & Industrial Research.  He has served as Minister of Finance of the Hellenic Republic from June 2014 to January 2015.

In the past, he served as Research Adviser to the (central) Bank of Greece and to the Federal Reserve Bank of New York. He was also the Chief Economist of NBG and, later, of Eurobank as well as the President of the Scientific Council of the Hellenic Bank Association.  He was a founding member of the Board of Directors of the Athens Derivatives Exchange and helped its creation. He also served twice as the Director of the Prime Minister’s Economic Office of the Hellenic Republic under two different prime ministers.

Professor Hardouvelis has a Ph.D. in Economics from U. C. Berkeley, and M. Sc. & B. A. degrees in Applied Mathematics from Harvard University.  His academic work is in the areas of Macroeconomics, Monetary Policy and Finance and has been published in the AER, QJE, J. Finance, RFS, JME, REStat, and other prestigious top-ranking academic journals.

Research

Financial Economics, Macroeconomics

Current working papers:

• Risk sharing, differences of opinion, stock ownership and expected stock returns.
• Greece: Fiscal Space, Structural Reforms and Debt Sustainability
• Κρίση και Χρηματοπιστωτικά Ανοίγματα στην Ελλάδα

Courses

• Risk Management for Financial Institutions
• Money and Banking
• Special Topics in Finance (Dissertation)

Selected Publications

• “External Financing, Growth and Stock Returns” (with G. Papanastasopoulos, D. Thomakos, T. Wang), European Financial Management, 2012, 18:5, pp. 790-815
• “EMU and European Stock Market Integration,” (with D. Malliaropulos and R. Priestley), Journal of Business, 2006, 79:1, 365-392.
• “The Asymmetric Relation between Margin Requirements and Stock Market Volatility across Bull and Bear Markets,” (with P. Theodossiou), The Review of Financial Studies, Winter 2002, 15:5, 1525-59.
• “The Term Structure as a Predictor of Real Economic Activity,” (with A. Estrella), Journal of Finance, June 1991, 46(2): 555-576. (Abstract in Journal of Economic Literature, December 1991, p. 1978.)
• “Margin Requirements, Volatility, and the Transitory Component of Stock Prices,” American Economic Review, September 1990, 80(4): 736-762. (Abstract in the Journal of Economic Literature, March 1991, p. 366.)