Michael Pettis

Nonresident Senior Fellow
Carnegie–Tsinghua Center for Global Policy

Pettis, an expert on China’s economy, is professor of finance at Peking University’s Guanghua School of Management, where he specializes in Chinese financial markets.

Michael Pettis is a nonresident senior fellow in the Carnegie–Tsinghua Center for Global Policy. An expert on China’s economy, Pettis is professor of finance at Peking University’s Guanghua School of Management, where he specializes in Chinese financial markets. 

From 2002 to 2004, he also taught at Tsinghua University’s School of Economics and Management and, from 1992 to 2001, at Columbia University’s Graduate School of Business. He is a member of the Institute of Latin American Studies Advisory Board at Columbia University as well as the Dean’s Advisory Board at the School of Public and International Affairs.

Pettis worked on Wall Street in trading, capital markets, and corporate finance since 1987, when he joined the sovereign debt trading team at Manufacturers Hanover (now JPMorgan). Most recently, from 1996 to 2001, Pettis worked at Bear Stearns, where he was managing director principal heading the Latin American capital markets and the liability management groups. He has also worked as a partner in a merchant-banking boutique that specialized in securitizing Latin American assets and at Credit Suisse First Boston, where he headed the emerging markets trading team.

In addition to trading and capital markets, Pettis has been involved in sovereign advisory work, including for the Mexican government on the privatization of its banking system, the Republic of Macedonia on the restructuring of its international bank debt, and the South Korean Ministry of Finance on the restructuring of the country’s commercial bank debt.

He formerly served as a member of the Board of Directors of ABC-CA Fund Management Company, a Sino–French joint venture based in Shanghai. He is the author of several books, including The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy (Princeton University Press, 2013).


More >
    • June 09, 2015

    Internal and External Balance


    A deep grounding in economic and financial history is important for modern economic analysis.

    • May 17, 2015

    What Multiple Should We Give China’s GDP Growth?

    The value placed on current and future growth says a lot about the quality of that growth. It also has important policy implications, especially for reforms.

    • April 11, 2015

    Will the AIIB One Day Matter?

    For now, for all the excited chatter, the Asia Infrastructure Investment Bank is an institution laden with symbolic value and little else.

    • February 25, 2015

    When Do We Decide That Europe Must Restructure Much of Its Debt?


    The biggest constraint to the EU’s survival is debt. Europe will not grow and unemployment will not drop until the costs of the excessive debt burdens are addressed.

    • February 04, 2015

    Syriza and the French Indemnity of 1871-73


    European nationalists have successfully convinced the world, against all logic, that the European crisis is a conflict among nations, and not among economic sectors.

    • February 01, 2015

    Can Monetary Policy Turn Argentina Into Japan?

    If the world does indeed face another decade or two of “superabundant capital” in spite of economic stagnation and slow growth, the historical precedents suggest a number of consequences.

    • January 21, 2015

    Inverted Balance Sheets and Doubling the Financial Bet

    Chinese economic growth will continue to slow. Although many economic analyses are based on the success of economic reforms, near-term growth is more accurately forecast in terms of balance sheet constraints.

    • January 09, 2015

    On Chinese CPI and PPI Data for December

    China’s consumer price index (CPI) and producer price index (PPI) data suggest that China is facing deflationary pressures. Beijing must tackle the country’s debt and create alternative sources of demand to address them.

    • December 14, 2014

    My Reading of the FT on China’s “Turning Away from the Dollar”


    Economists tend to undervalue institutional flexibility, especially in the first few years after a major financial crisis, perhaps because in the beginning countries that adjust very quickly tend to underperform countries that adjust more slowly.

    • December 02, 2014

    How Might a China Slowdown Affect the World?


    A slowing Chinese economy might be good or bad for the world, depending on domestic savings and domestic investment.


MBA, Finance, Columbia University
MIA, Development Economics, Columbia University

Please note...

You are leaving the website for the Carnegie-Tsinghua Center for Global Policy and entering a website for another of Carnegie's global centers.