experts
Michael Pettis
Nonresident Senior Fellow, Carnegie China

about


Michael Pettis is a nonresident senior fellow at the Carnegie Endowment for International Peace. 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).

 


affiliations
areas of expertise
education
MBA, Finance, Columbia University, MIA, Development Economics, Columbia University

All work from Michael Pettis

filters
343 Results
Global trade
paper
Trade Intervention for Freer Trade

By targeting specific trade violations rather than balanced flows, global trade policy has been focusing on the wrong outcome. New trade rules are needed to create an international trading system in which comparative advantage allocates production.

· October 3, 2024
event
Trade Intervention for Freer Trade: A Conversation with Michael Pettis
October 3, 2024

A new paper, Trade Intervention for Freer Trade, Michael Pettis, a nonresident senior fellow in at the Carnegie Endowment for International Peace, and Erica Hogan, a research assistant in the Carnegie Global Order and Institutions program, assess policies that could create a new global trading system that preserves the freedom of nations to direct their economies while harnessing the benefits of trade. Please join Stewart Patrick, director of the Global Order and Institutions Program, for a conversation with Michael Pettis on these and other issues.

commentary
China Needs a Very High Consumption Share of GDP Growth

It will require many years of real determination by Beijing to drive the role of consumption to much higher levels if China is to rebalance in a nondisruptive way.

· September 9, 2024
commentary
Is Inflation a Monetary Phenomenon in China?

Because of the way credit expansion is managed, monetary expansion in China is directed mainly toward the supply side of the economy.

· August 21, 2024
commentary
What Is Driving China’s Long-Dated Bonds?

Banks and other fixed-income investors are buying long-date government bonds because the economy is struggling and better alternatives don’t exist.

· August 14, 2024
commentary
Will Technology Differentiate China Today from Japan in the 1990s?

Ignoring the problems of its historical precedents won’t make China’s success any more likely.

· August 8, 2024
In The Media
in the media
China Will Continue to Struggle With Weak Demand for the Rest of the Year

Chinese imports were driven by investments, not consumption.

· August 8, 2024
CNBC
commentary
The Evolution of Chinese Debt in 2024

Almost everyone in economic policymaking circles is concerned about China’s high and rising debt burden, but there is little evidence that this is likely to change much in 2024.

· July 31, 2024
commentary
Why Is It So Hard for China to Boost Domestic Demand?

Beijing’s unwillingness to boost the consumption share of GDP is not as bizarre as it seems.

· July 31, 2024
commentary
Why Should China Borrow Abroad?

In spite of China’s extraordinarily high investment levels, domestic savings nonetheless exceed domestic investment by quite a lot, making it a large net exporter of capital.

· July 29, 2024