The Business, Economic, and Financial History Project

The Business, Economic, and Financial History Project (BEF History), a project of the Wharton Initiative on Financial Policy and Regulation (WIFPR), brings together scholars from across the University of Pennsylvania to explore the deep and growing ties among various methodologies and disciplines of economic history. The primary objective is to convene leading thinkers, scholars, and students interested in the intersection of history, economics, finance, and public policy, conversant with both the quantitative and qualitative elements of rigorous historical research. BEF History will use history as a vital laboratory of experience to inform the development of ideas across a wide array of related disciplines and to engage directly with the development of sound financial policy and regulation.

The BEF History Project is directed by Scientific Directors Jesús Fernández-Villaverde (Penn Economics) and Marc Flandreau (Penn History) and Executive Director Max Harris (Wharton).

The BEF History Project is supported by WIFPR and the Howard Marks Economic History Programs Endowed Fund.

Directors

JFV Profile

Jesús Fernández-Villaverde

Scientific Director

Bio

Jesús Fernández-Villaverde is Howard Marks Presidential Professor of Economics at the University of Pennsylvania, where he serves as Director of the Penn Initiative for the Study of Markets, Visiting Professor at University of Oxford, Visiting Fellow at Nuffield College (Oxford), Visiting Scholar at the Federal Reserve Banks of Chicago, New York, and Philadelphia and the Bank of Spain, and a member of the National Bureau of Economic Research and the Center for Economic Policy Research. In the past, he has hold academic appointments, among others, at Harvard University, Princeton University, Yale University, Duke University, and New York University, he has been Visiting Scholar at the Federal Reserve Banks of St. Louis, Minneapolis, Cleveland, and Atlanta, Research Professor at FEDEA (Spain), National Fellow of the Hoover Institution at Stanford University, Visiting Scholar at the Becker-Friedman Institute of the University of Chicago, Visiting Scholar at INET at University of Cambridge, Distinguished Visiting Professor at University of Melbourne (Australia), and he was the director of the Penn Institute for Economic Research. He is editor of the International Economic Review. In the past, he has served in the editorial board of several other learned journals.  He has published over several dozen peer-reviewed papers, including American Economic Review, Econometrica, and Review of Economic Studies and edited and co-authored several books. His research focuses on macroeconomics, econometrics, and economic history.

His website is available here.

Marc

Marc Flandreau

Scientific Director

Bio

Marc Flandreau is Professor of Economic History at the University of Pennsylvania. A world-renown historian of finance Flandreau is a leader in the quantitative history of monetary regimes, exchange rates, financial crises, central banks, rating agencies and sovereign debt. Before joining Penn as Howard S. Marks Professor of Economic History, Flandreau was Chair of International Finance at Sciences Po, Paris, and a Professor of Economics and History at the Graduate Institute of International Studies and Development in Geneva. His academic background doubles up with real-world expertise. He has worked extensively with central banks and international organizations and was chief economist with Lehman Brothers France (2002-2008). He is currently member of the Policy Panel of the Bank of International Settlements and advises the BIS macro-historical data project, Historical Monetary and Financial Statistics. He has published many articles and authored several books including The Glitter of Gold: France, Bimetallism and the Emergence of the International Gold Standard; Money Doctors, The Experience of International Financial Advising 1850-2000; The Gold Standard in Theory and History (with Barry Eichengreen);  Making of Global Finance 1880-1913 (with Frédéric Zumer)

His website is available here.

Max Harris

Max Harris

Executive Director

Bio

Max Harris is Senior Fellow at the Wharton Initiative on Financial Policy and Regulation. Prior to joining Wharton, he worked at the U.S. Department of the Treasury on European macroeconomic issues. In addition, he helped design and implement coronavirus relief programs at Treasury. He has also worked as a policy consultant to former Director of the National Economic Council Gene Sperling and as a policy adviser on Pete Buttigieg’s presidential campaign. His research focuses on international monetary history, and he is the author of the book Monetary War and Peace: London, Washington, Paris, and the Tripartite Agreement of 1936 (Cambridge University Press 2021). He holds a PhD in economics from Harvard University.

His website is available here.

Fellows

Each year, BEF History welcomes a cohort of undergraduate and graduate students, predocs and postdocs, as fellows. You can find out more about this year’s cohort below.

Nicole Adrian

Graduate Fellow (History)

Bio

Nicole Adrian is a doctoral student in the Penn History Department studying environmental history with a focus on agriculture. She is interested in twentieth century U.S. farm finance, the development of corporate agribusiness, and their influences in the policymaking process. Prior to Penn, Nicole studied history, environmental studies, conservation biology, and public policy at the University of Wisconsin – Madison.

Arielle Alterwaite

Graduate Fellow (History)

Bio

Arielle Xena Alterwaite is a PhD candidate in the History Department where she studies histories of political-economy and empire. She is interested in the intersections of abolition, finance, and sovereignty and is currently working on an international history of Haitian sovereign debt in the first half of the nineteenth century. Her writing has appeared in The American Historical Review, Slavery & Abolition, and the Los Angeles Review of Books.

Maylis Avaro

Postdoctoral Fellow (History)

Bio

Maylis Avaro is the Howard S. Marks Postdoctoral Research Fellow. Before joining Penn, she was a visiting scholar at Oxford University and Rutgers University. She holds a PhD in International Economics and History from the Geneva Graduate Institute. She works on the international monetary system, its history and current developments in crypto. Her website is available here:  www.maylisavaro.info

Anders Bright

Graduate Fellow (History)

Bio

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Mingzhuo Deng

Postdoctoral Fellow (Economics)

Bio

Mingzhuo(Ming) Deng is a PhD candidate in the Penn Economics Department. He is interested in sovereign debt history, modern sovereign lending with geopolitical considerations, and computational economics. He is working on projects examining ancient Chinese financial systems and modern-day Belt and Road Initiative lending.

Diego Lijeron

Undergraduate Fellow (Wharton)

Bio

Diego Lijeron is an undergraduate student pursuing a Bachelor of Science in Economics, with a concentration in Finance and Accounting, and a minor in History at the Wharton School of the University of Pennsylvania. He is working with Professor Marc Flandreau on a Wharton Honors Thesis, focusing on creditor priorities in historical sovereign debt restructurings.

Alex Royt

Graduate Fellow (History)

Bio

Alex Royt is pursuing doctoral studies in History at the University of Pennsylvania. Alex holds a Bachelor of Arts from SUNY Binghamton where he studied history and German. He also holds a Master of Arts from Columbia University and a Master of Science from London School of Economics, where he studied international history. His doctoral dissertation examines Stalinism as a financial revolution that sought to create an alternative financial system to the capitalist West. His research tracks the evolution of economic reforms and financial institutions under an anti-capitalist regime. His scholarly interests include financial regulation, social conflict, collective action, and democratization.

Emma Sarhdaoui

Predoctoral Fellow (History)

Bio

Emma is a Predoctoral Fellow working for Prof. Marc Flandreau. She is initially a civil servant student at the École Normale Supérieure Paris-Saclay. She has previously carried out research on foreign exchange market integration and public debt guarantees at the Paris School of Economics. Her current research focuses on the U.S. securities market in the 1980s.