Jacob A. Frenkel
Jacob Frenkel | |
|---|---|
| Born | February 8, 1943 Israel |
| Occupation(s) | Economist, banker |
| Known for | Governor of the Bank of Israel (1991–2000), chairman of JPMorgan Chase International |
Jacob Aharon Frenkel (; born 8 February 1943) is an Israeli economist who served as chairman of JPMorgan Chase International until late 2019. He was the governor of the Bank of Israel from 1991 through 2000.
Banking and financial career
Frenkel held the position of chairman at JPMorgan Chase International, where he was responsible for guiding the firm’s worldwide strategic direction. Additionally, he acts as chairman and CEO of the Group of Thirty (G-30), a private advisory body focused on global economic and monetary issues.
Between 2004 and 2009, Frenkel was vice chairman at American International Group (AIG). Prior to that, from 2000 to 2004, he chaired Merrill Lynch International, overseeing its Sovereign Advisory and Global Financial Institutions divisions. During his two terms as governor of the Bank of Israel (1991–2000), he was instrumental in curbing inflation, opening financial markets, eliminating foreign exchange restrictions, and promoting Israel’s economic integration into the global financial framework. He also led the board of governors at the Inter-American Development Bank from 1995 to 1996 and served as vice chairman of the board at the European Bank for Reconstruction and Development between 1999 and 2000.
From 1987 until 1991, Frenkel worked as economic counselor and director of research at the International Monetary Fund. Earlier, from 1973 to 1987, he held the David Rockefeller Professorship in International Economics at the University of Chicago, where he also edited the Journal of Political Economy.
He is recognized as a fellow of the Econometric Society, a foreign honorary member of the American Academy of Arts and Sciences, and serves on the board of the National Bureau of Economic Research. His advisory experience includes roles with the Council on Foreign Relations, the Trilateral Commission, and investment advisory councils for both Turkey’s Prime Minister and China Development Bank. Moreover, Frenkel is a board member at the Peter G. Peterson Institute for International Economics.
In June 2013, Frenkel was once again nominated for governor of the Bank of Israel but withdrew in July after an investigation into a 2006 incident at Hong Kong Airport involving an alleged theft from a duty-free shop emerged. Although Frenkel denied any misconduct, he had not revealed this matter during his vetting.
Other activities
Frenkel is part of the Leadership Council for Concordia, an organization dedicated to fostering public-private partnerships aimed at sustainable development. In 2021, he was appointed by the G20 to join the High Level Independent Panel (HLIP) on financing preparedness for global pandemics, which is co-chaired by Ngozi Okonjo-Iweala, Tharman Shanmugaratnam, and Lawrence Summers.
Awards and recognition
Among his accolades, Frenkel was awarded the 2002 Israel Prize in Economics. He has also received distinguished honors such as Tel-Aviv University’s Hugo Ramniceanu Prize, the Czech Republic’s Karel Englis Prize, Argentina’s “Order de Mayo al Merito” (Gran Cruz), and Italy’s “Order of Merit” (Cavaliere di Gran Croce). His achievements include multiple honorary doctorates along with awards like the 1993 Economic Policy Award from Emerging Markets and Euromoney’s Central Banker of the Year Award in 1997.
Published works
- Frenkel, Jacob A. "Contemporary Challenges in the International Monetary System: Insights on European Monetary Integration." Weltwirtschaftliches Archiv 111 (No. 2, 1975): 216–21.
- Complete collection of Jacob Frenkel's publications through the NBER