John Lipsky
John Lipsky | |
|---|---|
| Born | February 19, 1947 Cedar Rapids, Iowa, U.S. |
| Occupation | Economist |
| Years active | 1970s–present |
| Known for | Acting Managing Director of the International Monetary Fund (May–July 2011) |
John Phillip Lipsky (born February 19, 1947) is a prominent American economist who held the position of acting managing director at the International Monetary Fund (IMF) between May and July 2011. He stepped into this role following the detention of Dominique Strauss-Kahn in May 2011. Once Christine Lagarde was named managing director, Lipsky returned to his former role as first deputy managing director of the IMF. He retired from the organization in November 2011 and currently holds the title of distinguished visiting scholar at the Johns Hopkins School of Advanced International Studies (SAIS).
Family, early life and education
Lipsky was born into a Jewish household in Cedar Rapids, Iowa. His great-grandfather, Henry Smulekoff, emigrated from Ukraine and established a furniture business on Cedar Rapids' May's Island in 1890. As the middle child among three siblings of Abbott and Joan Miller Lipsky, Lipsky's family has deep local roots. His late father led Smulekoff's as president, while his sister Ann Lipsky currently holds that position. His mother practiced law and served as a member of the Iowa House of Representatives, also chairing the Iowa Council on Human Services. Early interest in Latin America was sparked by a family trip to Mexico, which later inspired a summer exchange program in Guadalajara.
He completed his undergraduate studies with a B.A. in economics at Wesleyan University, then earned both an M.A. and a Ph.D. in economics from Stanford University.
Career
Following his doctoral studies at Stanford, Lipsky began his career at the International Monetary Fund (IMF), where he managed the Fund’s surveillance of exchange rate policies. During General Augusto Pinochet's rule, he served as the IMF’s resident representative in Chile, before returning to Washington D.C. in 1980 to enhance IMF’s analysis of global capital markets and participate in negotiations with member nations.
In 1984, Lipsky shifted to the financial sector by joining Salomon Brothers in New York, collaborating closely with Henry Kaufman. Relocating to London in 1989, he led Salomon Brothers’ European Economic and Market Analysis Group. Upon returning to New York in 1994, he was promoted to chief economist and managing director at Salomon Brothers. In 1998, he became Chief Economist at JPMorgan, and after its merger with Chase Manhattan, he advanced to Chief Economist and Director of Research, eventually becoming vice chairman of JPMorgan Investment Bank.
In 2000, he chaired an IMF Financial Sector Review Group initiated by Managing Director Horst Köhler, tasked with providing independent oversight over international financial markets. He rejoined the IMF on September 1, 2006, as First Deputy Managing Director. Although he chose not to pursue a second term and announced his departure effective August 31, 2011, Lipsky was appointed acting managing director on May 15, 2011, following Dominique Strauss-Kahn’s resignation amid controversy.
Lipsky holds a seat on the board of directors for the National Bureau of Economic Research. Additionally, he serves on boards for the American Council on Germany and the Japan Society, advises the Stanford Institute for Economic Policy Research, and is a member of the Council on Foreign Relations. In February 2012, he joined HSBC’s board of directors.
IMF leadership role
Lipsky's unforeseen ascent to the helm of the IMF placed him at the forefront of managing the European and Greek sovereign debt crises, a significant responsibility previously overseen by his predecessor. During the 37th G8 summit in May 2011, he successfully countered Germany's opposition to additional Greek bailout packages by threatening to withhold IMF funding, a move that risked triggering a Greek default—an outcome all parties aimed to prevent. Throughout this high-stakes negotiation, The Guardian highlighted Lipsky's straightforward and less refined approach in contrast to Dominique Strauss-Kahn's style.
He stepped down from his position at the IMF in 2011 and currently serves as a faculty member at Johns Hopkins School of Advanced International Studies (SAIS). Additionally, Lipsky was instrumental in facilitating a key business connection by introducing Elizabeth Holmes of Theranos to Donald Lucas, former Oracle chairman, who subsequently became chairman of Theranos' board.
Personal life
Lipsky maintains residences in both Washington, D.C., and Brooklyn, New York.