Michael Pettis
Michael Pettis | |
|---|---|
| Born | June 16, 1958 Zaragoza, Spain |
| Occupation(s) | Finance professor, author, economic analyst |
| Years active | 1987–present |
| Known for | Professor at Guanghua School of Management, Peking University; author of The Great Rebalancing |
Michael Pettis (born June 16, 1958) is a distinguished American finance professor affiliated with the Guanghua School of Management at Peking University in Beijing. He also holds the position of nonresident senior fellow at the Carnegie Endowment for International Peace. Pettis was instrumental in establishing the punk-rock venue D22 in Beijing, which ceased operations in January 2012.
Renowned as an author and commentator on worldwide economic development, Pettis released his second book titled The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy through Princeton University Press in 2013.
Early life and education
Pettis was born in Zaragoza, Spain to a French mother and an American father. His upbringing spanned several countries including Peru, Pakistan, Morocco, and Haiti before he completed his secondary education in Spain. In 1976, he matriculated at Columbia University, where he obtained a Master of International Affairs with a specialization in Economic Development in 1981, followed by an MBA in Finance in 1984.
Career
Starting his professional journey in 1987 at Manufacturers Hanover (currently part of JPMorgan Chase), Pettis worked as a trader within the Sovereign Debt division. Between 1996 and 2001, he held the role of managing director-principal focusing on Latin American capital markets at Bear Stearns. Additionally, Pettis has provided financial advisory services to sovereign nations such as Mexico, North Macedonia, and South Korea.
He regularly appears as an economic analyst on prominent media platforms including CNBC, NPR, Bloomberg Radio, and the BBC.
Projects
In April 2006, Pettis co-founded and co-owned the nightclub D22. The following year, he initiated the label Maybe Mars, which was connected to the club. D22 was closed in January 2012 due to spatial constraints and escalating upkeep expenses. Afterward, Pettis expressed intentions to establish another nightlife venue.
Chinese economic investment
Pettis has persistently cautioned that China's substantial infrastructure investment—comprising nearly half of its GDP—could undermine financial stability by suppressing consumer spending. The banking industry's growing debt burden to support these projects presents systemic vulnerabilities. Reducing investment intensity can only be achieved through either targeted policy interventions aimed at decelerating growth or by reaching debt thresholds that trigger financial contractions.
Publications
- The Volatility Machine: Emerging Economics and the Threat of Financial Collapse, Oxford University Press, May 2001.
- The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy, Princeton University Press, January 2013.
- Avoiding the Fall: China's Economic Restructuring, Carnegie Endowment for International Peace, September 2013.
- Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace (co-authored with Matthew C. Klein), Yale University Press, May 2020.
External links
- Official website of Michael Pettis, featuring China Financial Markets content hosted by Carnegie
- Michael Pettis presentation from August 2011: "How Long Can China Grow?"
- Economist magazine discussion on China's prospects including Michael Pettis
- Analysis of The Great Rebalancing
- Collection of Michael Pettis’ publications on JSTOR