Malcolm Knight


Malcolm D. Knight is a Canadian economist, policymaker and banker. He is currently Visiting Professor of Finance at the London School of Economics and Political Science and a Distinguished Fellow at the Center for International Governance Innovation. From 2008 to 2012, Knight was Vice Chairman of Deutsche Bank Group where he was responsible for developing and coordinating the bank's global approach to issues in financial regulation, supervision, and financial stability. He served as general manager of the Bank for International Settlements from 2003 to 2008 and as Senior Deputy Governor of the Bank of Canada (1999-2003), after holding senior positions at the International Monetary Fund (1975-1999).

Malcolm D. Knight
Born
NationalityCanadian
EducationPh.D., London School of Economics and Political Science, University of London, 1972

M.Sc. (Economics), London School of Economics and Political Science, 1968

Honour B.A. in Political Science and Economics, University of Toronto, 1967

Matriculation, Amherstburg District High School, Amherstburg, Ontario, Canada, 1963

Career


Malcolm Knight received an Honour B.A. in Political Science and Economics from the University of Toronto, where he was a member of the Alpha Delta Phi.[1] He later received a M.Sc. (Economics) and Ph.D. degree from the London School of Economics and Political Science.

From 1971 to 1975 Knight taught at the University of Toronto and then at the London School of Economics.

In 1975 Knight joined the Research Department of the International Monetary Fund, where he was an economist in the financial studies division before becoming Chief of external adjustment issues and then Assistant Director of the Research Department for developing country studies. In 1992 Knight moved to the operational departments of the IMF where he served, successively, as Deputy Director of the Middle East Department, the Monetary and Exchange Affairs Department, and the European 1 Department.

While at the IMF, Knight also served for many years as an adjunct professor with the Center for Canadian Studies at the Johns Hopkins University School of Advanced International Studies. During 1985-86 Knight was an Academic Visitor at the Centre for Labour Economics, London School of Economics and Political Science, and he served for 11 years, until 1997, on the editorial board of the IMF Staff Papers.

In 1999 Knight was appointed Senior Deputy Governor of the Bank of Canada. As the number two in Canada's central bank, Knight was its chief operating officer and a member of its board of directors. His key duties included overseeing strategic planning and coordinating all the Bank's operations, acting for the Governor, and sharing responsibility for the conduct of monetary policy as a member of the Bank's Governing Council.

Malcolm Knight became General Manager and chief executive officer of the Bank for International Settlements (BIS) in April 2003. He was the first person from outside Europe to hold this position.[2] On 20 June 2008, Knight announced that he would take a position with Deutsche Bank and that he would leave the BIS on 30 September 2008.[3]

Knight was Vice Chairman of Deutsche Bank Global Group, based in New York, from October 2008 to March 2012, overseeing the firm's relationships and interaction with global regulators and central banks.[4]

Honours and memberships


Knight was awarded an Honorary Doctorate by Trinity College, University of Toronto in 2006, and was inducted as a Member of the Johns Hopkins University Society of Scholars in May 2007. In 2006 he was also inducted as a Member of the Honorary Senate of the Lindau Nobel Laureate Meetings.

In addition to his duties as CEO of the BIS during 2003–08, Knight was a Trustee of the International Accounting Standards Committee Foundation (now the IFRS Foundation), which oversees the work of the London-based International Accounting Standards Board in developing accounting standards that over 100 countries are committed to adopt. During 2003-08 Knight was a member of the Financial Stability Forum (now the Financial Stability Board), reporting to the G8 and G20 finance ministers on vulnerabilities in the international financial system; and of the Capital Markets Consultative Group of the International Monetary Fund. During 2010 - 2014, Knight was a member of the Board of Directors of Swiss Re Ltd. After stepping down as Vice Chairman of Deutsche Bank in 2012 he continued to be a consultant to the bank until March 2014. He currently serves on the Boards of the International Valuation Standards Council and the Global Risk Institute in Financial Services (Toronto), and he is a member of the International Advisory Council of the Risk Management Institute of the University of Singapore and the North American Advisory Board of the London School of Economics and Political Science. In addition, Knight is a Trustee of the Per Jacobsson Foundation, which organises lectures by eminent figures in the economic and financial community, a member of the Board of Patrons of the European Association for Banking and Financial History, and a member of the Board of the New Jersey Center for the Visual Arts. He has been a Visiting Professor of Finance at the London School of Economics and Political Science since September 2008.

Publications


  • "Canada's Banks: Too Conservative to Fail?" in Greg Anderson and Christopher Sands, eds., Forgotten Partnership Redux: Canada-U.S. Relations in the 21st Century, Amherst, NY: Cambria Press, 2011, Chapter 9.
  • Unwinding Financial Sector Interventions: Preconditions and Practical Considerations; Edited by Udaibir S. Das and Michael G. Papaioannou; Washington, DC; International Monetary Fund, 2010; pps. 19–22.
  • "International Cooperation For The Best Talent In Economics" in 10 Years of Foundation Lindau Nobelprizewinners Meetings at Lake Constance, Edited by Christian Rappa and Nikolaus Turner; Albert Schnell GmbH, Hamburg; pps. 163–165.
  • "Mitigating Moral Hazard in Dealing with Problem Financial Institutions: Too Big to Fail? Too Complex to Fail? Too Interconnected to Fail?" in Financial Crisis Management and Bank Resolution; Edited by John Raymond Labrosse, Rodrigo Olivares-Caminal and Dalvinder Singh, Publisher: Informa Law, 2009.
  • "Finding Stability" in The G20 London Summit: Growth, Stability, Jobs, Edited by John Kirton and Madeline Koch, Publisher: Newsdesk Media, London, 2009.
  • "Reforming the Global Financial Architecture: Just Tinkering at the Edges?" With L. Schembri and J. Powell. In The IMF and its Critics: Reforming the Architecture of Global Economic Institution. Edited by D. Vines and C.L. Gilbert. Cambridge University Press, 2004.
  • "The Bank of Canada's Approach to Inflation Targeting." 2004. With R. Fay and B. O'Reilly. In Statistical Implications of Inflation Targeting: Getting the Right Numbers and Getting the Numbers Right. Carol S. Carson et al. (eds.) Washington, D.C.: International Monetary Fund; 2002.
  • "The Central Bank's Role in Fostering Financial System Stability: A Canadian Perspective". In Financial Risks, Stability, and Globalisation 312–319, edited by O.E.G. Johnson. Washington, D.C.: International Monetary Fund; 2002.
  • Transforming Financial Systems in the Baltics, Russia, and Other Countries of the Former Soviet Union. Edited by M. Knight, A.B. Petersen, and R.T. Price. Washington, D.C.: International Monetary Fund; 1999.
  • "Developing and Transition Countries Confront Financial Globalization." Finance and Development 36 (2): 32–35.1999.
  • "Developing Countries and the Globalization of Financial Markets." World Development 26 (7): 1185–1201; 1998.
  • "Current Accounts: What is Their Relevance for Economic Policymaking?" With F. Scacciavillani. In Proceedings of the Austrian National Bank Conference on "Current Accounts: What Is Their Significance for Policymakers?"; 1998.
  • "Economic Determinants of IMF Financial Arrangements." With J.A. Santaella Journal of Development Economics 54 (2): 405- 36; 1997.
  • "Central Bank Reforms in the Baltics, Russia, and the Other Countries of the Former Soviet Union." Edited by M D Knight. IMF Occasional Paper No. 157. Washington, D.C.: International Monetary Fund; 1997.
  • The Canadian Economy. Revised Edition. Washington, D.C.: Association for Canadian Studies in the United States, co-published with Michigan State University Press; 1996.
  • "The Peace Dividend: Military Spending Cuts and Economic Growth." With N. Loayza and D. Villanueva. IMF Staff Papers 43 (1): 1-37; 1996.
  • "Measuring the Peace Dividend." With N. Loayza. DECnotes No. 6. Washington, D.C.: The World Bank; 1996
  • "Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach." With N. Loayza and D. Villanueva. IMF Staff Papers 40 (3): 512–41; 1993.
  • "Economic Interactions and the Fiscal Policies of Major Industrial Countries: 1980 1988." With P.R. Masson. In Private Behaviour and Government Policy in Interdependent Economies, 282–334, edited by A.S. Courakis and M.P. Taylor. Oxford: Oxford University Press; 1990.
  • The Canadian Economy. Washington, D.C.: Association for Canadian Studies in the United States; 1989.
  • "Fiscal Policies, Net Saving, and Real Exchange Rates: The United States, the Federal Republic of Germany, and Japan."With P.R. Masson. In International Aspects of Fiscal Policies, 21-71, edited by J.A. Frenkel. Chicago and London: NBER/University of Chicago Press; 1988.
  • "Import Compression and Export Performance in Developing Countries." With M.S. Khan. The Review of Economics and Statistics 70 (2): 315–21; 1988.
  • "Theoretical Aspects of the Design of Fund Supported Adjustment Programs." A study by the Research Department of the International Monetary Fund. IMF Occasional Paper No. 55. Washington, D.C.: International Monetary Fund; 1987.
  • "International Transmission of Fiscal Policies in Major Industrial Countries." With P. R. Masson. IMF Staff Papers 33 (3): 387–438; 1986.
  • "Do Fund Supported Adjustment Programs Retard Growth?". With M.S. Khan. Finance and Development 23 (1): 30–32; 1986.
  • "Fund Supported Adjustment Programs and Economic Growth." With M.S. Khan. IMF Occasional Paper No. 41. Washington, D.C.: International Monetary Fund; 1985.
  • "Issues in the Assessment of the Exchange Rates of Industrial Countries." A Study by the Research Department of the International Monetary Fund. With J.R. Artus. IMF Occasional Paper No. 29. Washington, D.C.: International Monetary Fund; 1984.
  • "Economic Change and Policy Response in Canada under Fixed and Flexible Exchange Rates. "With D.J. Mathieson. In Economic Interdependence and Flexible Exchange Rates, 500-29, edited by J. Bhandari and B. Putnam. Cambridge Mass.: M.I.T. Press; 1983.
  • "Determinants of Current Account Balances of Non Oil Developing Countries in the 1970s: An Empirical Analysis." With M.S. Khan. IMF Staff Papers 30 (4): 819–42; 1983.
  • "Sources of Payments Problems in LDCs." With M.S. Khan. Finance and Development 20 (4): 2–5; 1983.
  • "Some Theoretical and Empirical Issues Relating to Economic Stabilization in Developing Countries." With M.S. Khan. World Development 10 (9): 709–30; 1982.
  • "Unanticipated Monetary Growth and Inflationary Finance." With M.S. Khan. Journal of Money, Credit and Banking 14 (3): 347–64; 1982.
  • "Stabilization Programs in Developing Countries: A Formal Framework." With M.S. Khan. IMF Staff Papers 28 (1): 1-53; 1981.
  • "Model of an Industrial Country under Fixed and Flexible Exchange Rates. With D.J. Mathieson. In Trade and Payments Adjustment Under Flexible Exchange Rates, edited by J. Martin and A. Smith. London: Macmillan; 1979.
  • "A Macroeconomic Model of the United Kingdom." With. C.R. Wymer. IMF Staff Papers 25 (4): 742–78; 1978.
  • "Reserve Currency Preferences of Central Banks." With H.R. Heller. Essays in International Finance 131. Department of Economics, Princeton University; 1978.
  • "International Bank Lending in Perspective." With A.D. Crockett. Finance and Development 15 (4): 45–48; 1978.
  • "The New International Monetary System: Some Issues." With J. Salop. Finance and Development 14 (2): 19–22. Reprinted in The Contemporary International Economy edited by J. Adams. New York; St. Martin's Press; 1977.
  • "Euro Dollars, Capital Mobility and the Forward Exchange Market." Economica 44: 1-21; 1977.
  • "A Monetary Model of an Open Economy with Particular Reference to the United Kingdom." With C.R. Wymer. In Essays in Economic Analysis, 153–71, edited by M.J. Artis and A.R. Nobay. Cambridge: Cambridge University Press; 1976.
  • "A Continuous Disequilibrium Econometric Model of the Domestic and International Portfolio Behavior of the U.K. Banking System." In Essays in Modern Economics, edited by M. Parkin and A.R. Nobay. London: Longmans; 1973.

Speeches


References


  1. Catalogue of the Alpha Delta Phi: 1832-1966. New York, NY: The Executive Council of The Alpha Delta Phi Fraternity. 1966. p. 205.
  2. Blount, E. 2003. New CEO takes the helm at an evolving BIS. ABA Banking Journal. December 2003, p. 42.
  3. "BIS General Manager to step down".
  4. "Malcolm D. Knight to join Deutsche Bank as Vice Chairman".
Preceded by
Sir Andrew Crockett
General manager of the
Bank for International Settlements

2003 – 2008
Succeeded by
Jaime Caruana