Stuart S Brown

EMPLOYMENT: 

Current

Professor of Economics and International Relations, Daniel Patrick Moynihan Institute of Global Affairs of the Maxwell School. Maxwell School for Public Affairs and Citizenship, Syracuse University, August 2002-Present 

Teaching: International Economics, Macroeconomics, Emerging Markets, Financial Markets.  

Administrative: Director of parallel MA-Economics and MA-International Relations degrees; Coordinator of Daniel Patrick Moynihan Institute of Global Affairs Project on transnational factor mobility.. 

Current Research Interests: Political Economy of Reform and Transition, Crisis and Stabilization in Emerging Market Countries, and the Formation and Dissolution of Countries/Unions. 

Professional

Head of Research and Chief Economist for Eastern Europe, Middle East and Africa (EMEA), Bank of America, Capital Markets division, March 2001-June 2002. 

Head of Research and Chief Economist for  EMEA, Capital Markets division of Banque Paribas 1995-1999 and BNP-Paribas, 1999-November 2000. 

Managed team of economists and strategists on London trading floor for the emerging markets group of two leading global banks.

Supervised or authored numerous country studies based on extensive country visits and ongoing contact with government officials, using political economic and fixed income (bond) analytics.

 Advised management and bond traders on bank’s portfolio and other strategic investment decisions. Represented the emerging markets group in daily strategy sessions with department heads and investment bank management.

 Advised institutional clients, including leading dedicated emerging market and global funds, on directional and relative value opportunities in fixed income markets.  Delivered on-site and public forum presentations to investors; conducted investor conference calls; and gave press briefings on leading emerging market country issues.  

Participated in high-profile teams pitching for mandates to underwrite sovereign Eurobonds.  Helped win deals in Turkey, Poland, Bulgaria and Slovenia. 

Economist, International Monetary Fund (IMF), 1993-1995 

Desk economist for the Republic of Bulgaria and the Former Yugoslav Republic of Macedonia.  Served as IMF’s expert on the economies of these countries. 

Collaborated with core group of economists on IMF missions negotiating loan agreements with top government officials, using financial programming techniques to construct comprehensive stabilization programs.  Helped arrest hyperinflation in these countries.  Conducted simulation and sensitivity analysis for key macroeconomic variables; drafted analytical reports on core economic issues; utilizing background on transitional country problems, critiqued and reviewed internal IMF policy papers on Eastern Europe.  

Maintained ongoing contact with other country donors and lenders, including Western government officials, the private sector and other international financial organizations. 

Director of Pew Economic Freedom Fellows Program, School of Foreign Service, Georgetown University 1991-1992 

First Director of the largest grant program in the Pew Charitable Trusts’ Public Policy division, focused on developing emerging market leaders.  

Managed a staff of administrative and academic professionals charged with recruiting and training 20 leaders from transitional countries in Western economic and business principles.   

Designed a curriculum on the principles of market economics, quantitative business skills and political economy aspects of the transition from socialism to capitalism.  Organized high-powered lecture series on economic reform and democratization. 

Located internships for participants with prominent Western institutions and individuals.  

Travelled throughout the United States to expose participants to best practices in business, politics and NGOs and to develop a wide-ranging network among leading American officials.

University Teaching

Economics and International Relations, Maxwell School, Syracuse University, August 2002

Economics, Georgetown University, 1987-93

Economics, Smith College, 1983-87

Economics, Colombia University, 1981-83 

Courses: Open Economy Macroeconomics,  International Trade and Commercial Policy, World Economy, Comparative Economic Systems, Problems of Soviet-Style Economies, Transition From Centrally Planned to Market Economies, Macroeconomic Theory, Stabilization and Growth in Emerging Markets, International Macroeconomics and Finance.

Consulting

Member of International Working Team under Swedish Foreign Ministry: foreign trade and finance expert on a project for the Baltic States of Estonia, Latvia and Lithuania.  Main issue: Are the Baltic republics economically viable in the event of their secession from the USSR? 

Visiting Researcher and Consultant, Stockholm Institute of Soviet and Eastern European Economics, Stockholm School of Economics.  Main issue: Western aid to the Soviet Union and prospects for a more decentralised federal state. 

EDUCATION: 

1985                             Ph.D. (Economics), Columbia University

1980                             M.A. (Economics), Columbia University

1977                             Russian Language training in St. Petersburg, Russia

1977                                                          B.A. (History, Russian Studies), Rutgers University, Phi Beta Kappa 

FOREIGN LANGUAGES: Russian           

ADDENDUM:  PUBLICATIONS and GRANTS 

Books 

Comparing Economic Systems: A Political-Economic Approach.  Harcourt Brace Jovanovich, Publishers, 1989 (with Andrew Zimbalist and Howard Sherman)

Published Articles 

"The Overstretch Myth - Can the Indispensable Nation Be a Debtor Nation?" in Foreign Affairs April 2005 (with David H. Levey).

"EU Enlargement - 2002, The Critical Year" (with  Dwyfor Evans). Bank of America Publication.

“Class Struggle, Price Scissors and Socialist Industrialisation” in Economic Systems, Fall 1995, (with Sinan Koont). 

“Who’s feeding Whom?”: An Analysis of Soviet Interrepublic Trade” in John Hardt and Richard Kaufman (eds) The Economies of the Former Soviet Union.  Joint Economic Commission of the US Congress, 1993 (with Misha Belkindas) 

“Federalism and Marketization in the Soviet Union: Lessons from Economic Theory” Anders Aslund (ed) The Post-Soviet Economy Pinter Publishers, 1992. 

“External Economic Relations”, Chapter 7 of van Arkadie, Brian (ed) Economic Survey of the Baltic Republics Swedish Ministry of Foreign Affairs, 1992. 

“Indicative Planning in Socialist Economies: Does It Have a Role?”, Journal of Comparative Economies, Volume 14, December 1990. 

“Centrally Planned Economy Vulnerability to Antidumping Action”, Comparative Economic Studies, Volatility XXXII No. 4 (Winter 1990), pp. 1-27 (with Deborah Haas-Wilson). 

“Export Uncertainty in Centrally Planned Economies and Administered Protection, Journal of Comparative Economics, December 1989, pp. 553-565. 

“Optimal Foreign Trade Pricing in Centrally Planned Economies under Endogenous Uncertainty: The Case of Dumping”, The International Trade Journal, Summer 1989 (with Sinan Koont). 

“US Commercial Policy Toward Eastern Europe” in US Congress, Joint Economic Committee, Crisis and Reform in Eastern Europe.  A Compendium of Papers on the East European Economies.  Washington DC: Government Printing Office, 1989. 

“Soviet Economic Reform: Road to Capitalism or to a Viable Socialism?” The National Economists Club Reader.  1988.  

“The People’s Republic of China and the US Unfair Trade Laws: An Econometric Analysis”, Journal of World Trade.  Volume 22, No. 4 (August 1988), pp. 79-94.

 “Nonmarket Economies, Multiple Exchange Rates and the Countervailing Duty Law: The Case of Polish and Czech Steel”, Journal of World Trade Law..  Vol. 21, No. 6 (December 1987), pp. 89-111.   

“Corporate Strategy and Public Policy: The Case of Synthetic Fuels”, Policy Perspectives, Vol. 4, No. 1, March 1984 (with Allen Kaufman).

Paribas and Bank of America 

Numerous publications on emerging markets including the following sample titles:

“EU Enlargement:  2002 – the Critical Year”

“Russian Federation: On the Road to WTO Membership”

“Republic of Turkey:  a perspective on creditworthiness”

“Russia: IMF to the Rescue?”

“Morocco’s Financial Liberalisation: How Much of a Blessing?”

“Russia: Fiscal Policy - the key to an upgrade”

“Emerging Markets Currency Crises: Who’s Next?”

“Bulgaria: the Currency Board Arrives”

“Poland - A ‘Czech Crisis’ in the making?”

“Côte d’Ivoire: Debt Service is Sustainable”

“High Yield Emerging Market Debt: a Cross-Country Comparison”  

IMF 

Bulgaria - Recent Economic Developments – 1994 

Former Yugoslav Republic of Macedonia - Recent Economic Developments - 1995

Unpublished Manuscripts

 “Coalitional Formation in a Reforming Federal Centrally Planned Economy”, (with Carlos Asilis) 

“Efficiency and Stability of Decentralised Versus Centrally Arbitrated Regional Reform in the Soviet Union” (with Carlos Asilis). 

“Western Aid and Social Reform: The Role of Co-ordination”, (with Carlos Asilis) 

“Theoretical Approaches to Regional Economic Reform in the Soviet Union”.  Prepared for the Socialist Economies Division of the World Bank, October 1990, 82 pages (with Misha Belkindas). 

“Who’s Feeding Whom?”: A Balance of Payments Approach to Soviet Interrepublic Relations” (with Misha Belkindas) 

“Trade-theoretic Approaches to Soviet Regional Autonomy”.  Report to the National Council for Soviet and East European Research, May 1991, 85 pages.

 FELLOWSHIPS, AWARDS AND RESEARCH GRANTS 

Workshop Fellowship for select group of social scientists, Center of East-West Trade and Investment, Duke University, to study water problems in Central Asia. 

Summer Curriculum Grant, Georgetown University Faculty, to develop new course “Transition from Centrally Planned to Market Economies.” 

Pew Grant for the Development of Case Studies on the Transition from Socialism to Capitalism. 

Guest Researcher, Stockholm Institute of Soviet and East European Economics, Stockholm School of Economics, Summer 1991. 

US-USSR Research Scholar Exchange (1990-91) for Research on Soviet Trade Reform, sponsored by the International Research & Exchanges Board (IREX). 

Guest Researcher at the Central Institute of Mathematics and Economics, Moscow, USSR, Summer 1990. 

National Council for Soviet and East European Research Fellowship (Trade Theoretic Approaches to Soviet Regional Autonomy) 1990-91. 

Summer Grant, Georgetown University Faculty, for research on Soviet Trade Reform, 1989.

 Postdoctoral Research Fellowship, the US Department of State under the terms of the “Soviet and East European Research and Training Act of 1983”. 

The Sakhmeteff Award, Averill Harriman Institute for the Advanced Study of the Soviet Union, Columbia University. 

Max Lerner Prize for best essay in economics, New School for Social Research. 

Smith College Faculty Award for most outstanding instructor.

 Rutgers University, Phi Beta Kappa.