LONDON: Chancellor Philip Hammond on Thursday announced the appointment of Chicago-based Anil K Kashyap, a leading expert on financial risks, as the external member of the Financial Policy Committee (FPC), which is part of the Britain’s financial regulatory system.
Indian-origin Kashyap is currently the Edward Eagle Brown Professor of Economics and Finance at the University of Chicago Booth School of Business, where he teaches central banking and financial crises. His research focuses on monetary policy, financial intermediation, and regulation and business cycles.
This appointment fills the external position on the FPC, created by the Bank of England and Financial Services Act 2016, which increased the number of external members of the FPC from four to five, official sources said.
Kashyap’s term on the FPC will begin on October 1, 2016 for a period of three years.
“Anil is a highly-respected academic and is widely regarded as one of the leading experts on financial risks. His experience and insight will play an important role over the next three years in maintaining the FPC’s reputation as an effective and credible macroprudential authority,” said Hammond.
Kashyap graduated from the University of California at Davis in 1982 with a bachelor’s degree in economics and statistics, and he earned a PhD from the Massachusetts Institute of Technology in 1989.
{{/usCountry}}Kashyap graduated from the University of California at Davis in 1982 with a bachelor’s degree in economics and statistics, and he earned a PhD from the Massachusetts Institute of Technology in 1989.
{{/usCountry}}The FPC is Britain’s macroprudential regulator, with an objective to protect and enhance the stability of the UK’s financial system.