Jacob A. Frenkel
|Jacob A. Frenkel|
Frenkel, October 16, 2007
British Mandate of Palestine
|Institutions||JPMorgan Chase 2009-Present
Group of Thirty
Merrill Lynch 2000-04
Bank of Israel 1991-00
University of Chicago 1973-87
|Alma mater||University of Chicago, M.A., Ph.D.
Hebrew University of Jerusalem, B.A.
|Doctoral advisor||Robert Mundell|
Jacob Aharon Frenkel (Hebrew: יעקב אהרן פרנקל; born in 1943) is an Israeli economist and businessman. He served as Governor of the Bank of Israel between 1991 and 2000. In June 2013 he was nominated to be the Governor of the Bank of Israel for a second time., but following official inquiries into an event that took place in Hong Kong Airport 7 years earlier, Frenkel withdrew in July 2013. He strongly denied any misconduct yet authorities in Hong Kong have stated that Mr. Frenkel was arrested at the Hong-Kong airport in 2006 and brought before a judge for suspected theft of a suit bag from a duty free shop.
Frenkel earned a B.A. in economics and political science at the Hebrew University of Jerusalem, and an M.A. and Ph.D. in economics at the University of Chicago. He earned his Ph.D. in 1970 with thesis titled Money, Wealth and the Balance of Payments in a Model of Accumulation.
Frenkel is currently the Chairman of JPMorgan Chase International, which executes the international strategy of the American financial services firm. He also serves as Chairman and CEO of the Group of Thirty (G-30), which is a private, nonprofit, consultative group on international economic and monetary affairs.
Frenkel served from 2004 to 2009 as Vice Chairman of American International Group (AIG) and from 2000 to 2004 as Chairman of Merrill Lynch International, as well as Chairman of Merrill Lynch’s Sovereign Advisory and Global Financial Institutions Groups. Between 1991 and 2000 he served two terms as the Governor of the Bank of Israel. He is credited with reducing inflation in Israel and achieving price stability, liberalizing Israel’s financial markets, removing foreign exchange controls, and integrating the Israeli economy into the global financial system. During 1995-1996, Frenkel served as Chairman of the Board of Governors of the Inter-American Development Bank and, during 1999-2000, as Vice Chairman of the Board of Governors of the European Bank for Reconstruction and Development.
Between 1987 and 1991, he was the Economic Counselor and Director of Research at the International Monetary Fund, and between 1973 and 1987 he was on the faculty of the University of Chicago where he held the position of the David Rockefeller Professor of International Economics and served as Editor of the Journal of Political Economy.
He is a fellow of the Econometric Society, a foreign honorary member of the American Academy of Arts and Sciences, a member of the Board of Directors of the National Bureau of Economic Research, a former member of the International Advisory Board of the Council on Foreign Relations, a member of the Trilateral Commission, a member of the board of the Council for the United States and Italy, a member of the Investment Advisory Council of the Prime Minister of Turkey, and a member of the International Advisory Council of the China Development Bank. He is also a member of the Board of Directors of the Peter G. Peterson Institute for International Economics.
Upon official statement of Hong Kong’s Department of Justice, in November 2006 Frenkel was arrested and charged for shoplifting, following the alleged theft of a garment bag from a duty free shop at Hong Kong International Airport. Frenkel did not disclose the incident to the Committee on Senior Appointments, which vetted his nomination for a new governor of the Bank of Israel.
Frenkel received the 2002 Israel Prize in Economics, he's a recipient of the Tel-Aviv University Hugo Ramniceanu Prize for Economics, of the Czech Karel Englis Prize in Economics, of the “Order de Mayo al Merito” (in the rank of Gran Cruz) decoration from the Government of Argentina and of the “Order of Merit” (in the rank of Cavaliere di Gran Croce) decoration from the Republic of Italy. He is also a recipient of several Honorary Doctoral degrees and other decorations and awards, including the “1993 Economic Policy Award” by “Emerging Markets” and the “1997 Central Banker of the Year Award” by “Euromoney”.
- Frenkel, Jacob A. "Current Problems of the International Monetary System: Reflections on European Monetary Integration." Weltwirtschaftliches Archiv 111 (No. 2, 1975): 216-221.
- All NBER publications by Jacob Frenkel
- "Frenkel to return to Bank of Israel". Financial Times. June 24, 2013. Retrieved June 27, 2013.
- "Former Bank of Israel candidate was arrested and charged for shoplifting, Hong Kong says". Haaretz. Aug. 7, 2013. Retrieved 3 October 2013.
- "Dr. Jacob Frenkel appointed Chairman of JPMorgan Chase International". JPMorgan Chase & Co. Dec 08, 2009. Retrieved 22 December 2009.
- "Former Bank of Israel candidate was arrested and charged for shoplifting, Hong Kong says". Aug. 7, 2013. Retrieved 3 October 2013.