Jörg Rocholl

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Jörg Rocholl (born July 16, 1973 in Soest ) is a German economist and president of the international business school ESMT Berlin . He is also Deputy Chairman of the Scientific Advisory Board at the Federal Ministry of Finance .

Career

After graduating from the Aldegrever-Gymnasium in Soest , Jörg Rocholl studied at the University of Witten-Herdecke , where he graduated with distinction in 1999 with a degree in economics . He then went to Columbia Business School at Columbia University in New York , where he obtained a Master of Philosophy (M.Phil.) In 2001 and finally a Doctor of Philosophy ( Ph.D. ) in Finance and Economics in 2004 . During his international training as an economist in New York , he got to know the close connections between economics professors and politics. At Columbia University in New York he met the former economic advisor to US President Bill Clinton and later Nobel laureate in economics, Joseph Stiglitz . His first mentor was former chairman of the Council of Economic Advisers Glenn Hubbard .

From 2003 to 2007 he was an Assistant Professor of Public Finance at the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill . Since then he has been teaching at the private business school ESMT Berlin , initially as Associate Professor, from 2010 to June 2019 as Full Professor and holder of the " EY Chair for Governance and Compliance". From September 2010 to October 2012 he was dean of the international business school , and since July 2011 he has been president of the university.

Jörg Rocholl research focuses on the development of global financial markets, corporate finance and corporate governance . He examined the effects of political relationships on company value and the issuance of securities through initial public offerings (IPOs) and treasury auctions (auctions of government bonds ). He is currently working on the consequences of the European financial and debt crisis for the economic and banking system and has published a widely acclaimed study on the effects of the EU aid programs for Greece. He worked for the Boston Consulting Group and Deutsche Bank in Frankfurt, London and New York.

He is a member of the Scientific Advisory Board at the Federal Ministry of Finance and Deputy Chairman of the Economic Advisory Board of Deutsche Welle . In addition, Jörg Rocholl is research professor at the Ifo Institute in Munich, Non Resident Fellow at Bruegel in Brussels and visiting scholar at the Research Center of the Deutsche Bundesbank in Frankfurt am Main. He was both a Lamfalussy Fellow and a Duisenberg Fellow of the European Central Bank in Frankfurt. Jörg Rocholl has been Chairman of the Berlin Demography Forum since 2012 .

Positions

On the financial situation of Greece in an interview with Der Zeit on August 18, 2011: “The Greek austerity program will soon be reviewed. By then, at the latest, it becomes clear that the country is not coming out of the crisis. […] The latter [new loans for Greece] will further increase its indebtedness. So the markets will be more and more reluctant to lend, and bankruptcy will become more and more likely. "

Regarding the bond purchases by the European Central Bank (ECB) in the Handelsblatt on February 14, 2014: “The high quality of the argumentation gives the European Court of Justice a framework for its own considerations. This means that there is a chance that at the end of the day there will be a program that will address legitimate concerns and once again hold European politics responsible for ensuring trust in the currency area. The decision of the constitutional court was perhaps not the bravest, but in any case a clever move. "

On the Greek state bankruptcy in the Frankfurter Allgemeine Zeitung of June 30, 2015: “In principle, state bankruptcy in the euro is conceivable, there is the example of the haircut from spring 2012, when Greece canceled part of its debts. In March 2012, the private creditors 'voluntarily' agreed to a waiver. […] 'The difference between spring 2012 and today is that back then in Athens there was a government willing to cooperate and not today,' says Rocholl. Therefore it is 'absolutely undesirable' that the creditors agree to a debt waiver. "

Regarding regulation in the Handelsblatt dated September 7, 2015: “Despite various approaches, large-scale and credible studies on the effects, i.e. on the costs and benefits for the patient, have to be tested, and regulatory steps in the financial system should ideally be carried out before, but at least after their The introduction of costs and benefits should be examined more closely. After all, no trustworthy doctor would experiment with new drugs without knowing whether they would endanger the life and limb of his patients. We should to capitalism will not protect against the capitalists, as it says a popular book titles, but also from a reflex-driven regulation. "

Regarding ( VW ) bonus payments in the Süddeutsche Zeitung of April 15, 2016: “The payment of executives is also a question of trust in employees and the public. The social market economy only worked under fair payment methods. "

Regarding the EU aid packages for Greece in the Handelsblatt of May 4, 2016: “The aid packages were mainly used to save European banks.” For example, 86.9 billion euros of old debts were repaid, 52.3 billion euros went on interest payments, and 37 , 3 billion euros were used to recapitalize the Greek banks. […] However, the new ESMT calculations raise doubts as to whether the aid programs were designed correctly: In recent years, the rescue loans were used to service debts, although Greece has been de facto bankrupt since 2010. “The European taxpayers bought out the private investors,” says Rocholl. [...] Rocholl admits that the federal government might then have had to support German banks with state aid. “But it would at least have become clear where the money is going,” says the economist. That would probably have avoided a lot of hostility between Athens and Berlin. And it would have been cheaper for the German taxpayers.

On the answer of the EU to the British exit in the Frankfurter Allgemeine Zeitung of June 25, 2016: The Berlin economist Jörg Rocholl, member of the scientific advisory board of the Ministry of Finance, warned of a major leap in integration. The EU had not given a good picture in recent years. "Rash calls for further integration could aggravate this impression rather than help hold Europe together in the long term," said Rocholl.

Memberships

Publications (selection)

  • Private equity lexicon, Düsseldorf: Schäffer-Poeschel 2011 ISBN 978-3-7910-2666-4 (with Albrecht Hertz-Eichenrode, Stephan Illenberger, Thomas A. Jesch, Harald Keller and Ulf Klebeck).
  • Banking union: is common European banking supervision a new instrument for bank bailouts? [Bank union: Does common European bank supervision constitute a new bank bail-out instrument?]. In: Ifo Schnelldienst , Volume 65 (14), (2012), Pages 3–25 (with Hans-Peter Burghof, Bernhard Speyer, Michael Kemmer, Georg Fahrenschon, Jörg Asmussen and Clemens Fuest).
  • How does the loss of state guarantees affect banks' assumption of risk? In: ifo Schnelldienst, Volume 65 (18), (2012), pages 17–21 (with Sascha Steffen, Markus Fischer and Christa Hainz).
  • Corporate governance of banks. In: Zeitschrift für Bankrecht und Bankwirtschaft (ZBB), Volume 5, (2012), pages 388–392.
  • The true significance of the EFSF downgrade. In: Intereconomics, Volume 47 (1), (2012), pages 2–3.
  • Politically connected boards of directors and the allocation of procurement contracts. In: Review of Finance, Volume 17 (5), (2013), pages 1617–1648 (with Eitan Goldman and Jongil So).
  • Designing the funding side of the Single Resolution Mechanism (SRM): A proposal for a layered scheme with limited joint liability. In: ESMT No. WP – 13–02, (2013) (with Jan Pieter Krahnen).
  • Sovereign debt: Analyzing state's privileges. In: Wirtschaftsdienst, Volume 94 (8), (2014), pages 560-563 (with Thiess Büttner and Kai Konrad).
  • Where did the Greek bailout money go? In: ESMT No. WP – 16–02, (2016) (with Axel Stahmer).

Prizes and awards

Web links

Individual evidence

  1. ↑ Where did the Greek bailout money go? , ESMT No. WP-16-02
  2. ^ [1] , DW Economic Advisory Board: Professor Jörg Rocholl deputy chairman
  3. ^ [2] Interview with Jörg Rocholl in Der Zeit from August 18, 2011: Greece goes bankrupt
  4. ↑ Handelsblatt, February 26, 2014, "The Great Experiment"
  5. ↑ [3] euros despite bankruptcy? (06/30/2015)
  6. ↑ Handelsblatt, September 7, 2015, "Against reflexive regulation"
  7. ↑ Süddeutsche Zeitung, April 15, 2016, "Came, saw and cashed"
  8. ↑ Handelsblatt, May 4, 2016, "Greece bankrupt, banks rescued"
  9. ↑ Frankfurter Allgemeine Zeitung, June 25, 2016, "Warning of even more Europe"
  10. ↑ [4]
  11. ↑ [5]
  12. ↑ [6]
  13. ↑ cesifo-group.de
personal data
SURNAME Rocholl, Jörg
BRIEF DESCRIPTION German economist
DATE OF BIRTH July 16, 1973
PLACE OF BIRTH Soest