Global financial expert confirmed as BNZ chair

28 April 2010

Former chief manager of the Economics department of the Reserve Bank of New Zealand, Professor David Mayes, has been appointed as the next University of Auckland BNZ Chair of Finance.

The Waiheke Island resident, who has been director of the University’s Europe Institute over the past few years, took up his new role on April 1.

Business School Dean Professor Greg Whittred says having a BNZ Chair of the calibre of Professor Mayes will widely benefit the University’s Business School and students.

“From an impressive international career in academia and public services, David’s expertise, experience, outstanding research qualifications and unprecedented global business contacts will be a massive boon for our students, particularly those who are studying finance and international business,” Professor Whittred says.

A former head of the New Zealand Institute of Economic Research in Wellington, Professor Mayes has spent the past few years at the Europe Institute assisting in raising European Union finance for a substantial project entitled Reconstituting Democracy, which involved 21 other universities and research institutes in Europe.

Amongst a variety of past posts, he has been Senior Research Fellow in the National Institute of Economic and Social Research in London and also with the Centre for European Policy Studies in Brussels, and National Economic Development Office group head.

Professor Mayes spent a decade as advisor to the Bank of Finland board, and has advised central banks and financial regulators in 15 countries round the world in recent years, as well as the OECD, ADBI and the IMF. He is a member of the Joint Shadow Financial Regulatory Committee for Australia and New Zealand.

“My work is mainly in the field of financial and monetary integration, focusing in recent years on the appropriate regulation and structures to avoid problems spilling over from one country to another,” Professor Mayes says. “Unfortunately my coining of the phrase ‘too big to save’ for the three main Icelandic banks in 2004 has proved only too true.”

An editor of the Economic Journal and a fellow of the Royal Statistical Society, Professor Mayes has published 36 books and over 200 articles in international journals, chapters and reports. His book Towards a New Framework for Financial Stability with Robert Pringle and Michael Taylor, put together a set of ideas for an improved system after the present international financial crisis unwinds.

Born in the United Kingdom, Professor Mayes first came to New Zealand to teach econometrics at the University of Otago and has also taught at the University of Canterbury. He is a keen supporter of the Auckland Philharmonia, New Zealand Opera and Whittakers Musical Museum on Waiheke, where he and his wife live.

“Careful practical research into the local wine industry is called for and there is sadly little time for tramping and sailing,” Professor Mayes says.

As well as an Honorary Professor at the University of St Andrews and Honorary Professor of Banking and Financial Institutions at the University of Stirling, Professor Mayes was co-ordinator of the Economic Social Research Council Single European Market Programme in the 1990s.