Gikas A. Hardouvelis[1] (born October 8, 1955) is a Greek economist and former senior government official serving as chairman of the Board of Directors of the National Bank of Greece (NBG).
[7] He is a Trustee of Anatolia College, a non-profit primary, secondary and tertiary private educational institution.
In 2005, he joined EFG Eurobank Ergasias as the Chief Economist of the group and the Head of Economic Research,[10] and later became a Member of the executive committee.
His NY Fed research on margin requirements, and on the yield curve's ability to predict economic activity had a major impact in academia and in policy decisions.
The economy began growing again with economic sentiment improving, Foreign Direct Investment picking up and unemployment declining.
Aspects of the negotiation are popularly known as the “Hardouvelis e-mail.”[11][12][13][14] After his departure in early 2015, when a new government came to power and flirted with Grexit, growth stalled and turned negative.
During his term in office, Hardouvelis also enacted legislation for the establishment of DTC (Deferred Tax Credit),[15] which counts as regulatory capital by SSM, the European bank supervisor.
[17] Hardouvelis was involved in the negotiations with bondholders about a partial write-down of public debt (the so-called Private Sector Involvement or PSI)[18][19] and the subsequent bank recapitalization framework, as well as in the negotiations with the country's official lenders to design the second economic adjustment program for the period 2012–2014.
[20][21] Hardouvelis is a Full Professor of Finance and Economics in the Department of Banking and Financial Management of the University of Piraeus in Greece since 1994.
[24] Hardouvelis’ academic research at the New York Fed on the predictive ability of the yield curve for future economic activity is pioneering.
[26][27] In 1988, following the stock market crash of October 1987, Hardouvelis published an influential study concluding that in periods of high stock market margin requirements and in periods when margin requirements increase, excess volatility is low and deviations from fundamentals tend to subside.
In October 2007, prior to the eruption of the Great Financial Crisis and the subsequent 2009-2018 Greek crisis, Professor Hardouvelis published a study[33] warning about the consequences of the unfolding major fiscal and external imbalances of the Greek economy and the lethargic view of the markets about the imbalances.
At the age of 12, after a regional competition, he won a full scholarship and for seven years he attended boarding school at Anatolia College in Thessaloniki, graduating in June 1974.