Kevin T - Baldwin Wallace University



Kevin T. Jacques

Boynton D. Murch Chair in Finance

Division of Business Administration

Baldwin-Wallace College

275 Eastland Road

Berea, OH 44017-2088

Office Phone: (440) 826-6529

E-mail: kjacques@bw.edu

Webpage:

PROFESSIONAL EXPERIENCE

BALDWIN-WALLACE COLLEGE – Berea, OH. 2005 - present

Boynton D. Murch Chair and Associate Professor of Finance

• Teach undergraduate and graduate courses in corporate finance, risk management in financial institutions, investments, and macroeconomics.

U.S. DEPARTMENT OF THE TREASURY - Washington, D.C. 2001-2005

Senior Financial Economist, Office of Financial Institutions Policy

• Advised senior Treasury officials on key issues in financial institutions including the revised Basel Accord, international bank regulations, large bank failure resolution and systemic risk, the impact of macroeconomic events on the U.S. financial system, and international trade policy.

• Met with foreign government officials and representatives on key policy issues such as the regulation of financial institutions, financial intermediation in developing countries, and U.S. economic policy. Countries met with include: China, Japan, Brazil, the European Union, Germany, England, Italy, Switzerland, Romania, Uzbekistan, Moldova, Albania, and Croatia.

GEORGETOWN UNIVERSITY - Washington, D.C. 1997-1999, 2003-2005

Adjunct Professor, Department of Finance

• Taught undergraduate and graduate classes in financial markets and institutions. The courses emphasized the quantitative measurement of risk including value-at-risk (VAR), RAROC, interest rate repricing models, and others.

JOHN CARROLL UNIVERSITY - Cleveland, OH 1999-2001

Assistant Professor of Economics

• Taught undergraduate and graduate classes in macroeconomics.

OFFICE OF THE COMPTROLLER OF THE CURRENCY - Washington, D.C. 1989-1999

(U.S. Treasury bureau responsible for regulating national banks).

Senior Financial Economist (1993-1999)

• Advised the Comptroller, senior OCC officials, and policymakers from other government agencies on key banking issues including interest rate risk, the 1988 and revised Basel Accords, derivatives, systemic risk, risk management systems, and the impact of government regulations on the banking industry.

• Served on President’s Working Group on Financial Markets. Group conducted a study of potential macroeconomic causes of systemic risk in U.S. and international financial markets.

• Co-developed OCC, FDIC, and Federal Reserve Board model and regulation on interest rate risk in commercial banks.

Financial Economist (1989-1993)

• Member of interagency group that developed, revised and implemented the 1988 Basel Accord.

• Co-developed quantitative model for estimating foreign exchange rate risk in commercial bank portfolios. Model was presented to the Basel Committee for possible inclusion into the risk-based capital standards.

PUBLICATIONS

“Capital Shocks, Bank Asset Allocation, and the Revised Basel Accord,” Review of Financial Economics, 2008, Vol. 17, No. 2, pp. 79-91.

“The International Transmission of Capital Shocks: Implications of a Revised Basel Accord for Developing Countries,” Capital Markets, Globalization, and Economic Development, Innovations in Financial Markets and Institutions, Vol. 15, Benton Gup ed., Springer Publishing Co., 2005, pp. 31 - 43.

“Bank Lending and the Effectiveness of Monetary Policy Under a Revised Basel Accord,” (with David Schirm), The New Basel Capital Accord, Benton Gup ed., Thomson Publishing Co., 2004.

“An Application of Unit Root Tests with Structural Break to Risk-Based Capital and Bank Portfolio Composition,” Southern Economic Journal, April 2003, pp. 978-989.

“The Impact of FDICIA and Prompt Corrective Action on Bank Capital and Risk: Estimates Using a Simultaneous Equations Model,” (with Raj Aggarwal), Journal of Banking and Finance, July 2001, 1139-1160.

“The Relationship Between Bank Off-Balance Sheet Activities and Credit Risk Under Risk-Based Capital: A Simultaneous Equations Approach,” (with Raj Aggarwal and Tara Rice), Proceedings from a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 2000, pp.377-394.

“Financial Turmoil, Failed Bank Acquisitions and Bank Business Lending Behavior,” (with Peter Nigro), Journal of Financial Services Research, Vol. 17, No. 2, August 2000, pp. 149-164.

“Assessing the Impact of Prompt Corrective Action on Bank Capital and Risk,” (with Raj Aggarwal). Federal Reserve Bank of New York, Economic Policy Review, Vol. 4, No. 3, October 1998, pp. 23-32.

“Risk-Based Capital, Portfolio Risk, and Bank Capital: A Simultaneous Equations Approach,” (with Peter Nigro). Journal of Economics and Business, Vol. 49, No. 6, November/December 1997, pp. 533-547. Reprinted in The Regulation and Supervision of Banks, M. Blaug, ed. 2001.

“Appendix: Federal Reserve Reaction to Constituency Pressures,” (with Bernard Shull). Journal of Post Keynesian Economics, Vol. 18, No. 2, Winter 1995-96, pp. 223-25.

“Unit Roots, Interest Rate Spreads, and Inflation Forecasts.” Applied Economics, Vol. 27, No. 7, July 1995, pp. 605-08.

“Failed Bank Acquisitions and Lending Activity,” (with Peter Nigro). Business Economics, Vol. 30, No. 3, July 1995, pp. 57-61.

“How Did Banks React to the Risk-Based Capital Standards?” (with Peter Nigro). Quarterly Review, Office of the Comptroller of the Currency, Vol. 13, No. 4, December 1994, pp. 11-16.

RESEARCH IN PROCESS

“Procyclicality, Bank Lending, and the Macroeconomic Implications of a Revised Basel Accord”. Currently under revise and resubmit at the Financial Review.

“The 1988 Basel Accord, Bank Asset Allocation, and Adjustment Costs,” (with John Thornton and Elva Coadari). Submitted to the 2009 Financial Management Association meetings.

“Banks Asset Allocation Under a Revised Basel Accord: A Response to a Credit Shock”.

SELECTED RESEARCH PRESENTATIONS

Panelist, Impact of Globalization on Financial Markets, Federal Reserve Bank of Cleveland Knowledge Exchange Conference, November 2008.

“Procyclicality, Bank Lending, and the Macroeconomic Implications of a Revised Basel Accord”. Presented at the 2005 Financial Management Association meetings.

Panel Discussion: “The New Basel Capital Accord” (with Benton Gup, George Kaufmann, Ben Branch, and James Wilcox), 2003 Financial Management Association meetings.

“The Relationship Between Bank Off-Balance Sheet Activities and Credit Risk Under Risk-Based Capital,” (with Raj Aggarwal and Tara Rice). Presented at the Federal Reserve Bank of Chicago Bank Structure Conference, May 2000.

“Bank Off-Balance Sheet Activities and Credit Risk Under Risk-Based Capital: A Simultaneous Equations Approach,” (with Raj Aggarwal and Tara Rice). Presented at the 1999 Basle Research Taskforce Workshop on Empirical Research on Bank Supervision and Structure.

“A Simultaneous Equations Estimation of the Impact of Prompt Corrective Action on Bank Capital and Risk,” (with Raj Aggarwal). Presented at the Federal Reserve Bank of New York Conference entitled Financial Services at the Crossroads: Capital Regulation in the 21st Century, February 1998.

OTHER SCHOLARLY ACTIVITIES

Referee, Journal of Economics and Business.

Summer Research Grant – Baldwin-Wallace, 2006, 2007.

Gund Student-Faculty Research Grant, 2007, 2008.

SERVICE ACTIVITIES

Founder and Advisor, Baldwin-Wallace Investment Club – student-run organization comprised of approximately 40 members that actively manages a portion of the Baldwin-Wallace College Endowment Fund. Currently, the portfolio has a market value of $135,000.

Student Affairs Advisory Board – Business division representative, 2006-present.

Intercultural Affairs Committee – Business division representative, 2008 – present.

Sponsor, Financial Executives Institute – Baldwin-Wallace College representative to the Cleveland Chapter of the FEI.

Secretary, Business Division faculty meetings, 2007-08.

Speaker, B-W Emerging Leaders Retreat, November 2007.

Business Division Curriculum Committee

Member of search committee for new business division faculty.

MEDIA COMMENTARIES PROVIDED

Current Economic Crisis

“Stress Test Has Industry Stressed Out; Results Could Fuel Nationalization Talk, Add to Uncertainty”, Cheyenne Hopkins, American Banker, April 3, 2009.

“Expert: Regulating Global Financial Firms Not Easy”, All Things Considered, National Public Radio, Washington, D.C., March 26, 2009.

“Wanna Buy Toxic Assets?”, The Sound of Ideas, National Public Radio 90.3 FM WCPN, March 25, 2009.

“Geithner’s Last Shot: If This Doesn’t Work, Nationalization Next?”, Kevin Hall, McClatchy newspapers including the Miami Herald, Seattle Times, Sacramento Bee, Kansas City Star, Fort-Worth Star-Telegram, Charlotte Observer, Yahoo! News and others, March 24, 2009.

“TALF Revamp Could Pose New Fed Risks”, Steven Sloan, American Banker, March 24, 2009.

“Bonus Flap May Keep Investors on the Sidelines”, Steven Sloan and Stacey Kaper, American Banker, March 23, 2009.

WJW Channel 8 Fox News. Answer to consumer question on savings accounts and money market funds, March 13, 2009.

“President Obama’s First Speech to Congress: The Morning After”, The Sound of Ideas, National Public Radio 90.3 FM WCPN, February 25, 2009.

“New Tool in the Survival Kit: Bonuses”, Robert Barba, American Banker, February 25, 2009.

“Obama s’en Prend Aux Patrons”, Pascal Giberne, Le Parisien (Paris, France-based newspaper), February 6, 2009.

“PNC Bank Considered Less Stable After Buying National City”, Teresa Murray, Cleveland Plain Dealer, February 1, 2009.

“La Colere D’Obama Contre Les Bonus de Wall Street”, Pascal Giberne, Le Parisien (Paris, France-based newspaper), January 31, 2009.

“Praised, Then Ousted – Exec Trend May Continue”, Kevin Dobbs, American Banker, January 26, 2009.

“Barack’s Bank Bet”, Michael Gray, New York Post, January 25, 2009.

“Citigroup, Bank of America ‘Nationalized’ as U.S. Calls Shots”, Ari Levy, Bloomberg News, January 23, 2009.

“The Recession of 2008”, The Sound of Ideas talkshow, 90.3 WCPN radio, December 31, 2008.

“AmTrust Cutting Jobs as it Deals With Regulators”, Teresa Murray, Cleveland Plain Dealer, November 25, 2008.

“PNC – National City Bank Deal Draws Criticism”, Teresa Murray, Cleveland Plain Dealer, November 16, 2008.

“Local Nat City Effort Unlikely to Sway Feds”, Arielle Kass, Crain’s Cleveland Business, November 24 – 30, 2008.

“Mayor Questions Citigroup”, WBNS 10TV, November 24, 2008.

“Does the PNC – National City Deal Smell?”, Teresa Murray, Cleveland Plain Dealer, November 16, 2008.

Parker Hannifin on a Buying Spree”, Frank Bentayou, Cleveland Plain Dealer, November 6, 2008.

“Understanding the National City Sale”, The Sound of Ideas talkshow, 90.3 WCPN radio, October 28, 2008.

“U.S. Stocks Take Minor Loss on Tuesday”, Kent Klein, Voice of America radio, October 14, 2008.

“Local Academics Weigh Fed’s Move Backing ‘Paper’”, Frank Bentayou, Cleveland Plain Dealer, October 8, 2008.

“Fed’s Action on Commercial Paper Aimed at Stability”, Cleveland Plain Dealer, Frank Bentayou, October 7, 2008.

“Bailout Dead…For Now, Country Braces for Fallout”, The Sound of Ideas talkshow, 90.3 WCPN radio, September 30, 2008.

“Days of Easy Money for Borrowing are Over”, Alison Grant, Cleveland Plain Dealer, September 30, 2008.

“Bailout Update”, The Sound of Ideas talkshow, 90.3 WCPN radio, September 29, 2008.

“Former Department of Treasury Employee: Warning Signs for Economy Were There”, WKYC TV3, September 30, 2008.

“Fannie, Freddie and Your Money”, Plain Dealer Crib Notes, Shaheen Samavati and Michelle Jarboe, September 8, 2008.

“How Might Mortgage Mess Play Out?”, Robert Schoenberger and Shaheen Samavati, Cleveland Plain Dealer, July 15, 2008.

Other

“The Old College Try”, Cleveland Plain Dealer, Teresa Murray, May 14, 2007.

“Experienced Educators”, Kimberly Bonvissuto, Crain’s Cleveland Business, February 19 – 25, 2007.

“Storm Surge Caught Ohio Firms”, Thomas Gerdell, Cleveland Plain Dealer, August 27, 2006.

“Millions are Failing to Save Any Money”, Cleveland Plain Dealer, Henry Gomez, July 16, 2006.

“Careerscape: Financial Fields”, Cleveland Plain Dealer, January 8, 2006.

EDUCATION

Ph.D., Economics, Michigan State University, 1990.

Dissertation: “A Conditional Variance Approach to the Time-Series Behavior of Interest Rates”.

Advisor: Dr. Richard Baillie.

M.A., Economics, Kent State University, 1984.

B.B.A., Economics, Kent State University, 1981.

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