Alissa Kleinnijenhuis

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Alissa M. Kleinnijenhuis
Ph.D.)
Doctoral advisorDoyne Farmer
Other advisorsCharles Goodhart, Patrick Bolton
Academic work
DisciplineFinance, Economics
Sub-disciplineClimate Finance, Financial Stability
InstitutionsCornell University, Imperial College London, Stanford University, Massachusetts Institute of Technology
Websitewww.alissakleinnijenhuis.com

Alissa M. Kleinnijenhuis (born 27 November 1991) is a Dutch

Assistant Professor of Finance at the Samuel Curtis Johnson Graduate School of Management, at Cornell University
. Her research addresses salient questions in finance, particularly in climate finance.

She is best known for her work on The Great Carbon Arbitrage.[1] In this study, Kleinnijenhuis and co-authors give the first empirical quantification of the global costs and benefits of phasing out coal, broken down at the country level.[2][3][4][5][6] They find that a large net social gain (on the order of trillions) can be reaped from replacing coal with renewable technologies.[2][3][4][5] They argue that in a world of incomplete carbon taxation (widely considered to be the first-best policy for pricing carbon externalities), there is a salient complementary role for climate finance. A problem with climate finance is that it has yet to deliver scale.[2] Their study makes a novel economic case for climate finance and offers a new way to make climate finance incentive-compatible for its key stakeholders (governments, investors, and coal communities), so it can, driven by stakeholders pursuing their economic interests, timely achieve scale.[2][3][4][7] Scale is required to solve the trillion-dollar climate problem.[8]

She co-edited the book Handbook of Financial Stress Testing (2022), which Stanford economist

Great Financial Crisis stress testing,[9] summarizing state of the art and offering ways forward. The book is prefaced by Timothy Geithner and endorsed by Ben Bernanke and Christine Lagarde, among other economists. It received contributions from specialists on the topic of stress testing, including Robert F. Engle and Lawrence Summers
.

Early life and education

Alissa M. Kleinnijenhuis was born in

Collatz Conjecture,[13] which is referred to as one of the "million-bucks problems" in mathematics.[14]
Her brother Kas Kleinnijenhuis is an entrepreneur.[citation needed]

Kleinnijenhuis earned a

D.Phil. (Ph.D.) in Mathematics from the University of Oxford (in the Mathematical and Computational Finance Group) in 2020.[15]

She conducted research on system-wide stress testing at the European Central Bank, the Bank of England, and Morgan Stanley.[16]

Career

Following her doctoral thesis work at the University of Oxford, Kleinnijenhuis joined the

Assistant Professor of Finance in the Cornell SC Johnson College of Business, at Cornell University
.

Kleinnijenhuis is a Non-Resident Fellow at Bruegel, a European think tank specializing in economics.[21]

Publications

Notable articles

Author Year Title Publisher Notes
Adrian, T., Bolton, P. & Kleinnijenhuis, A.M. 2022 The Great Carbon Arbitrage International Monetary Fund[1] (1) Offers the first empirical quantification of national costs and benefits of phasing out coal and replacing it with renewables. (2) Establishes a novel economic foundation for climate finance.

Notable books

Author Year Title Publisher Notes
Farmer, J.D., Kleinnijenhuis, A.M., Schuermann, T. & Wetzer, T. 2022 Handbook of Financial Stress Testing Cambridge University Press[22] Definitive compendium on a decade of financial stress testing following the 2007-2008 financial crisis

References

  1. ^ a b c "The Great Carbon Arbitrage". IMF.
  2. ^ a b c d IFC-IEA (21 June 2023). Scaling up Private Finance for Clean Energy in Emerging and Developing Economies (PDF). International Energy Agency & International Finance Corporation.
  3. ^ a b c Tett, Gillian (13 June 2022). "Killing coal: a new way to get investors involved". Financial Times.
  4. ^ a b c "Financing the Managed Phaseout of Coal-Fired Power Plants in Asia Pacific" (PDF). Glasgow Financial Alliance for Net Zero. June 2023.
  5. ^ a b Straver, Frank (1 September 2022). "Klimaatwinst. Wie plukt de vruchten van de groene transitie?". Trouw.
  6. ^ Beunderman, Mark (15 July 2022). "Klimaatbeleid duur? Het levert tienduizenden miljarden op, zegt het IMF". NRC Handelsblad.
  7. ^ Prasad, Ananthakrishnan (27 July 2022). "Mobilizing Private Climate Financing in Emerging Market and Developing Economies". IMF ELibrary.
  8. ^ Nordhaus, William (10 April 2020). "The Climate Club: How to Fix a Failing Global Effort". Foreign Affairs.
  9. S2CID 247136328
    .
  10. ^ Kleinnijenhuis, Jan. "Prof. Dr. Jan Kleinnijenhuis". prof. dr. Jan Kleinnijenhuis. Vrije Universiteit.
  11. ^ Smilde, Anne Magda (2010). "Adieu". Google Books.
  12. ^ Smilde, Anne Magda. "Trajecta Conferentie 2022". Vrije Universiteit.
  13. arXiv:2008.13643 [math.GM
    ].
  14. ^ http://www.math.buffalo.edu/~sww/0papers/million.buck.problems.mi.pdf
  15. ^ Kleinnijenhuis, Alissa (2020). System-Wide Stress Testing & Systemic Risk. Oxford University Research Archive (Thesis).
  16. ^ Kleinnijenhuis, Alissa (15 May 2020). "Foundations of System-Wide Stress Testing with Heterogeneous Agents" (PDF). Bank of England, Staff Working Paper. No. 861. {{cite journal}}: |volume= has extra text (help)
  17. ^ Kleinnijenhuis, Alissa (7 July 2020). "Usable Bank Capital". MIT Sloan School of Management.
  18. ^ Kleinnijenhuis, Alissa (July 2020). "The Great Carbon Arbitrage: Going short on coal and long on renewables". Stanford Institute for Economic Policy Research (SIEPR).
  19. ^ Kleinnijenhuis, Alissa. "Bulletin Explore Courses". Stanford University.
  20. ^ WFA. "Western Finance Association Conference Program 2023" (PDF). Western Finance Association.
  21. ^ "Alissa M. Kleinnijenhuis". Bruegel | The Brussels-based economic think tank. March 24, 2023.
  22. S2CID 247136328
    .
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