Spotlight on the MAS-NUS Partnership in Finance Research

The appointment of Professor Arvind Krishnamurthy as the MAS (Monetary Authority of Singapore) Distinguished Term Professor in Economics and Finance marks a significant milestone in the longstanding collaboration between the National University of Singapore (NUS) and Singapore's central bank. Established in 2009, this prestigious program has hosted 25 eminent scholars over the past 15 years, fostering a vibrant ecosystem for financial and economic research in Singapore. The short-term visiting professorship, spanning just 10 days from February 18 to 28, 2026, exemplifies how targeted engagements can amplify Singapore's position as a global hub for finance academia. Hosted jointly by NUS Business School's Department of Real Estate and MAS's Economic Policy Group, it underscores the synergy between higher education institutions and regulatory bodies in addressing contemporary economic challenges.

This initiative not only brings world-class expertise to NUS classrooms and seminars but also bridges academic theory with policy practice. Professor Krishnamurthy's visit aligns with Singapore's broader Research, Innovation and Enterprise 2030 (RIE2030) plan, which allocates substantial funding—S$37 billion—to priority areas like quantum computing and advanced finance research, enhancing the republic's research infrastructure.

Who is Professor Arvind Krishnamurthy?

Professor Arvind Krishnamurthy, of Indian origin, is a towering figure in financial economics. Currently the John S. Osterweis Professor of Finance at Stanford Graduate School of Business, he previously held the Harold Stuart Professorship at Northwestern University's Kellogg School of Management from 2007 to 2014. His academic journey began with a BS in Economics and BSE in Electrical Engineering from the University of Pennsylvania in 1990, followed by a PhD in Financial Economics from MIT in 1998.

A prolific researcher and Research Associate at the National Bureau of Economic Research (NBER), Stanford Institute for Economic Policy Research, and Asian Bureau of Finance and Economic Research, Krishnamurthy serves as co-editor of the Journal of Finance – Insights & Perspectives. His work has garnered accolades including the Smith Breeden Prize for the best paper in the Journal of Finance, the Western Finance Association Corporate Finance Award, and the Swiss Finance Institute’s Outstanding Paper Award. With thousands of citations on Google Scholar, his influence extends to central banks worldwide, shaping discourses on financial stability.

Key Research Contributions Shaping Global Finance

Krishnamurthy's scholarship lies at the nexus of finance, macroeconomics, and monetary policy. He has pioneered analyses of liquidity crises, examining their causes in both emerging and developed markets, and the stabilizing role of government interventions. Notable works include "Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment" (Journal of Political Economy, 2025) and "Dollar Safety and the Global Financial Cycle" (Review of Economic Studies, 2024), which delve into U.S. Treasury bonds' role as safe assets and the dollar's dominance in international finance.

• Explored amplification mechanisms in liquidity crises, highlighting intermediary failures during events like 2008.
• Quantified systemic risk through macroeconomic frameworks, influencing post-crisis regulations.
• Analyzed quantitative easing's interest rate channels and Treasury supply effects on lending stability.
• Investigated corporate debt overhang and credit policies amid housing market disequilibria.

His recent focus on reserve currency dynamics is particularly timely for Singapore, a major forex hub handling over S$1 trillion daily turnover, providing actionable insights for MAS policymakers.

Read more on his profile at Stanford GSB.

The Anticipated Public Lecture: Unpacking Dollar Dominance

On February 24, 2026, NUS will host Professor Krishnamurthy's public lecture titled "Dollar Dominance." This event promises to dissect the U.S. dollar's pivotal role in global finance, contracting, and trade. Attendees will explore how historical forces sustain its reserve status, impacting macroeconomic outcomes worldwide—from U.S. financial structures to emerging market vulnerabilities.

In a Singapore context, where the SGD is managed against a basket including the USD, these insights could inform strategies amid geopolitical shifts and de-dollarization debates. Complementing the lecture, Krishnamurthy will engage NUS faculty in research dialogues and deliver a MAS talk for senior economists, fostering cross-pollination of ideas.

Details available via NUS News and MAS Press Release.

Boost for NUS Business School's Finance Excellence

NUS Business School, ranked #1 in Asia and top 10 globally by Times Higher Education, benefits immensely from such appointments. Its Finance Department ranks among the top 50 worldwide per ASU Finance Research Rankings, with robust output in sustainable finance via the Sustainable and Green Finance Institute (SGFIN). Dean Andrew Kenan Rose praised Krishnamurthy as an "eminent scholar working at the interface of finance and economics," predicting substantial gains for faculty and the Singapore academic community.

This visit enhances NUS's appeal for aspiring finance professionals. Explore opportunities at higher-ed-jobs/faculty or professor-jobs.

Singapore's Higher Education Push in Finance and Economics

Singapore's universities, led by NUS and NTU, dominate Asian higher education, with NUS consistently #1 in QS and THE rankings for business and finance. Government initiatives like RIE2030 invest heavily in AI-finance intersections, while SGFIN hosts summits on sustainable finance, drawing global leaders. Enrolment in finance programs has surged 15% since 2020, supported by scholarships and industry ties.

• NUS Credit Research Initiative provides daily PD curves for risk assessment.
• SGFIN's 2026 Sustainability Conference addresses physical risks and natural capital.
• ITE's new Higher Nitec courses integrate fintech skilling.

These efforts position Singapore as Asia's finance talent factory. Check Singapore university jobs for openings.

Legacy of Previous MAS Distinguished Professors

The program's track record is impressive: Recent honorees include Alan M. Taylor (UC Davis, Jan 2026) on macroeconomics, Atif Mian (Princeton, 2025) on public policy-finance, and Ricardo Caballero (MIT). Their visits have spurred joint publications, policy papers, and elevated NUS's research citations by 20% in economics.

MAS Chief Economist Edward Robinson highlighted Krishnamurthy's impact on safe assets and reserve currencies, vital amid 2026's monetary debates. This continuity strengthens Singapore's research ecosystem.

Implications for Students and Early-Career Researchers

For NUS students, this offers mentorship in crisis modeling and policy analysis, crucial skills for roles at DBS, OCBC, or MAS. Krishnamurthy's crisis research provides step-by-step frameworks: (1) Identify liquidity mismatches, (2) Model intermediary failures, (3) Simulate policy interventions like QE. Such exposure boosts employability in Singapore's S$500B asset management sector.

Aspiring academics can leverage higher-ed-career-advice on academic CVs and explore postdoc positions.

Challenges and Future Outlook in Singapore Finance Higher Ed

While thriving, Singapore higher ed faces talent retention amid global competition and funding pressures. Initiatives like the Global Talent Visa attract experts like Krishnamurthy, projecting 10% research growth by 2030. Future focuses: AI in finance, green bonds, and digital SGD impacts.

Stakeholders—from MOE to industry—view these professorships as catalysts for innovation. Outlook: Enhanced collaborations yielding PhD programs in fintech, solidifying NUS's leadership.

Photo by Dave Kim on Unsplash

Career Pathways and Opportunities in Singapore Higher Ed Finance

This appointment signals robust demand for finance faculty. Singapore universities offer competitive salaries (S$150K+ for professors) and research grants. For professionals, paths include lecturer roles at NUS or research at SGFIN.

• Browse higher-ed-jobs for faculty openings.
• Visit rate-my-professor for insights.
• Seek advice via higher-ed-career-advice.

Post a vacancy at recruitment to tap this talent pool.