TERRENCE R KEELEY BIBLIOGRAPHY

(All Externally Available)

Endowments: A New Era of Portfolio Investing 
(April 2021) 

A white paper that details a comprehensive modernization of David Swensen’s historic Endowment Model through the rigorous adoption of innovations in factor-based investing and a more critical look at compressed private market premia. Co-authored with Professor Andrew Ang. 

Implications of Central Bank Profit Sharing Paradigms for Reserve Management 
(October 2020) BlackRock Official Insights 

An analysis of alternative approaches to central bank profit sharing with related fiscal agents and the impact of these approaches on financial regulatory and reserve management policies. Greater flexibility on profit-sharing promotes both independence and higher financial transfers other the long run. Co-authored with Stanley Fischer. 

Rebuilding America: Mobilizing Private Infrastructure Investments to Support Long-Term Economic Recovery 
(May 2020) GPPG Viewpoint with support from the Real Assets Team and BII 

A detailed proposal for turbo-charging private infrastructure investment in the US by launching a new infrastructure and development bank, The New America Bank. Multiple examples of shovel-ready projects totaling more than $2.5 trillion, almost all of which could come from private domestic and foreign investors, are profiled. Detailed structure, tax and permitting procedures included. Authored with Tom Clark, David Giordano, Anne Valentine Andrews, Joanne Medero and Harris Horowitz, with occasional contributions from Mike Pyle, Brian Deese, Tom Donilon, Rick Rieder, Bob Miller and Peter Hayes.

Staying the Course: Optimizing Official Reserve Portfolios 
(May 2017) BlackRock Official Insights 

Central banks now manage more than $13 trillion in official foreign exchange reserves for intervention and financial stability purposes. This paper examines how those reserves can be managed optimally, with expanded definitions of safety and liquidity.

Official Reserve Management and Exchange Traded Funds: A Primer for Sovereign Investors
(June 2016) BlackRock Official Insights 

An examination of the ETF market from the perspective of sovereign fund reserve managers and a discussion of the common uses of ETFs by sovereign institutions.

Vindicated By Volatility- Optimizing Official Reserve Portfolios 
(May 2016) BlackRock Official Insights 

Annually calibrated model central bank reserve portfolios with very deliberate liquidity, risk and return profiles demonstrate how reserve managers may generate the kind of historic returns they were accustomed to while maintaining liquidity and risk levels consistent with those of typical government-bond portfolios.

The Benefits of Balance 
(June 2015) BlackRock Official Insights 

BlackRock’s updated reserve management investment paradigm provides a very practical way of achieving an optimal mix of desired goals in verifiable, quantitative fashion.

Credit Risk in Official Portfolios 
(June 2014) BlackRock Official Insights

All fixed Income markets are dominated by interest rate risk in today’s low yield environment. This leaves investors with daunting challenges. Central banks want yield in reserve portfolios even though they are dominated by high quality (AAA-A) government bonds. Incremental allocations beyond high quality government bonds can bring diversification benefits and act as a yield enhancer.

Official Reserve Management in a Normalizing Policy Environment 
(June 2014) BlackRock Official Insights 

Highly volatile investment strategies with low prospects for positive returns run contrary to the stated objectives of official reserve managers.

Official Reserve Management and Exchange Traded Funds 
(May 2014) BlackRock Official Insights 

An examination of the ETF market from the perspective of sovereign fund reserve managers plus a discussion of common uses of ETFs by sovereign institutions.

Blending Passive and Active: Some Official Considerations 
(April 2012) BlackRock Official Insights 

Central banks, multilateral organizations, future generation funds and other types of official institutions face many of the same investment challenges as other institutional investors. Low nominal rates have dramatically limited their income prospects, and the downgrading of many governments’ credit ratings has forced reconsideration of so-called “risk-free” investing. Overseers of public assets must alter their investment strategies if they are to have any chance of replicating the returns they once realized with government bonds.

Beyond Safety, Liquidity and Return: New Horizons in Reserve Management 
(April 2010) BlackRock Official Insights 

Makes the case for updating the typical central bank reserve investment paradigm, from the unimplementable “safety, liquidity and return” mantra to a more rigorous “income maximization subject to liquidity and volatility constraints” framework, as used by RQA. Published with Peter Fisher.

OTHER PUBLICATIONS AND PUBLIC LECTURES

SUSTAINABLE: Moving Beyond ESG to Impact Columbia University Press 
(November 2022)

This book canvasses the demanding roles business and finance need to play to promote the highly desirable environmental and social outcomes as envisioned by Robert Shiller’s The Good Society. It is highly sympathetic to the objective of stakeholder capitalism – understood to be synonymous with optimal, long term economic growth – but deeply convicted we are not now on track to achieve it. SUSTAINABLE outlines an optimistic future where individuals, corporations, investors, NGOs, and policy makers coalesce around a clear agenda for more inclusive, more sustainable growth, with especially pointed advice about how ESG and impact investing can make a bigger, more tangibledifference.

Infrastructure Finance: Nine Strategies for Retaking Global Leadership
(June 2020) American Compass Symposium 

Manufacturing and supply-chain professionals rank “investment in U.S. infrastructure” as their top priority, but underinvestment persists. The United States should create a national development bank to attract private capital into infrastructure projects, closing the funding gap and improving project outcomes. Such banks, already standard features in most national and regional economies, can operate with little to no taxpayer capital while leveraging public guarantees into enormous private-sector commitments.

The Crisis in Question 
(May 2020) Notre Dame Magazine 

How can our institutions, and we as individuals, better respond to the vexing issues the coronavirus lays bare? A spiritual quest into understanding the lessons – and gifts – of the COVID-19 pandemic. Discernment at this exigent time reveals surprising blessings amidst uncertainty and in some cases, tragedy. Among those blessings are the remembrance of the power of prayer and the opportunity to better understand one’s loved ones and presumed adversaries.

When Economic Orthodoxy and Democracies Collide 
(May 2020) 

Georgetown University Graduate School of Business. A discussion with Professor Paul McCulley on how exigent economic circumstances have often required abrogation of prevailing economic and monetary conventions. The Great Depression and GFC are noted examples; the Great COVID-19 Pandemic has become another.BII’s August 2019 paper “Dealing With the Next Downturn” discussed.

Central Banks Can Do More to Calm Markets 
(April 2020) Bloomberg 

Argues central bank reserve management policies have often simultaneously thwarted central bank financial stability policies, most during times of crisis. Examples include GSE debt during the GFC; peripheral European debt concerns in 2011-12 and Gold from 1998-2002. Calls upon reserve managers to act with greater circumspection in the current pandemic. Published with Isabelle Mateos y Lago.

Marriage and Family 
(2015) 

“The Devolution of an American Catholic Family: From Piety to Pluralism in Four Generations”. Paulist Press. An examination of four generations of Keeleys and the devolution of their religious beliefs and practices from piety to agnosticism. Argues the Catholic Church needs to update their Catechism on marriage, divorce and gay rights. Edited by Reverend George Augustin, SAC. Published in four languages: German, Spanish, Portuguese and English. 

Family Counseling 
(Summer 2015) Notre Dame Magazine

As countless sociological studies have proven, marital commitments lived with full hearts provide our children with their best chance for emotional development, fulfillment and redemption. In short, fidelity affords society its greatest promise for stability, progress and prosperity.

Capitalism and Catholicism: Interdependent Forces in the Urgent Cause of Social Justice
(October 2014) Mendoza Business School

Public lecture on how Catholicism and free market ideology must be reconciled for inclusive, sustainable growth. Highlights St. John Paul II and Pope Francis writings.

Now Let us Stress Test the Central Banks 
(July 2012) Financial Times

Argues how, if QE spreads to multiple jurisdictions and deepens excessively, hundreds of billions in additional capital from taxpayers may be needed to bail out “insolvent” central banks.

Should the Western World Declare Bankruptcy 
(March 2012) Harvard Business School

Presentation delivered to the Harvard Business School regarding the provocative and entirely hypothetical question, “Should the Western World declare bankruptcy?”

Your Rights Are Wrong If They Cost Too Much 
(March 2011) Bloomberg

According to the UN, every human being — 7 billion and counting — is entitled to food, clothing, housing, medical care, free elementary education, social security, unemployment insurance, “just and favorable work conditions,” regular paid vacations, and the benefits of cultural and scientific advancement. All of these rights are laudable, of course — but less than one in eight humans actually possesses them. How should we decide who gets what?

Bill Gross Gets ‘A’ for Effort on Trader Greed 
(February 2011) Bloomberg

In his Devil’s Bargain, Gross seems similarly inclined to self-reflection. Regrettably, he goes on to advocate regulation from above rather than within. 

Obama’s budget shows failure of leadership 
(February 2011) Financial Times

US leaders must make a moral case for budget reform. Without consensus on what is right and wrong, non-discretionary spending could bankrupt the US.

Fed Tune-Up Would Silence Calls to Trash It 
(January 2011) Bloomberg

It has proven all but impossible for the Fed to promote full employment, maintain financial-market sanctity and ensure price stability. For the sake of its independence, our economy and for the restoration of public trust, it is time for the Fed’s operating instructions to be retooled. The Fed can’t be set up to fail. It must be retooled for success.

Notre Dame Should Lead— Not Lag—on Oaths 
(November 2010) The Observer 

Sir David King proposed a universal ethical code for scientists. His seven-point creed is broadly organized around the principles of responsibility, rigor and respect. A central purpose of his code is to build greater trust between society and technical research, upon which much of our progress depends. Financiers can learn from it.

IMF Must Do Its Duty on Currency Wars 
(October 2010) Financial Times

The Fund should police foreign exchange intervention more diligently. In fact, Article IV requires that they do so. More is needed to avoid calamity.

The Gold Standard 
(October 2010) University of Notre Dame

At UBS, ND alum Terrence Keeley was responsible for all transactional correspondence, credit exposures, debt underwritings/restructurings, and advisory efforts with hundreds of multilateral organizations, ministries of finance, central banks, and sovereign wealth funds, generating average annual revenues of $600mm. Now he argues for greater ethics in finance.

Welcome to Financial Hippocratic Oath 
(2010) Financial Hippocratic Oath

Online portal originated by Terrence Keeley to promote an oath for financial professionals. If adhered to, the FHO would foster virtue in personal and professional behavior.

•  The Financial Hippocratic Oath (FHO)
  An oath taken by financial professionals, recognizing that an efficient and ethical financial system is essential to building a prosperous and just society. FHO adherents realize they have responsibilities to their clients, employers, community and the broader public.

• Finance Needs Its Own Hippocratic Oath
  While the future of financial regulation is unclear, the future of ethics in finance should not be. Instead of waiting for Washington or Basle to impose new capital rules or create new consumer protections, every professional involved in raising or investing capital should voluntarily agree to comprehensive ethical guidelines. Doing so would reform the financial industry immediately, from within.

• The Golden Rule
  To most, FHO’s inclusion of "the Golden Rule" - requiring oath takers to place others interests ahead of their own - seems both obvious and essential. In fact, it would be radical, and change the financial services industry for the better.

Central Bankers Return to Gold and Dollars 
(July 2009) Financial Times

The lessons of the past year for central bank reserve managers -- overseers of $7,000 billion in foreign exchange assets, four times the amount managed by their flashier cousins, the sovereign wealth funds -- stand in stark contrast to the convictions they developed over the prior decade.

Eye of the Needle 
(Summer 2009) Notre Dame Magazine

Keeley’s personal assessment of the ethics of the Wall Street financial crisis. Argues that the sons and daughters of Notre Dame on Wall Street should be the change needed by understanding our callings are a privilege, not a right, and by accepting that a larger part of our reward and self-esteem must come from the intrinsic good we effect rather than our paychecks. (NB: Winner of the 2010 Catholic Press Award for Best Essay – General Interest. This essay also led to Keeley’s appointment to the Vatican Financial Reform Commission.

Myths About the Sovereign Menace to Treasuries 
(June 2007) Financial Times

Long US yields recently rose to levels not seen for a half decade, but not because of reserve managers. As happens too often, uninformed pundits rushed to fit causal theories to facts.

History of Financial Regulation is a Race to Laxity 
(August 2007) Financial Times

Jeffrey Garten is wrong to propose stultifying rules for SWFs.

Financial Innovation and Social Benefit 
|(1987) The AMEX Bank Review Prize Essays

Keeley’s award-winning Oxford University Press article discusses how financial innovations have unleashed a surprising and underappreciated number of significant social benefits. Based upon Keeley’s PhD Oxford thesis. Says regulators must remain vigilant on systemic risks and strains – while simultaneaously allowing the private sector to introduce new financial products and services. 

PUBLIC MEDIA APPEARANCES

Donald Trump Election Will be Positive for the Middle East 
(December 2017) Abu Dhabi

Discussion on Bloomberg’s Market Makers about the positive impact of Donald Trump’s election is having on Middle East investors and sentiment.

Outstanding Alumni Acceptance Speech 
(October 2015) Adrian Schools Educational Foundation

Acceptance speech delivered at the Adrian Schools Educational Foundation and AHS Alumni Association 2015 Awards Night for Outstanding Alumni, Teachers and Mentors.

Keeley Says Obama Should Not `Moralize' About GOP Budget Plans 
(April 2015) Bloomberg

Discussion of President Barack Obama's $4 trillion deficit-reduction plan announced. President Obama's call for raising taxes was rejected by top Republicans, signaling that any effort to solve US budget woes without cutting spending would be difficult to move through Congress. 

Keeley Says G-20 Won't Achieve Global Imbalances Accord 
(November 2012) Bloomberg

Discusses the expectations for the Group of 20 meeting in Seoul, South Korea and the current intractability of global imbalances.

Keeley Discusses Bank of Japan's Yen Intervention 
(September 2012) Bloomberg

Discussion of the Bank of Japan's currency intervention.

Keeley Discusses Sovereign-Wealth Funds 
(July 2012) Bloomberg

Discussion of investment strategy for sovereign-wealth funds. Keeley talks with Erik Schatzker on Bloomberg Television's "Inside Track."

Keeley Calls for Bipartisan Cooperation on Debt Ceiling 
(May 2012) Bloomberg

Discussion about the debate between Republicans and Democrats over raising the debt ceiling.

Keeley Says It’s Time to Put a Female in Charge of the IMF 
(May 2012) Bloomberg

Discussion about potential successors to International Monetary Fund managing director Dominique Strauss-Kahn, who resigned amid charges that he sexually assaulted a hotel maid in New York. Calls for more female leadership roles not only at the IMF and World Bank, but in global finance and political roles more generally.

Keeley Suggests Congress Should Limit Federal Spending to 20% of GDP 
(April 2012) Bloomberg

Discussion about the outlook for political compromise on U.S. deficit reduction and an overhaul of the federal tax code.

Keeley Cites Lack of Leadership in Deficit Talks 
(March 2012) Bloomberg

Terrence Keeley, senior managing principal at Sovereign Trends LLC and a Bloomberg Television contributing editor, talks about the departure of Oklahoma Republican Senator Tom Coburn from the "Gang of Six" bipartisan deficit negotiations and the challenges to balancing the U.S. budget. Timothy Bitsberger, managing director at BNP Paribas and a former assistant secretary for financial markets at the U.S. Treasury, also speaks.

Keeley Says Greece Debt Needs ‘Massive Restructuring’ 
(March 2012) Bloomberg

Discussion of the outlook for additional aid to Greece from the European Union. EU officials will decide on more aid by the end of June and have ruled out a "total restructuring" of the nation's debt, said Jean-Claude Juncker, head of the group of euro-area finance ministers. Keeley speaks with Erik Schatzker on Bloomberg Television's "InsideTrack."

Keeley Is Critical of Bill Gross’s Commentary on Policy 
(February 2012) Bloomberg

Discussion of Pacific Investment Management Co.'s Bill Gross's commentary on central banks. Gross said policy makers are robbing savers by driving down real interest rates as they keep borrowing costs at record lows in a "devil's bargain" in an investment outlook posted on the firm's website.

Keeley Says Fed Should Proactively Seek Review of Mandate 
(January 2012) Bloomberg

Discussion of Keeley’s Bloomberg News commentary on the need to reunderwrite the mandate of the Federal Reserve. Keeley speaks with Erik Schatzker on Bloomberg Television's "InsideTrack."

Keeley Says Pay-for-Play Bribes Are Widespread in EM Markets 
(January 2012) Bloomberg

Discussion of the U.S. Securities and Exchange Commission's probe into possible bribes by financial firms to sovereign wealth funds. The SEC is investigating whether banks, hedge funds and private equity firms made improper payments to win state-owned money, according to two people with direct knowledge of the matter.

Keeley Speaks About "Living Caritas" 
(November 2011) Notre Dame Business

Public lecture at Notre Dame’s Mendoza School of Business on how the Papal Encyclical Caritas in Veritate has inspired Keeley to imbue all of his public and financial dealings with the Catholic social principles of subsidiarity and solidarity. States that, as Catholics, our work is never done as long as there is a child in need, a relative who is ill or a neighbor in distress.

Keeley Sees More Official Policy Moves to Calm Markets 
(September 2011) Bloomberg

Terrence Keeley discusses the annual meetings of the International Monetary Fund and World Bank leaders this weekend in Washington. Keeley, speaking with Erik Schatzker on Bloomberg's "InsideTrack," also talks about Europe's debt crisis and global markets.

Keeley Says US Still Needs `Major Changes' in Fiscal Policy 
(June 2011) Bloomberg

Discussion of the U.S. fiscal policy and the outlook for an increase in the debt limit. Keeley speaks with Deirdre Bolton and Erik Schatzker on Bloomberg Television's "InsideTrack."

Keeley Says Republicans Showing Some Ethical Leadership in Budget Debate 
(June 2011) Bloomberg

Frederic Malek, chairman of Thayer Lodging Group and an adviser to Republican John McCain during the 2008 Presidential campaign, talks about the budget debate. Terrence Keeley, senior managing principal at Sovereign Trends LLC and a Bloomberg Television contributing editor, also speaks.

Keeley Sees Foreign Exchange Reserves Posing Risks for China 
(September 2010) Bloomberg

Discussion of the Bank of Japan's currency intervention and China's monetary policy. Expresses concerns about China’s long term impacts from reserve accumulation

SPONSORED LECTURES

 Keeley Vatican Lecture with Dr. Barbara Jatta 
(2021) Nanovic Institute for European Studies

Vatican Museum Director Dr. Barbara Jatta speaks about the future of the Vatican’s breathtaking museum collections.

Keeley Vatican Lecture with Archbishop Paul RIchard Gallagher 
(2018) Nanovic Institute for European Studies

Archbishop Paul Richard Gallagaher, Secretary for Relations with States of the Holy See, speaks about the relationship between the European Union and the Catholic Church.

Keeley Vatican Lecture with Reverend Antonio Spadaro, S.J. 
(2017) Nanovic Institute for European Studies

Reverend Antonio Spadaro, S.J., Editor of La Civilta Cattolica and Consultor for the Pontifical Concil for Culture, delivers a lecture entitled “The Geopolitics of Mercy”.

Keeley Vatican Lecture with Bishop Borys Gudziak 
(2016) Nanovic Institute for European Studies

Bishop Borys Gudziak, President of the Ukraine Catholic University and Eparch of the Paris Eparchy of St Volodoymyr the Great, delivers a lecture entitled “Ukraine, Democratic Revolution and the Challenges of a Catholic University.”

Keeley Vatican Lecture with Rev. Friedrich Bechina, F.S.O. 
(2016) Nanovic Institute for European Studies

Rev. Friedrich Bechina, F.S.O., Undersecretary of the Congregation for Catholic Education, delivers alecture entitled, "The Holy See’s Higher Education Policy from St. John Paul II to Pope Francis.”

Keeley Vatican Lecture with Archbishop Charles J. Brown 
(2015) Nanovic Institute for European Studies

The Most Reverend Charles J. Brown, Apostolic Nuncio to Ireland and Titular Archbishop of Aquileia, delivers a lecture entitled "The Catholic Church in Ireland and Pope Francis: Legacy and Transformation".

Keeley Vatican Lecture with Archbishop Salvatore Fisichella 
(2014) Nanovic Institute for European Studies

The Most Reverend Salvatore Fisichella, President of the Pontifical Council for Promoting the New Evangelization and Titular Archbishop of Vicohabentia, delivers a lecture entitled, "The Role of the Church in Contemporary Society"

 Keeley Vatican Lecture with Cardinal Kasper 
(2013) Nanovic Institute for European Studies

Cardinal Walter Cardinal, President Emeritus of the Pontifical Council for Promoting Christian Unity and author of the best-selling book Mercy: the Essence of the Gospel, delivers a lecture entitled, "The Origins of Vatican II".

Keeley Vatican Lecture with Archbishop Brugues 
(2012) Nanovic Institute for European Studies

Archbishop Jean-Louis Brugues, Secretary for the Congregation for Catholic Education, delivers a lecture entitled “The Second Vatican Council Ahead of Us.”

Keeley Vatican Lecture with Archbishop Reinhard Marx 
(2010) Nanovic Institute for European Studies

Cardinal Archbishop Reinhard Marx of Munich and Freising delivers a lecture entitled “The Social Message of the Church in the Context of Contemporary Challenges.”

Keeley Vatican Lecture with Cardinal Angelo Amato 
(2009) Nanovic Institute for European Studies

Cardinal Angelo Amato SDB, Permanent Observer of the Holy See to the United Nations, delivers a lecture entitled “Catholicism and Secularism in Contemporary Europe.”

Keeley Vatican Lecture with H.E. Archbishop Celestino Migliore 
(2008) Nanovic Institute for European Studies

H.E. Archbishop Celestino Migliore, Apostolic Nuncio to Poland, Titular Archbishop of Canosa, delivers a lectured entitled "Catholicism and Islam: Points of Convergence and Divergence, Encounter and Cooperation."

Keeley Vatican Lecture with Archbishop J. Michael Miller, C.S.B. 
(2006) Nanovic Institute for European Studies

Archbishop J. Michael Miller, C.S.B., Archbishop of Vancouver, British Columbia, Canada, delivers a lecture entitled "Challenges facing American and European Catholic Universities: A View from the Vatican."