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Independent International Market Economist
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Paul Horne is an Independent
International Market Economist with 46 years’ experience in
Europe analyzing international economics and financial markets for
multinational investors. Tracking economic and political influences on
equity, fixed income and FX markets, he is active in U.S. and European
economist groups and known for his support of the European Union and
the euro. He and Mrs. Horne live in Virginia and Paris.
In July 2001, Paul retired as the London-based European Equity Market
Economist and a Managing Director of Smith Barney of Citigroup. He
joined Smith Barney in 1975 in Paris as Chief International Economist
and member of the Investment Policy Committee. A Managing Director from
1987, he remained in Paris until Smith Barney acquired Salomon Brothers
in 1997, a merger that took him to London. His primary interlocutors
were the investment policymakers and fund managers of Smith
Barney’s institutional clients with international equity and
fixed income portfolios.
Responsible for analyzing economic investment themes and opportunities
in European markets, he was also on the stock steering committee and a
director of Smith Barney Global Capital Management. He wrote the annual
analysis of the interaction of international monetary policy and equity
markets in the Salomon Smith Barney Guide To World Equity Markets book
published annually by Euromoney.
Before joining Smith Barney, Paul was a specialized economic-financial
journalist in Rome in the 1960s with Newsweek magazine and The Times
(London). He subsequently worked with the Rockefeller-controlled IBEC
financial services subsidiary in Rome and Brussels. Born in the U.S.,
Paul earned a BA at Yale University.
Today he speaks and writes on economic-political issues affecting
international markets. In spring 2008, his analysis of the
dollar’s outlook – “The Declining Dollar –
symptom and Symbol of U.S.
Financial Negligence” was published by The European Institute in
Washington. His “Wall Street: Master of the Universe No Longer
?” was published in spring 2007 by The European Institute. In
September 2003, he and his co-author were awarded a price for their
analysis of the impact of “Enronitis” on the U.S. dollar
and economy, published in October 2002 by the “Business
Economics” journal of the U.S. National Association for Business
Economics. In it, he and a noted French economist debated the effect of
“Enronitis” business scandals on U.S. competitiveness. His
forecast of significant dollar weakness proved correct.
He is a Board Director of the Global Interdependence Center, an
international think tank which focuses on interdependence, political,
financial and economic between countries. The GIC works in close
cooperation with the Federal Reserve Bank of Philadelphia and the
University of Pennsylvania. He is Secretary of the Board of Directors
of the non-profit USA Foundation of The American Library in Paris. He
is a member of the: U.S. National Association for Business Economics
(and on NABE’s Editorial Board), U.K. Society of Business
Economists; France’s Association of Business Economists (AFEDE),
Société d'Economie Politique and on the steering
committee of the U.S. Conference Board's European Council of Economists
(co-chairman in 1990 and 1991). He belongs to the: American Club
of Paris, Cercle de l’Union Interalliée (Paris); The
University Club of New York; The Metropolitan Club of Washington; and
Prince’s Court of Virginia.
His articles and forecasts have been published in the European Affairs,
Financial Times, Currency Forecaster, Euromoney, Business Economics,
The Times (London), Le Nouvel Economiste, l'Express, Les Echos,
Commentaire, la Revue Française d'Economie, and other
economic-financial journals. His report on "The Cardinal As A Money
Manager" was the cover feature of the Institutional Investor magazine
in January 1971, and was the first officially-authorized account of
Vatican finances. He analyzed Italy’s unique inflation experience
in Prof. Ezra Solomon's book on "International Patterns of Inflation: A
Study in Contrasts".
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