Ryszard Michalski, Ph.D.

Dr. Michalski is director of the Foreign Trade Research Institute (IKiCHZ) and professor of international finance at the University of Banking and Insurance (WSUiB) in Warsaw. He is also active in financial consulting and intermediation. From 1983 until 1988 Dr. Michalski was a section chief at the Polish Foreign Trade Research Institute. From 1988 to 1995 he held senior positions at the Ministry of Finance as a Deputy Director, Director and Undersecretary of State.

In 1995 - 1996 Dr. Michalski was Deputy President of the Management Board of the Polish Development Bank (PBR). Between 1996 and 1998 Dr. Michalski was President of VHF Polska Sp. z o.o. which was managing NIF No. 7 "Kazimierz Wielki". He taught then international finance in various academic institutions. Between July 2002 and May 2004 he rejoined the Ministry of Finance as an Undersecretary of State. Dr. Michalski has an extensive experience in debt-restructuring negotiations as well as debt-based transactions. At the Ministry of Finance he participated in designing and implementation of financial structures that were instrumental in reaching debt agreements for Poland and also convertibility of the Polish zloty. As a deputy minister Dr. Michalski was, inter alia, in charge of international relations of the Ministry and public debt management. He was directly responsible for the first post-restructuring issuance of Polish bonds in 1995 which was led by J.P.Morgan. He was also involved in negotiations of financial matters of the Polish Accession Treaty into the European Union.

Between 1979 and 1988 he was affiliated with several Polish scientific institutions and research teams in the fields of economic policy and reform. Dr. Michalski visited the University of Maryland from 1985 to 1987 as a Fulbright scholar. From 1988 to 1992 he was a lecturer in international economics and economic policy. In late 1990s Dr. Michalski served as a member of the Scientific Board of the Polish Foreign Trade Research Institute. A published researcher, some of Dr. Michalski's authored or co-authored titles in Polish include "Internal and External Balance in the Socialist Economy" (1987), "Inflation" (1989), "Introduction to Economic Policy" (1990), and "Financial Crisis Risk in Poland" (2001). He holds a Ph.D. in economics from the Warsaw School of Economics and is a graduate of its Foreign Trade Faculty.