José Manuel

Professor of Financial Management and Economics

• Ph.D. in Economics, Harvard University
• M.A. in Economics, Harvard University
• Degree in Law, University of Oviedo
• Degree in Economics, University of Oviedo

José Manuel Campa, holds a Ph.D. and a master degree in economics from Harvard University. Currently, he is Professor of Financial Management and International Economics at the University of Navarra-IESE.

Between 2009 and 2011 Campa served as Secretary of State for the Economy in the Ministry of Economy and Finances of Spain, a position that allowed him to be one of the heads of the Spanish economy in times of great responsibility. He specializes in international finance and macroeconomics and has been professor of strategy and financial management courses in financial institutions like Goldman Sachs, Citibank, ABN Amro, BBVA and Santander.

Mr. Campa has also been a consultant to a large number of international organizations, including the International Monetary Fund, the Inter-American Development Bank, the Bank of International Settlements in Basel, and the European Commission. He currently serves in the Expert Group, chair by Mr. Erkki Liikanen, evaluating policy recommendations on structural reforms for the European Banking industry.

He has also taught at the Stern School of Business of New York University; Harvard University; and at Columbia University. He has been Research Associate at the National Bureau of Economic Research and Research Fellow at the Center for Economic Policy Research and is a member of the board of Bruegel. He has also served as an expert for the Spanish justice, at the Spanish Court of Arbitration, and at international courts of arbitration in Paris, Geneva, New York and the Netherlands.

Areas of interest

* Exchange rate risk management
* Foreign exchange rate options
* Foreign direct investment and international competitive analysis
* Mergers and acquisitions


Journal Articles (refereed)

BERMEJO, V. J., CAMPA, J. M., CAMPOS, R., ZAKRIYA, M. (2020). Do foreign stocks substitute for international diversification? European Financial Management, 26 (5), 1191-1223. doi:10.1111/eufm.12275.
MOSCHIERI, C., RAGOZZINO, R., CAMPA, J. M. (2014). Does Regional Integration Change the Effects of Country-Level Institutional Barriers on M&A? The Case of the European Union. Management International Review, 54 (6), 853 - 877. doi:10.1007/s11575-014-0206-7.
MOSCHIERI, C., CAMPA, J. M. (2014). New Trends in Mergers and Acquisitions. Idiosyncrasies of the European Market. Journal of Business Research, 67 (7), 1478 - 1485. doi:10.1016/j.jbusres.2013.07.018.
ARCE, O., CAMPA, J. M., GAVILÁN, A. (2013). Macroeconomic Adjustment under Loose Financing Conditions in the Construction Sector. European Economic Review, 59, 19 - 34. doi:10.1016/j.euroecorev.2012.11.004.
CAMPA, J. M. (2012). Fiscal Challenges in the Euro Zone. Asian Economic Policy Review, 7 (2), 180 - 197. doi:10.1111/j.1748-3131.2012.01231.x.
CAMPA, J. M., GAVILÁN, A. (2011). Current Accounts in the Euro Area: An Intertemporal Approach. Journal of International Money and Finance, 30 (1), 205 - 228. doi:10.1016/j.jimonfin.2010.08.003.
GOLDBERG, L. S., CAMPA, J. M. (2010). The Sensitivity of the CPI to Exchange Rates: Distribution Margins, Imported Inputs, and Trade Exposure. The Review of Economics and Statistics, 92 (2), 392 - 407. doi:10.1162/rest.2010.11459.
MOSCHIERI, C., CAMPA, J. M. (2009). The European M&A Industry: A Market in the Process of Construction. Academy of Management Perspectives, 23 (4), 71 - 87. doi:10.5465/AMP.2009.45590141.
CAMPA, J. M., HERNANDO, I. (2008). The Reaction by Industry Insiders to M&As in the European Financial Industry. Journal of Financial Services Research, 33 (2), 127 - 146. doi:10.1007/s10693-008-0027-6.
CAMPA, J. M., GARCÍA, J. (2008). La internacionalización del sector bancario europeo. Universia Business Review, 84 - 95.

Working Papers

CAMPA, J. M., MOSCHIERI, C. (2008). The European M&A industry: Trends, patterns and shortcomings (DI-762-E).
CAMPA, J. M., GONZÁLEZ MÍNGUEZ, J. M., SEBASTIÁ BARRIEL, M. (2008). Non-linear adjustment of import prices in the European Union (DI-734-E).
CAMPA, J. M., GARCÍA COBOS, J. (2008). Movilidad, ventas cruzadas y competencia en el sector bancario minorista de la Unión Europea (DI-729).
CAMPA, J. M., HERNANDO, I. (2007). The reaction by industry insiders to M&As in the European financial industry (DI-689-E).
CAMPA, J. M., HERNANDO, I. (2006). Integración y consolidación en el sistema financiero europeo (DI-659).

Articles in other publications

CAMPA, J. M. (2014). Transparency, a Rising Trend in Listed Companies. The Age of Activism. IESE Insight (21), pp. 24 - 30.
CAMPA, J. M. (2014). La transparencia, un valor en auge. Tendencias en las empresas cotizadas. IESE Insight (21), pp. 29 - 36.
CAMPA, J. M. (2013). Lecciones de la crisis para directores financieros. De vuelta a la realidad. IESE Insight (16), pp. 13 - 19.
CAMPA, J. M. (2013). Lessons From the Crisis for Corporate Finance. Back to Reality. IESE Insight (16), pp. 13 - 18.
TORIBIO, J. J., CAMPA, J. M., AGUIRREAMALLOA ARIZAGA, J., FERNÁNDEZ, P. (2009). La reestructuración del sector bancario. Newsletter del Centro Internacional de Investigación Financiera (4).

Book Chapters

CAMPA, J. M. (2014). Las reformas estructurales en el Sector Bancario. En Alberto Placencia Porrero (Director) (Ed.), Nuevos desafíos del sector financiero: recuperando la confianza y mejorando la cultura financiera (pp. 33 - 44). Madrid: Fundación de Estudios Financieros.
CAMPA, J. M., GOLDBERG, L. S., GONZÁLEZ-MÍNGUEZ, J. M. (2007). Exchange-rate pass-through to import prices in the euro area. In Filippo di Mauro, Robert Anderton (Eds.), The external dimension of the euro area (pp. 63 - 94). Cambridge: Cambridge University Press.
CAMPA, J. M. (2006). Comment on "The Comovement of Returns and Investment within the Multinational firm in Clarida". In Richard H. Clarida, Jeffrey A. Frenkel, F. Giavazzi, K. West (Eds.), International Seminar on Macroeconomics, 2004 (pp. 231 - 234). Cambridge, MA: MIT Press.
CAMPA, J. M. (2005). Multinational investment under uncertainty in the chemical processing industry. In Alan M. Rugman, Jing Li (Eds.), Real options and international investment (pp. 98 - 119). Aldershot, UK: Edward Elgar.
CAMPA, J. M., FERNÁNDEZ, P. (2003). Informe económico. En Josep Maria Romances, [et al.] (Eds.), ¿Cómo se realizan las compraventas de empresas en España? (pp. 143 - 243). Madrid: Instituto de Estudios Económicos: Servicio de Publicaciones.


VIVES, X., XIFRÉ, R. (2014). Spanish Reform Monitor.
LIIKANEN, E., BÄNZIGER, H., CAMPA, J. M., ET AL. (2012). High-level Expert Group on reforming the structure of the EU banking sector. Final report.
CAMPA, J. M., LÓPEZ DE LA TORRE, T. (2006). Prácticas de gobierno corporativo.


OLEAGA M.,, CAMPA, J. M. (2009). Morgan Stanley, 2005. IESE, F-805.
OLEAGA M.,, CAMPA, J. M. (2009). BMW: La cobertura de divisas en 2007. IESE, F-807.
OLEAGA M.,, CAMPA, J. M. (2009). BNP Paribas. IESE, F-838.
OLEAGA M.,, CAMPA, J. M. (2009). Royal Bank of Scotland. IESE, F-837.
OLEAGA M.,, CAMPA, J. M. (2009). Citigroup. IESE, F-835.

Technical Notes

OLEAGA M.,, CAMPA, J. M. (2004). El arbitraje para la resolución de disputas empresariales. IESE, FN-522.
OLEAGA M.,, CAMPA, J. M. (2004). Contingent capital facilities. IESE, FN-520-E.