Alissa M. Kleinnijenhuis is a Postdoctoral Associate at the MIT Sloan School of Management and the Golub Center for Finance and Policy (GCFP). She is also a Research Fellow at the Institute of New Economic Thinking at the Oxford Martin School (INET), the Oxford-Man Institute of Quantitative Finance (OMI), and the Mathematical and Computational Finance (MCF) Group at the Mathematical Institute of University of Oxford.
Her research has focused on developing system-wide models to assess systemic risk and evaluate the systemic implications of financial regulation. The financial crisis of 2007-2009 has emphasized that fragility is heavily underestimated if the endogenous amplifications of exogeneous shocks are not considered. Current regulatory stress tests – such as those conducted by the European Banking Authority, the Bank of England, and the Federal Reserve Board – cannot properly assess systemic risk, because the interconnections that can make local crises systemically fail to be captured. To address this shortcoming, Kleinnijenhuis collaborates with leading central banks to make the current microprudential (i.e. institution-specific) stress tests more macroprudential (i.e. system-wide). She is a Visiting Scholar at the Bank of England, a consultant at the European Central Bank, and collaborates with researchers at the Bank of International Settlements, South-African Reserve Bank, and International Monetary Fund. She has also evaluated systemic risk from the industry-perspective, as a researcher at Morgan Stanley and Rogge Global Partners (now Allianz Global Investors).
The system-wide stress tests Kleinnijenhuis developed have particularly shed light on the systemic implications of key pillars of the post-crisis regulatory framework: Basel III, the bank resolution using bail-in, and central clearing in the derivative markets. Her research at MIT Sloan and GCFP will cover system-wide stress testing, systemic risk, financial regulation, climate finance, artificial intelligence in financial system-models, market ecology, and market-based measures of systemic risk.
Kleinnijenhuis holds a Bachelor of Science from University College Utrecht with a double major in mathematics and economics, and a Master of Science (MSc) in mathematics and finance from the Imperial College London. As part of her undergraduate degree, she took postgraduate courses in financial mathematics at the UC Santa Barbara. She completed her DPhil (PhD) thesis in mathematics at the University of Oxford,affiliated with the MCF group, INET, and the OMI.