Zoltan Pozsar

Zoltan Pozsar is a Hungarian-American economist specializing in the study of the financial system, money markets, and shadow banking. He has worked at international financial institutions and in the private sector, where he has become known for his analyses of the architecture of the global financial system and the role of non-bank intermediaries in providing liquidity.

Pozsar has produced influential research on the functioning of short-term funding markets, particularly regarding liquidity crises and the interactions among central banks, commercial banks, and shadow banking entities. His professional career includes positions at the International Monetary Fund, the Federal Reserve Bank of New York, and the investment firm Credit Suisse, where he served as Managing Director in the strategy for rates and credit. In 2023, he founded Ex Uno Capital, an independent macroeconomic advisory firm.

Early life and education Zoltan Pozsar was born in Hungary. In January 2006, Pozsar — along with two Moody's colleagues — predicted forecasts for trade gap, industrial production, durable goods orders and personal incomes that were the most accurate of any among major Wall Street analysts that month, earning the trio the MarketWatch Forecaster of the Month award.

He subsequently went to work at the Federal Reserve Bank of New York where he led market intelligence for securitized credit markets.

From 2011 to 2012, Pozsar was a visiting scholar at the International Monetary Fund and, from 2012 to 2015, a senior advisor with the U.S. Department of the Treasury. The following month, he announced the launch of his own advisory firm called Ex Uno Plures, a reversal of the Latin phrase 'e pluribus unum' that means 'out of one, many,' where he would offer clients insight into the dollar system.

Writing and influence Pozsar is an influential taxonomist of shadow banking, described by Reuters as a "markets guru", and lauded by Adam Tooze as the Jules Verne of financial forecasting due to what Tooze calls his “brilliant and intellectually fertile” writing. In 2022, the Financial Times wrote that Pozsar was the only financier with his own hashtag on social media and that whenever Pozsar "publishes research, the financial corners of Twitter will light up with comments on the latest from #Zoltan".

Selected works

Personal life Pozsar is fluent in English, German, and Hungarian.