Baker Institute expert doesn’t expect economic turmoil from ‘Brexit’


David Ruth

Jeff Falk

Baker Institute expert doesn’t expect economic turmoil from ‘Brexit’

HOUSTON – (June 21, 2016) – Great Britain will vote June 23 to leave or stay in the European Union. What effect will this so-called “Brexit” have on markets in both the United States and Europe?

Credit: University

Credit: University

Russell Green, the Will Clayton Fellow in International Economics at Rice University’s Baker Institute for Public Policy, said, “The only immediate surprise from a Brexit vote will be how calmly markets take the results.” He is available to discuss the upcoming vote and its implications with the media.

“Well-telegraphed disappointments like Brexit rarely cause market crashes, though there may be a medium-term impact on both the United Kingdom and the EU. A ‘remain’ vote, on the other hand, is more likely to cause a jolt — of a good sort — as so much has been put on hold pending the results.”

Green, an adjunct assistant professor of economics at Rice and former U.S. Treasury Department official, said markets don’t like surprises and they don’t like uncertainty. “Brexit should not be a surprise, given how closely the polls have run, and either result provides more clarity about the future,” he said. “Even if the future with Brexit is less bright, I don’t expect much immediate economic turmoil.”

For more information or to interview Green, contact Jeff Falk, associate director of national media relations at Rice, at or 713-348-6775.


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Founded in 1993, Rice University’s Baker Institute ranks among the top five university-affiliated think tanks in the world. As a premier nonpartisan think tank, the institute conducts research on domestic and foreign policy issues with the goal of bridging the gap between the theory and practice of public policy. The institute’s strong track record of achievement reflects the work of its endowed fellows, Rice University faculty scholars and staff, coupled with its outreach to the Rice student body through fellow-taught classes — including a public policy course — and student leadership and internship programs. Learn more about the institute at or on the institute’s blog,

About Jeff Falk

Jeff Falk is associate director of national media relations in Rice University's Office of Public Affairs.