LONDON - U.S. Federal Reserve ( news - web sites) chairman Alan Greenspan ( news - web sites) will receive his honorary knighthood from Queen Elizabeth II ( news - web sites) next week, Buckingham Palace said Thursday.

Greenspan, who has steered the U.S. economy for 15 years, will receive the honor on Thursday at Balmoral, the royal family's residence in the Scottish Highlands.

The government said in August that Greenspan, 76, would be honored for his contribution to global economic stability.

Because he is not a British citizen, Greenspan cannot use "Sir" in front of his name, but he can put the letters KBE after his name. The initials stand for Knight Commander of the British Empire.

Greenspan was first selected as Fed chairman by Ronald Reagan ( news - web sites), another honorary knight, in 1987.

Greenspan's first government service was as chairman of the president's Council of Economic Advisers during Gerald Ford's administration.

Others Americans who have received honorary knighthoods include former New York City Mayor Rudolph Giuliani ( news - web sites) and former President George Bush.

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