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Never Say Never: Commentary on a Policymaker?s Reflections

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  • Obstfeld, Maurice

Abstract

Stanley Fischer is a rarity among economic policymakers. He came to the policy world as an internationally recognized intellectual leader on macroeconomic theory and policy. He confronted numerous emerging market crises, including the globally systemic Asian crisis, as the IMF?s First Deputy Managing Director from September 1994 to August 2001. And then, as governor of an emerging economy?s central bank starting in May 2005, he decided the monetary responses to the worldwide crisis of 2008-09 and its aftershocks. Fischer?s unpublished Robbins Lectures, delivered at the LSE late in 2001, drew lessons from his service at the IMF. Did emerging markets follow up on those lessons, and did their preparations help them weather the storm of 2008-09? How have economists? views, and Fischer?s, changed as a result of the global financial crisis? In this paper I propose answers to these questions, focusing on the experiences of three Asian crisis countries, Indonesia, Korea, and Thailand.

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  • Obstfeld, Maurice, 2014. "Never Say Never: Commentary on a Policymaker?s Reflections," CEPR Discussion Papers 9802, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:9802
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    Keywords

    Asian crisis; Capital controls; Exchange rate regime; Financial crises; Foreign exchange intervention; Macro-prudential regulation; Stanley fischer; transparency;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G01 - Financial Economics - - General - - - Financial Crises
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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