Never Say Never: Commentary on a Policymaker?s Reflections

Maurice Obstfeld

No 9802, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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 Fischer?s unpublished Robbins Lectures, delivered at the LSE late in 2001, drew lessons from his service at the IMF.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.

Keywords: Asian crisis; Capital controls; Exchange rate regime; Financial crises; Foreign exchange intervention; Macro-prudential regulation; Stanley fischer; transparency (search for similar items in EconPapers)
JEL-codes: E44 E63 F32 F34 F36 F65 G01 G15 (search for similar items in EconPapers)
Date: 2014-02
New Economics Papers: this item is included in nep-hpe, nep-mac, nep-reg and nep-sea
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Citations: View citations in EconPapers (17)

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