IMF essays from a time of crisis : the international financial systen, stabilization, and development / Stanley Fischer.

Format:

Book

Author/Creator:

Fischer, Stanley.

Language:

English

Subjects (All):

International Monetary Fund.

Monetary policy--Developing countries.

Monetary policy.

Developing countries.

Economic stabilization--Developing countries.

Economic stabilization.

Foreign exchange rates--Developing countries.

Foreign exchange rates.

Physical Description:

xiv, 535 pages : illustrations ; 24 cm

Place of Publication:

Cambridge, Mass. : MIT Press, 2004.

Summary:

Stanley Fischer served as First Deputy Managing Director of the International Monetary Fund from 1994 to 2001. IMF Essays from a Time of Crisis collects sixteen essays written for the most part during his time at the IMF, each updated with Fischer's later reflections on the issues raised. The IMF drew much criticism for some of its actions during Fischer's tenure, and he vigorously defends the "battlefield medicine" practiced by the IMF during a series of economic crises, which included the problems of economic transition in the former Soviet bloc and the Asian financial crisis. Fischer addresses the subsequent calls for reform of the international financial system and makes the case for the IMF as an international lender of last resort.

The first section of essays, "The Role of the IMF and the Reform of the International Financial System," considers the IMF's role in the international financial system in light of the crises of the 1990s. The second section, "Macroeconomic Policy, Stabilization, and Transition," examines such topics as exchange rate regimes, inflation, and Eastern Europe's relation to the European Union. The final section, "Poverty and Development," reflects Fischer's basic belief that economic policies should explicitly target poverty reduction. These engaging and accessible essays will appeal not only to economics students, economists, and policymakers but also to the general reader interested in the international monetary system.

Contents:

I The Role of the IMF and Reform of the International Financial System 1

On the Need for an International Lender of Last Resort / Stanley Fischer 7

The IMF and the World Bank at Fifty / Stanley Fischer 37

The IMF and the Asian Crisis / Stanley Fischer 71

The Role of the IMF: Presentation to the International Financial Institution Advisory Commission / Stanley Fischer 99

Capital Account Liberalization and the Role of the IMF / Stanley Fischer 117

Reforming the International Financial System / Stanley Fischer 139

II Macroeconomic Policy, Stabilization, and Transition 163

Modern Central Banking / Stanley Fischer 169

Exchange Rate Regimes: Is the Bipolar View Correct? / Stanley Fischer 227

9 Modern Hyper- and High Inflations / Stanley Fischer, Ratna Sahay, Carlos Vegh 255

Ending Moderate Inflations / David Burton, Stanley Fischer 327

Recollections of the United States' Role in the Israeli Stabilization / Stanley Fischer 385

Stabilization and Growth in Transition Economies: The Early Experience / Stanley Fischer, Ratna Sahay, Carlos Vegh 401

How Far Is Eastern Europe from Brussels? / Stanley Fischer, Ratna Sahay, Carlos Vegh 431

III Poverty and Development 457

Inflation and the Poor / William Easterly, Stanley Fischer 461

ABCDE: Past Ten Years, Next Ten Years / Stanley Fischer 487

Economic Reform and the Poor / Stanley Fischer 503.

Notes:

Includes bibliographical references and index.

ISBN:

0262062372

OCLC:

52107856