Never Say Never: Commentary on a Policymaker’'s Reflections

71 Pages Posted: 2 Jun 2014

See all articles by Maurice Obstfeld

Maurice Obstfeld

University of California, Berkeley - Department of Economics; Centre for Economic Policy Research (CEPR); National Bureau of Economic Research (NBER)

Date Written: February 2014

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 Fischer’s unpublished Robbins Lectures, delivered at the LSE late in 2001, drew lessons from his service at the IMF.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

JEL Classification: E44, E63, F32, F34, F36, F65, G01, G15

Suggested Citation

Obstfeld, Maurice, Never Say Never: Commentary on a Policymaker’'s Reflections (February 2014). CEPR Discussion Paper No. DP9802. Available at SSRN: https://ssrn.com/abstract=2444801

Maurice Obstfeld (Contact Author)

University of California, Berkeley - Department of Economics ( email )

549 Evans Hall #3880
Berkeley, CA 94720-3880
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HOME PAGE: http://emlab.berkeley.edu/users/obstfeld/

Centre for Economic Policy Research (CEPR)

London
United Kingdom

National Bureau of Economic Research (NBER)

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