IMF Essays from a Time of Crisis: The International Financial System, Stabilization, and Development by Stanley Fischer

From the Publisher

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.

Foreign Affairs

This book contains 16 essays, most previously published, on Fischer's substantive concerns and judgments during his stint as first deputy managing director of the International Monetary Fund from 1994 to 2001. Each is accompanied by an introduction that sets the context and updates as necessary. The closely reasoned essays, all but a few of which are accessible to nonspecialists, reflect Fischer's strong academic background, his prior experience at the World Bank, and his thorough knowledge of economic research. They cover topics ranging from the Asian financial crises and the role of the IMF in the world economy to capital-market liberalization, exchange-rate policies, and the costs (and occasional benefits) of inflation. Not surprisingly, Fischer is an enthusiastic supporter of the IMF, not only as a lender in periods of financial stress (its most visible role), but also as a source of technical assistance to member countries and as a forum for intergovernmental collaboration on finance and other matters of tremendous importance to all open economies.

Product Details

• Table of Contents

Table of Contents