|Acting Managing Director of the |
International Monetary Fund
March 4, 2004 –June 7, 2004
|Preceded by||Horst Köhler|
|Succeeded by||Rodrigo Rato|
|First Deputy Managing Director of the International Monetary Fund|
September 1,2001 –August 31,2006
|Preceded by||Stanley Fischer|
|Succeeded by||John Lipsky|
|Chief Economist of the World Bank|
|President||Alden W. Clausen|
|Preceded by||Hollis Chenery|
|Succeeded by||Stanley Fischer|
|Education|| Oberlin College (BA)|
University of Wisconsin–Madison PhD)
|Institutions|| Johns Hopkins University |
University of Minnesota
Anne Osborn Krueger ( // ; born February 12,1934) is an American economist. She was the World Bank Chief Economist from 1982 to 1986,and the first deputy managing director of the International Monetary Fund (IMF) from 2001 to 2006. She is currently the senior research professor of international economics at the Johns Hopkins School of Advanced International Studies in Washington,D.C. She also is a senior fellow of Center for International Development (also was the founding Director) and the Herald L. and Caroline Ritch Emeritus Professor of Sciences and Humanities' Economics Department at Stanford University.
Krueger was born on February 12,1934,in Endicott,New York. Her father was a physician. Her uncles include the Australian politician Sir Reginald Wright and physiologist Sir Roy Wright. She received her undergraduate degree from Oberlin College in 1953. She received her Masters and Ph.D. in economics from the University of Wisconsin–Madison in 1956 and 1958 respectively.
As an economist,Krueger is known in macroeconomics and trade,famously coining the term rent-seeking in a 1974 article.Furthermore,she has frequently criticised the U.S. sugar subsidies. She has published extensively on policy reform in developing countries,the role of multilateral institutions in the international economy,and the political economy of trade policy. In her 1996 Presidential address to the American Economic Association,she explored the lack of congruence between successful trade and development policies enacted worldwide and prevailing academic views.
She first started teaching at the University of Wisconsin as a teaching assistant in 1955 and then became an economics professor in 1958.She taught economics at the University of Minnesota from 1959 to 1982 before serving as World Bank Chief Economist from 1982 to 1986 where she was the Vice President of Economics and Research.
After leaving the Bank,she taught at Duke University from 1987 to 1993,when she joined the faculty of Stanford University as Herald L. and Caroline L. Ritch Professor in Humanities and Sciences in the Department of Economics.She stayed at Stanford until 2001. She was also the founding Director of Stanford's Center for Research on Economic Development and Policy Reform;and a Senior Fellow of the Hoover Institution.
She served as First Deputy Managing Director of the International Monetary Fund (IMF) from September 1,2001 to August 31,2006,serving as Acting Managing Director of the Fund on a temporary basis between March 4,2004 (resignation of Horst Köhler),and June 7,2004 (starting date for Rodrigo de Rato's mandate). Until the appointment of Christine Lagarde in 2011,she was the only female to fill the role of IMF Managing Director.
In 2005,she was awarded the prestigious title of Honorary Patron of the University Philosophical Society,Trinity College Dublin. In 2010,she was awarded an Honorary Doctorate from her alma mater,Oberlin College.Beginning in the spring of 2007,she assumed the position of professor of international economics at the Johns Hopkins School of Advanced International Studies in Washington,D.C.
She is a Distinguished Fellow and past President of the American Economic Association,a member of the National Academy of Sciences,the American Academy of Arts and Sciences,The Econometric Society,and The American Philosophical Societyand a Senior Research Fellow of the National Bureau of Economic Research. She is the recipient of a number of economic prizes and awards.
The 1950s and the 1960s brought the neoclassical argument for open trade under attack because it had ignored (as Krueger quotes it) “dynamic considerations”and they stated that open trade was “static”(p. 51). Throughout the 1990s there was a general consensus that open trade was anything but static and the benefits were largely “dynamic”(p51 ).
In the book,Struggling with Success:Challenges Facing the International Economy (2012),Anne Krueger takes a defensive stance on globalization and the role it has played on improving the world and the lives of the people on it as a whole. She states that,“...globalization,has proceeded at a rapid pace since about 1800 and the degree of interdependence has greatly increased (p 24).”During the same time the industrial countries (whose economies were integrating) saw rapid growth in the quality of life for poor nations (p 24 ). Krueger's main focus is on the causes of the Asian “Tigers”growth,the rise of government regulation after and slightly before WWII and (regulations) inevitable fall,and how further deregulation improved the world economy.
Krueger places emphasis on the need to remove trade barriers and to deregulate domestic economies in the book Struggling with Success. Krueger says a lot of credit must be given to tools like “producer subsidy equivalent”in helping to remove trade barriers. “That tool permitted negotiations to begin restricting and dismantling agricultural protection (p 63).”These effective protection and cost benefit analysis gave politicians “empirical quantification,however rough,of their relevant magnitudes (p 63 ).”Krueger states that research results should be “observable,hopefully quantifiable,and recognizable by the policy maker (p 64 ).”The most prevalent danger for economist is for their theories to be misinterpreted by policy makers (p 64 ).
Ultimately,regulation has negative effects of the market in the country imposing the regulation and may have spillover effects on other countries trading with the nation imposing the regulations (p85). She points to the interest equalization tax that caused the move of financial capital from the New York to London,Sarbanes-Oxley caused corporate headquarters to be moved from the US,and anti-dumping duties caused the move of computer assembly firms (p85 ). She concludes here by saying that unprecedented economic growth from open trade regimes led to an increased appreciation of supply-side economics.
In 1974,Krueger wrote "The Political Economy of the Rent-Seeking Society" in which she popularized the term rent-seeking . Rent seeking occurs when interest groups lobby for government favors in the form of tariffs,patents,subsidies,import quotas,and other market regulations. Rent-seeking behavior is inefficient because it manipulates the existing market,rather than create new wealth. Krueger says rent-seeking behavior in the form of import restrictions carry the welfare costs of tariffs,as well as an additional welfare cost due to rent-seeking behavior. She also claims that rent-seeking behavior breeds more rent-seeking behavior by creating an economic environment where participating in rent-seeking is the only way to enter the market. In markets dominated by rent-seeking,new firms must dedicate their resources to rent-seeking rather than using their resources to develop technology.In 2011,Krueger's article was named one of the twenty best articles in the first hundred years of the American Economic Review by the American Economics Association.
Political economy is the study of how economic and political systems are linked. Political economy studies macroeconomic phenomena such as growth, distribution, inequality, and trade, and how these phenomena are shaped by institutions, laws, and political behaviour. Originating in the 16th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and modern economics.
Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science". Its content includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested agents and their interactions, which can be represented in a number of ways – using standard constrained utility maximization, game theory, or decision theory. It is the origin and intellectual foundation of contemporary work in political economy.
Joseph Eugene Stiglitz is an American New Keynesian economist, a public policy analyst, and a full professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is a former senior vice president and chief economist of the World Bank. He is also a former member and chairman of the Council of Economic Advisers. He is known for his support of Georgist public finance theory and for his critical view of the management of globalization, of laissez-faire economists, and of international institutions such as the International Monetary Fund and the World Bank.
Rent-seeking is the act of growing one’s existing wealth without creating new wealth. Rent-seeking activities have negative effects on the rest of society. They result in reduced economic efficiency through misallocation of resources, reduced wealth creation, lost government revenue, heightened income inequality, and potential national decline.
The Paul H. Nitze School of Advanced International Studies (SAIS) is a graduate school of Johns Hopkins University based in Washington, D.C., United States, with campuses in Bologna, Italy, and Nanjing, China. It is consistently ranked one of the top graduate schools for international relations in the world. The school is devoted to the study of international relations, diplomacy, national security, economics, and public policy. The school has hosted world leaders on a regular basis for public debate in international affairs.
Government failure, in the context of public economics, is an economic inefficiency caused by a government intervention, if the inefficiency would not exist in a true free market. The costs of the government intervention are greater than the benefits provided. It can be viewed in contrast to a market failure, which is an economic inefficiency that results from the free market itself, and can potentially be corrected through government regulation. However, Government failure often arises from an attempt to solve market failure. The idea of government failure is associated with the policy argument that, even if particular markets may not meet the standard conditions of perfect competition required to ensure social optimality, government intervention may make matters worse rather than better.
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries, including trade, investment and transaction.
Randall S. Kroszner is an American economist who served as a member of the Federal Reserve Board of Governors from 2006 to 2009. Kroszner chaired Fed's board Committee on Supervision and Regulation of Banking Institutions during the global financial crisis. He has been professor of economics at the University of Chicago since the 1990s, with various leaves, and named Norman R. Bobins Professor of Economics at the University of Chicago Booth School of Business in 2009, and serves as a senior advisor for Patomak Partners.
Helen Dolly Hughes was an Australian economist. She was Professor Emerita at the Australian National University, Canberra, and Senior Fellow at the Centre for Independent Studies, Sydney. Hughes has been described as Australia's greatest female economist.
Warner Max Corden AC is an Australian economist. He is mostly known for his work on the theory of trade protection, including the development of the dutch disease model of international trade. He has also been active in the fields of international monetary systems, macroeconomic policies of developing countries and Australian economics. Corden, originally German, emigrated from Nazi Germany to Melbourne in 1939.
Sho-Chieh Tsiang was a Chinese-American economist. He was born in China but resided primarily in the United States from 1949 until his death. He also resided in Taiwan in 1948 and in the 1980s.
Sharyn O’Halloran is the George Blumenthal Professor of Political Economics and Professor of International and Public Affairs and serves as the Senior Vice Dean and Chief Academic Officer at the School of Professional Studies at Columbia University in New York City. A political scientist and economist by training, O’Halloran has written extensively on issues related to the political economy of international trade and finance, regulation and institutional reform, economic growth and democratic transitions, and the political representation of minorities.
Malcolm D. Knight is a Canadian economist, policymaker and banker. He is currently Visiting Professor of Finance at the London School of Economics and Political Science and a Distinguished Fellow at the Center for International Governance Innovation. From 2008 to 2012, Knight was Vice Chairman of Deutsche Bank Group where he was responsible for developing and coordinating the bank's global approach to issues in financial regulation, supervision, and financial stability. He served as general manager of the Bank for International Settlements from 2003 to 2008 and as Senior Deputy Governor of the Bank of Canada (1999-2003), after holding senior positions at the International Monetary Fund (1975-1999).
Arvind Panagariya is an Indian-American economist who is the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University and is also the Director of Deepak and Neera Raj Center on Indian Economic Policies at School of International and Public Affairs at Columbia University in New York City. He served as first vice-chairman of the government of India think-tank NITI Aayog between January 2015 and August 2017. He is a former Chief Economist of the Asian Development Bank. He was awarded the Padma Bhushan by the President of India in 2012 for his contributions in the field of economics and Public Policy.
The Chief Economist of the International Monetary Fund (IMF) is also the economic counsellor and director of the fund's Research Department and is responsible for providing independent advice to the fund on its policy issues, integrating ideas of the research in the design of policies, conveying these ideas to the policymakers inside and outside the fund and managing all research done at IMF. The Chief Economist is a member of the Senior Leadership of the IMF.
Rakesh Mohan is an Indian economist and former Deputy Governor of Reserve Bank of India. He is the Vice Chairperson of Indian Institute for Human Settlements. He was appointed in November 2012 as an Executive Director of the IMF for a three-year term, and in April 2010, he joined Nestlé India, as a non-executive director.
Carlos A. Végh is a Uruguayan academic economist who, since 2013, is the Fred H. Sanderson Professor of International Economics at the Johns Hopkins School of Advanced International Studies (SAIS), and holds a joint appointment with Johns Hopkins' Department of Economics. He is also a Research Associate at the National Bureau of Economic Research since 1998. He was the World Bank Chief Economist for Latin America and the Caribbean from February 1, 2017 to June 30, 2019, while on leave from Johns Hopkins. He was previously a Professor of Economics and Vice-Chair of Undergraduate Studies at UCLA (1996-2005) and Professor of Economics at the University of Maryland (2005-2013). His research work on monetary and fiscal policy in emerging and developing countries has been highly influential in both academic and policy circles. In particular, his work on fiscal procyclicality in emerging markets has been instrumental in generating a copious literature on the subject, which has influenced the adoption of fiscal rules in many emerging markets.
John Phillip Lipsky is an American economist. He was the acting Managing Director of the International Monetary Fund from May to July 2011. He assumed the post of Acting Managing Director after Dominique Strauss-Kahn was arrested in May 2011 accused of sexual assault. After the appointment of Christine Lagarde he returned to his post as the First Deputy Managing Director of the IMF. He retired from the IMF in November 2011 and is currently a Distinguished Visiting Scholar at Johns Hopkins School of Advanced International Studies (SAIS).
Stephany Griffith-Jones is an economist specialising in international finance and development, with emphasis on reform of the international financial system, specifically in relation to financial regulation, global governance and international capital flows. She is currently member of the Governor Board at the Central Bank of Chile. She has been financial markets director at the Initiative for Policy Dialogue, based at Columbia University in New York and associate fellow at the Overseas Development Institute. Previously she was professorial fellow at the Institute of Development Studies at Sussex University. She has held the position of deputy director of International Finance at the Commonwealth Secretariat and has worked at the United Nations Department of Economic and Social Affairs and in the United Nations Economic Commission for Latin America and the Caribbean. She started her career in 1970 at the Central Bank of Chile. Before joining the Institute of Development Studies, she worked at Barclays Bank International in the UK. She has acted as senior consultant to governments in Eastern Europe and Latin America and to many international agencies, including the World Bank, the Inter-American Development Bank, the European Commission, UNICEF, UNDP and United Nations Conference on Trade and Development. She was also a member of the Warwick Commission on international financial reform. She has published over 20 books and written many scholarly and journalistic articles. Her latest book, edited jointly with José Antonio Ocampo and Joseph Stiglitz, Time for the Visible Hand, Lessons from the 2008 crisis, was published in 2010.
Adriana Debora Kugler is a Colombian-American economist. She is the U.S. Executive Director at the World Bank, nominated by President Biden and confirmed by the U.S. Senate last April. She is a professor of public policy at Georgetown University and she is currently on leave from her tenured position at Georgetown. She served as the Chief Economist to U.S. Labor Secretary Hilda L. Solis from September 6, 2011 to January 4, 2013.