|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 Douglas 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. Under her tenure as chief economist,the World Bank undertook very large multi-country comparative studies to understand the effects of trade.
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 creating 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,the American Economics Association named Krueger's article one of the twenty best articles in the first hundred years of the American Economic Review .
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Established on December 27, 1945 at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary system after World War II. It now plays a central role in the management of balance of payments difficulties and international financial crises. Through a quota system, countries contribute funds to a pool from which countries can borrow if they experience balance of payments problems. As of 2016, the fund had SDR 477 billion.
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The Paul H. Nitze School of Advanced International Studies (SAIS) is a graduate school of Johns Hopkins University based in Washington, D.C. with campuses in Bologna, Italy and Nanjing, China.
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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.
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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).
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's 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.
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Stephany Griffith-Jones is an economist specializing in international finance and development. Her expertise lies in the reform of the international financial system, particularly in financial regulation, global governance, and international capital flows. Currently, she serves as a member of the Governor Board at the Central Bank of Chile. She has held various positions throughout her career, including financial markets director at the Initiative for Policy Dialogue based at Columbia University, associate fellow at the Overseas Development Institute, and professorial fellow at the Institute of Development Studies at Sussex University.
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