|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 –September 1, 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|
|Born||February 12, 1934|
Endicott, New York, U.S.
|Education|| Oberlin College (BA)|
University of Wisconsin, Madison (MA, PhD)
|Institutions|| Johns Hopkins University |
University of Minnesota
|James Stainforth Earley|
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 production and trade and their relations with law, custom and government; and with the distribution of national income and wealth. As a discipline, political economy originated in moral philosophy, in the 18th century, to explore the administration of states' wealth, with "political" signifying the Greek word polity and "economy" signifying the Greek word οἰκονομία. The earliest works of political economy are usually attributed to the British scholars Adam Smith, Thomas Malthus, and David Ricardo, although they were preceded by the work of the French physiocrats, such as François Quesnay (1694–1774) and Anne-Robert-Jacques Turgot (1727–1781). There is also a tradition which is almost as long, of critique of political economy.
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 economist and public policy analyst, who is University 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 and is 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.
Protectionism is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors; however, they also reduce trade and adversely affect consumers in general, and harm the producers and workers in export sectors, both in the country implementing protectionist policies and in the countries protected against.
The Washington Consensus is a set of ten economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.-based institutions such as the International Monetary Fund (IMF), World Bank and United States Department of the Treasury. The term was first used in 1989 by English economist John Williamson. The prescriptions encompassed free-market promoting policies in such areas as macroeconomic stabilization, economic opening with respect to both trade and investment, and the expansion of market forces within the domestic economy.
Rent-seeking is the effort to increase one's share of existing wealth without creating new wealth. Rent-seeking results 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 division 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 institution is devoted to the study of international affairs, economics, diplomacy, and policy research and education.
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. 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. 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 a former member of the Board of Governors of the Federal Reserve System of the United States. He was chairman of its Committee on Supervision and Regulation of Banking Institutions during the global financial crisis. He took office on March 1, 2006 to fill an unexpired term, and stepped down on January 21, 2009. Kroszner 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).
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.
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).
Adriana Kugler is a Colombian-American economist and professor of public policy at Georgetown University. She served as the Chief Economist to U.S. Labor Secretary Hilda L. Solis from September 6, 2011 to January 4, 2013.