Indian Council for Research on International Economic Relations

Lecture Details

Exchange Rates Regimes, Macro Economic Crises and The Latin American Experience.
 
Anne Krueger
  Audience at the lecture Dr.Anne Krueger of Stanford University, delivering a lecture jointly organised by ICRIER and the India Habitat Center  
 
December 16, 2000
 
Prof Anne Krueger of Stanford University delivered a public lecture on “Exchange Rate Regimes, Macroeconomic Crises and the Latin American Experience,” organised by ICRIER and the India Habitat Centre on 16 December 2000. She presented several examples from the Latin American experience to emphasise that attempts to maintain stable exchange rates in the face of domestic monetary and fiscal policy imbalances tended to create crises, which are difficult to handle without depressing economic growth. She also illustrated how capital controls, which have been deployed by many countries, with various socio-political objectives, were ineffective in an open economy framework in which trade was freely allowed. Capital controls are sometimes used to target the nominal exchange rate. Prof Krueger argued that this policy was not a first-best policy and entailed significant costs in the long run.

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