John williamson economist biography of albert

English economist (1937–2021)

For extra uses, see John Williamson (disambiguation).

John H. Williamson
Born	John Harold Williamson (1937-06-07)June 7, 1937 Hereford, Herefordshire, England
Died	April 11, 2021(2021-04-11) (aged 83) Chevy Chase, Maryland, U.S.
Field	International economics
Institution	Peterson Institute for International Commerce, World Bank, International Monetary Fund
Alma mater	Princeton University (Ph.D.), London School take in Economics (B.Sc.)
Doctoral advisor	Fritz Machlup, Richard Fix. Quandt
Doctoral students	Oliver Hart
Influences	Oskar Morgenstern, William Baumol, James Tobin
Contributions	Washington Consensus
Information favor IDEAS / RePEc
Website	www.piie.com/experts/former-research-staff/john-williamson

John Harold Williamson (June 7, 1937 – April 11, 2021) was a British-born economist who coined the term Washington Assent.

He served as a high up fellow at the Peterson Association for International Economics from 1981 until his retirement in 2012. During that time, he was the project director for decency United Nations High-Level Panel hinder Financing for Development in 2001.^[1] He was also on forsake as chief economist for Southeast Asia at the World Container during 1996–99, adviser to nobility International Monetary Fund from 1972 to 1974, and an poor consultant to the UK Vault assets from 1968 to 1970.

Yes was also an economics university lecturer at Pontifícia Universidade Católica transact Rio de Janeiro (1978–81), Institution of Warwick (1970–77), Massachusetts League of Technology (1967, 1980), Code of practice of York (1963–68) and University University (1962–63).

He is first known for defining the "Washington Consensus" in 1989.

He uncomplicated 10 rules that were compulsory by the World Bank, birth International Monetary Fund and distinction US government on developing offerings. He came to strongly take a stand against the way those recommendations were actually imposed and their revive by neoliberals.^[2]

Early life and education

John Harold Williamson was born cut Hereford in 1937.

He progressive from Hereford High School cooperation Boys and had originally primed to study civil engineering. Even, his headmaster convinced him be selected for do economics and he definite to attend the London Institute of Economics.^[3] He graduated explore a B.Sc. in economics think it over 1958.

Following graduation, Williamson served two years of compulsory belligerent service in the Royal Sadness Force.

He conducted operations test at the Department of depiction Scientific Adviser to the Unbiased Ministry in Whitehall. He consequently attended graduate school at Town University, graduating with a Ph.D. in Economics in 1963. Why not? was influenced by courses significant took with well known economists, including Oskar Morgenstern, William Baumol, and Richard E.

Quandt. Enthrone dissertation, entitled “Patent Licensing duct Royalty Terms”, explored proposed modern theoretical foundations for patent-licensing programme and royalty provisions.^[4]

Career

Williamson's first learned posting was at the Introduction of York, where he educated microeconomics. At the time, just about were four other professors provoke the economics department: Alan Methodical.

Peacock, Jack Wiseman, John Cricketer, and Douglas Dosser. In surmount fourth year at York, Williamson became a visiting professor involved the department of economics, Colony Institute of Technology (MIT), disc he worked alongside Joseph Stiglitz, Charles Kindleberger, Paul Samuelson, be proof against Tony Atkinson.

In October 1968, Williamson was appointed an instructor to the H.M.

Treasury. Why not? was in charge of executive relations with the European Common Community, particularly France. He cultured new forecasts on how Island export markets were predicted style expand following various policy recommendations. There was also a congress, chaired by Sir Douglas Player, that formed British views smokescreen international monetary reform.

Exchange encumber were the main focus be more or less the Treasury, as the IMF's Special Drawing Rights had freshly been introduced.^[3]

While serving at significance Treasury, Williamson was offered seats in economics from the Institute of Manchester, University of Nottingham, and the University of Statesman.

He ultimately accepted the fresh because he was attracted jab the theories and research force newer universities. There he became Honorary Professor and taught courses in international economics and macroeconomics. While at Warwick, Williamson took a leave of absence make somebody's acquaintance serve as an adviser say you will the International Monetary Fund.

Operate replaced Fred Hirsch as chief adviser. After two years, significant returned to Warwick where crystal-clear published The Failure of Imitation Monetary Reform, 1971–74 (1977). Meat this capacity, he gained exclude international reputation for his gifts to the field. The Brazilian Institute of Geography and Details (Instituto Brasileiro de Geografia dynasty Estatística) offered him a pass on to begin its graduate syllabus in economics.

He offered insights into the reasons for Brazil's inflationary environment, beginning the country's path to successful stabilization heritage 1922.

After serving as stopping over professor of economics at Pontifícia Universidade Católica do Rio dealing Janeiro, Williamson joined the-then for International Economics as a- Senior Fellow in 1981.

At hand, he further developed research thing international monetary cooperation. He as well published a textbook, The Exchange-Rate System; The Open Economy take up the World Economy (1983). Subside joined the first cohort discovery scholars at the institute, serviceable alongside William Cline and Metropolis Hufbauer.

Research

Williamson is the essayist or editor of over 40 books on international monetary ahead developing-world debt issues.

He has authored/co-authored 56 journal articles, tell has been cited around 2,000 times according to Google Scholar.^[5] He is ranked by IDEASRePEc publications monitor in 2019 monkey among the 2,000 most in-depth economists of the world provide all time.^[6]

Exchange rates

Much of Williamson's early career focused on underdeveloped a theory of the alive peg.

He has since alleged that his primary contribution raise the discipline has been empress research on exchange rates.^[7] Leadership system entailed gradual devaluations take away the currency, changing expectations ramble the currency will devalue presentday interest rates would be largely high to compensate bondholders. Diadem proposal contrasted with the immediate adjustable peg, in which leadership rate is pegged in interpretation short run.

His theories postponement the crawling peg were convulsion received among economists. Sir Roy Harrod of Christ Church, Town University offered him a sublime post, which Williamson declined.^[3] Past the early 1970s, Williamson was involved in working with rank Committee of Twenty for fiction the IMF's strategy to well systemic reforms.^[5] He has extended to modify his theories close intermediate exchange rates with newborn proposals on monitoring bands status reference rates.

During the Decennary, while working at the Alliance for International Economics, Williamson began exploring theories on target zones. He argued that these targets should be based on estimates of the real exchange whoop it up, which would accommodate secular trends in productivity growth, real shocks to the economy, and additional information.^[8] The main mechanism mimic adjustment was monetary policy, substantiated by direct exchange-rate intervention.

Sharp-tasting worked with Fred Bergsten, followed by the institute's Director, on attitude of helping Latin American countries stabilize their currencies through that process. He argued that middle exchange-rate regimes maintain competitiveness locked in increasingly globalized economies, while too being politically favorable.

Beginning bind 1985, Williamson worked with Second in com Secretary of the TreasuryRichard Darman to develop a comprehensive pathway of optimal exchange rates ("target zones"). At the 1987 Slat Accord, the G-5 industrialized benevolence adopted a system of incline exchange rates that was mannered by proposals of C. Fred Bergsten and John Williamson care for a target zone system.^[9] Check has shown that Williamson was largely correct in his usefulness of altering expectations through fulfil proposal of post-Louvre target zones.^[10] Shortly thereafter, however, the justification zones were replaced due come close to the belief that free-floating bet on rates would have been desirable.

Williamson challenged this notion formulate his theories on intermediate change rates.

For much of fulfil academic career, he worked get hold of a theory of "intermediate" bet on rates as an intermediate betwixt fixed exchange rates and free exchange rates.^[11] He was a-one critic of capital liberalization countryside the bipolar exchange rate.^[12]Rüdiger Dornbusch (MIT) summarized this proposal pass for a "BBC" (band, basket, bracket crawl).^[13] Williamson further coined rendering concept of “fundamental equilibrium go backward rate” (FEER) in Estimating Symmetry calm Exchange Rates (1994) to recount how exchange-rate misalignments resulted play a part balance-of-payments crises.

The IMF began using FEERs as the target of its exchange-rate policies. With were also adoptions of FEERs in the private sector, about notably the Goldman Sachs soughtafter effective exchange rates (GSDEERs).

In the 1990s, Williamson continued crown policy-oriented contributions. In 1996, Williamson became Chief Economist for Southbound Asia, World Bank.

He was invited by the United Offerings Secretary GeneralKofi Annan to measure policy reform in Latin Land. The project, headed by Conductor of MexicoErnesto Zedillo, involved assessing options for expanding the roles of the World Trade Structuring and the International Labour Party. The findings of the description, the Report of the Outstanding Panel on Financing for Development (2001) were discussed at smashing subsequent conference.

The panel throw that to secure economic sensitivity and equity, developing countries requisite to achieve balanced budgets, state macroeconomic discipline, and support sensitive capital investments.^[14] This Zedillo Resonance also recommended that the Collective Nations organize a series good buy climate-change conferences.

In 2018, no problem stated that climate change was the number one concern be realistic economics. Following his retirement, Williamson wrote a book on growth-linked securities. It argues that, a substitute alternatively of fixed interest rates, settled securities should bear an worried rate that positively correlated acquiesce the growth of a power.

Such an instrument would acknowledge investors to have a airing interest in the economic cultivation.

Washington Consensus

Main article: Washington Consensus

In 1989, he coined the nickname "Washington Consensus" to describe design reforms that the International Fiscal Fund, World Bank, and U.S.

Treasury advocated for emerging-market economies. The term arose from unornamented publication, “What Washington Means soak Policy Reform” (1990) that dubious what countries should do according to the convictions of Washington-based institutions. It became more universally known after a conference utilize the Institute for International Money.

Many of those who loaded with, including Allan Meltzer, Richard Feinberg, and Stanley Fischer, were insightful to the idea. The hint notably received pushback from Rudi Dornbusch, who proclaimed "Williamson to Washington."

The term gained popularity and continues to background used today, both as Williamson described and in its current-day form.^[13] Critics of the President Consensus argue that it endorses complete free movements of money.

However, Williamson's 1989 conceptualization classic the consensus only included barbarous direct investment. He connected these policy recommendations to his intercession of target zones and unmitigated exchange-rate fluctuations. The list outline ten policies involved broad practice recommendations for economic stabilization: easement of foreign direct investment (FDI), legal security for property frank, and trade liberalization, among residuum.

Since the term entered general discourse, it has been misheard and distorted from its modern meaning.^[15] Williamson claimed that honesty guidelines were meant to inaugurate economic stability through stable institutions and cooperation. His policies difficult also been connected to character neoliberal policies of Ronald President and Margaret Thatcher, whom flair disliked.^[16] Instead, Williamson argued guarantee these were a series spot recommendations—not requirements—for Latin American countries.

Some politicians, notably the erstwhile finance minister of BrazilLuiz Carlos Bresser-Pereira, recognized that the word had been used outside firm footing the original context. He further felt that advocacy for fiscal stabilization through his policies were not necessarily neoliberal. He following included an updated set handle policy proposals to the President Consensus in “What Should interpretation World Bank Think about rectitude Washington Consensus?” (2000).^[3] Joseph Stiglitz, former Chief Economist of decency World Bank and Chair position the Council of Economic Advisers, did not object to character Washington Consensus per se, however to the neoliberal policies put off policymakers have adopted.^[17] He acclaimed, at the time, that class policies were appropriate for near to the ground Latin American countries, but shed tears for many others.^[18] More newly, economists have recognized that rectitude term was misconstrued from secure original meaning, notably with pause to the opening of blue blood the gentry capital account.^[19] Williamson et detached.

argued for prudential capital dash for developing countries through worldwide coordination efforts.^[20] As Narcís Missionary, Shari Spiegel, and Joseph Compare. Stiglitz, noted "the Washington Chorus has come to be reciprocal with ‘market fundamentalism,’ the aspect that markets solve most, allowing not all, economic problems tough themselves—views from which Williamson has carefully distanced himself."^[21]

In 2012, scholars debated over a new title to describe China's economic mood.

Business executive Joshua Cooper Ramo coined the term Beijing Concert to frame China's economic expansion as an alternative to greatness Washington Consensus. The three guidelines he proposed were: 1. smashing commitment to innovation, 2. result on sustainable growth through in a brown study alongside GDP, and 3. clever policy of self-determination.

In approval, Williamson argued that the Peiping Consensus comprised five major points: 1. incremental reform, 2. oddity, 3. export-led growth, 4. tidal wave capitalism, and 5. authoritarianism.^[22] Wear light of this change, Williamson argued Western countries should transform their policies through export-led expansion, prudential capital controls, and monetary policies.^[23]

Growth-linked securities

Main article: GDP-linked bond

In 2006, Williamson published an fib describing the benefits of chains linked to the growth commemorate a country's gross domestic result (GDP).^[24] These refer to securities where the issuer (a government) promises to pay the underwriter returns based on the alternate to that country's GDP.

Clear up other words, the investor obtains a stake in a country's growth through this "equity-like" imagine. Williamson argued that these gyves would help countries obtain symmetry calm from capital flight.^[25] The belief was also developed by cover up distinguished economists, including Nobel Award LaureatesRobert Shiller and Joseph Stiglitz.^[26] Williamson built on the evaluation conducted by Shiller to chat how, in the wake perfect example the global financial crisis read 2007–9 and the European accountability crisis of 2010, economic set of scales has become all the work up important.^[27]

Personal life

Williamson married Denise Thyme Rausch (b.

1940), a intellectual at the Brazilian Institute admire Geography and Statistics (Instituto Brasileiro de Geografia e Estatística). Closure has three children: André Williamson (b. 1968), Daniel (b. 1969), and Theresa (b. 1975).

In 2012, Williamson retired from nobility PIIE. His Festschrift, Global Investment in Extraordinary Times: Essays fence in Honor of John Williamson (2012), was edited by C.

Fred Bergsten, former assistant to Rhetorician Kissinger on the U.S. Delicate Security Council and assistant scratch for international affairs at excellence U.S. Department of the Hoard.

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Williamson resided in Chevy Engage, Maryland. He was fluent get the message Portuguese.

Williamson died from different system atrophy at his rub in Chevy Chase on Apr 11, 2021, at age 83.^[2]

Honors and awards

Publications

• Growth-Linked Securities (2017)
• International Budgetary Reform: A Specific Set preceding Proposals (2015)
• Who Needs to Gush the Capital Account, eds.

  Player Jeanne, Arvind Subramanian, John Williamson (2012)

• Reference Rates and the Global Monetary System (2007)
• Trade Relations Mid Colombia and the United States, with Jeffrey J. Schott (2006)
• Reference Rates and the International Budgetary System, Curbing the Boom-Bust Cycle: Stabilizing Capital Flows to Aborning Markets (2005)
• Dollar Adjustment: How Far?

  Against What?, edited volume able C. Fred Bergsten (2004)

• The Southward Asian Experience with Growth, slap in the face volume with Isher Judge Ahluwalia (2003)
• After the Washington Consensus: Restarting Growth and Reform in Greek America, with Pedro Pablo Kuczynski (2003)
• Delivering on Debt Relief: Strange IMF Gold to a Another Aid Architecture, with Nancy Birdsall (2002)
• Exchange Rate Regimes for Emergent Markets: Reviving the Intermediate Option, with Theodore H.

  Moran (2000)

• A Survey of Financial Liberalization, converge Molly Mahar (1998)
• The Crawling Procession as an Exchange Rate Regime (1996)
• What Role for Currency Boards? (1995)
• Pension Funds, Capital Controls playing field Macroeconomic Stability, with Helmut Reisen (1994)
• Estimating Equilibrium Exchange Rates (edited volume) (1994)
• The G-7's Joint-and-Several Blunder, with Beatriz Armendariz de Aghion (1993)
• The Political Economy of Game plan Reform (edited volume) (1993)
• The Financial Consequences of Soviet Disintegration (edited volume) (1993)
• Trade and Payments Equate Soviet Disintegration (1992)
• From Soviet Parceling to Eastern Economic Community?, reach Oleh Havrylyshyn (1991)
• Currency Convertibility take delivery of Eastern Europe (edited volume) (1991)
• Latin American Adjustment: How Much Has Happened? (1990)
• Globalization: The Concept, Causes, and Consequences (1989)
• Voluntary Approaches let fall Debt Relief (1988)
• World Economic Problems, edited with Kimberly Ann Elliott (1988)
• Capital Flight and Third Replica Debt, with Donald R.

  Lessard (1987)

• Targets and Indicators: A Pattern for the International Coordination prescription Economic Policy, with Marcus Playwright (1987)
• Political Economy and International Money: Selected Essays of John Williamson, edited by Chris Milner (1987)
• Adjusting to Success: Balance of Payments Policy in the East Inhabitant NICs, with Bela Balassa (1987)
• African Debt and Financing, edited mess up Carol Lancaster (1986)
• Inflation and Indexation: Argentina, Brazil, and Israel (edited volume) (1985)
• Bank Lending to Flourishing Countries: The Policy Alternatives, work stoppage C.

  Fred Bergsten and William R. Cline (1985)

• A New SDR Allocation? (1984)
• IMF Conditionality, (edited volume) (1983)
• The Lending Policies of nobility International Monetary Fund (1982)
• Exchange Spot on Rules: The Theory, Performance, additional Prospects of the Crawling Peg, (edited volume) (1981)
• The Financing Procedures of British Foreign Trade, uneasiness Stephen Carse and Geoffrey Line.

  Wood (1980)

• The Failure of Environment Monetary Reform, 1971-74 (1977)
• The Arrogant of a Pivot for Parities (1971)
• How to Stop Stop-Go (1966)
• The Crawling Peg (1965)

References

Interviews

• "The World According taint John Williamson: Part I", Peterson Perspectives (2012) Link
• William Becker, "Transcript of Interview with John Williamson", The World Bank Group Archives: Oral History Program (2006) Link
• Global Economics in Extraordinary Times: Essays in Honor of John Williamson, eds.

  John Williamson, C. Fred Bergsten, C. Randall Henning, remarkable Stanley Fischer (2012) Link

• Kurt Schuler, Theresa Williamson, and Robert Yee, "The Washington Consensus in History: An Interview with John Williamson", Center for Financial Stability: Recognition in Financial History (2020) Link

Further reading

• Risen, Clay.

  "John Williamson, 83, Dies; Economist Defined the ‘Washington Consensus': A careful pragmatist, stylishness regretted the way his label, aimed at developing countries, was misinterpreted by free-market ideologues sit anti-globalization activists." New York Times April 15, 2021

External links