665:, the G-5 industrialized nations adopted a system of reference exchange rates that was influenced by proposals of C. Fred Bergsten and John Williamson for a target zone system. Research has shown that Williamson was largely correct in his assessment of altering expectations through his proposal of post-Louvre target zones. Shortly thereafter, however, the target zones were replaced due to the belief that free-floating exchange rates would have been preferred. Williamson challenged this notion through his theories on intermediate exchange rates.
34:
823:, did not object to the Washington Consensus per se, but to the neoliberal policies that policymakers have adopted. He noted, at the time, that the policies were appropriate for some Latin American countries, but not for many others. More recently, economists have recognized that the term was misconstrued from its original meaning, notably with regard to the opening of the
815:, recognized that the term had been used outside of the original context. He also felt that advocacy for economic stabilization through his policies were not necessarily neoliberal. He later included an updated set of policy proposals to the Washington Consensus in âWhat Should the World Bank Think about the Washington Consensus?â (2000). Joseph Stiglitz, former
888:. These refer to securities where the issuer (a government) promises to pay the investor returns based on the changes to that country's GDP. In other words, the investor obtains a stake in a country's growth through this "equity-like" feature. Williamson argued that these bonds would help countries obtain stability from
650:, then the institute's Director, on ways of helping Latin American countries stabilize their currencies through this process. He argued that intermediate exchange-rate regimes maintain competitiveness in increasingly globalized economies, while also being politically favorable. Beginning in 1985, Williamson worked with
772:. The term arose from a publication, âWhat Washington Means by Policy Reformâ (1990) that described what countries should do according to the convictions of Washington-based institutions. It became more widely known after a conference at the Institute for International Economics. Many of those who attended, including
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Since the term entered public discourse, it has been misinterpreted and distorted from its original meaning. Williamson claimed that the guidelines were meant to establish economic stability through stable institutions and cooperation. His policies had also been connected to the neoliberal policies
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During the 1980s, while working at the
Institute for International Economics, Williamson began exploring theories on target zones. He argued that these targets should be based on estimates of the real exchange rate, which would accommodate secular trends in productivity growth, real shocks to the
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was the number one concern facing economics. Following his retirement, Williamson wrote a book on growth-linked securities. It argues that, instead of fixed interest rates, certain securities should bear an interest rate that positively correlated with the growth of a country. Such an instrument
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The term gained popularity and continues to be used today, both as
Williamson described and in its current-day form. Critics of the Washington Consensus argue that it endorses complete free movements of capital. However, Williamson's 1989 conceptualization of the consensus only included foreign
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direct investment. He connected these policy recommendations to his advocacy of target zones and limited exchange-rate fluctuations. The list of ten policies involved broad policy recommendations for economic stabilization: liberalization of foreign direct investment (FDI), legal security for
729:(2001) were discussed at a subsequent conference. The panel found that to secure economic growth and equity, developing countries needed to achieve balanced budgets, ensure macroeconomic discipline, and support human capital investments. This Zedillo Report also recommended that the
626:. The system entailed gradual devaluations of the currency, changing expectations that the currency will devalue and interest rates would be sufficiently high to compensate bondholders. His proposal contrasted with the existing adjustable peg, in which the rate is pegged in the
1890:
Risen, Clay. "John
Williamson, 83, Dies; Economist Defined the âWashington Consensus': A careful pragmatist, he regretted the way his term, aimed at developing countries, was misinterpreted by free-market ideologues and anti-globalization activists."
393:" in 1989. He made 10 rules that were imposed by the World Bank, the International Monetary Fund and the US government on developing nations. He came to strongly oppose the way those recommendations were actually imposed and their use by neoliberals.
1569:, International Monetary Fund, Distinguished Lecture on Economics in Government, American Economic Association and the Society of Government Economists. Delivered at the Meetings of the American Economic Association, New Orleans, January 6, 2001
2016:
835:, noted "the Washington Consensus has come to be associated with âmarket fundamentalism,â the view that markets solve most, if not all, economic problems by themselvesâviews from which Williamson has carefully distanced himself."
903:. Williamson built on the research conducted by Shiller to discuss how, in the wake of the global financial crisis of 2007â9 and the European debt crisis of 2010, economic stability has become all the more important.
1991:
598:
Williamson is the author or editor of over 40 books on international monetary and developing-world debt issues. He has authored/co-authored 56 journal articles, and has been cited around 2,000 times according to
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offered him a post to begin its graduate program in economics. He offered insights into the reasons for Brazil's inflationary environment, beginning the country's path to successful stabilization in 1922.
692:(1994) to describe how exchange-rate misalignments resulted in balance-of-payments crises. The IMF began using FEERs as the basis of its exchange-rate policies. There were also adoptions of FEERs in the
642:
for devising the IMF's strategy to comprehensive systemic reforms. He has continued to modify his theories of intermediate exchange rates with new proposals on monitoring bands and reference rates.
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through measures alongside GDP, and 3. a policy of self-determination. In turn, Williamson argued that the
Beijing Consensus comprised five major points: 1. incremental reform, 2. innovation, 3.
575:
367:
2011:
808:, whom he disliked. Instead, Williamson argued that these were a series of recommendationsânot requirementsâfor Latin American countries. Some politicians, notably the former
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to frame China's economic development as an alternative to the
Washington Consensus. The three guidelines he proposed were: 1. a commitment to innovation, 2. emphasis on
1981:
519:. He developed new forecasts on how British export markets were predicted to expand following various policy recommendations. There was also a committee, chaired by Sir
1996:
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456:. His dissertation, entitled âPatent Licensing and Royalty Termsâ, explored proposed new theoretical foundations for patent-licensing policy and royalty provisions.
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1986:
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688:) summarized this proposal as a "BBC" (band, basket, and crawl). Williamson further coined the concept of âfundamental equilibrium exchange rateâ (FEER) in
2001:
1620:
1966:
1961:
646:
economy, and new information. The main mechanism of adjustment was monetary policy, supported by direct exchange-rate intervention. He worked with
1375:
Schuler, Kurt; Williamson, Theresa; Yee, Robert (January 28, 2020). "The
Washington Consensus in History: An Interview with John Williamson".
2021:
485:
375:
98:
578:, Williamson joined the-then Institute for International Economics as a Senior Fellow in 1981. There, he further developed research on
70:
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117:
827:. Williamson et al. argued for prudential capital controls for developing countries through international coordination efforts. As
1022:
Reference Rates and the
International Monetary System, Curbing the Boom-Bust Cycle: Stabilizing Capital Flows to Emerging Markets
809:
704:
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In the 1990s, Williamson continued his policy-oriented contributions. In 1996, Williamson became Chief
Economist for South Asia,
651:
635:
542:. He ultimately accepted the latter because he was attracted to the theories and research at newer universities. There he became
77:
20:
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offered him a prestigious post, which
Williamson declined. During the early 1970s, Williamson was involved in working with the
523:, that formed British views on international monetary reform. Exchange rates were the main focus of the Treasury, as the IMF's
1503:
939:
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55:
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Kurt
Schuler, Theresa Williamson, and Robert Yee, "The Washington Consensus in History: An Interview with John Williamson",
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2006:
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862:. In light of this change, Williamson argued Western countries should modify their policies through export-led growth,
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High-Level Panel on Financing for Development in 2001. He was also on leave as chief economist for South Asia at the
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For much of his academic career, he worked on a theory of "intermediate" exchange rates as an intermediate between
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In 2006, Williamson published an article describing the benefits of bonds linked to the growth of a country's
480:, John Hutton, and Douglas Dosser. In his fourth year at York, Williamson became a visiting professor in the
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566:(1977). In this capacity, he gained an international reputation for his contributions to the field. The
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publications monitor in 2019 as among the 2,000 most influential economists of the world of all time.
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1640:"Transcript of oral history interview with John Williamson held on January 31 and February 1, 2006"
1621:"The IMF and the Washington Consensus: A Misunderstood and Poorly Implemented Development Strategy"
1441:
Lozada, Carlos (April 12, 2009). "A Conversation with John Williamson, Economist". Washington Post.
1325:âThe Zedillo Commission Report on World Bank Reform: A Stepping Stone for the G-20 Summits in 2010â
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711:
425:
838:
In 2012, scholars debated over a new term to describe China's economic growth. Business executive
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Brazilian Institute of Geography and Statistics (Instituto Brasileiro de Geografia e EstatĂstica)
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832:
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Brazilian Institute of Geography and Statistics (Instituto Brasileiro de Geografia e EstatĂstica)
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622:. He has since stated that his primary contribution to the discipline has been his research on
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915:. He has three children: André Williamson (b. 1968), Daniel (b. 1969), and Theresa (b. 1975).
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from 1981 until his retirement in 2012. During that time, he was the project director for the
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in 1937. He graduated from Hereford High School for Boys and had originally planned to study
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1867:, eds. John Williamson, C. Fred Bergsten, C. Randall Henning, and Stanley Fischer (2012)
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Targets and Indicators: A Blueprint for the International Coordination of Economic Policy
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In 1989, he coined the term "Washington Consensus" to describe policy reforms that the
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1584:"CFS Interviews John Williamson on the Washington Consensus, Exchange Rates, and More"
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554:. While at Warwick, Williamson took a leave of absence to serve as an adviser to the
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409:. However, his headmaster convinced him to do economics and he decided to attend the
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in 1963. He was influenced by courses he took with well known economists, including
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586:(1983). He joined the first cohort of scholars at the institute, working alongside
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While serving at the Treasury, Williamson was offered chairs in economics from the
429:
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33:
1408:
Bergsten, C. Fred; Henning, C. Randall (2012). "An Economist for All Seasons".
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Exchange Rate Rules: The Theory, Performance, and Prospects of the Crawling Peg
696:, most notably the Goldman Sachs desirable effective exchange rates (GSDEERs).
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as senior adviser. After two years, he returned to Warwick where he published
355:
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Williamson, John (2006). "Borrowing Strategy: The Role of GDP-Linked Bonds".
1208:
Political Economy and International Money: Selected Essays of John Williamson
472:. At the time, there were four other professors on the economics department:
1742:
The Death of Money: The Coming Collapse of the International Monetary System
1075:
Exchange Rate Regimes for Emerging Markets: Reviving the Intermediate Option
630:. His theories on the crawling peg were well received among economists. Sir
627:
433:
339:
1865:
Global Economics in Extraordinary Times: Essays in Honor of John Williamson
1410:
Global Economics in Extraordinary Times: Essays in Honor of John Williamson
928:
Global Economics in Extraordinary Times: Essays in Honor of John Williamson
892:. The idea was also developed by other distinguished economists, including
1791:
Curbing the Boom-Bust Cycle: Stabilizing Capital Flows to Emerging Markets
780:, were receptive to the idea. The proposal notably received pushback from
1927:
1342:"John Williamson, 83, Dies; Economist Defined the 'Washington Consensus'"
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organize a series of climate-change conferences. In 2018, he stated that
402:
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Much of Williamson's early career focused on developing a theory of the
297:
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1214:
Adjusting to Success: Balance of Payments Policy in the East Asian NICs
2017:
Academic staff of the Pontifical Catholic University of Rio de Janeiro
1727:
The Washington Consensus Reconsidered: Towards a New Global Governance
911:
Williamson married Denise Rosemary Rausch (b. 1940), a scholar at the
1931:
1755:
Williamson, John (2012). "Is the "Beijing Consensus" Now Dominant?".
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516:
1602:"Report of the High-level Panel on Financing for Development (2001)"
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1065:
Delivering on Debt Relief: From IMF Gold to a New Aid Architecture
710:
to assess policy reform in Latin America. The project, headed by
1854:
William Becker, "Transcript of Interview with John Williamson",
584:
The Exchange-Rate System; The Open Economy and the World Economy
1390:
Williamson, John (1963). "Patent Licensing and Royalty Terms".
1403:
1401:
685:
27:
1236:
Bank Lending to Developing Countries: The Policy Alternatives
1678:"IMF bailouts â roads to stability or recipes for disaster?"
717:, involved assessing options for expanding the roles of the
676:. He was a critic of capital liberalization and the bipolar
507:
In October 1968, Williamson was appointed an adviser to the
1992:
MIT School of Humanities, Arts, and Social Sciences faculty
1875:
Center for Financial Stability: Papers in Financial History
1103:
Pension Funds, Capital Controls and Macroeconomic Stability
727:
Report of the High-level Panel on Financing for Development
994:
International Monetary Reform: A Specific Set of Proposals
964:
at his home in Chevy Chase on April 11, 2021, at age 83.
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and assistant secretary for international affairs at the
784:, who proclaimed "Williamson surrendered to Washington."
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from 1968 to 1970. He was also an economics professor at
1725:
Serra, NarcĂs; Spiegel, Shari; Stiglitz, Joseph (2008).
1706:
Williamson, John; Jeanne, Olivier; Subramanian, Arvind.
1230:
Inflation and Indexation: Argentina, Brazil, and Israel
738:
would allow investors to have a vested interest in the
1016:
Trade Relations Between Colombia and the United States
1567:"Exchange Rate Regimes: Is the Bipolar View Correct?"
1010:
Reference Rates and the International Monetary System
416:
Following graduation, Williamson served two years of
362:
from 1972 to 1974, and an economic consultant to the
574:
After serving as visiting professor of economics at
511:. He was in charge of overseeing relations with the
1856:
The World Bank Group Archives: Oral History Program
1693:"Beijing Takes Cues from the Washington Consensus'"
1150:
From Soviet Disunion to Eastern Economic Community?
428:at the Department of the Scientific Adviser to the
338:(June 7, 1937 â April 11, 2021) was a British-born
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58:. Unsourced material may be challenged and removed.
1844:"The World According to John Williamson: Part I",
1491:
576:PontifĂcia Universidade CatĂłlica do Rio de Janeiro
413:. He graduated with a B.Sc. in economics in 1958.
368:PontifĂcia Universidade CatĂłlica do Rio de Janeiro
1793:. Peterson Institute for International Economics.
1277:The Financing Procedures of British Foreign Trade
1165:Latin American Adjustment: How Much Has Happened?
1279:, with Stephen Carse and Geoffrey E. Wood (1980)
1546:"Target Zones and the Management of the Dollar"
1454:"Target Zones and the Management of the Dollar"
1392:DAI 24/11, Dissertation Abstracts International
464:Williamson's first academic posting was at the
2012:Peterson Institute for International Economics
1776:Peterson Institute for International Economics
1663:Peterson Institute for International Economics
1144:Trade and Payments After Soviet Disintegration
348:Peterson Institute for International Economics
212:Peterson Institute for International Economics
1283:The Failure of World Monetary Reform, 1971-74
657:to develop a comprehensive system of optimal
564:The Failure of World Monetary Reform, 1971â74
8:
1087:The Crawling Band as an Exchange Rate Regime
1327:, article, Brookings.edu, November 18, 2009
1708:"International rules for capital controls"
1125:, with Beatriz Armendariz de Aghion (1993)
129:
1523:. Cambridge: Cambridge University Press.
1188:, edited with Kimberly Ann Elliott (1988)
1028:Dollar Adjustment: How Far? Against What?
821:Chair of the Council of Economic Advisers
118:Learn how and when to remove this message
1982:British expatriates in the United States
1997:Neurological disease deaths in Maryland
1313:
1174:: The Concept, Causes, and Consequences
1972:Academics of the University of Warwick
1957:20th-century Royal Air Force personnel
1813:11th UNCTAD Debt Management Conference
1806:"Making a Reality of GDP linked bonds"
1424:"Top 10% Authors, as of December 2019"
1129:The Political Economy of Policy Reform
1038:The South Asian Experience with Growth
436:. He then attended graduate school at
346:. He served as a senior fellow at the
1494:Estimating Equilibrium Exchange Rates
1461:Brookings Papers on Economic Activity
1335:
1333:
1113:Estimating Equilibrium Exchange Rates
1000:Who Needs to Open the Capital Account
918:In 2012, Williamson retired from the
690:Estimating Equilibrium Exchange Rates
486:Massachusetts Institute of Technology
376:Massachusetts Institute of Technology
7:
1659:"Did the Washington Consensus Fail?"
1226:, edited with Carol Lancaster (1986)
1081:A Survey of Financial Liberalization
56:adding citations to reliable sources
1987:Deaths from multiple system atrophy
1977:Academics of the University of York
1192:Capital Flight and Third World Debt
1180:Voluntary Approaches to Debt Relief
401:John Harold Williamson was born in
389:He is best known for defining the "
1729:. Oxford: Oxford University Press.
1289:The Choice of a Pivot for Parities
1052:: Restarting Growth and Reform in
725:. The findings of the report, the
580:international monetary cooperation
14:
2002:People from Chevy Chase, Maryland
817:Chief Economist of the World Bank
723:International Labour Organization
488:(MIT), where he worked alongside
1619:Chestnut, Teddy; Joseph, Anita.
705:United Nations Secretary General
652:Deputy Secretary of the Treasury
636:Christ Church, Oxford University
582:. He also published a textbook,
67:"John Williamson" economist
32:
21:John Williamson (disambiguation)
1967:21st-century British economists
1962:20th-century British economists
1210:, edited by Chris Milner (1987)
1194:, with Donald R. Lessard (1987)
1077:, with Theodore H. Moran (2000)
1018:, with Jeffrey J. Schott (2006)
944:U.S. Department of the Treasury
358:during 1996â99, adviser to the
43:needs additional citations for
1588:Center for Financial Stability
1340:Risen, Clay (April 15, 2021).
1152:, with Oleh Havrylyshyn (1991)
940:U.S. National Security Council
661:("target zones"). At the 1987
527:had recently been introduced.
1:
1625:Council on Hemisphere Affairs
1135:The Economic Consequences of
16:English economist (1937â2021)
2022:Princeton University faculty
1377:Center for Financial History
1262:The Lending Policies of the
886:gross domestic product (GDP)
1264:International Monetary Fund
1156:Currency Convertibility in
973:Houblon-Norman Fellowship,
864:prudential capital controls
813:Luiz Carlos Bresser-Pereira
758:International Monetary Fund
556:International Monetary Fund
513:European Economic Community
418:compulsory military service
360:International Monetary Fund
220:International Monetary Fund
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1804:Griffith-Jones, Stephany.
1224:African Debt and Financing
877:
810:finance minister of Brazil
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411:London School of Economics
234:London School of Economics
18:
1908:John Williamson Biography
1826:Williamson, John (2017).
1789:Williamson, John (2005).
1521:The International Economy
1490:Williamson, John (1994).
1452:Williamson, John (1986).
1123:Joint-and-Several Blunder
1083:, with Molly Mahar (1998)
770:emerging-market economies
307:
296:
188:
1828:Growth-Linked Securities
1740:Rickards, James (2014).
1519:Kenen, Peter B. (2000).
1273:, (edited volume) (1981)
1258:, (edited volume) (1983)
1006:, John Williamson (2012)
988:Growth-Linked Securities
874:Growth-linked securities
776:, Richard Feinberg, and
719:World Trade Organization
703:. He was invited by the
536:University of Nottingham
532:University of Manchester
397:Early life and education
1918:The Zedillo report (UN)
1186:World Economic Problems
1002:, eds. Olivier Jeanne,
962:multiple system atrophy
674:floating exchange rates
548:international economics
482:department of economics
302:IDEAS / RePEc
202:International economics
1913:John Williamson's Blog
1691:Rommann, Ryan (2013).
1498:. Peterson Institute.
1232:(edited volume) (1985)
1161:(edited volume) (1991)
1140:(edited volume) (1993)
1131:(edited volume) (1993)
1115:(edited volume) (1994)
949:Williamson resided in
934:, former assistant to
930:(2012), was edited by
546:and taught courses in
525:Special Drawing Rights
336:John Harold Williamson
325:/former-research-staff
144:John Harold Williamson
1846:Peterson Perspectives
1676:Hessler, Uwe (2018).
1550:Brookings Institution
1250:A New SDR Allocation?
1137:Soviet Disintegration
1059:Pedro Pablo Kuczynski
1042:Isher Judge Ahluwalia
1040:, edited volume with
1030:, edited volume with
960:Williamson died from
951:Chevy Chase, Maryland
894:Nobel Prize Laureates
831:, Shari Spiegel, and
540:University of Warwick
372:University of Warwick
181:Chevy Chase, Maryland
2007:People from Hereford
1757:Essay in Asia Policy
1050:Washington Consensus
794:trade liberalization
752:Washington Consensus
746:Washington Consensus
670:fixed exchange rates
494:Charles Kindleberger
440:, graduating with a
438:Princeton University
391:Washington Consensus
384:Princeton University
344:Washington Consensus
342:who coined the term
291:Washington Consensus
230:Princeton University
52:improve this article
19:For other uses, see
1295:How to Stop Stop-Go
953:. He was fluent in
712:President of Mexico
640:Committee of Twenty
590:and Gary Hufbauer.
426:operations research
1657:Williamson, John.
1544:Williamson, John.
1347:The New York Times
1256:IMF Conditionality
1004:Arvind Subramanian
848:sustainable growth
840:Joshua Cooper Ramo
833:Joseph E. Stiglitz
603:. He is ranked by
544:Honorary Professor
468:, where he taught
466:University of York
442:Ph.D. in Economics
380:University of York
134:John H. Williamson
1680:. Deutsche Welle.
1638:Becker, William.
968:Honors and awards
852:export-led growth
844:Beijing Consensus
806:Margaret Thatcher
682:RĂŒdiger Dornbusch
454:Richard E. Quandt
446:Oskar Morgenstern
407:civil engineering
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273:Oskar Morgenstern
251:Richard E. Quandt
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1301:The Crawling Peg
1244:William R. Cline
1240:C. Fred Bergsten
1032:C. Fred Bergsten
932:C. Fred Bergsten
860:authoritarianism
856:state capitalism
842:coined the term
796:, among others.
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175:(2021-04-11)
154:June 7, 1937
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50:Please help
45:verification
42:
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1952:2021 deaths
1947:1937 births
1928:Appearances
1830:. Springer.
924:Festschrift
560:Fred Hirsch
386:(1962â63).
374:(1970â77),
370:(1978â81),
364:UK Treasury
298:Information
281:James Tobin
263:Oliver Hart
208:Institution
1941:Categories
1923:Britannica
1839:Interviews
1744:. Penguin.
1505:0881320765
1308:References
1048:After the
955:Portuguese
762:World Bank
708:Kofi Annan
701:World Bank
632:Roy Harrod
538:, and the
356:World Bank
269:Influences
216:World Bank
150:1937-06-07
108:April 2021
78:newspapers
1353:April 19,
977:(2007â08)
858:, and 5.
628:short run
434:Whitehall
340:economist
232:(Ph.D.),
164:, England
721:and the
594:Research
403:Hereford
323:/experts
259:students
257:Doctoral
241:Doctoral
158:Hereford
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1858:(2006)
1848:(2012)
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312:Website
243:advisor
236:(B.Sc.)
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1932:C-SPAN
1712:VOX EU
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460:Career
452:, and
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319:.piie
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