Managing International Finacial Integration.

Kenneth Kletzer

(Prof.Kenneth Kletzer of the University of California,Santa Cruz,
delivering a lecture jointly organised by ICRIER and ASSOCHAM)

November 14, 2000

Prof Kenneth Kletzer of the University of California, Santa Cruz, and currently at the IMF, delivered a lecture on “Managing Financial Liberalisation.” This lecture was organised jointly by ICRIER and ASSOCHAM on 14 November 2000. In analysing the challenges that confront liberalising economies, Prof Kletzer traced the historical evolution of the global financial system, examined the possible causes of the East Asian crisis and highlighted the lessons that should be learnt by other countries. In particular, he emphasised that those countries that desire to maintain tightly managed currency pegs, must ensure that the pegged rate is compatible with other aspects of financial and macroeconomic policies. He also highlighted the role of investors ’ expectations in influencing capital flows.