Author Archives: wcoats

About wcoats

I specialize in advising central banks on monetary policy and the development of the capacity to formulate and implement monetary policy.  I joined the International Monetary Fund in 1975 from which I retired in 2003 as Assistant Director of the Monetary and Financial Systems Department. While at the IMF I led or participated in missions to the central banks of over twenty countries (including Afghanistan, Bosnia, Croatia, Egypt, Iraq, Israel, Kazakhstan, Kenya, Kosovo, Kyrgystan, Moldova, Serbia, Turkey, West Bank and Gaza Strip, and Zimbabwe) and was seconded as a visiting economist to the Board of Governors of the Federal Reserve System (1979-80), and to the World Bank's World Development Report team in 1989.  After retirement from the IMF I was a member of the Board of the Cayman Islands Monetary Authority from 2003-10 and of the editorial board of the Cayman Financial Review from 2010-2017.  Prior to joining the IMF I was Assistant Prof of Economics at UVa from 1970-75.  I am currently a fellow of Johns Hopkins Krieger School of Arts and Sciences, Institute for Applied Economics, Global Health, and the Study of Business Enterprise.  In March 2019 Central Banking Journal awarded me for my “Outstanding Contribution for Capacity Building.”  My most recent book is One Currency for Bosnia: Creating the Central Bank of Bosnia and Herzegovina. I have a BA in Economics from the UC Berkeley and a PhD in Economics from the University of Chicago. My dissertation committee was chaired by Milton Friedman and included Robert J. Gordon.

The Basis of American World Leadership

Since the end of World War II, the United States has played a disproportionately large role in guiding world affairs. It has unquestionably been the most powerful nation on earth. Its dominance reflects a number of factors including economic and … Continue reading

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Goodbye 2019 (and good riddance)

As 2019 and the decade of the 20 teens comes to a close, the impeachment of Donald Trump, only the third President impeached in the history of the United States, dominates the headlines.  My hope (I am a crazy optimist) … Continue reading

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A Letter to the Republican Party

As a no doubt futile outlet for my frustration with the Republican Party, I have been enclosing the following letter in the return envelops they keep sending me with the request for financial support. Dear Members of the Republican National … Continue reading

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Nation Building in Afghanistan

Ambassador Crocker rightly calls the American role in “rebuilding” Afghanistan, “complicated.”  “I-served-in-Afghanistan-no-its-not-another-Vietnam”  I first met Ambassador Crocker in January 2002 when he was servicing as America’s chargé d’affaires to Afghanistan. We met in the American Embassy that had just been … Continue reading

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Paul Volcker, RIP

Paul Volcker was a man of strong convictions, including a commitment to sound money https://wcoats.blog/2017/10/14/sound-money/.  It surprises me that in 1971 he urged President Nixon to end the United States’ commitment to maintaining the price of gold to which most … Continue reading

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New tools require new rules?

A hammer can hit a nail on the head, or it can hit you (or your enemy) on the head. Most, if not all, tools have multiple uses, some good and some bad.  Societies adopt rules to promote the beneficial … Continue reading

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To whom or to what am I loyal?

I am an American. I believe strongly and am loyal to the principles of individual freedom and limited government embedded in the American Constitution. I have also been a Republican all of my life because I judged that the Republican … Continue reading

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