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.

My Travels to Baghdad

Iraq: An American Tragedy, My Travels to Baghdad Warren Coats (2020) Kindle and paperback versions available at: Iraq-American-Tragedy-My-Travels-Baghdad From the corkscrew landing at Saddam International Airport (now the Baghdad International Airport) to adventures in the Green Zone and beyond, this … Continue reading

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My Travels in the Former Soviet Union

FSU: Building Market Economy Monetary Systems–My Travels in the Former Soviet Union By Warren L Coats (2020)  Kindle and paperback versions available at: https://www.amazon.com/FSU-Building-Economy-Monetary-Systems-ebook/dp/B08K3WNQK2/ref=sr_1_2?dchild=1&keywords=warren+Coats&qid=1601491694&s=books&sr=1-2 By the end of 1991 the pressures for the Union of Soviet Socialist Republics (USSR) to … Continue reading

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My travels to Afghanistan

Afghanistan: Rebuilding the Central Bank after 9/11 — My Travels to Kabul By Warren Coats Kindle and paperback versions available at:  “Afghanistan-Rebuilding the Central Bank after 9/11” Watching the collapse of the twin Trade Towers in New York on September … Continue reading

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Buy American

Buy American is un-American. Much if not most of what we already buy is American, meaning made in America. Though it would be rather challenging to identify products (leaving aside services) that are 100 percent made in American, i.e. that … Continue reading

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Replacing Social Security with a Universal Basic Income

The idea of a Universal Basic Income (UBI) in place of existing entitlement programs (Social Security, Medicare, Medicaid, food stamps, unemployment insurance, etc.) that is financed by a flat rate income or consumption tax calls for a deeper discussion of … Continue reading

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Our Social Safety Net

Virtually every country provides assistance to their poorest citizens–to those who fall for one reason or another from normal employment. Approaches to fulfill this objective differ widely. The Federal safety net spending in in the United States in 2019 was … Continue reading

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Supply Chains

When politicians and pundit refer to trade or supply chains, they invariable mean cross border trade or supply chains.  This is a mistake. President Trump recently provided a particularly nonsensical example: “In Washington, President Trump lambasted corporate America for “these … Continue reading

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Are Venture Capitalists racists?

Shifting sovereignty from Kings to the people, was the beginning of human flourishing. In the United States, in its constitution the people returned only those powers to their government necessary to protect their wellbeing. The right to and protection of … Continue reading

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Independence Day Celebration

As we listen carefully to the current criticisms of America, we should see them in the context of the wonderful features of our nation that continue to attract tens of thousands of the world’s best and brightest to become Americans … Continue reading

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George Floyd, RIP

How should we respond to the horrifying murder of George Floyd by Derek Chauvin, a bad cop with “18 complaints on his official record?” “A Minneapolis-police-chief-promised-change-george-floyd’s-death-shows-hurdles”  Finding a constructive answer is not easy.  While it is difficult to watch the … Continue reading

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