Ronald Ian McKinnon (10 July 1935 – 1 October 2014) was an applied
economist
An economist is a professional and practitioner in the social science discipline of economics.
The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are ...
. His primary interests were international economics and economic development, with strong secondary interests in transitional economies and fiscal federalism. Understanding financial institutions in general, and monetary institutions in particular, was central to his teaching and research, with interests ranging from the proper regulation of banks and financial markets in poorer countries to the historical evolution of global and regional monetary systems in the context of the
world dollar standard.
He had been a professor of economics at the
Stanford University since 1961.
[The Economist]
Ronald McKinnon has died
Accessed 22 March 2015.[Stanford report]
Accessed 22 March 2015. In particular, he researched international trade and finance, economic development, monetary theory and policy; money and banking.
[SIEPR]
Ronald McKinnon
Accessed 22 March 2015.
McKinnon is best known for developing the theory of "
Financial repression
Financial repression comprises "policies that result in savers earning returns below the rate of inflation" to allow banks to "provide cheap loans to companies and governments, reducing the burden of repayments." It can be particularly effective a ...
" in 1973, working alongside his colleague Edward Shaw.
[McKinnon, Ronald I. ''Money and Capital in Economic Development''. Washington, D.C.: ]Brookings Institution
The Brookings Institution, often stylized as simply Brookings, is an American research group founded in 1916. Located on Think Tank Row in Washington, D.C., the organization conducts research and education in the social sciences, primarily in e ...
, 1973
Publications (incomplete)
*Ronald McKinnon (May 2014)
China’s Currency Conundrum SIEPR Policy Brief.
*Ronald McKinnon (Apr 2014)
The Unloved World Dollar Standard: Greenspan-Bernanke *Bubbles in the Global Economy SCID. SCID Working Paper 497.
*Ronald McKinnon and Gunther Schnabl (Feb 2014)
China’s Exchange Rate and Financial Repression: The Conflicted Emergence of the Renminbi as an International Currency SCID. SCID Working Paper 493.
*Ronald McKinnon (Oct 2013)
Tapering Without Tears SIEPR Policy Brief.
Books
* Money and Capital in Economic Development. Brookings, 1973.
* Money in International Exchange: The Convertible-Currency System. Oxford Univ. Press, 1979.
* An International Standard for Monetary Stabilization. Institute for International Economics, 1984.
* The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy. Johns Hopkins University Press, 1991; second edition, 1993, (Romanian, Chinese, and Arabic translations, 1997)
* The Rules of the Game: International Money and Exchange Rates. MIT Press, 1996.
* Dollar and Yen: Resolving Economic Conflict Between the United States and Japan (with Kenichi Ohno). MIT University Press, 1997, (Japanese translation, 1998; Chinese, 1999.)
* Exchange Rates under the East Asian Dollar Standard: Living with Conflicted Virtue. MIT Press 2005. (Chinese Translation, CFPH 2006.)
* The Unloved Dollar Standard: From Bretton Woods to the Rise of China. Oxford University Press, 2013
References
External links
* Some o
McKinnon's publications
1935 births
2014 deaths
University of Minnesota alumni
Stanford University faculty
International economists
Canadian economists
People from Edmonton
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