Talk about a baptism of fire. The crisis in Mexico erupted soon after economist Stanley Fischer joined the IMF in September 1994 as first deputy manager. It was a brutal lesson in the ways of the real world for the former head of the Massachusetts Institute of Technology’s world-renowned economics department.
Fischer had written prolifically on macroeconomics and the stabilization of inflationary economies. But, he says: “I wasn’t used to thinking of the banking and financial sector as having such a critical role.”
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