Nov. 9 (Bloomberg) -- Michael Spence, former dean of the Stanford University Business School and co-winner of the 2001 Nobel Prize in economics, told O Estado de S. Paulo that Brazil shouldn’t let markets dictate its foreign-exchange rate.

“I don’t think the most sensible thing to do is just to sit and let capital markets, with their history of doing everything wrong, appreciate your currency,” Spence told the newspaper.

To contact the reporter on this story: Camila Fontana Correa in Sao Paulo at cfontana@bloomberg.net.

Last Updated: November 9, 2009 05:26 EST