Greenspan Gets Mixed Reaction From Overseas

President Reagan’s choice of economist Alan Greenspan to replace Paul A. Volcker as the head of the Federal Reserve received a mixed reception today from international economists.

To most Europeans, Greenspan is a relative stranger.

Many European government officials and economists expressed great surprise and disappointment that Volcker, who is widely respected overseas and viewed as a stabilizing influence on world economies, would not be staying on.

“Everybody would like to see Volcker there for a third term,” said Bill Martin, chief British economist for the brokerage firm Phillips and Drew.

Stocks, Bonds Plummet

Those sentiments were clearly evident in the world markets. Stocks, bonds and the dollar plummeted in frenzied trading. However, many economists said volatile markets would have been a result of the announcement no matter who had been chosen to succeed Volcker.

British Chancellor of the Exchequer Nigel Lawson tried to ease apprehension in Britain caused by Greenspan’s appointment. He issued a statement describing him as “an excellent choice” and said he expected no policy changes.

But Michael Osborne, chief economist at the British brokerage firm Kleinwort Grieveson, said: “There is very little respect for what is known of Mr. Greenspan. He is a man of a very small reputation.”

Stature Felt Lacking

“Mr. Volcker has the stature, but we very much doubt that Mr. Greenspan has the stature to cope with the problems,” Osborne said.

In Bonn, West German Finance Minister Gerhard Stoltenberg said “Volcker will go into U.S. history as one of the most important Fed chairmen.”

A director of a French bank in Paris said: “There will be a certain degree of floating around . . . until the market gets a feeling of what sort of policies Greenspan will pursue.”