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Conference

Conference on IMF Reform

September 23, 2005


Summary

The Institute has traditionally held an IMF seminar on the Friday afternoon prior to the IMF/World Bank Annual Meetings.  This year, the event was expanded into a full-day conference on IMF reform.

A group of 29 distinguished speakers, including several Senior Fellows at the Institute, presented specific proposals on different aspects of this very important topic.  The four sessions of the conference covered (1) the IMF’s role in the international monetary system, (2) governance of the IMF itself, (3) IMF lending facilities and (4) IMF financial resources.  The day concluded with a wrap-up panel of experienced observers.

The proceedings of this conference have been published in Reforming the IMF for the 21st Century, Special Report 19 (Institute for International Economics, 2006).


Conference Agenda and Papers


Background Paper  

Introduction and Summary
by Edwin M. Truman, Senior Fellow
Institute for International Economics

 



 

Opening Remarks
   

C. Fred Bergsten, Director
Institute for International Economics

The IMF View on IMF Reform
Rodrigo de Rato, Managing Director
International Monetary Fund

The IMF: Back to the Basics
Timothy D. Adams
Under Secretary of the US Treasury

 

     
Session I
  The IMF and the International Monetary System


 


Currency Manipulation and Enforcing the Rules of the International Monetary System

Morris Goldstein, Senior Fellow
Institute for International Economics

Revamping the International Monetary System
John Williamson, Senior Fellow
Institute for International Economics


Regional Arrangements and the IMF
C. Randall Henning, Visiting Fellow
Institute for International Economics and
American University

The IMF and the Capital Account
Rawi Abdelal
Harvard Business School

 


   
Session II
  Governance of the IMF

   


Rearranging IMF Chairs and Shares
Edwin M. Truman, Senior Fellow
Institute for International Economics

IMF Governance and the Political Economy of a Consolidated European Seat
Lorenzo Bini Smaghi
European Central Bank

Internal Governance and IMF Performance
Miles Kahler
University of California, San Diego

A New Steering Committee for the World Economy?
C. Fred Bergsten, Director
Institute for International Economics

A Latin American View on IMF Governance
Martin Redrado, Governor
Central Bank of Argentina

 

   

Session III
  IMF Lending Facilities

   


The Case for a Lender-of-Last-Resort Role for the IMF
William R. Cline, Senior Fellow
Institute for International Economics and
Center for Global Development

The Case Against the IMF as a Lender of Final Resort
Gregor Irwin, Bank of England
Chris Salmon, Bank of England

A Stability and Social Investment Facility
Kemal Dervis, Administrator
United Nations Development Program
former Minister for Economic Affairs of Turkey
Nancy Birdsall, President
Center for Global Development

The Case for an IMF Insurance Facility
Tito Cordella, International Monetary Fund
Eduardo Levy Yeyati, Universidad Torucato Di Tella

A Shock-Smoothing Facility for the IMF
Kristin Forbes
MIT-Sloan School of Management
former member of the US Council of Economic Advisers

The Policy Support Instrument: A Key Component of the Recent IMF Reform Movement
John B. Taylor
Stanford University
former Under Secretary of the US Treasury

IMF Facilities for Post-Stabilization
Low-Income Members

Steven Radelet
Center for Global Development

Reflections on the Function and Facilities for
IMF Lending

Michael Mussa, Senior Fellow
Institute for International Economics

 

     
Session IV
  IMF Financial Resources

   


Does the IMF Need More Financial Resources?
Ariel Buira
Group of 24

How Should IMF Resources Be Expanded?

Desmond Lachman
American Enterprise Institute

Is the SDR a Monetary Dodo?
Karin Lissakers
former US Executive Director of the IMF


 

     
Wrap-Up Panel
   


Chair:


Panelists:

 


C. Fred Bergsten, Director
Institute for International Economics

Barry Eichengreen
University of California, Berkeley

Mohamed El-Erian
PIMCO

Tommaso Padoa-Schioppa
Institute for International Affairs, Rome
former member of the Board of the European Central Bank

Yu Yongding
Institute of World Politics, Beijing