Conference on IMF Reform

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

Conference Agenda and Papers

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