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News Release

Nicholas Lardy Appointed to New Chair in Honor of Anthony M. Solomon

February 1, 2010


The Peterson Institute for International Economics is pleased to announce the creation of an endowed chair in honor of the late Anthony M. Solomon and the appointment of Nicholas Lardy as the first scholar to hold the position. Dr. Lardy, who has been a senior fellow at the Institute since 2003, is widely regarded as one of the world's leading experts on the economy of China. In its recent comprehensive survey of experts on that country, the National Journal called Dr. Lardy "everybody's guru on China." His recent pathbreaking work on rebalancing China's economic growth and on its exchange rate policy has been extremely influential in the policy debates on those critical topics in both China and the United States. Dr. Lardy was the sixth most widely quoted think tank economist in the media during 1997–2005, the latest period for which such data are available, and is cited regularly in the pages of the world's financial press.

The new chair has been created by the family, friends, and former colleagues of the late Anthony M. Solomon in honor of his exemplary service to his country, and to the world as a whole, throughout the second half of the twentieth century as well as to the Institute for over 25 years. Mr. Solomon was Assistant Secretary of State for Economic Affairs (1965–1969), President of the International Investment Corporation for Yugoslavia (1969–72), Senior Adviser to Chairman Wilbur Mills of the Ways and Means Committee of the House of Representatives (1972–1974), Under Secretary of the Treasury for Monetary Affairs (1977–1980), President of the Federal Reserve Bank of New York (1980–84), and Chairman of S.G. Warburg U.S.A. (1986–89). During his tenure at Treasury, Mr. Solomon negotiated the Claims Settlement Agreement between the United States and China that was essential to restoring normal relationships between the two countries, making particularly appropriate the appointment of China expert Dr. Lardy to the chair in his honor. Attached is a copy of Mr. Solomon's full curriculum vitae.

Mr. Solomon also played a central role in the creation and development of the Peterson Institute for International Economics along with its founding Chairman, Peter G. Peterson, and founding Director, C. Fred Bergsten. He was a charter member of its Board of Directors from the startup of the Institute in 1981, chaired the Executive Committee of the Board from its inception until 2005, and was instrumental in the architectural design of the Institute's award-winning building at 1750 Massachusetts Avenue, NW, in Washington. The Institute named the building's Anthony M. Solomon Sculpture Garden in his honor in 2001, unveiled his portrait (along with that of Mr. Peterson) in 2003, and held a memorial service in his honor in early 2008 after his passing. Attached is a copy of the Resolution of Gratitude that the Institute's Board of Directors adopted in 2005, thanking him for his enormous service to the Institute and naming him Chairman Emeritus of its Executive Committee.

The Institute is proud that Nicholas Lardy will assume the Anthony M. Solomon Chair as the latest stage in his distinguished career. Dr. Lardy joined the Institute in 2003 after serving as a Professor of Economics at Yale University (1975–83), chair of the China Program (1984–89) and then Director of the Henry M. Jackson School of International Studies at the University of Washington (1991–1995), Senior Fellow at the Brookings Institution (1995–2003), and simultaneously Frederick Frank Adjunct Professor of International Trade and Finance at the Yale University School of Management (1997–2000). He received his BA from the University of Wisconsin in 1968 and his PhD from the University of Michigan in 1975, both in economics. His full curriculum vitae is attached.

Dr. Lardy is the author of numerous articles and books on the Chinese economy, including most recently The Future of China's Exchange Rate Policy (2009), China's Rise: Challenges and Opportunities (2008), and China: The Balance Sheet (2006). His previous book, Integrating China into the Global Economy (2002), explored whether reforms of China's economy and its foreign trade and exchange rate systems, following China's WTO entry, would deepen its engagement in the world economy. In 1998 he published China's Unfinished Economic Revolution, a study that evaluated the reform of China's banking system and measured the economic consequences of deferring reform in the state-owned sector. Some of his other publications include Debating China's Exchange Rate Policy (2008), China: Toward a Consumption-Driven Growth Path (2006), China's Role in the Revived Bretton Woods System: A Case of Mistaken Identity (2005), What Kind of Landing for the Chinese Economy? (2004), "China and the Asian Contagion" in Foreign Affairs (1998), "The Role of Foreign Trade and Investment in China's Economic Transformation" in the China Quarterly (1995), and China in the World Economy (1994). He is a member of the editorial boards of the China Quarterly, Journal of Asian Business, China Review, and China Economic Review.

The Anthony M. Solomon Chair has been created by the Solomon family and a large number of Tony's friends and former colleagues. It was designed and funded in close cooperation with Adam Solomon, Tony's son and himself a very active member of the Institute's Board prior to his tragic and untimely death in 2008, and carried to completion by Tony's surviving daughter Tracy Solomon. Other substantial support was provided by the Altman-Kazickas Foundation, the A G Foundation, and the Olayan Group. The Institute and the Solomon family express their deep gratitude to all those who contributed to this initiative.

This is the third endowed chair at the Institute. The first was sponsored by our long-time Director William M. Keck II to honor Reginald Jones, former CEO of General Electric and Chairman of the Business Council and President's Export Council, among many other activities, and has been held by Senior Fellow Gary Clyde Hufbauer since 1992. The second was supported primarily by the Olayan Group, J.P. Morgan, and the Niarchos Foundation in honor of Dennis Weatherstone, former CEO of J.P. Morgan & Co., and has been held by Senior Fellow Morris Goldstein since 1994. Messrs. Jones and Weatherstone, with Mr. Solomon, were also charter Directors of the Institute.

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About the Peterson Institute

The Peter G. Peterson Institute for International Economics is a private, nonprofit, nonpartisan research institution devoted to the study of international economic policy. Since 1981 the Institute has provided timely and objective analysis of, and concrete solutions to, a wide range of international economic problems. It is one of the very few economics think tanks that are widely regarded as "nonpartisan" by the press and "neutral" by the US Congress, its research staff is cited by the quality media more than that of any other such institution, and it was selected as Top Think Tank in the World for 2008 in the first comprehensive survey of over 5,000 such institutions. Support is provided by a wide range of charitable foundations, private corporations and individual donors, and from earnings on the Institute's publications and capital fund. It moved into its award-winning new building in 2001 and celebrated its 25th anniversary in 2006 and adopted its new name at that time, having previously been the Institute for International Economics.


Anthony Solomon

Anthony M. Solomon became president of the New York Fed and vice chairman of the Federal Open Market Committee on April 1, 1980, at the age of 60, capping long service in the Federal Government.

Mr. Solomon was born in Arlington, New Jersey, on December 27, 1919. He graduated from the University of Chicago with a bachelor's degree in economics in 1941, and soon afterwards joined the American financial mission to Iran.

He entered Harvard University in 1946, and he received a Master of Arts degree in economics and public administration in 1948.

Mr. Solomon spent the next 10 years in Mexico, first as a publisher, and then as president of a Mexican food company. In 1961, he joined the faculty of Harvard.

He returned to government service two years later as chairman of various missions, and was later appointed Deputy Assistant Secretary of State for Latin America.

From 1965 to 1969, Mr. Solomon was the Assistant Secretary of State for Economic Affairs and a member of President Johnson's five-man task force on the reform of the international monetary system.

In 1969, he established the International Investment Corp. for Yugoslavia at the request of Robert McNamara, president of the World Bank. He left in 1972 to become an adviser to the chairman of the U.S. House of Representatives Ways and Means Committee, and assisted in the development of trade legislation.

Mr. Solomon served as Undersecretary of the Treasury for Monetary Affairs from March 1977 to March 1980.

He stepped down as president of the New York Fed on December 31, 1984, upon reaching the retirement age of 65.

He was chairman of S.G. Warburg (U.S.A.) between 1986 and 1989. He subsequently served as a member, director, or chairman of various financial and advisory boards, including chairman of the executive committee of the Institute for International Economics in Washington, D.C.


Resolution of Gratitute

WHREAS Anthony M. Solomon was one of the original founding Directors of the Institute for International Economics;

WHEREAS he became the first and, to date, only Chairman of the Executive Committee of its Board of Directors;

WHEREAS he has also piloted the Investment Committee of the Board, managing the Institute's Capital Fund with great success through very difficult periods in the financial markets;

WHEREAS he played a central role in the design of the Institute's building in Washington, contributing numerous artistic innovations that were instrumental in its receiving the Award of Excellence from the American Institute of Architects in 2003;

WHEREAS he contributed sculptures of his own and commissioned others to further enhance the attractiveness of the building;

WHEREAS his extremely generous monetary contributions have both strengthened the financial position of the Institute directly and encouraged others to do so as well;

WHEREAS he has been an enormous pillar of strength for the Chairman, Director and entire Board and staff of the Institute throughout its 24-year history;

WHEREAS Anthony M. Solomon has now asked to step down as Chairman of the Executive Committee and Investment Committee;

THEREFORE BE IT RESOLVED that the Executive Committee of the Board of Directors of the Institute for International Economics, meeting in Washington on this 24th day of May 2005, extends its deepest appreciation to Anthony M. Solomon for his 24 years of loyal and devoted commitment to making the Institute one of the leading think tanks in the world;

BE IT FURTHER RESOLVED that the Committee expresses its gratitude that Anthony M. Solomon has agreed to remain a member of both the full Board of Directors of the Institute and its Executive Committee;

BE IT FURTHER RESOLVED that the Committee expresses its pleasure that it has previously been able to honor Anthony M. Solomon for his manifold contributions to the Institute by naming the building's Anthony M. Solomon Sculpture Garden in his honor in 2001 and by unveiling his portrait in 2003;

BE IT FINALLY RESOLVED that, wishing to express its recognition of the unique contribution that Anthony M. Solomon has made to the Institute for International Economics, the Executive Committee of the Board of Directors hereby names him its Chairman Emeritus and looks forward to continuing to work closely with him for many more years into the future.


Nicholas R. Lardy

Nicholas R. Lardy is a senior fellow at the Peterson Institute for International Economics. He joined the Institute in March 2003 from the Brookings Institution, where he was a senior fellow in the Foreign Policy Studies Program from 1995 until 2003 and served as interim director of Foreign Policy Studies in 2001. Before Brookings, he served at the University of Washington, where he was the director of the Henry M. Jackson School of International Studies from 1991 to 1995. From 1997 through the spring of 2000, he was also the Frederick Frank Adjunct Professor of International Trade and Finance at the Yale University School of Management. He is an expert on Asia, especially the Chinese economy.

Before his directorship, Lardy had been a professor of international studies at the University of Washington since 1985 and an associate professor from 1983 to 1985. He served as chair of the China Program from 1984 to 1989. He was an assistant and associate professor of economics at Yale University from 1975 to 1983.

Lardy has written numerous articles and books on the Chinese economy. Lardy's most recent books are The Future of China's Exchange Rate Policy (2009), China's Rise: Challenges and Opportunities (2008) and China: The Balance Sheet (Public Affairs, 2006) to which he contributed chapters on China's domestic economy and China in the world economy. In 2004, he coauthored Prospects for a US-Taiwan Free Trade Agreement with Daniel Rosen. His previous book, Integrating China into the Global Economy, published in January 2002, explores whether reforms of China's economy and its foreign trade and exchange rate systems following China's WTO entry will integrate it much more deeply into the world economy. In September 1998, he published China's Unfinished Economic Revolution, a study that evaluates the reform of China's banking system and measures the economic consequences of deferring reform in the state-owned sector. Some of his other publications include: Debating China's Exchange Rate Policy (2008); China: Toward a Consumption-Driven Growth Path (Peterson Institute for International Economics Policy Brief 06-6, October 2006); China's Role in the Revived Bretton Woods System: A Case of Mistaken Identity with Morris Goldstein ( Peterson Institute for International Economics Working Paper 05-2, March 2005); What Kind of Landing for the Chinese Economy? with Morris Goldstein (Policy Brief 04-7, 2004); "China and the Asian Contagion," Foreign Affairs 77, 4 (July/August 1998); "The Role of Foreign Trade and Investment in China's Economic Transformation," The China Quarterly, no. 144 (December 1995); China in the World Economy (1994); "Chinese Foreign Trade," The China Quarterly, no. 131 (September 1992); Foreign Trade and Economic Reform in China, 1978–1990 (Cambridge University Press, 1992, paperback, 1993); Agriculture in China's Modern Economic Development (Cambridge University Press, 1983) and Economic Growth and Distribution in China (Cambridge University Press, 1978).

Lardy is a member of the Council on Foreign Relations and is a member of the editorial boards of the China Quarterly, Journal of Asian Business,China Review, and China Economic Review.

He received his BA from the University of Wisconsin in 1968 and his PhD from the University of Michigan in 1975, both in economics.