- International Monetary Fund
- Published Date:
- February 2010
Dr. Kemal Derviş is Vice President and Director of the Global Economy and Development Program at the Brookings Institution and a member of the Board of Overseers of Sabanci University in Istanbul. He is also Chairman of the International Advisory Board of Akbank and an Advisor to the Director-General of the International Labour Organization.
Until recently, Dr. Derviş was the Executive Head of the United Nations Development Programme and Chair of the United Nations Development Group. From 2002 to 2005, he served as a member of the Turkish Parliament, representing his native city of Istanbul. Prior to his tenure in Parliament, he served as the country’s Minister of Economic Affairs and the Treasury.
Before his service in the Turkish government, Dr. Derviş had a lengthy career at the World Bank, where he became Vice President for the Middle East and North Africa in 1996 and Vice President for Poverty Reduction and Economic Management in 2000.
Dr. Derviş earned his bachelor’s and master’s degrees in economics from the London School of Economics and his doctorate from Princeton University. His most recent book, A Better Globalization, was published in 2005.
The Per Jacobsson Lectures
|2009||Growth After the Storm? A Longer-Run Perspective. Lecture by Kemal Derviş.|
|2008||The Role and Governance of the IMF: Further Reflections on Reform. Symposium panelists: Stanley Fischer, Trevor Manuel, Jean Pisani-Ferry, and Raghuram Rajan.|
|The Approach to Macroeconomic Management: How It Has Evolved. Lecture by Lord George.|
|2007||Balance of Payments Imbalances. Lecture by Alan Greenspan.|
|2006||Asian Monetary Integration: Will It Ever Happen? Lecture by Tharman Shan-mugaratnam (Singapore).|
|Competition Policy and Monetary Policy: A Comparative Perspective. Lecture by Mario Monti (Bern).|
|2005||International Financial Institutions: Dealing with New Global Challenges. Lecture by Michel Camdessus.|
|2004||The U.S. Current Account Deficit and the Global Economy. Lecture by Lawrence H. Summers.|
|Some New Directions for Financial Stability? Lecture by C.A.F. Goodhart, CBF (Zurich).|
|2003||The Arab World: Performance and Prospects. Lecture by Abdlatif Yousef Al-Hamad (Dubai).|
|2073||The Boom-Bust Capital Spending Cycle in the United States: Lessons Learned. Lecture by F. Gerald Corrigan.|
|Recent Emerging Market Crises: What Have We Learned? Lecture by Guillermo Ortiz (Basel).|
|2001||No lecture took place due to the cancellation of the Annual Meetings of the IMF and the World Bank.|
|2000||Ten Years On—Some Lessons from the Transition. Lecture by Josef Tošovský (Prague).|
|Strengthening the Resilience of Financial Systems. Symposium panelists-. Peter B. Kenen, Arminio Fraga, and Jacques de Larosière (Lucerne).|
|1999||The Past and Future of European Integration—A Central Banker’s View. Lecture by Willem F. Duisenberg.|
|1998||Managing the International Economy in the Age of Globalization. Lecture by Peter D. Sutherland.|
|1997||Asian Monetary Cooperation. Lecture by Joseph C.K. Yam, CBE, JP (Hong Kong SAR).|
|1996||Financing Development in a World of Private Capital Flows: The Challenge for International Financial Institutions in Working with the Private Sector. Lecture by Jacques de Larosière.|
|1995||Economic Transformation: The Tasks Still Ahead. Symposium panelists-. Jan Svejnar, Oleh I Havrylyshyn, and Sergei K. Dubinin.|
|1994||Central Banking in Transition. Lecture by Baron Alexandre Lamfalussy (London).|
|Capital Flows to Emerging Countries: Are They Sustainable? Lecture by Guillermo de la Dehesa (Madrid).|
|1993||Latin America: Economic and Social Transition to the Twenty-First Century. Lecture by Fnrique V. Iglesias.|
|1992||A New Monetary Order for Europe. Lecture by Karl Otto Pohl.|
|1991||The Road to European Monetary Union: Lessons from the Bretton Woods Regime. Lecture by Alexander K. Swoboda (Basel).|
|Privatization: Financial Choices and Opportunities. Lecture by Amnuay Viravan (Bangkok).|
|1990||The Triumph of Central Banking? Lecture by Paul A. Volcker.|
|1989||Promoting Successful Adjustment: The Experience of Ghana. Lecture by J.L.S. Abbey.|
|Economic Restructuring in New Zealand Since 1984. Lecture by David Caygill.|
|1988||The International Monetary System: The Next Twenty-Five Years. Symposium panelists: Sir Kit McMahon, Tommaso Padoa-Schioppa, and C. Fred Bergsten (Basel).|
|1987||Interdependence: Vulnerability and Opportunity. Lecture by Sylvia Ostry.|
|1986||The Emergence of Global Finance. Lecture by Yusuke Kashiwagi.|
|1985||Do We Know Where We’re Going? Lecture by Sir Jeremy Morse (Seoul).|
|1984||Economic Nationalism and International Interdependence: The Global Costs of National Choices. Lecture by Peter G. Peterson.|
|1983||Developing a New International Monetary System: A Long-Term View. Lecture by H. Johannes Witteveen.|
|1982||Monetary Policy. Finding a Place to Stand. Lecture by Gerald K. Bouey (Toronto).|
|1981||Central Banking with the Benefit of Hindsight. Lecture by Jelle Zijlstra; commentary by Albert Adomakoh.|
|1980||Reflections on the International Monetary System. Lecture by Guillaume Guindey; commentary by Charles A. Coombs (Basel).|
|1979||The Anguish of Central Banking. Lecture by Arthur F. Burns; commentaries by Milutin Cirovic and Jacques J. Polak (Belgrade).|
|1978||The International Capital Market and the International Monetary System. Lecture by Gabriel Hauge and Erik Hoffmeyer; commentary by Lord Roll of Ipsden.|
|1977||The International Monetary System in Operation. Lectures by Wilfried Guth and Sir Arthur Lewis.|
|1976||Why Banks Are Unpopular. Lecture by Guido Carli; commentary by Milton Gilbert (Basel).|
|1975||Emerging Arrangements in International Payments: Public and Private. Lecture by Alfred Hayes; commentaries by Khodadad Farmanfarmaian, Carlos Massad, and Claudio Segré.|
|1974||Steps to International Monetary Order. Lectures by Conrad J. Oort and Puey Ungphakorn; commentaries by Saburo Okita and William McChesney Martin (Tokyo).|
|1973||Inflation and the International Monetary System. Lecture by Otmar Emminger; commentaries by Adolfo Diz and János Fekete (Basel).|
|1972||The Monetary Crisis of 1971: The Lessons to Be Learned. Lecture by Henry C. Wallich; commentaries by C.J. Morse and I.G. Patel.|
|1971||International Capital Movements: Past, Present, Future. Lecture by Sir Eric Roll; commentaries by Henry H. Fowler and Wilfried Guth.|
|1970||Toward a World Central Bank? Lecture by William McChesney Martin; commentaries by Karl Blessing, Alfredo Machado Gómez, and Harry G. Johnson (Basel).|
|1969||The Role of Monetary Gold over the Next Ten Years. Lecture by Alexandre Lam-falussy; commentaries by Wilfrid Baumgartner, Guido) Carli, and L.K. Jha.|
|1968||Central Banking and Economic Integration. Lecture by M.W. Holtrop; commentary by Lord Cromer (Stockholm).|
|1967||Economic Development: The Banking Aspects. Lecture by David Rockefeller; commentaries by Felipe Herrera and Shigeo Horie (Rio de Janeiro).|
|1966||The Role of the Central Banker Today. Lecture by Louis Rasminsky; commentaries by Donato Menichella, Stefano Siglienti, Marcus Wallenberg, and Franz Aschinger (Rome).|
|1965||The Balance Between Monetary Policy and Other Instruments of Economic Policy in a Modern Society. Lectures by C.D. Deshmukh and Robert V. Roosa.|
|1964||Economic Growth and Monetary Stability. Lectures by Maurice Frère and Rodrigo Gómez (Basel).|
The Per Jacobsson Lectures are available on the Internet at www.perjacobsson.org, which also contains further information on the Foundation. Copies of the Per Jacobsson Lectures may be acquired without charge from the Secretary. Unless otherwise indicated, the lectures were delivered in Washington, D.C.
The Per Jacobsson Foundation
|Founding Honorary Chairmen:||Eugene R. Black|
|Past Chairmen:||W. Randolph Burgess|
|William McC. Martin|
|Sir Jeremy Morse|
|Jacques de Larosière|
|Past Presidents:||Frank A. Southard, Jr.|
|Jacques J. Polak|
|Leo Van Houtven|
|Hermann J. Abs||Viscount Harcourt||Jean Monnet|
|Roger Auboin||Gabriel Hauge||Walter Muller|
|Wilfrid Baumgartner||Carl Otto Henriques||Juan Pardo Heeren|
|S. Clark Beise||M.W. Holtrop||Federico Pinedo|
|B.M. Birla||Shigeo Horie||Abdul Qadir|
|Rudolf Brinckmann||Clarence E. Hunter||Sven Raab|
|Lord Cobbold||H.V.R. Iengar||David Rockefeller|
|Miguel Cuaderno||Kaoru Inouye||Lord Salter|
|R.v. Fieandt||Albert E. Janssen||Pierre-Paul Schweitzer|
|Maurice Frère||Raffaele Mattioli||Samuel Schweizer|
|B.C. Fussell||J.J. McElligott||Allan Sproul|
|Aly Gritly||Johan Melander||Wilhelm Teufenstein|
|Eugenio Gudin||Donato Menichella||Graham Towers|
|Gottfried Haberler||Emmanuel Monick||Joseph H. Willits|
Sir Andrew D. Crockett — Chairman of the Board
|Abdlatif Y. Al-Hamad||Guillermo Ortiz|
|Caroline Atkinson||Alassane D. Ouattara|
|Nancy Birdsall||Dominique Strauss-Kahn|
|Michel Camdessus||Shigemitsu Sugisaki|
|Jaime Caruana||Edwin M. Truman|
|E. Gerald Corrigan||Leo Van Houtven|
|Malcolm D. Knight||Marcus Wallenberg|
|Kate Langdon||—||Vice-President and Secretary|
There is currently an attempt in the United States, which appears largely politically driven, to argue that the fiscal stimulus was ineffective. I will not get into that debate here, except to stress that a key fact to consider when evaluating the effectiveness of fiscal expansion should be the interest rate. If fiscal expansion leads to a substantial rise in interest rates, it is not effective and instead crowds out private spending. If interest rates remain low, as they have so far, there is a good case for saying that it is indeed effective. It is not only fiscal policy that helped, of course. Direct intervention in the financial sector, as well as aggressive monetary easing, were at least as important.
See, for example, Charles R. Nelson and Charles R. Plosser, “Trends and Random Walks in Macroeconomic Time Series: Some Evidence and Implications,” Journal of Monetary Economics, Vol. 10, No. 2 (1982), pp. 139-62; Robert E. Lucas, “Macroeconomic Priorities” (2003 AEA Presidential Address), American Economic Review, Vol. 93, No. 1 (2003), pp. 1-14; Valerie Cerra and Sweta C. Saxena, “Growth Dynamics: The Myth of Economic Recovery,” Working Paper No. 226 (Basel: Bank for International Settlements, 2007); and Valerie Cerra, Ugo Panizza, and Sweta C. Saxena, “International Evidence on Recovery from Recessions,” Working Paper No. 09-183 (Washington, D.C.: International Monetary Fund, 2009).
These are the words used by Federal Reserve Bank of Dallas President Richard Fisher in a speech at the University of California, as reported by Reuters on September 4.
Commisssion on Growth and Development, Post-Crisis Growth in Developing Countries: A Special Report of the Commission on Growth and Development on the Implications of the 2008 Financial Crisis (Washington, D.C.: World Bank, 2009), p. 2.
“[M]acroeconomics … has succeeded: its central problem of depression prevention has been solved.” Robert E. Lucas, “Macroeconomic Priorities” (2003 AEA Presidential Address), American Economic Review, Vol. 93, No. 1 (2003), pp. 1-14.
George A. Akerlof and Robert J. Schiller, Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Glohal Capitalism (Princeton, N.J.: Princeton University Press, 2009).
Fred Bergsten and Arvind Subramanian, “America Cannot Resolve Global Imbalances on Its Own,” Financial Times, August 19, 2009.
For this to happen in a big way, the pace of governance reform at the IMF would have to increase.
Latest findings by Thomas Piketty and Emmanuel Saez, cited in “A Long Way Down” (editorial), New York Times, September 16, 2009.
Following the delivery of his prepared remarks, Dr. Dervi§ answered questions from audience members, as typically happens after Per Jacobsson Lectures. Unfortunately, technical difficulties with the equipment used to record the lecture prevent the reproduction of the question-and-answer session here.