Asian Financial crises
Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
January 2001
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    CONFERENCE PROGRAM

    Thursday, October 8

    WELCOMING REMARKS

    Michael H. Moskow, President, Federal Reserve Bank of Chicago

    SESSION 1: Origins of the Asian Crisis

    CHAIR:

    Gregory F. Taylor, International Monetary Fund

    SPEAKERS:

    Craig Burnside, Hoover Institution, Martin Eichenbaum, Northwestern University and Federal Reserve Bank of Chicago, and Sergio Rebelo, Northwestern University

    Michael P. Dooley, University of California, Santa Cruz and Board of Governors of the Federal Reserve System

    Reuven Glick, Federal Reserve Bank of San Francisco

    DISCUSSANTS:

    Roberto Chang, Federal Reserve Bank of Atlanta

    David D. Hale, Zurich Group

    ROUNDTABLE 1:

    Causes and Implications of the Asian Crisis

    The Role of the Financial Sector, Domestic Policies, and Contagion

    CHAIR:

    Jack B. Evans, Hall-Perrine Foundation

    PANELISTS:

    Joseph R. Bisignano, Bank for International Settlements

    J. Soedradjad Djiwandono, formerly Bank of Indonesia

    William C. Hunter, Federal Reserve Bank of Chicago

    Desmond Lachman, Salomon Smith Barney

    Flemming Larsen, International Monetary Fund

    Kazuo Ueda, Bank of Japan

    Chaiyawat Wibulswasdi, formely Bank of Thailand

    DINNER PROGRAM CHAIR:

    Robert J. Darnall, Chairman, President and CEO, Inland Steel Industries, Inc.

    KEYNOTE SPEAKER

    Karin Lissakers, Executive Director, International Monetary Fund Friday, October 9

    SESSION 2: Response to the Crisis – Overview and Case Studies

    CHAIR:

    Danny Leipziger, World Bank

    SPEAKERS:

    Overview: Bijan B. Aghevli, International Monetary Fund

    Korea: Stijn Claessens, World Bank

    Thailand: Yoshihiro Iwasaki, Asian Development Bank

    DISCUSSANTS:

    Richard J. Herring, University of Pennsylvania Yung Chul Park, Korea Institute of Finance

    Robert Townsend, University of Chicago and Federal Reserve Bank of Chicago

    SESSION 3: Containing the Risks of Future Crisis—Strenghening the Regulatory Framework

    CHAIR:

    Verne G. Istock, First Chicago NBD

    SPEAKERS:

    Allan H. Meltzer, Carnegie Mellon University Tom de Swaan, ABN AMRO Bank, N.V.

    DISCUSSANTS:

    George J. Benston, Emory University

    Anil K. Kashyap, University of Chicago and Federal Reserve Bank of Chicago

    Carl-Johan Lindgren, International Monetary Fund

    LUNCHEON PROGRAM CHAIR:

    Lester H. McKeever, Jr., Washington, Pittman, and McKeever and Director, Federal Reserve Bank of Chicago

    KEYNOTE SPEAKER

    Robert A. Johnson, formerly Moore Capital Management

    SESSION 4: Early Warning Indicators, Transparency, and Market Response

    CHAIR:

    Zhang Zhixiang, International Monetary Fund

    SPEAKERS:

    Jerome S. Fons, Moody’s Investors Service

    Morris Goldstein, Institute for International Economics

    Graciela L. Kaminsky, George Washington University

    John A. Wing, Illinois Institute of Technology and ABN AMRO

    DISCUSSANTS:

    Martin Mayer, Brookings Institution

    Catherine Pattillo, International Monetary Fund

    Eric Rosengren, Federal Reserve Bank of Boston

    ROUNDTABLE 2: Moral Hazard and the Role of International Rescue Programs

    CHAIR:

    Norman R. Bobins, LaSalle National Bank

    PANELISTS:

    Charles W. Calomiris, Columbia University

    Charles H. Dallara, Institute of International Finance

    John Lipsky, Chase Manhattan Bank

    Michael Mussa, International Monetary Fund

    Pedro Pou, Central Bank of Argentina—presented by José A. Costa,

    International Monetary Fund Helmut Schieber, Deutsche Bundesbank

    DINNER PROGRAM CHAIR:

    Michael H. Moskow, President, Federal Reserve Bank of Chicago

    KEYNOTE SPEAKER

    Stanley Fischer, First Deputy Managing Director, International Monetary Fund

    SESSION 5: The Future Role of the International Monetary Fund in International Rescue Operations

    CHAIR:

    David Marshall, Federal Reserve Bank of Chicago

    SPEAKERS:

    Barry Eichengreen, University of California, Berkeley

    Robert Litan, Brookings Institute

    DISCUSSANTS:

    Charles A. E. Goodhart, London School of Economics and Bank of England

    Randall S. Kroszner, University of Chicago and Federal Reserve Bank of Chicago

    Anna J. Schwartz, National Bureau of Economic Research

    ROUNDTABLE 3: Lessons from the Crisis for the International

    Financial System

    CHAIR:

    Raghuram Rajan, University of Chicago

    PANELISTS:

    Manuel Guitian, International Monetary Fund

    Everardo Elizondo, Banco de Mexico

    Richard Portes, London Business School and Centre for Economic Policy Research

    Edwin M. Truman, Board of Governors of the Federal Reserve Bank of System

    Delano Villanueva, South East Asian Central Banks

    Yukio Yoshimura, International Monetary Fund

    CONFERENCE SUMMARY

    George G. Kaufman, Loyola University, Chicago and Federal Reserve Bank of Chicago

    Michael H. Moskow, Federal Reserve Bank of Chicago

    Contributors

    BIJAN B. AGHEVLI is the deputy director in the Asia and Pacific Department at the International Monetary Fund. He was previously a senior advisor in the research department in charge of managing the department’s research program on developing countries. He also spent two years as a research fellow at the London School of Economics. He has worked extensively on Asian countries, including Japan and the Asian crisis countries, and has published papers in the general area of international and monetary economics.

    GEORGE J. BENSTON is the John H. Harland Professor of Finance, Accounting, and Economics in the Goizueta Business School and professor of economics in the College of Arts and Sciences of Emory University and honorary visiting professor at City University (London). Before coming to Emory in 1987, he was on the faculties of the University of Rochester and the University of Chicago and has been the John M. Olin Distinguished Visiting Fellow at Oxford University and a visiting professor at the London School of Economics, the London Graduate School of Business Studies, Hebrew University, and the University of California, Berkeley. Mr. Benston has published extensively on accounting, banking, and other economic subjects. He received his B.A. from Queens College, M.B.A. from New York University, and Ph.D. from the University of Chicago.

    JOSEPH R. BISIGNANO is the deputy director of the Monetary and Economic Department of the Bank for International Settlements. Prior to his current position, Mr. Bisignano was senior vice president and director of research at the Federal Reserve Bank of San Francisco. He has served as a visiting professor of economics at Stanford University as well as assistant professor of economics at Rutgers University. Mr. Bisignano holds an M.A. and Ph.D. in economics from Stanford University, an M.B.A. in finance from Columbia University, and a B.S. from the University of Buffalo.

    NORMAN R. BOBINS is president and chief executive officer of LaSalle National Bank and LaSalle National Corporation. He is also chairman of LaSalle Bank NI and LaSalle Bank N.A., and the head of Midwest Commercial Banking for ABN AMRO North America, Inc., the parent of the LaSalle Banks. Mr. Bobins joined The Exchange National Bank of Chicago in April 1981 as senior executive vice president and chief lending officer. The Exchange was acquired by LaSalle National Corporation in 1990. He came to the Exchange from American National Bank and Trust Company where he was senior vice president, holding various commercial lending positions over fourteen years. In June 1995, Mayor Richard M. Daley named him to Chicago’s School Reform Board of Trustees. In addition, Mr. Bobins is a trustee of DePaul University, the Public School Teachers’ Pension and Retirement Fund of Chicago, and the University of Chicago Hospitals. He is past president of The Bankers Club of Chicago, chairman of the board of directors of the Chicago Clearing House Association, and a board member of Spertus College. He is a member of the Bankers Roundtable, the Chicago Committee, the Commercial Club of Chicago, the Leadership Council for Metropolitan Open Communities, and Northwestern University Associates. Mr. Bobins earned his B.S. from the University of Wisconsin in 1964 and his M.B.A. from the University of Chicago in 1967.

    CRAIG BURNSIDE is a national fellow of the Hoover Institution at Stanford University, currently on leave from his position as an economist for the World Bank. Mr. Burnside has been an assistant professor at the University of Pittsburgh as well as a lecturer and assistant professor at Queen’s University. Mr. Burnside has extensive publications, including papers, short articles, and book chapters. He holds a B.A. in economics from the University of British Columbia and an M.A. and Ph.D. in economics from Northwestern University.

    CHARLES W. CALOMIRIS is the Paul M. Montrone Professor of Finance and Economics and Director of the Program in Financial Institutions at the Columbia University Graduate School of Business. He also directs the Project on Financial Deregulation at the American Enterprise Institute. Mr. Calomiris has published widely in journals and books, including the American Economic Review, the Quarterly Journal of Economics, the Journal of Business, the Journal of Money, Credit, and Banking, and the Oxford Economic Papers. Mr. Calomiris is the recipient of research grants or awards from the National Science Foundation, the World Bank, the Japanese Government, the Herbert V. Prochnow Foundation, and the Garn Institute of Finance. In 1995 he was named a university scholar at the University of Illinois at Urbana-Champaign, where he served as associate professor of finance and co-director of the Office for Banking Research. He is a member of four editorial boards, a research associate at the National Bureau of Economic Research, a visiting fellow at the American Enterprise Institute, and a consultant for the World Bank and the St. Louis and the New York Federal Reserve Banks. He has been a visiting scholar at the Federal Reserve Board of Governors, the Federal Reserve Banks of Chicago and St. Louis, and an advisor to the governments of Mexico, Argentina, and El Salvador on banking reform. Mr. Calomiris received a B.A. in economics from Yale University in 1979 and a Ph.D. in economics from Stanford University in 1985.

    ROBERTO CHANG is a research officer with the Federal Reserve Bank of Atlanta. Prior to joining the Bank in 1993, he was an assistant professor of economics at New York University. He has also worked as an economist at the Central Bank of Peru. Mr. Chang is a member of the American Economic Association. He is an associate editor of the Journal of International Economics. His research has been published in many journals, including the Journal of Monetary Economics and the Journal of Economic Theory. He has received several honors, including a research grant from the National Science Foundation. A native of Lima, Peru, he received his Bachelor’s degree from the Universidad Catolica del Peru and his Ph.D. in economics from the University of Pennsylvania.

    STIJN CLAESSENS is a principal economist in the Financial Economics Group of the Financial Sector Practice of the World Bank. Prior to coming to the bank, Mr. Claessens taught at New York University. He has also worked in the World Bank’s finance complex, Chief Economist’s Office, the Debt and International Financial Division, the Finance and Private Sector Development Division for the Europe, Central Asia, Middle-East and North Africa Regions, and the East Asia and Pacific Region. He holds a Ph.D. and Master’s in business economics from the Wharton School of the University of Pennsylvania and a Master’s in business economics from Erasmus University, the Netherlands.

    CHARLES H. DALLARA became third managing director of the Institute of International Finance in July 1993. As the institute’s chief executive officer, he is responsible for developing and executing the institute’s programs under the guidance of the Board of Directors. From June 1991 to July 1993, Mr. Dallara was a managing director at J.P. Morgan & Company, heading Morgan’s investment and commercial banking business in Eastern Europe and the C.I.S., the Middle East, Southeastern Europe, Africa, and India. Mr. Dallara earned a B.S. degree in economics from the University of South Carolina. He received an M.A. and a Ph.D. from the Fletcher School of Law and Diplomacy, Tufts University.

    ROBERT J. DARNALL is chairman, president, and chief executive officer of Inland Steel Industries, Inc., and has been associated with Inland Steel since 1979. He has been chairman, president, and chief executive officer since 1992. He is also a member of the Board of Directors of the Federal Reserve Bank of Chicago. Mr. Darnall is a member of the Boards of Directors of the International Iron and Steel Institute, Cummins Engine Company, Inc., and Household International, Inc. He received a B.A. degree in mathematics in 1960 from DePauw University, a B.S. degree in civil engineering in 1962 from Columbia University, and an M.B.A. degree in 1973 from the University of Chicago.

    TOM de SWAAN is a member of the Managing Board of ABN AMRO Bank N.V., which he joined in 1998. He also serves as chairman of the Basle Committee on Banking Supervision. Beginning in 1992, he assumed responsibility for the supervision of credit institutions and mutual funds in the Netherlands. During this period, he served as chairman of the Joint Forum on Financial Conglomerates and the Banking Supervisory Committee of the European Monetary Institute. In 1986 he became a member of the Governing Board of De Nederlandsche Bank in charge of payment systems and IT. Mr. de Swaan started his professional career at De Nederlandsche Bank (the Netherlands Central Bank). He holds a master’s degree in economics from the University of Amsterdam.

    J. SOEDRADJAD DJIWANDONO is a noted economist and policymaker in Indonesia. After starting his career as a reseacher in the National Institute for Economics and Social Research of the Indonesian Institute for Sciences (LIPI) in 1963, he rose to head its economics division in 1968. He was special assistant to the Minister of Trade in Indonesia from 1969 to 1972. In 1972, he became the head of the Bureau of Monetary and State Finance in the National Development and Planning Agency (BAPPENAS) and in 1984, assistant minister coordinator for economics, finance, and industry. From 1988 to 1993, Mr. Djiwandono served as the state minister for trade of the Republic of Indonesia and served as the governor of Bank Indonesia, Indonesia’s central bank, from 1993 until February 1998. He has also been associated with the University of Indonesia since 1978 and is currently a professor of economics. He has written a number of books and articles on monetary policies, finance, and international trade-related issues. He holds a B.A. in economics from Gajah Mada University, an M.Sc. in economics from the University of Wisconsin- Madison, and an M.A. in political economics from Boston University. He also received a Ph.D. in economics from Boston University.

    MICHAEL P. DOOLEY is an economist in the Division of International Finance at the Board of Governors of the Federal Reserve on leave from the University of California, Santa Cruz. He is a research associate at the National Bureau of Economic Research and an editor of the International Journal of Finance and Economics. He has served on the staff of the Board of Governors and the Research Department of the International Monetary Fund. His research deals with exchange rate determination, international capital movements, capital controls, debt management policy, and issues associated with sovereign debt.

    MARTIN EICHENBAUM is a professor of economics at Northwestern University and a consultant to the Federal Reserve Bank of Chicago. Before coming to Northwestern, Mr. Eichenbaum was visiting associate professor of economics at the Graduate School of Business at the University of Chicago as well as an assistant, then associate professor of economics at Carnegie Mellon University. He has published widely on issues of macroeconomic equilibria and markets. Mr. Eichenbaum holds a Bachelor’s degree in economics from McGill University and a Ph.D. in economics from the University of Minnesota.

    BARRY EICHENGREEN is the John L. Simpson Professor of Economics and Political Science at the University of California, Berkeley, research associate of the National Bureau of Economic Research, and research fellow of the Center for Economic Policy Research. His most recent book is Globalizing Capital: A History of the International Monetary System, just reissued by Princeton University Press in paperback with new material on the Asian crisis.

    EVERARDO ELIZONDO is the vice governor of Banco de México. Prior to his appointment, he was chief economist at Bancomer, S.A. from 1992 to 1997, and director of the Instituto Quantum, also in 1992.

    From 1983 to 1992, Mr. Elizondo was president, index, of Economia Aplicada, S.A. From 1982 to 1983, he was a visiting scholar at the University of Texas, Austin. He served as chief economist and vice president of Grupo Industrial ALFA, S.A. from 1974 to 1982. Mr. Elizondo began his career as chief economist at Grupo Serfin, S.A. He received a B.A. in economics from Universidad de Nuevo León, an M.Sc. in economics from University of Wisconsin, Madison, and a diploma from the International Tax Program at Harvard Law School.

    JACK B. EVANS is president of the Hall-Perrine Foundation, a private philanthropic corporation located in Cedar Rapids, Iowa. He has been president since January 1996. He is also a member of the Board of Directors of the Federal Reserve Bank of Chicago. From 1972 to 1995, he held various positions with the SCI Financial Group, Inc., a regional financial services firm, including vice president of research, executive vice president, and president and chief operating officer. Mr. Evans also owns and manages three grain farms in Iowa. He is chairman of the Board of Trustees of Coe College and a board member of the Cedar Rapids Gazette Company, Priority One (past chairman), and the Hall-Perrine Foundation. He is also vice chairman and board member of the United Fire & Casualty Company. Mr. Evans received a B.A. degree in business administration from Coe College in 1970 and an M.B.A. degree in finance and investments from the University of Iowa in 1972.

    STANLEY FISCHER is the first deputy managing director of the International Monetary Fund, a post he assumed in September 1994. Prior to joining the Fund, Mr. Fischer was the Killian Professor and head of the Department of Economics at Massachusetts Institute of Technology (MIT). He was assistant professor of economics at the University of Chicago until 1973, when he returned to the MIT Department of Economics as an associate professor. He became professor of economics in 1977. He has held visiting positions at the Hebrew University, Jerusalem, and at the Hoover Institution at Stanford. From January 1988 to August 1990 he served as vice president, development economics and chief economist at the World Bank. He has also held consulting appointments with the U.S. State Department, the U.S. Treasury, the World Bank, the International Monetary Fund, and the Bank of Israel. Mr. Fischer is the author or editor of numerous books. From 1986 to 1994 he was editor of the NBER Macroeconomics Annual; he has also served as associate editor of other economics journals. He has published extensively in the professional journals. He received a B.Sc in economics and an M.Sc. in economics at the London School of Economics and obtained his Ph.D. in economics at MIT.

    JEROME S. FONS is a managing director in the Banking and Sovereign Group at Moody’s Investors Service in New York. From 1990 through 1994, Mr. Fons was the principal author of Moody’s corporate bond and commercial paper default studies and has published widely in the field of credit risk. Prior to joining Moody’s, Mr. Fons was an economic advisor at Chemical Bank and an economist with the Federal Reserve Banks of New York and Cleveland. Mr. Fons holds a Ph.D. in economics from the University of California, San Diego.

    REUVEN GLICK is vice president in charge of the International Studies Section of the Economic Research Department at the Federal Reserve Bank of San Francisco and director of the Bank’s Center for Pacific Basin Monetary and Economic Studies. Mr. Glick is the author of many articles in the area of international macroeconomic policy and Pacific Basin financial developments. He was formerly on the faculty of the Graduate School of Business at New York University and a consultant to the World Bank on international debt issues. Mr. Glick received a B.A. degree in economics from the University of Chicago and a Ph.D. degree in economics from Princeton University.

    MORRIS GOLDSTEIN is the Dennis Weatherstone Senior Fellow in International Finance at the Institute for International Economics. He has held the position of deputy director of the International Monetary Fund Research Department as well as serving as senior technical advisor at the U.S. Treasury, a visiting research associate at the London School of Economics, and as Baker-Weeks Research Fellow at the Brookings Institution. He has published widely in the field of international economics. Mr. Goldstein received an B.A. in economics from Rutgers College and a Ph.D. in economics from New York University.

    CHARLES A. E. GOODHART is the Norman Sosnow Professor of Banking and Finance at the London School of Economics (LSE). In 1997 he was appointed one of the outside independent members of the Bank of England’s new Monetary Policy Committee. Before joining the LSE in 1985, he worked as an adviser at the Bank of England, becoming a chief adviser in 1980. Earlier he had taught at Cambridge. Besides numerous articles, he has written books on monetary history and a graduate monetary textbook.

    MANUEL GUITIÁN is director of the Monetary and Exchange Affairs Department at the International Monetary Fund. After working on conditionality and other IMF policy issues early in his career, Mr. Guitián participated actively in the process of accession to Fund membership of the countries in transition from central planning to market-based economic regimes and led missions to the European members of the G-7 as well as to countries in transition and in the process of structural reform. He is the author of numerous articles on international monetary matters and on balance of payments, exchange rate, and external debt issues. Mr. Guitián graduated in law from the University of Santiago de Compostela and in economics from the Compulutense University of Madrid. He also holds a Ph.D. in economics from the University of Chicago.

    DAVID D. HALE is the global chief economist for the Zurich Group and its investment affiliates. He joined the group following its acquisition of Kemper Corporation, where he had served as chief economist for many years. Since 1990, he has also been a consultant to the U.S. Department of Defense on how changes in the global economy are affecting U.S. security relationships. In addition to his responsibilities at Zurich, Mr. Hale is a member of a variety of government and private sector economic policy research groups in Washington, Tokyo, and Bonn. Mr. Hale holds a B.Sc. degree in international economic affairs from the Georgetown University School of Foreign Service and an M.Sc. degree in economics from the London School of Economics.

    RICHARD J. HERRING is the Jacob Safra Professor of International Banking and vice dean and director of the Undergraduate Division at the Wharton School of the University of Pennsylvania. He has served as advisor to the Federal Reserve Board, the Council of Economic Advisers, the U.S. Treasury, the Central Bank of New Zealand, the International Monetary Fund, and the World Bank. Before his current position at Wharton, Mr. Herring taught at Princeton University. He received his A.B. from Oberlin College and his M.A. and Ph.D. from Princeton University.

    WILLIAM C. HUNTER is senior vice president and director of research at the Federal Reserve Bank of Chicago. Prior to his current position, he was a vice president and head of the financial markets and banking sections in the Research Department of the Federal Reserve Bank of Atlanta. He has held the position of associate professor of finance at Emory University and has held faculty positions at Atlanta University, the University of Georgia, Chicago State University, and Northwestern University. He was a visiting scholar with the Board of Governors of the Federal Reserve System. Mr. Hunter received his B.S. in business and economics from Hampton Institute (now Hampton University) and holds an M.B.A. in finance and a Ph.D. in finance and environment from Northwestern University.

    VERN G. ISTOCK is chairman, president, and chief executive officer of First Chicago NBD Corporation. Mr. Istock joined NBD in 1963 as a credit analyst trainee, and took on increasing responsibilities over time, becoming a group head in the Metropolitan Corporate Division in 1971. In 1977, Mr. Istock was appointed head of the United States Division. In 1982, he was named an executive vice president with responsibility for all corporate banking divisions. He was elected vice chairman and director of NBD Bancorp and NBD Bank in 1985. He was named chairman and chief executive officer on January 1, 1994. Upon the merger of NBD and First Chicago Corporation on December 1, 1995, Mr. Istock became president and chief executive officer of the new corporation, First Chicago NBD Corporation, and was elected chairman on May 10, 1996. Mr. Istock is also a member of the Board of Directors of the Federal Reserve Bank of Chicago. He is a director of the Bankers Roundtable, a director of the International Monetary Conference, and has served on the Board of Directors of the Michigan State Chamber of Commerce and the Business Attraction and Expansion Council of the Greater Detroit Chamber of Commerce.

    YOSHIHIRO IWASAKI is chief of the Strategy and Policy Office (SPO) of the Asian Development Bank. Prior to his appointment as the head of SPO in November 1997, he served for three years as manager of the Programs Department (West) covering Bangladesh, Bhutan, India, and Nepal. From 1983 to 1990, Mr. Iwasaki served as economist/senior economist at the Economics Office and the Programs Department (West). From 1991 to 1994 he worked for the International Monetary Fund as senior economist, Central Asia Department. He has also served as a visiting professor at the University of the Philippines’ School of Economics. Prior to 1983, Mr. Iwasaki’s experience included four years of consultancy work on trade and development for the Institute of Developing Economies and the International Development Center of Japan in Tokyo, five years in the export–import business of machinery and petrochemical plants, and the development of a natural gas project for C. Itoh & Co. He has a doctorate degree in economics (development) from Stanford University. He received his master’s and bachelor’s degrees in economics from Keio University, Tokyo.

    ROBERT A. JOHNSON was an investment manager at Moore Capital Management from 1995 to 1996 before taking a sabbatical to work on charitable activities. He is currently the president of the National Scholastic Chess Foundation, which promotes using the game of chess in the curriculum of schools in poverty stricken urban areas. He is also an active member of the board of directors of the Shake A Leg Foundation, which focuses on the rehabilitation of people with spinal cord injuries. Before joining Moore Capital, Mr. Johnson was a managing director at Soros Funds Management in New York City. His fund was very involved in the emerging markets of Asia and Latin America. Prior to joining Soros Fund Management, Mr. Johnson was a member of the proprietary trading team at Bankers Trust Company, and he managed an exotic currency fund for the Bankers Trust Company’s Funds Management Division. Mr. Johnson was the chief economist of the Senate Banking Committee under William Proximire from 1987 to 1989. Mr. Johnson worked concurrently as a consultant to the Robert Strauss-Drew Lewis led Bipartisan National Economic Commission on the fiscal implications of the resolution of the Savings and Loan situation. Mr. Johnson also worked as a senior economist of the Senate Budget Committee under Pete Domenici from 1986 to 1987, and was a research economist in the Division of International Finance at the Federal Reserve Board from May of 1984 until early 1986. Mr. Johnson received his Ph.D. in economics from Princeton University in 1986 and B.S. degrees in electrical engineering an din economics from the Massachusetts Institute of Technology.

    GRACIELA L. KAMINSKY is currently a professor of economics at George Washington University. She has been a consultant and visiting scholar at the International Monetary Fund and World Bank. She has worked in the Division of Monetary Affairs at the Board of Governors of the Federal Reserve System and was an assistant professor of economics at the University of California, San Diego. Ms. Kaminsky has published extensively on issues of open economy macroeconomics. She received her Ph.D. from the Massachusetts Institute of Technology.

    ANIL K. KASHYAP is a professor of economics at the University of Chicago’s Graduate School of Business. Mr. Kashyap joined the faculty in 1991. He is a consultant to the Federal Reserve Bank of Chicago’s Research Department and serves on the Advisory Council to the Japan External Trade Organization. Previously he served as a staff economist for the Board of Governors of the Federal Reserve System. He earned his Ph.D. in economics in 1989 from the Massachusetts Institute of Technology and his Bachelor’s degree in 1982 in economics and statistics from the University of California, Davis.

    GEORGE G. KAUFMAN is the John F. Smith, Jr., Professor of Economics and Finance at Loyola University, Chicago and a consultant to the Federal Reserve Bank of Chicago. From 1959 to 1970 he was at the Federal Reserve Bank of Chicago, and after teaching for ten years at the University of Oregon, he returned as a consultant to the Bank in 1981. Mr. Kaufman’s teaching and research interests are in financial economics, institutions, and markets. He is co-chair of the Shadow Financial Regulatory Committee. Mr. Kaufman received a B.A. from Oberlin College, an M.A. from the University of Michigan, and a Ph.D. in economics from the University of Iowa.

    RANDALL S. KROSZNER is associate professor of business economics at the University of Chicago’s Graduate School of Business and a consultant to the Federal Reserve Bank of Chicago. Mr. Kroszner has been a visiting professor at the Stockholm School of Economics, the Institute for International Economic Studies at the University of Stockholm, and the Free University of Berlin. Mr. Kroszner graduated magna cum laude from Brown University and received his Ph.D. from the economics department of Harvard University in 1990.

    THOMAS H. KRUEGER is division chief of the Southern I section of EU1 at the International Monetary Fund. Mr. Krueger joined the IMF in 1988 as an economist. He has served in various capacities at the IMF including as senior economist and deputy division chief. Mr. Krueger completed his undergraduate studies in economics in 1982 at the University of Freiburg. He received an M.A. in economics in 1985 and a Ph.D. in economics in 1988, both from the University of Chicago.

    DESMOND LACHMAN is the managing director for Salomon Smith Barney’s emerging market economic research. Previous to his current position, he was global coordinator, then head, of global emerging market research. Prior to joining Salomon, Mr. Lachman was deputy director in the Policy and Review Department at the International Monetary Fund. He also served as senior advisor in its European department. Mr. Lachman holds a bachelor of commerce degree from the University of Wiwatersrand, South Africa, and a Ph.D. from Cambridge University.

    FLEMMING LARSEN is deputy director of research at the International Monetary Fund, Washington, DC. Since 1992, he has had the senior responsibility for the IMF’s World Economic Outlook, the Fund’s flagship publication and one of the most authoritative surveys of global economic trends and policy issues. In 1990–92 (while on leave from the IMF), Mr. Larsen was division chief in the European Commission, with responsibility for international monetary affairs. Before joining the IMF in 1985, he was director of forecasting at Wharton Econometrics in Philadelphia and senior economist at the Organization for Economic Cooperation and Development in Paris. Mr. Larsen holds degrees from the University of Aarhus, Denmark, and the College of Europe in Bruges.

    DANNY LEIPZIGER is director for finance, private sector, and infrastructure for Latin America and the Caribbean at the World Bank. Mr. Leipziger led the team negotiating the World Bank’s $3 billion emergency loan to Korea in December 1997. Since joining the World Bank in 1981, he has been lead economist for country groups in East Asia and Latin America and senior manager of the Economic Development Institute. Mr. Leipziger led the team negotiating emergency bank restructuring operations in Argentina in 1995 and the renewal of bank lending and advisory work in Vietnam in 1989 to 1990. He served previously at US AID and the Economic Bureau and Policy Planning Staff of the State Department. Among his recent publications are Lessons of East Asia and Distribution of Income and Wealth in Korea. Mr. Leipziger edited the World Bank’s East Asia Country Studies series in 1993 and has published widely on development economics. Mr. Leipziger holds a Ph.D. from Brown University.

    CARL-JOHAN LINDGREN is senior advisor of the International Monetary Fund’s Monetary and Exchange Affairs Department (MAE) with responsibility for financial sector issues. He formerly headed MAE’s Banking Supervision and Regulation Division for several years and spearheaded the IMF’s work on banking soundness and bank restructuring issues as well as on the dual relationship between macroeconomic and financial sector developments and policies. He is one of the principal authors of various published IMF policy papers on financial sector issues including bank soundness and macroeconomic policy, systemic bank restructuring and macroeconomic policy, and toward a framework for financial stability. Mr. Lindgren has participated in various international working parties dealing with strategies for strengthening financial sectors in emerging market economies. Since the middle of last year, he has been heavily involved in the financial sector crises in Asia. Mr. Lindgren has been a staff member of the IMF since 1970, serving first as an economist in the Latin American region, later advising central banks worldwide on monetary management and money market development issues, and in the 1990s focusing on financial sector issues. Mr. Lindgren is a graduate of the Swedish School of Economics in Helsinki.

    JOHN LIPSKY is the chief economist of the Chase Manhattan Bank. He also serves as the director of research of Chase’s Global Bank. A managing director of the bank, Mr. Lipsky was appointed a member of the Chase Manhattan Corporation’s Policy Council, the senior policymaking organization. Previously, Mr. Lipsky had been chief economist of Salomon Brothers, Inc., a position he had occupied since 1992. From 1989 to 1992, Mr. Lipsky was based in London, where he directed Salomon Brothers’ European Research Group. He joined Salomon Brothers in 1984, following a decade at the International Monetary Fund, where he helped to direct the Fund’s exchange rate surveillance and tracked international capital market developments and spent 1978 to 1980 as the fund’s resident representative in Chile. Mr. Lipsky’s professional affiliations include the Board of Directors of the National Bureau of Economic Research and of the American Council on Germany. Mr. Lipsky received a Bachelor’s degree in economics from Wesleyan University and an M.A. and a Ph.D. in economics from Stanford University.

    KARIN LISSAKERS is the executive director for the United States at the International Monetary Fund. Her previous positions include lecturer in international banking at Columbia University, senior associate at the Carnegie Endowment for International Peace, as well as staff director for the Senate Subcommittee on Foreign Economic Policy. She has authored a book and several articles on international banking issues. Ms. Lissakers holds a B.A. from Ohio State University and an M.A. from John Hopkins University.

    ROBERT E. LITAN is the director of the Economic Studies Program and the Cabot Family Chair in Economics at the Brookings Institution, where he served as a senior fellow from 1984 to 1993 and as director of two research centers in the program from 1987 to 1993. From 1993 to 1995, he was deputy assistant Attorney General at the Department of Justice. During 1995 and 1996, he was associate director of the Office of Management and Budget. Mr. Litan has practiced at two Washington law firms. He received his B.S. in economics from the Wharton School of Finance, University of Pennsylvania, his J.D. from Yale Law School, and both his M.Phil, and Ph.D. in economics from Yale University.

    DAVID MARSHALL is economic advisor and senior financial economist at the Federal Reserve Bank of Chicago and adjunct professor of finance at the University of Chicago. Before coming to the Federal Reserve System, he was on the faculty of the Kellogg Graduate School of Management at Northwestern University. His research focuses on linkages between financial markets, financial institutions, and macroeconomic performance. He has had papers published in Econometrica, the Journal of Finance, the Journal of Financial Economics, the Journal of Monetary Economics, the Journal of Money, Credit, and Banking, and Macroeconomic Dynamics. Mr. Marshall received a B.A. from Yale University, and an M.S. and Ph.D. in economics from Carnegie-Mellon University.

    MARTIN MAYER is a guest scholar at the Brookings Institution. He is the author of three novels and thirty nonfiction books, about half of them about business and financial subjects, most recently The Bankers: The Next Generation. He has been a consultant to the American Council of Learned Societies in the 1960s, a member of the President’s Panel on Educational Research and Development for Presidents Kennedy and Johnson, and a member of the President’s Commission on Housing for President Reagan. Mr. Mayer is a graduate of Harvard.

    LESTER H. McKEEVER, JR. is the managing partner and head of Washington, Pittman & McKeever, a Chicago-based CPA and consulting firm. He has been affiliated with the firm for over thirty-five years, and has been managing partner since 1976. He is also chairman of the Board of Directors of the Federal Reserve Bank of Chicago. Mr. McKeever is a director of Worldwide Broadcasting, Inc., Printing Specialties, Inc., the Castlerock Group, Inc., the Neighborhood Institute Development Corporation, and the MBIA Insurance Corporation of Illinois. He also is an active member of the American Institute of Certified Public Accountants and the Illinois Society of Certified Public Accountants. Mr. McKeever is a board member of the American and Chicago Bar Associations, as well as the Government Finance Officers Association and the American Association of Attorneys to CPA’s. Mr. McKeever received a bachelor’s degree in accounting from the University of Illinois at Urbana-Champaign, and a J.D. from the IIT-Chicago Kent College of Law. He is a CPA, with credentials for Illinois, Michigan, and Wisconsin, and has been admitted to the Bar in Illinois, U.S. District Courts, and U.S. Tax Courts.

    ALLAN H. MELTZER is the Allan H. Meltzer University Professor of Political Economy and Public Policy at Carnegie Mellon University and visiting scholar at the American Enterprise Institute. He has been a visiting professor at Harvard, the University of Chicago, the University of Rochester, the Yugoslav Institute for Economic Research, the Austrian Institute for Advanced Study, the Getulio Vargas Foundation in Rio de Janeiro, and the City University, London. He has served as a consultant for several government as well as foreign agencies. Mr. Meltzer’s writings have appeared in numerous journals and he is the author of several books. He is a director emeritus of Cooper Tire and Rubber company and a director of the Sarah Scaife Foundation, the Commonwealth Foundation, the Advanced Materials Group, and Stillhalter Vision.

    MICHAEL H. MOSKOW is president of the Federal Reserve Bank of Chicago. Appointed in 1994, he serves as the Bank’s chief officer and rotates as a voting member of the Federal Open Market Committee, the Federal Reserve System’s most important monetary policymaking body. He began his career teaching economics, labor relations, and management at Temple University, Lafayette College, and Drexel University. From 1969 to 1977, he held a number of senior positions with the U.S. government, including under secretary of labor at the U.S. Department of Labor, director of the Council on Wage and Price Stability, assistant secretary for policy development and research at the U.S. Department of Housing and Urban Development, and senior staff economist with the Council of Economic Advisors. In 1977, Mr. Moskow joined the private sector as vice president of corporate development and planing at Esmark, Inc. and was named executive vice president of Estronics, Inc., its wholly-owned subsidiary in 1980. He later served as president and chief executive officer of Velsicol Chemical Corporation, vice president of corporate development for Dart and Kraft, Inc. and vice president of strategy and business development for Premark International, Inc. In 1991, President Bush appointed Mr. Moskow Deputy United States Trade Representative, with the rank of Ambassador. Mr. Moskow joined the faculty of the J.L. Kellogg Graduate School of Management at Northwestern University in 1993. Mr. Moskow is the author of seven books and more than twenty articles. He received a B.A. in economics from Lafayette College in Easton, Pennsylvania, in 1959, and an M.A. in economics in 1962 and a Ph.D. in business and applied economics from the University of Pennsylvania in 1965.

    MICHAEL MUSSA is the economic counselor and the director of the Department of Research at the International Monetary Fund. Before joining the staff of the fund, Mr. Mussa was a long time member of the faculty of the Graduate School of Business of the University of Chicago, starting as an associate professor in 1976 and being promoted to the William H. Abbott Professorship of International Business in 1980. From 1971 to 1976, he was on the faculty of the Department of Economics at the University of Rochester. During this period, he also served as a visiting faculty member at the Graduate Center of the City University of New York, the London School of Economics, and the Graduate Institute of International Studies in Geneva, Switzerland.

    YUNG CHUL PARK is a professor of economics at Korea University, Seoul. He is also chairman of the Deliberation Committee for Financial Development at the Ministry of Finance and Economy and is currently overseeing the merger of Korea’s two largest commercial banks as chairman of the CBK-Hanil Bank Merger Committee. He previously served as the chief economic adviser to Doo Hwan Chun, president of the Korea Development Institute and to the president of the Korea Institute of Finance. He was also a member of the Bank of Korea’s Monetary Board. He was the director of the Institute of Economic Research at Korea University, taught at Harvard and Boston Universities as a visiting professor, and worked for the International Monetary Fund. After completing undergraduate work at Seoul National University, he received his Ph.D. from the University of Minnesota.

    CATHERINE PATTILLO is an economist in the Research Department of the International Monetary Fund. Prior to joining the IMF, she held a research post at the Center for the Study of African Economies, Oxford University, and was an economics fellow at St. Antony’s College. During graduate school she interned at the World Bank, Federal Reserve Board, and the Federal Reserve Bank of New York. She has also worked for the United States Agency for International Development (USAID) in Kenya, Tanzania, and Uganda. She received her B.A. from Harvard University and her Ph.D. from Yale University.

    RICHARD PORTES is president of the Centre for Economic Policy Research, which he founded, professor of economics at the London Business School, and directeur d’Études at the École des Hautes Études en Sciences Sociales in Paris. He was a Rhodes Scholar and a fellow of Balliol College, Oxford, and has also taught at Princeton and Harvard (as a Guggenheim Fellow). He was founding professor of the department of economics at Birkbeck College (University of London). Mr. Portes is a fellow of the Econometric Society and secretary-general of the Royal Economic Society. He has written extensively on sovereign borrowing and debt, European monetary issues, international monetary economics, centrally planned economies and transition, macroeconomic disequilibrium, and European integration.

    PEDRO POU is president of the Central Bank of the Republic of Argentina. He has served as an international economics professor at various universities, as a director of investigations at the Center of Latin American Monetary Studies (Centro de Estudios Monetarios Latinoamericanos), director of the Center for Macroeconomic Studies of Argentina (Centro de Estudios Macroeconomicos de Argentina), and aid consultant on various projects. Mr. Pou’s public sector appointments include adviser to the secretary of Economic Programming (1975), economics minister of the Buenos Aires Province (1981–83), and director (1991–94) and vice president (1994–96) of the central bank. Mr. Pou holds an agricultural engineering degree from the National University in Argentina and a Ph.D. in economics from the University of Chicago.

    RAGHURAM RAJAN is the Joseph L. Gidwitz Professor of Finance at the Graduate School of Business, University of Chicago. Rajan received his Ph.D. in 1991 from the Sloan School of Management at M.I.T. He has taught courses on corporate finance and financial institutions. His research interests include organizational behavior, corporate financial policy, financial intermediation, regulation, and comparative financial systems. His articles have appeared in academic journals, books, and newspapers. Rajan has been a consultant for various financial institutions, the Bertil Danielsson visiting Professor of Banking at the Stockholm School of Economics, and visiting Professor of Finance at the J.L. Kellogg Graduate School of Management, Northwestern University. He is the Director of the Research Program in Corporate Finance at the National Bureau of Economic Research and is an associate editor of a number of finance and banking journals.

    SERGIO REBELO is the Tokai Bank Distinguished Professor of International Finance at the J.L. Kellogg Graduate School of Management of Northwestern University. Prior to joining Kellogg, Mr. Rebelo taught at the University of Rochester and at the Portuguese Catholic University. He has served as a consultant to the World Bank, to the International Monetary Fund, and to the Board of Governors of the Federal Reserve System. He is currently affiliated with two research networks: the Center for Economic Policy Research and the National Bureau of Economic Research. Mr. Rebelo serves as an associate editor of the American Economic Review, Journal of Monetary Economics, European Economic Review, and Journal of Economic Growth. He is on the Advisory Board of the Carnegie-Rochester Conference on Economic Policy and has served on the panel of Economic Policy. Mr. Rebelo is working on a chapter for the Handbook of Macroeconomics. His papers have been published in the American Economic Review, the Journal of Political Economy, the Journal of Monetary Economics, the Journal of Economic Dynamics and Control, and the European Economic Review. His research has been financed by the National Foundation. He received a Sloan Fellowship for his dissertation work and has been awarded an Olin Fellowship by the National Bureau of Economic Research.

    ERIC ROSENGREN is a vice president and economist at the Federal Reserve Bank of Boston. He heads the Banking Monetary Policy Section of the Research Department. He has written numerous articles on financial markets, corporate control, and banking. His most recent articles have appeared in or are forthcoming in the American Economic Review, Quarterly Journal of Economics, Journal of Finance, and Journal of Money, Credit, and Banking. After graduating summa cum laude from Colby College he received a Ph.D. in economics from the University of Wisconsin- Madison in 1986.

    HELMUT SCHIEBER is a member of the board of the Deutsche Bundesbank responsible for international tasks and relations. Prior to his current position, he held the posts of vice president; senior director for credit, securities, and the central portfolio; head of the training division; and personal assistant to the president of the Land Central Bank.

    ANNA J. SCHWARTZ is a member of the research staff at the National Bureau of Economic Research, a distinguished fellow of the American Economic Association, and a past president of the Western Economic Association. She has served as staff director of the U.S. Gold Commission. She is the author of numerous articles on monetary economics and several books. Ms. Schwartz has served on the board of editors of the American Economic Review and is currently a member of the editorial boards of the Journal of Monetary Economics, the Journal of Financial Services Research, and the Journal of Money, Credit, and Banking. She holds a Ph.D. in economics from Columbia University.

    GREGORY F. TAYLOR is the executive director for Australia, Kiribati, Korea, the Marshall Islands, Mongolia, New Zealand, Papua New Guinea, the Philippines, Seychelles, Solomon Islands, Vanuatu, and Western Samoa region for the International Monetary Fund. Mr. Taylor has held a number of governmental posts, including secretary of three governmental departments: the Department of Industry, Science, and Tourism, the Department of Primary Industries and Energy, and the Department of Employment, Education, and Training. He began his career in public service in 1966 as an economist in the Australian Department of the Treasury. He then served as a technical assistant in the Office of the Executive Director of the International Monetary Fund. From 1977 to 1979, he was the financial minister in the Australian delegation to the Organization for Economic Cooperation and Development. From 1980 to 1982, he was assistant secretary in the Financial Institutions Division of the Australian Department of the Treasury. He has also been deputy secretary to the Department of the Prime Minister and Cabinet and chairman of the Industries Association. Mr. Taylor received a B.Ec. with honors from the University of Adelaide.

    ROBERT TOWNSEND is the Charles E. Merriam Distinguished Service Professor of Economics in the Department of Economics and research associate at NORC at the University of Chicago. He is also a consultant to the Federal Reserve Bank of Chicago. He began his teaching and research at Carnegie Mellon University. He is a member of the Econometric Society and the American Academy of Arts and Sciences and has served as editor of the Journal of Political Economy and panel member in economics for the National Science Foundation. With grants from NICHD and NSF, Mr. Townsend has done research in Thailand for over ten years. He received his B.A. from Duke University and his Ph.D. from the University of Minnesota.

    EDWIN M. TRUMAN is staff director of the Division of International Finance, Board of Governors of the Federal Reserve System. He joined the staff of the division in 1972 and has served in a number of areas. He is a member of the Euro-Currency Committee of the G-10 Central Bank Governors and attends meetings of the Working Party Three of the OECD’s Economic Policy Committee. His publications include works on European economic integration, international monetary economics, economic development, and international debt problems. He is a former associate professor of economics at Yale University, where he also received his Ph.D. in economics. He received his B.A. from Amherst College and an L.L.D. (hon.) from Amherst College.

    KAZUO UEDA is a member of the Policy Board of the Bank of Japan. Previous to his current position, Mr. Ueda was a professor at the University of Tokyo where he held an assistant professorship. Other assistant professorships included Osaka University and British Columbia University. Mr. Ueda holds a Ph.D. in economics from the Massachusetts Institute of Technology.

    DELANO VILLANUEVA is deputy director for research at The SEACEN Center of the International Monetary Fund where he has served in multiple areas including Central Banking (now the Monetary and Exchange Affairs Department), Asian, Research, Middle Eastern, and IMF Institute. He has published extensively in the areas of monetary and growth economics, his work appearing in numerous journals. Mr. Villaneuva joined the IMF after earning his Ph.D. in economics from the University of Wisconsin.

    CHAIYAWAT WIBULSWASDI is the former governor of the Bank of Thailand. Before his appointment to the Bank of Thailand in 1997, Mr. Wibulswadi was the deputy minister of finance and the minister of finance. From 1995 to 1996, he was an economic advisor to the Prime Minister. He has also been a trustee for the Thailand Development Research Institute, a university council member for the National Institute for Development Administration, and vice president and acting president of the Economic Society of Thailand. He received a B.A. from Williams College and a Ph.D. from Massachusetts Institute of Technology.

    JOHN A. WING is the Frank Wakely Gunsaulus Professor of Law and Finance at the Illinois Institute of Technology and director of its Center for the Study of Law and Financial Markets. He joined the school in July 1998. Mr. Wing is also chairman of ABN AMRO Sage Corporation, of ABN AMRO Mutual Funds, and of the investment committee of ABN AMRO Private Equity Partnerships. Prior to joining the staff of IIT, Mr. Wing was chairman of the board and chief executive officer of ABN AMRO Incorporated, formerly the Chicago Corporation. From 1975 to 1980, Mr. Wing was president of A.G. Becker, a subsidiary of The Becker Warburg Paribas Group. Mr. Wing holds a B.A. in economics from Urban College and an L.L.B. from George Washington University Law School.

    YUKIO YOSHIMURA is the International Monetary Fund executive director for Japan. Previous to his current role he was the deputy director general at the Ministry of Finance of Japan, held several positions at the Ministries of Finance and Foreign Affairs, was executive director of the Inter-American Investment Corporation, and worked as an alternate executive director at the World Bank. He has served as a member of the Group of Ten Working Party on Electronic Money. Mr. Yoshimura received a B.A. in economics from Tokyo University.

    ZHANG ZHIXIANG is executive director for China at the International Monetary Fund. Mr. Zhang assumed this position in 1996. Previously he was alternate executive director. Before joining the IMF, he held various positions at the People’s Bank of China, including director of the International Department from 1994 to 1996 and chief representative, Representative Office for Europe, London, from 1992 to 1994. Mr. Zhang holds a B.A from Beijing Foreign Language Institute and an M.I.P.P. degree from Johns Hopkins University.

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