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International Monetary Fund. External Relations Dept.
With the findings of a recent IMF staff study serving as a starting point, a panel of IMF staff and distinguished outside researchers on May 27 debated financial globalization’s benefits and risks. Panelists were Eswar Prasad (IMF Asia and Pacific Department), Shang-Jin Wei (IMF Research Department)—two of the study’s authors—and C. Fred Bergsten (Director, Institute for International Economics (IIE)), Jeffrey Frankel (Professor, Kennedy School of Government at Harvard University), and Daniel Tarullo (Professor, Georgetown University Law Center). Kenneth Rogoff (IMF Economic Counsellor and Director ofthe Research Department), also an author of the study, moderated. Participants suggested ways to contain the downsides of globalization; two of their recommendations—developing domestic financial sectors and strengthening institutions prior to liberalization—drew wide support.
International Monetary Fund. External Relations Dept.
In preparation for the 2003 IMF-World Bank spring meetings, the IMF Executive Board will review progress on the IMF’s efforts and plans to help poor countries further. The IMF Survey talked to Masood Ahmed, Deputy Director of the IMF’s Policy Development and Review Department, about this effort.
International Monetary Fund. External Relations Dept.
On September 1, 2001, Anne Krueger took up the reins as the IMF’s First Deputy Managing Director. She brought with her a wealth of experience from the public and private sectors, including long stints in academia—most recently as an economics professor at Stanford University—and, from 1982 to 1986, as the World Bank’s Vice President for Economics and Research. She is a Distinguished Fellow and past President ofthe American Economic Association.
Mr. Robin Brooks
This paper explores whether changes in the age distribution have significant effects on financial markets that are rational and forward-looking. It presents an overlapping generations model in which agents make a portfolio decision over stocks and bonds when saving for retirement- Using the model to simulate a baby boom-baby bust demonstrates that returns to baby boomers will be substantially below returns to earlier generations, even when markets are rational and forward-looking. This result is important because the current debate over how to reform pay-as-you-go pension systems often takes historical returns on financial assets—and on the equity premium—as given.