Back Matter

Back Matter

International Monetary Fund
Published Date:
December 2004
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    Lawrence H. Summers

    Lawrence H. Summers took office as the 27th president of Harvard University on July 1, 2001. Mr. Summers is the former Nathaniel Ropes Professor of Political Economy at Harvard, and in the past decade has served in a series of senior public policy positions, most recently as Secretary of the U.S. Treasury.

    Mr. Summers received a bachelor of science degree from the Massachusetts Institute of Technology in 1975, following which he began his Harvard career as a doctoral student in economics. In 1979, he was appointed assistant professor in the economics faculty and, in 1982, was awarded a Ph.D. and also appointed associate professor. He then went to Washington as a domestic policy economist for the President’s Council of Economic Advisers.

    In 1983, he returned to Harvard as a professor of economics, one of the youngest tenured members of the university’s faculty in recent history. While on the faculty, he taught undergraduate and graduate courses in macroeconomics and public finance and was an adviser to numerous graduate students who have themselves gone on to become leading economists. He also served as an editor of the Quarterly Journal of Economics.

    In 1987, Mr. Summers became the first social scientist to receive the annual Alan T. Waterman Award of the National Science Foundation (NSF), established by Congress to honor an exceptional young U.S. scientist or engineer whose work demonstrates originality, innovation, and significant impact. In 1993, Mr. Summers was awarded the John Bates Clark Medal, given every two years by the American Economic Association (AEA) to an outstanding American economist under the age of 40.

    Mr. Summers took leave from Harvard in 1991 to return to Washington, this time as Vice-President of Development Economics and Chief Economist at the World Bank. In that position, he played a key role in designing strategies to assist developing countries; served on the bank’s loan committee; and guided the bank’s research, statistics, and external training programs.

    In 1993, Mr. Summers was named Undersecretary of the U.S. Treasury for International Affairs and, in 1995, Deputy Secretary. During this time, Mr. Summers played a central role in a broad array of economic, financial, and tax matters, both international and domestic, and worked closely with Secretary Rubin and Alan Greenspan, Chairman of the Federal Reserve System, in crafting government policy responses to financial crises in major developing countries.

    On July 2, 1999, Mr. Summers was confirmed by the Senate as Secretary of the U.S. Treasury. In that capacity, he served as the principal economic adviser to President Clinton and as the Chief Financial Officer of the U.S. government. At the end of his term as Treasury Secretary, Mr. Summers was awarded the Alexander Hamilton Medal, the Treasury Department’s highest honor.

    After leaving the Treasury Department in January 2001, Mr. Summers served as the Arthur Okun Distinguished Fellow in Economics, Globalization, and Governance at the Brookings Institution in Washington.

    Mr. Summers’s many publications include Understanding Unemployment (1990) and Reform in Eastern Europe (1991, coauthored with others), as well as more than 100 articles in professional economics journals. He also edited the series Tax Policy and the Economy. In 2000, Mr. Summers presented the AEA’s prestigious Ely Lecture, “International Financial Crises: Causes, Preventions, and Cures.” In 2002, Mr. Summers was elected to the National Academy of Sciences, a private organization of scientists and engineers dedicated to the furtherance of science and its use for general welfare.

    Born in New Haven, Connecticut, on November 30, 1954, Mr. Summers spent most of his childhood in Penn Valley, Pennsylvania, a suburb of Philadelphia.

    The Per Jacobsson Lectures

    2004The U.S. Current Account Deficit and the Global Economy. Lecture by Lawrence H. Summers.
    Some New Directions for Financial Stability? Lecture by C.A.E. Goodhart, CBE (Zurich).
    2003The Arab World: Performance and Prospects. Lecture by Abdlatif Yousef Al-Hamad (Dubai).
    2002The Boom-Bust Capital Spending Cycle in the United States: Lessons Learned. Lecture by E. Gerald Corrigan.
    Recent Emerging Market Crises: What Have We Learned? Lecture by Guillermo Ortiz (Basel).
    2001No lecture took place due to the cancellation of the Annual Meetings of the IMF and the World Bank.
    2000Ten 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).
    1999The Past and Future of European Integration—A Central Banker’s View. Lecture by Willem F. Duisenberg.
    1998Managing the International Economy in the Age of Globalization. Lecture by Peter D. Sutherland.
    1997Asian Monetary Cooperation, Lecture by Joseph C.K. Yam, CBE, JP (Hong Kong).
    1996Financing 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.
    1995Economic Transformation: The Tasks Still Ahead. Symposium panelists: Jan Svejnar, Oleh Havrylyshyn, and Sergei K. Dubinin.
    1994Central Banking in Transition. Lecture by Baron Alexandre Lamfalussy (London).
    Capital Flows to Emerging Countries: Are They Sustainable? Lecture by Guillermo de la Dehesa (Madrid).
    1993Latin America: Economic and Social Transition to the Twenty-First Century. Lecture by Enrique V. Iglesias.
    1992A New Monetary Order for Europe. Lecture by Karl Otto Pöhl.
    1991The 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).
    1990The Triumph of Central Banking? Lecture by Paul A. Volcker.
    1989Promoting Successful Adjustment: The Experience of Ghana. Lecture by J.L.S. Abbey.
    Economic Restructuring in New Zealand Since 1984. Lecture by David Caygill.
    1988The International Monetary System: The Next Twenty-Five Years. Symposium panelists: Sir Kit McMahon, Tommaso Padoa-Schioppa, and C. Fred Bergsten (Basel).
    1987Interdependence: Vulnerability and Opportunity. Lecture by Sylvia Ostry.
    1986The Emergence of Global Finance. Lecture by Yusuke Kashiwagi.
    1985Do We Know Where We’re Going? Lecture by Sir Jeremy Morse (Seoul).
    1984Economic Nationalism and International Interdependence: The Global Costs of National Choices. Lecture by Peter G. Peterson.
    1983Developing a New International Monetary System: A Long-Term View. Lecture by H. Johannes Witteveen.
    1982Monetary Policy: Finding a Place to Stand. Lecture by Gerald K. Bouey (Toronto).
    1981Central Banking with the Benefit of Hindsight. Lecture by Jelle Zijlstra; commentary by Albert Adomakoh.
    1980Reflections on the International Monetary System. Lecture by Guillaume Guindey; commentary by Charles A. Coombs (Basel).
    1979The Anguish of Central Banking. Lecture by Arthur F. Burns; commentaries by Milutin Ćirović and Jacques J. Polak (Belgrade).
    1978The International Capital Market and the International Monetary System. Lecture by Gabriel Hauge and Erik Hoffmeyer; commentary by Lord Roll of Ipsden.
    1977The International Monetary System in Operation. Lectures by Wilfried Guth and Sir Arthur Lewis.
    1976Why Banks Are Unpopular. Lecture by Guido Carli; commentary by Milton Gilbert (Basel).
    1975Emerging Arrangements in International Payments: Public and Private. Lecture by Alfred Hayes; commentaries by Khodadad Farmanfarmaian, Carlos Massad, and Claudio Segré.
    1974Steps to International Monetary Order. Lectures by Conrad J. Oort and Puey Ungphakorn; commentaries by Saburo Okita and William McChesney Martin (Tokyo).
    1973Inflation and the International Monetary System. Lecture by Otmar Emminger; commentaries by Adolfo Diz and János Fekete (Basel).
    1972The Monetary Crisis of 1971: The Lessons to Be Learned. Lecture by Henry C. Wallich; commentaries by C.J. Morse and I.G. Patel.
    1971International Capital Movements: Past, Present, Future. Lecture by Sir Eric Roll; commentaries by Henry H. Fowler and Wilfried Guth.
    1970Toward a World Central Bank? Lecture by William McChesney Martin; commentaries by Karl Blessing, Alfredo Machado Gómez, and Harry G. Johnson (Basel).
    1969The Role of Monetary Gold over the Next Ten Years. Lecture by Alexandre Lamfalussy; commentaries by Wilfrid Baumgartner, Guido Carli, and L.K. Jha.
    1968Central Banking and Economic Integration. Lecture by M.W. Holtrop; commentary by Lord Cromer (Stockholm).
    1967Economic Development: The Banking Aspects. Lecture by David Rockefeller; commentaries by Felipe Herrera and Shigeo Horie (Rio de Janeiro).
    1966The Role of the Central Banker Today. Lecture by Louis Rasminsky; commentaries by Donato Menichella, Stefano Siglienti, Marcus Wallenberg, and Franz Aschinger (Rome).
    1965The Balance Between Monetary Policy and Other Instruments of Economic Policy in a Modern Society. Lectures by C.D. Deshmukh and Robert V. Roosa.
    1964Economic Growth and Monetary Stability. Lectures by Maurice Frère and Rodrigo Gómez (Basel).

    The Per Jacobsson lectures from 1979 through 2004 are available on the Internet at, which also contains further information on the Foundation. Subject to availability, copies of the Per Jacobsson lectures from 1990 through 2004 may be acquired without charge from the Secretary. The Per Jacobsson lectures from 1964 through 1978 may be obtained for a fee from the ProQuest Company, 300 North Zeeb Road, Ann Arbor, MI 48106-1346; Tel: (734) 761-4700 or (800) 521-3042; Fax: (734) 761-3940 or (800) 864-0019.

    The Per Jacobsson Foundation

    Honorary Chairmen:Eugene R. Black
    Marcus Wallenberg
    Past Chairmen:W. Randolph Burgess
    William McC. Martin
    Sir Jeremy Morse
    Jacques de Larosière
    Past Presidents:Frank A. Southard, Jr.
    Jacques J. Polak

    Founding Sponsors

    Hermann J. Abs

    Roger Auboin

    Wilfrid Baumgartner

    S. Clark Beise

    B.M. Birla

    Rudolf Brinckmann

    Lord Cobbold

    Miguel Cuaderno

    R.v. Fieandt

    Maurice Frère

    E.C. Fussell

    Aly Gritly

    Eugenio Gudin

    Gottfried Haberler

    Viscount Harcourt

    Gabriel Hauge

    Carl Otto Henriques

    M.W. Holtrop

    Shigeo Horie

    Clarence E. Hunter

    H.V.R. Iengar

    Kaoru Inouye

    Albert E. Janssen

    Raffaele Mattioli

    J.J. McElligott

    Johan Melander

    Donato Menichella

    Emmanuel Monick

    Jean Monnet

    Walter Muller

    Juan Pardo Heeren

    Federico Pinedo

    Abdul Qadir

    Sven Raab

    David Rockefeller

    Lord Salter

    Pierre-Paul Schweitzer

    Samuel Schweizer

    Allan Sproul

    Wilhelm Teufenstein

    Graham Towers

    Joseph H. Willits

    Board of Directors

    Sir Andrew D. Crockett—Chairman of the Board

    Abdlatif Y. Al-Hamad

    Nancy Birdsall

    Michel Camdessus

    E. Gerald Corrigan

    Rodrigo de Rato

    Toyoo Gyohten

    Enrique V. Iglesias

    Malcolm D. Knight

    Horst Köhler

    Edwin M. Truman

    Leo Van Houtven

    Jacob Wallenberg


    Leo Van Houtven—President

    Graham Hacche—Vice-President and Secretary

    G. Michael Fitzpatrick—Treasurer

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