The Third Annual IMF Research Conference was held in Washington, DC, on November 7-8, 2002. The conference had an overarching theme of capital flows and global governance but also dealt with an eclectic array of other issues that economists at the IMF and elsewhere are exploring. The Mundell-Fleming Lecture was delivered by Guillermo Calvo, Chief Economist at the Inter-American Development Bank and a professor at the University of Maryland. The conference included a panel discussion on “Promoting Better National Institutions” with Guillermo Ortiz, Governor of the Bank of Mexico; Nancy Birdsall, President of the Center for Global Development; Jeffrey Frankel, Professor of Economics at Harvard University; and Jeffrey Sachs, Professor of Economics at Columbia University. The conference agenda and brief descriptions of the papers follow. All the conference papers and the full text of the panel discussion are available at the IMF’s website at www.imf.org/external/pubs/ft/staffp/2002/00-00/arc.htm.