Conference on IMF Reform


September 23, 2005, 12:00 AM EDT
Edwin M. Truman (PIIE), C. Fred Bergsten (PIIE), Rodrigo de Rato (International Monetary Fund), Timothy D. Adams (US Department of the Treasury), Morris Goldstein (PIIE), John Williamson (PIIE), C. Randall Henning (PIIE), Rawi Abdelal (Harvard Business School), Edwin M. Truman (PIIE), Lorenzo Bini Smaghi (Member of the Executive Board, European Central Bank), Miles Kahler (University of California, San Diego), Martin Redrado (Central Bank of Argentina), William R. Cline (PIIE), Gregor Irwin (Bank of England), Chris Salmon (Bank of England), Kemal Dervis (United Nations Development Program), Nancy Birdsall (Center for Global Development), Tito Cordella (International Monetary Fund), Eduardo Levy Yeyati (Harvard Kennedy School of Government), Kristin Forbes (PIIE), John B. Taylor (Under Secretary of Treasury for International Affairs), Steven Radelet, Michael Mussa (PIIE), Ariel Buira (Group of 24), Desmond Lachman (American Enterprise Institute), Karin Lissakers (International Monetary Fund), Barry Eichengreen (University of California, Berkeley), Mohamed A. El-Erian (Allianz), Tommaso Padoa-Schioppa (Member of the Executive Board of the European Central Bank) and Yu Yongding (Chinese Academy of Social Sciences)

Event Summary

The Institute has traditionally held an IMF seminar on the Friday afternoon prior to the IMF/World Bank Annual Meetings.  This year, the event was expanded into a full-day conference on IMF reform.

A group of 29 distinguished speakers, including several Senior Fellows at the Institute, presented specific proposals on different aspects of this very important topic.  The four sessions of the conference covered (1) the IMF's role in the international monetary system, (2) governance of the IMF itself, (3) IMF lending facilities and (4) IMF financial resources.  The day concluded with a wrap-up panel of experienced observers.

The proceedings of this conference have been published in Reforming the IMF for the 21st Century, Special Report 19 (Institute for International Economics, 2006).

Conference Agenda and Papers

Welcoming Remarks C. Fred Bergsten, Peterson Institute
Session I
China's Exchange Rate Policy: An Overview of Some Key Issues [PDF] 
Morris Goldstein, Peterson Institute
Nicholas Lardy, Peterson Institute
presentation [PDF] 
  Discussants Jonathan Anderson, UBS, Hong Kong
    Fan Gang, National Economic Research Institute and Monetary Policy Committee, People’s Bank of China
Session II
Monetary Policy Independence, the Currency Regime, and the Capital Account in China [PDF] 
Eswar Prasad
Cornell University
presentation no longer available 

Shang-Jin Wei, Columbia University

    Jin Zhongxia, People’s Bank of China
  Rebalancing China's Growth 
Bert Hofman, World Bank
Louis Kuijs, World Bank
presentation no longer available 

Barry Bosworth, Brookings Institution

    Ken Rogoff, Harvard University
Session III
Estimates of the Equilibrium Exchange Rate of the Renminbi: Is There a Consensus and If Not, Why Not?
William R. Cline, Peterson Institute
John Williamson, Peterson Institute
presentation no longer available 
  Discussants Jeffrey Frankel, Harvard University
    Simon Johnson, International Monetary Fund
  The Management of China's International Reserves: China and a Sovereign Wealth Fund Scorecard
Edwin M.Truman, Peterson Institute
presentation [PDF] 
  Discussants Mohamed El-Erian, Harvard Management Company
    Brad Setser, Council on Foreign Relations
presentation [PDF] 
Keynote Speaker Wu Xiaoling
Deputy Governor, People’s Bank of China 
Session IV
The US Congress and the Chinese Yuan
Gary Hufbauer and Claire Brunel, Peterson Institute
presentation [PDF] 
  Discussants Stephen Roach, Morgan Stanley
    Julie Chon, Senate Banking Committee
  The Influence of the Renminbi on Exchange Rate Policy in Other Economies
Takatoshi Ito, University of Tokyo
presentation no longer available 
  Discussants Yung Chul Park, Seoul University
    Jean Pisani-Ferry, Bruegel
Session V
IMF Exchange Rate Surveillance and China's Exchange Rate Policy
Michael Mussa, Peterson Institute
presentation no longer available 
  Discussants Steve Dunaway, International Monetary Fund
    Timothy Adams, Lindsey Group 
Wrap-Up Panel

C. Fred Bergsten, Peterson Institute
Andrew Crockett, JPMorgan Chase
Fan Gang, National Economic Research Institute and Monetary Policy Committee, People’s Bank of China
Larry Summers, Harvard University