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 |
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Session I
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China's Exchange Rate Policy: An Overview of Some Key Issues [PDF] Morris Goldstein, Peterson Institute Nicholas Lardy, Peterson Institute presentation [PDF] |
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| Discussants | Jonathan Anderson, UBS, Hong Kong | |
| Fan Gang, National Economic Research Institute and Monetary Policy Committee, People’s Bank of China |
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Session II
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Monetary Policy Independence, the Currency Regime, and the Capital Account in China [PDF] Eswar Prasad Cornell University presentation no longer available |
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| Discussants |
Shang-Jin Wei, Columbia University |
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| Jin Zhongxia, People’s Bank of China |
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| Rebalancing China's Growth Bert Hofman, World Bank Louis Kuijs, World Bank presentation no longer available |
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| Discussants |
Barry Bosworth, Brookings Institution |
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| Ken Rogoff, Harvard University |
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Session III
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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 |
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| Discussants | Jeffrey Frankel, Harvard University | |
| Simon Johnson, International Monetary Fund |
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| The Management of China's International Reserves: China and a Sovereign Wealth Fund Scorecard Edwin M.Truman, Peterson Institute presentation [PDF] |
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| Discussants | Mohamed El-Erian, Harvard Management Company | |
| Brad Setser, Council on Foreign Relations presentation [PDF] |
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| Keynote Speaker | Wu Xiaoling Deputy Governor, People’s Bank of China |
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Session IV
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The US Congress and the Chinese Yuan Gary Hufbauer and Claire Brunel, Peterson Institute presentation [PDF] |
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| Discussants | Stephen Roach, Morgan Stanley | |
| Julie Chon, Senate Banking Committee |
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| The Influence of the Renminbi on Exchange Rate Policy in Other Economies Takatoshi Ito, University of Tokyo presentation no longer available |
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| Discussants | Yung Chul Park, Seoul University | |
| Jean Pisani-Ferry, Bruegel |
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Session V
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IMF Exchange Rate Surveillance and China's Exchange Rate Policy Michael Mussa, Peterson Institute presentation no longer available |
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| Discussants | Steve Dunaway, International Monetary Fund | |
| Timothy Adams, Lindsey Group |
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Wrap-Up Panel
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C. Fred Bergsten, Peterson Institute |
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