1998 Annual Meetings Program of Seminars -- Biographies

Annual Meetings Boards of Governors

OCTOBER 1998

International Monetary Fund
World Bank Group

WASHINGTON, D.C.

1998 Program of Seminars
Speaker Biographies

Satday, October 3

9:00 - 10:30 East Asia: The Journey Ahead
Michel Camdessus is serving his third five-year term as Managing Director of the International Monetary Fund. Among his previous positions he served as Financial Attaché to the French delegation at the European Community in Brussels, Director of the French Treasury, and Governor of the Bank of France. He also served as Chairman of the Paris Club and of the Monetary Committee of the European Community.
Michael Getler is Executive Editor of the International Herald Tribune. He assumed this position after 26 years with The Washington Post, most recently as Deputy Managing Editor. Prior to joining the Post he was a reporter and editor with American Aviation Publications, and won awards for his coverage of the Vietnam War and the Apollo space program.
Paul Krugman is Ford International Professor of Economics at the Massachusetts Institute of Technology. He has also taught at Yale University and Stanford University, and has served as Chief International Economist of the President's Council of Economic Advisers. A widely published author, he is one of the founders of the "new trade theory," a major rethinking of the theory of international trade. In recognition of that work, in 1991 the American Economic Association awarded him the John Bates Clark medal.
Duck-Woo Nam is Chair of the Korea Sanhak Foundation and Asia-Pacific Institute in Seoul. He is a former Prime Minister of the Republic of Korea, and also has served as Deputy Prime Minister, Finance Minister and Minister of Economic Planning, and has taught Economics at Sogang University.
Mari Pangestu is Executive Director of the Centre for Strategic and International Studies in Jakarta, a private nonprofit organization focusing on policy studies. She teaches economics at the University of Indonesia and is a board member of several organizations, including Catholic University Atmajaya, The Nature Conservancy in Indonesia, the Overseas Development Council, and (the Board of External Editors of) the Asian Journal of Business at the University of Michigan, among others.
James D. Wolfensohn is President of the World Bank Group. Before joining the World Bank he was an international investment banker and a key supporter of the performing arts. He has held the positions of President and Chief Executive Officer of James D. Wolfensohn Inc., Executive Deputy Chairman and Managing Director of Schroders Ltd., Chairman of the Board of Trustees of the John F. Kennedy Center for the Performing Arts and of New York's Carnegie Hall.

11:00 - 12:30 Bank and Corporate Restructuring Under Stress
Hernán Büchi is President, Director, and founder of the Center of International Economy at the Freedom and Development Institute, a political think tank in Santiago, Chile. A former Minister of Finance, he has had a long career in public service, including participation in the restructuring of the Chilean banking system. He currently serves as a board member for several Chilean private companies, and provides consulting services to Latin American, Eastern European, and Asian governments in the design and management of political economy.
Robert Hormats is Vice Chairman of Goldman Sachs International. He has served as a Senior Staff Member for International Economic Affairs on the National Security Council and acted as Senior Economic Advisor to Secretary of State Henry Kissinger, and National Security Advisors Brent Scowcroft and Zbigniew Brzezinski. He also held positions as Senior Deputy Assistant Secretary for Economic and Business Affairs at the State Department, Ambassador and Deputy U.S. Trade Representative, and Assistant Secretary of State for Economic and Business Affairs.
Wilbur L. Ross Jr. is Senior Managing Director of the Office of the Chairman and Chief Investment Officer, Rothschild Recovery Fund, Rothschild Inc. He has assisted numerous governments and corporations in their restructuring programs, including Mexico, Italy, the Greyhound Corporation, and the Halla Group.
Michael T. R. Smith is Head of Business Finance Division at the Bank of England. A career Bank of England official, his tenure has involved extensive contacts with industry, financial institutions, and professional firms both in the United Kingdom and abroad. He was a promoter and guardian of the London Approach, a set of principles that provided the framework for the many multibank workouts during the period of recession in the U.K. economy from 1989 to 1994.
Tarrin Nimmanahaeminda is Minister of Finance of Thailand. He started his career in 1974 as a manager at Siam Commercial Bank, where he later became President and Chief Executive Officer. He has served on the board of several organizations, and was a committee member of the Banking and Financial Institution of the Thai Parliament. He has also been Senator, Member of the Legislative Council, Chairman of the Thai Bankers Association, and the first Thai Director on the Business Advisory Council of the International Finance Corporation.

11:00 - 12:30 Early Warning Systems: Using Models to Predict Currency Crises
Eduardo Borensztein is Chief of the Developing Country Studies Division, Research Department of the International Monetary Fund. He directs a comprehensive study of models of leading indicators of currency crises, with a view to developing a system to complement other surveillance methods. Prior to joining the Fund, he was an economist at the Central Bank of Argentina and at the Foundation for Economic Study of Latin America, Buenos Aires.
Rudi Dornbusch is Ford International Professor of Economics at the Massachusetts Institute of Technology, where he has taught since 1975. He is a Research Associate of the National Bureau of Economic Research, a member of the Brookings Panel on Economic Activity, the Advisory Board of the Institute for International Economics, and the Academic Panel of the Federal Reserve Banks of New York and Boston. His areas of expertise include currency stabilization, and issues related to economic globalization.
Arminio Fraga is Managing Director at Soros Fund Management in New York City. His primary responsibility is portfolio management and strategies for emerging markets. He is also Adjunct Professor of International Affairs at Columbia University. Previously he served as Director of International Affairs for the Central Bank of Brazil. He also has worked for Salomon Brothers and Banco Garantia, and has taught at The Wharton School of Business at the University of Pennsylania, the Getulio Vargas Foundation, and Catholic University in Rio de Janeiro, Brazil.
Morris Goldstein is Dennis Weatherstone Senior Fellow in International Finance at the Institute for International Economics in Washington D.C. Earlier positions include Deputy Director of the International Monetary Fund's Research Department, Senior Technical Advisor at the U.S. Treasury, Visiting Research Associate at the London School of Economics, and Baker-Weeks Research Fellow at the Brookings Institution. He has published widely in the field of international economics, most recently about financial crises, and is a frequent speaker at public policy conferences dealing with international monetary issues.
Takatoshi Ito is Professor at the Institute of Economic Research, Hitotsubashi University. Previously he was Senior Adviser in the Research Department of the International Monetary Fund, and taught at Harvard University and the University of Minnesota. He has published widely on East Asian economies, and is currently working on several projects on the Asian currency crises.

11:00 - 12:30 Social Dimensions of Financial Crises
Martha Alter Chen is Development Adviser at the Harvard Institute for International Development, a Lecturer at the Kennedy School of Government, and Coordinator of Women in Informal Employment: Globalizing and Organizing – a global action-research coalition. She is an experienced development practitioner and researcher, with long-term resident experience in Bangladesh and India. Her areas of specialization are rural development, poverty alleviation, nongovernmental organizations, and women in development.
Maria Ramos is Director General of the Department of Finance in South Africa. She also serves as a Nonexecutive Director on the Corporation for Public Deposits and on the Financial Markets Advisory Board. She was part of the African National Congress team responsible for drafting and negotiating chapters on Finance and Intergovernmental Fiscal Arrangements during the Constitutional Negotiations in 1993, and served on the Transitional Executive Council, Sub-Council on Finance, which negotiated South Africa's re-entry into the International Financial Markets in 1994.
Emil Salim is Chairman of the Board of Trustees of the Indonesian Biodiversity Foundation. He also serves as Chairman of the Working Group of the Indonesian Ecolabelling Institute, is a Member of the Indonesian People's Assembly, and is an Economic Expert on the Team of the President of the Republic of Indonesia on Debt and Development Issues of the Non Aligned Movement. In addition, he is a member of the United Nations High-Level Advisory Board on Sustainable Development.
Shirley Williams is the spokesman on Foreign and Commonwealth Affairs for the Liberal Democrat Party in the House of Lords and a member of the Lords’ Select Committee on European Legislation. She is also a Public Service Professor of Elective Politics at the John F. Kennedy School of Government, Harvard University. She has held a number of government positions, including UK Secretary of State for Education and Science, has hosted her own BBC show, and has published widely.

2:00 - 3:30 Strengthening Banking Systems
Howard Davies is Chairman of the United Kingdom's Financial Services Authority, formerly known as the Securities and Investments Board. Previously he served for two years as Deputy Governor of the Bank of England, and he is now a member of the Bank of England's Board of Banking Supervision. He has also held the posts of Director General of the Confederation of British Industry, Controller of the Audit Commission, and Special Adviser to the Chancellor of the Exchequer. He has worked for McKinsey and Company in London and also in the U.K. Treasury and Foreign Ministry.
Stanley Fischer is First Deputy Managing Director of the International Monetary Fund. Previously, he was the Killian Professor and Head of the Department of Economics at the Massachusetts Institute of Technology, and from 1988 to 1990 served as Vice President and Chief Economist at the World Bank. He has also taught at the University of Chicago and has held visiting positions at Hebrew University and Stanford's Hoover Institution.
Pablo Guidotti is Secretary of the Treasury of Argentina, and Co-Chairman of the G-22 Working Party on Strengthening Financial Systems. Previously he held several senior positions at the Central Bank and was a Member of the Executive Board for the Trust Fund for Bank Capitalization. He has also served as an Economist for the International Monetary Fund, on the faculty of several universities in Argentina and the United States, and published numerous articles in scholarly journals.
Alice Rivlin is Vice Chair of the Board of Governors of the U.S. Federal Reserve System. She is also Chairman of the Control Board for the District of Columbia. Before joining the Federal Reserve, she was Director of the Office of Management and Budget. She was Founding Director of the Congressional Budget Office and was an Assistant Secretary at the Department of Health, Education and Welfare. She is the recipient of a MacArthur Foundation Prize Fellowship, has been a Senior Fellow at the Brookings Institution, taught at Harvard and George Mason Universities, and served as President of the American Economic Association and on several corporate boards. She has written numerous professional books and articles.
Joseph E. Stiglitz is Senior Vice President and Chief Economist of the World Bank, and Joan Kenney Professor of Economics at Stanford University. He has served as Chairman of President Clinton's Council of Economic Advisers. He has also taught at Princeton, Yale, and Oxford. In 1979 he was awarded the American Economic Association John Bates Clark Award, given to the economist under-40 who has made the most significant contribution to economics.

4:00 - 5:00 Corporate Governance in Developing Countries
Victor Chu is Chairman of First Eastern Investment Group, a leading Asian investment firm focusing on direct investments in the greater China and ASEAN regions. First Eastern currently manages over HK$ 4 billion earmarked for such investments. He has served as Director and Council Member of the Hong Kong Stock Exchange and served as Vice Chairman of its Listing Committee. He is also a practicing solicitor and Deputy Secretary-General of the International Bar Association.
Boyman Mancama is Chairman of the Institute of Directors Zimbabwe of Eagle Star Insurance Zimbabwe. He is a member of the Commonwealth Association of the Corporate Governance Council, which develops corporate governance strategies in Gambia, Ghana, Kenya, Sierra Leone, Tanzania, Uganda, and Zambia. Previously he was Chief Executive Officer of Anglo-American Corporation Zimbabwe.
Ira M. Millstein is Senior Partner at the law firm of Weil, Gotshal & Manges. He is also Chairman of the Business Sector Advisory Group on Corporate Governance of the Organisation for Economic Co-operation and Development and has headed the National Association of Corporate Directors' Commission on Director Professionalism. He is the Eugene F. Williams Jr. Visiting Professor in Competitive Enterprise and Strategy at the Yale School of Management.
Linda Tsao Yang was appointed U.S. Executive Director for the Asian Development Bank in 1993. Previously she served as Vice Chair of the Investment Committee of the Public Employees Retirement System Board of Administration for the State of California,and as California's Savings and Loan Commissioner.

4:00 - 5:00 Ratings, Investment Information and Transparency
Amy Falls is Global Strategist and Director of Emerging Markets Research for Morgan Stanley's Fixed-Income Division. She advises investors and issuers about global market conditions, investment opportunities, and risks. She is closely involved with all of Morgan Stanley's underwriting efforts on behalf of Emerging Markets fixed-income issuers, both in the public and private sectors. Prior to joining Morgan Stanley, she was a sovereign credit analyst at J. P. Morgan Securities.
Stephen Fidler is U.S. Diplomatic Editor of the Financial Times. He previously served as Financial Times' Latin America Editor. He is well known for his extensive reporting on developments in emerging markets in Latin America and other regions.
Richard Frank is Managing Partner and Chief Operating Officer of Darby Overseas Investments, Ltd., a private emerging markets investment firm in Washington, D.C. Previously, he served as Managing Director of the World Bank, responsible for operations in Latin America and South Asia, and served as Chairman of the Bank's Finance Committee. He also served as Chief Financial Officer for the International Finance Corporation.
Clifford M. Griep is Executive Managing Director of the Financial Institutions/Sovereign Department in the Debt Ratings Group of Standard & Poor's Corporation. In this capacity, he manages a global staff that provides ratings and credit research on 1,200 financial institutions and 76 sovereign governments. He has held various positions with Standard & Poor's since he joined in 1982, and now serves on the group's senior operating committee. He also served on the Board of the Fixed Income Analysts Society for four years, including a term as President.

4:00 - 5:00 Economic Policy and Equity
Nancy Birdsall is Senior Associate Director of the Economics Program at the Carnegie Endowment for International Peace. Previously, she was Executive Vice President of the Inter-American Development Bank. She has also held various management positions at the World Bank, was a senior adviser to the Rockefeller and MacArthur Foundations, and has served on several committees of the National Academy of Sciences. She is author of numerous publications on human resource issues, including poverty, income distribution, education, and health.
Katherine Hagen has been Deputy Director General of the International Labour Organisation, since 1994. She is responsible for relations with the U.N. system organizations and the Bretton Woods institutions and for external relations in general. Previously she held various legal and management positions at AT&T, most recently serving as Vice President and Attorney for Federal Government Affairs. She is also a former university professor and a former North Carolina state senator.
Ravi Kanbur is T. H. Lee Professor of World Affairs at Cornell University. He is also Senior Adviser and Visiting Fellow at the Overseas Development Council, and has been appointed Director of the World Bank's Year 2000 World Development Report. He has taught at the University of Warwick, Oxford, Cambridge, Essex, and Princeton, and has written extensively on issues concerning poverty and inequality.
Vito Tanzi is Director of the Fiscal Affairs Department at the International Monetary Fund. He has also served as President of the International Institute of Public Finance. He is author of many books and articles on various economic issues, including equity and corruption.
Emmanuel Tumusiime-Mutebile is Permanent Secretary and Secretary to the Treasury, Ministry of Finance, Uganda. He previously served in the President's office, the Ministry of Planning and Economic Development, and the Prime Minister's office in Uganda. He attended Oxford University and has taught economics at the University of Dar-es-Salaam.

5:30 - 6:30 Keynote — Global Integration
Gordon Brown is Chancellor of the Exchequer for the United Kingdom. He has been Member of Parliament for Dunfermline East since 1983, and served as Shadow Chancellor from 1992-1997. He has also held the positions of Shadow Chief Secretary to the Treasury and Shadow Trade and Industry Secretary, as well as Chair of the Labour Party Scottish Council. He has lectured at Edinburgh University and Caledonian University, and served as Edinburgh's Rector and Chairman of the University Court. He is author and editor of a number of books.
Cyril Ramaphosa is Executive Deputy Chairman of New Africa Investments Ltd., South Africa, and serves as chairman or director of several companies. He has played a lead role in the political transformation process in South Africa, as head of the African National Congress (ANC) negotiating team. Previous positions include Chairman of the Constitutional Assembly, Member of Parliament, General Secretary of the National Union of Mineworkers, Secretary General of the ANC, as well as visiting Professor of Law at Stanford University. He was awarded the Olaf Palme prize in Stockholm and has received several honorary doctorate degrees.
James D. Wolfensohn is President of the World Bank Group. Before joining the World Bank he was an international investment banker and a key supporter of the performing arts. He has held the positions of President and Chief Executive Officer of James D. Wolfensohn Inc., Executive Deputy Chairman and Managing Director of Schroders Ltd., Chairman of the Board of Trustees of the John F. Kennedy Center for the Performing Arts and of New York's Carnegie Hall.

Fund Home Annual Meetings 1998 Bank Home

Satday, October 3

9:00 - 10:30	East Asia: The Journey Ahead Michel Camdessus is serving his third five-year term as Managing Director of the International Monetary Fund. Among his previous positions he served as Financial Attaché to the French delegation at the European Community in Brussels, Director of the French Treasury, and Governor of the Bank of France. He also served as Chairman of the Paris Club and of the Monetary Committee of the European Community. Michael Getler is Executive Editor of the International Herald Tribune. He assumed this position after 26 years with The Washington Post, most recently as Deputy Managing Editor. Prior to joining the Post he was a reporter and editor with American Aviation Publications, and won awards for his coverage of the Vietnam War and the Apollo space program. Paul Krugman is Ford International Professor of Economics at the Massachusetts Institute of Technology. He has also taught at Yale University and Stanford University, and has served as Chief International Economist of the President's Council of Economic Advisers. A widely published author, he is one of the founders of the "new trade theory," a major rethinking of the theory of international trade. In recognition of that work, in 1991 the American Economic Association awarded him the John Bates Clark medal. Duck-Woo Nam is Chair of the Korea Sanhak Foundation and Asia-Pacific Institute in Seoul. He is a former Prime Minister of the Republic of Korea, and also has served as Deputy Prime Minister, Finance Minister and Minister of Economic Planning, and has taught Economics at Sogang University. Mari Pangestu is Executive Director of the Centre for Strategic and International Studies in Jakarta, a private nonprofit organization focusing on policy studies. She teaches economics at the University of Indonesia and is a board member of several organizations, including Catholic University Atmajaya, The Nature Conservancy in Indonesia, the Overseas Development Council, and (the Board of External Editors of) the Asian Journal of Business at the University of Michigan, among others. James D. Wolfensohn is President of the World Bank Group. Before joining the World Bank he was an international investment banker and a key supporter of the performing arts. He has held the positions of President and Chief Executive Officer of James D. Wolfensohn Inc., Executive Deputy Chairman and Managing Director of Schroders Ltd., Chairman of the Board of Trustees of the John F. Kennedy Center for the Performing Arts and of New York's Carnegie Hall.

11:00 - 12:30	Bank and Corporate Restructuring Under Stress Hernán Büchi is President, Director, and founder of the Center of International Economy at the Freedom and Development Institute, a political think tank in Santiago, Chile. A former Minister of Finance, he has had a long career in public service, including participation in the restructuring of the Chilean banking system. He currently serves as a board member for several Chilean private companies, and provides consulting services to Latin American, Eastern European, and Asian governments in the design and management of political economy. Robert Hormats is Vice Chairman of Goldman Sachs International. He has served as a Senior Staff Member for International Economic Affairs on the National Security Council and acted as Senior Economic Advisor to Secretary of State Henry Kissinger, and National Security Advisors Brent Scowcroft and Zbigniew Brzezinski. He also held positions as Senior Deputy Assistant Secretary for Economic and Business Affairs at the State Department, Ambassador and Deputy U.S. Trade Representative, and Assistant Secretary of State for Economic and Business Affairs. Wilbur L. Ross Jr. is Senior Managing Director of the Office of the Chairman and Chief Investment Officer, Rothschild Recovery Fund, Rothschild Inc. He has assisted numerous governments and corporations in their restructuring programs, including Mexico, Italy, the Greyhound Corporation, and the Halla Group. Michael T. R. Smith is Head of Business Finance Division at the Bank of England. A career Bank of England official, his tenure has involved extensive contacts with industry, financial institutions, and professional firms both in the United Kingdom and abroad. He was a promoter and guardian of the London Approach, a set of principles that provided the framework for the many multibank workouts during the period of recession in the U.K. economy from 1989 to 1994. Tarrin Nimmanahaeminda is Minister of Finance of Thailand. He started his career in 1974 as a manager at Siam Commercial Bank, where he later became President and Chief Executive Officer. He has served on the board of several organizations, and was a committee member of the Banking and Financial Institution of the Thai Parliament. He has also been Senator, Member of the Legislative Council, Chairman of the Thai Bankers Association, and the first Thai Director on the Business Advisory Council of the International Finance Corporation.

11:00 - 12:30	Early Warning Systems: Using Models to Predict Currency Crises Eduardo Borensztein is Chief of the Developing Country Studies Division, Research Department of the International Monetary Fund. He directs a comprehensive study of models of leading indicators of currency crises, with a view to developing a system to complement other surveillance methods. Prior to joining the Fund, he was an economist at the Central Bank of Argentina and at the Foundation for Economic Study of Latin America, Buenos Aires. Rudi Dornbusch is Ford International Professor of Economics at the Massachusetts Institute of Technology, where he has taught since 1975. He is a Research Associate of the National Bureau of Economic Research, a member of the Brookings Panel on Economic Activity, the Advisory Board of the Institute for International Economics, and the Academic Panel of the Federal Reserve Banks of New York and Boston. His areas of expertise include currency stabilization, and issues related to economic globalization. Arminio Fraga is Managing Director at Soros Fund Management in New York City. His primary responsibility is portfolio management and strategies for emerging markets. He is also Adjunct Professor of International Affairs at Columbia University. Previously he served as Director of International Affairs for the Central Bank of Brazil. He also has worked for Salomon Brothers and Banco Garantia, and has taught at The Wharton School of Business at the University of Pennsylania, the Getulio Vargas Foundation, and Catholic University in Rio de Janeiro, Brazil. Morris Goldstein is Dennis Weatherstone Senior Fellow in International Finance at the Institute for International Economics in Washington D.C. Earlier positions include Deputy Director of the International Monetary Fund's Research Department, Senior Technical Advisor at the U.S. Treasury, Visiting Research Associate at the London School of Economics, and Baker-Weeks Research Fellow at the Brookings Institution. He has published widely in the field of international economics, most recently about financial crises, and is a frequent speaker at public policy conferences dealing with international monetary issues. Takatoshi Ito is Professor at the Institute of Economic Research, Hitotsubashi University. Previously he was Senior Adviser in the Research Department of the International Monetary Fund, and taught at Harvard University and the University of Minnesota. He has published widely on East Asian economies, and is currently working on several projects on the Asian currency crises.

11:00 - 12:30	Social Dimensions of Financial Crises Martha Alter Chen is Development Adviser at the Harvard Institute for International Development, a Lecturer at the Kennedy School of Government, and Coordinator of Women in Informal Employment: Globalizing and Organizing – a global action-research coalition. She is an experienced development practitioner and researcher, with long-term resident experience in Bangladesh and India. Her areas of specialization are rural development, poverty alleviation, nongovernmental organizations, and women in development. Maria Ramos is Director General of the Department of Finance in South Africa. She also serves as a Nonexecutive Director on the Corporation for Public Deposits and on the Financial Markets Advisory Board. She was part of the African National Congress team responsible for drafting and negotiating chapters on Finance and Intergovernmental Fiscal Arrangements during the Constitutional Negotiations in 1993, and served on the Transitional Executive Council, Sub-Council on Finance, which negotiated South Africa's re-entry into the International Financial Markets in 1994. Emil Salim is Chairman of the Board of Trustees of the Indonesian Biodiversity Foundation. He also serves as Chairman of the Working Group of the Indonesian Ecolabelling Institute, is a Member of the Indonesian People's Assembly, and is an Economic Expert on the Team of the President of the Republic of Indonesia on Debt and Development Issues of the Non Aligned Movement. In addition, he is a member of the United Nations High-Level Advisory Board on Sustainable Development. Shirley Williams is the spokesman on Foreign and Commonwealth Affairs for the Liberal Democrat Party in the House of Lords and a member of the Lords’ Select Committee on European Legislation. She is also a Public Service Professor of Elective Politics at the John F. Kennedy School of Government, Harvard University. She has held a number of government positions, including UK Secretary of State for Education and Science, has hosted her own BBC show, and has published widely.

2:00 - 3:30	Strengthening Banking Systems Howard Davies is Chairman of the United Kingdom's Financial Services Authority, formerly known as the Securities and Investments Board. Previously he served for two years as Deputy Governor of the Bank of England, and he is now a member of the Bank of England's Board of Banking Supervision. He has also held the posts of Director General of the Confederation of British Industry, Controller of the Audit Commission, and Special Adviser to the Chancellor of the Exchequer. He has worked for McKinsey and Company in London and also in the U.K. Treasury and Foreign Ministry. Stanley Fischer is First Deputy Managing Director of the International Monetary Fund. Previously, he was the Killian Professor and Head of the Department of Economics at the Massachusetts Institute of Technology, and from 1988 to 1990 served as Vice President and Chief Economist at the World Bank. He has also taught at the University of Chicago and has held visiting positions at Hebrew University and Stanford's Hoover Institution. Pablo Guidotti is Secretary of the Treasury of Argentina, and Co-Chairman of the G-22 Working Party on Strengthening Financial Systems. Previously he held several senior positions at the Central Bank and was a Member of the Executive Board for the Trust Fund for Bank Capitalization. He has also served as an Economist for the International Monetary Fund, on the faculty of several universities in Argentina and the United States, and published numerous articles in scholarly journals. Alice Rivlin is Vice Chair of the Board of Governors of the U.S. Federal Reserve System. She is also Chairman of the Control Board for the District of Columbia. Before joining the Federal Reserve, she was Director of the Office of Management and Budget. She was Founding Director of the Congressional Budget Office and was an Assistant Secretary at the Department of Health, Education and Welfare. She is the recipient of a MacArthur Foundation Prize Fellowship, has been a Senior Fellow at the Brookings Institution, taught at Harvard and George Mason Universities, and served as President of the American Economic Association and on several corporate boards. She has written numerous professional books and articles. Joseph E. Stiglitz is Senior Vice President and Chief Economist of the World Bank, and Joan Kenney Professor of Economics at Stanford University. He has served as Chairman of President Clinton's Council of Economic Advisers. He has also taught at Princeton, Yale, and Oxford. In 1979 he was awarded the American Economic Association John Bates Clark Award, given to the economist under-40 who has made the most significant contribution to economics.

4:00 - 5:00	Corporate Governance in Developing Countries Victor Chu is Chairman of First Eastern Investment Group, a leading Asian investment firm focusing on direct investments in the greater China and ASEAN regions. First Eastern currently manages over HK$ 4 billion earmarked for such investments. He has served as Director and Council Member of the Hong Kong Stock Exchange and served as Vice Chairman of its Listing Committee. He is also a practicing solicitor and Deputy Secretary-General of the International Bar Association. Boyman Mancama is Chairman of the Institute of Directors Zimbabwe of Eagle Star Insurance Zimbabwe. He is a member of the Commonwealth Association of the Corporate Governance Council, which develops corporate governance strategies in Gambia, Ghana, Kenya, Sierra Leone, Tanzania, Uganda, and Zambia. Previously he was Chief Executive Officer of Anglo-American Corporation Zimbabwe. Ira M. Millstein is Senior Partner at the law firm of Weil, Gotshal & Manges. He is also Chairman of the Business Sector Advisory Group on Corporate Governance of the Organisation for Economic Co-operation and Development and has headed the National Association of Corporate Directors' Commission on Director Professionalism. He is the Eugene F. Williams Jr. Visiting Professor in Competitive Enterprise and Strategy at the Yale School of Management. Linda Tsao Yang was appointed U.S. Executive Director for the Asian Development Bank in 1993. Previously she served as Vice Chair of the Investment Committee of the Public Employees Retirement System Board of Administration for the State of California,and as California's Savings and Loan Commissioner.

4:00 - 5:00	Ratings, Investment Information and Transparency Amy Falls is Global Strategist and Director of Emerging Markets Research for Morgan Stanley's Fixed-Income Division. She advises investors and issuers about global market conditions, investment opportunities, and risks. She is closely involved with all of Morgan Stanley's underwriting efforts on behalf of Emerging Markets fixed-income issuers, both in the public and private sectors. Prior to joining Morgan Stanley, she was a sovereign credit analyst at J. P. Morgan Securities. Stephen Fidler is U.S. Diplomatic Editor of the Financial Times. He previously served as Financial Times' Latin America Editor. He is well known for his extensive reporting on developments in emerging markets in Latin America and other regions. Richard Frank is Managing Partner and Chief Operating Officer of Darby Overseas Investments, Ltd., a private emerging markets investment firm in Washington, D.C. Previously, he served as Managing Director of the World Bank, responsible for operations in Latin America and South Asia, and served as Chairman of the Bank's Finance Committee. He also served as Chief Financial Officer for the International Finance Corporation. Clifford M. Griep is Executive Managing Director of the Financial Institutions/Sovereign Department in the Debt Ratings Group of Standard & Poor's Corporation. In this capacity, he manages a global staff that provides ratings and credit research on 1,200 financial institutions and 76 sovereign governments. He has held various positions with Standard & Poor's since he joined in 1982, and now serves on the group's senior operating committee. He also served on the Board of the Fixed Income Analysts Society for four years, including a term as President.

4:00 - 5:00	Economic Policy and Equity Nancy Birdsall is Senior Associate Director of the Economics Program at the Carnegie Endowment for International Peace. Previously, she was Executive Vice President of the Inter-American Development Bank. She has also held various management positions at the World Bank, was a senior adviser to the Rockefeller and MacArthur Foundations, and has served on several committees of the National Academy of Sciences. She is author of numerous publications on human resource issues, including poverty, income distribution, education, and health. Katherine Hagen has been Deputy Director General of the International Labour Organisation, since 1994. She is responsible for relations with the U.N. system organizations and the Bretton Woods institutions and for external relations in general. Previously she held various legal and management positions at AT&T, most recently serving as Vice President and Attorney for Federal Government Affairs. She is also a former university professor and a former North Carolina state senator. Ravi Kanbur is T. H. Lee Professor of World Affairs at Cornell University. He is also Senior Adviser and Visiting Fellow at the Overseas Development Council, and has been appointed Director of the World Bank's Year 2000 World Development Report. He has taught at the University of Warwick, Oxford, Cambridge, Essex, and Princeton, and has written extensively on issues concerning poverty and inequality. Vito Tanzi is Director of the Fiscal Affairs Department at the International Monetary Fund. He has also served as President of the International Institute of Public Finance. He is author of many books and articles on various economic issues, including equity and corruption. Emmanuel Tumusiime-Mutebile is Permanent Secretary and Secretary to the Treasury, Ministry of Finance, Uganda. He previously served in the President's office, the Ministry of Planning and Economic Development, and the Prime Minister's office in Uganda. He attended Oxford University and has taught economics at the University of Dar-es-Salaam.

5:30 - 6:30	Keynote — Global Integration Gordon Brown is Chancellor of the Exchequer for the United Kingdom. He has been Member of Parliament for Dunfermline East since 1983, and served as Shadow Chancellor from 1992-1997. He has also held the positions of Shadow Chief Secretary to the Treasury and Shadow Trade and Industry Secretary, as well as Chair of the Labour Party Scottish Council. He has lectured at Edinburgh University and Caledonian University, and served as Edinburgh's Rector and Chairman of the University Court. He is author and editor of a number of books. Cyril Ramaphosa is Executive Deputy Chairman of New Africa Investments Ltd., South Africa, and serves as chairman or director of several companies. He has played a lead role in the political transformation process in South Africa, as head of the African National Congress (ANC) negotiating team. Previous positions include Chairman of the Constitutional Assembly, Member of Parliament, General Secretary of the National Union of Mineworkers, Secretary General of the ANC, as well as visiting Professor of Law at Stanford University. He was awarded the Olaf Palme prize in Stockholm and has received several honorary doctorate degrees. James D. Wolfensohn is President of the World Bank Group. Before joining the World Bank he was an international investment banker and a key supporter of the performing arts. He has held the positions of President and Chief Executive Officer of James D. Wolfensohn Inc., Executive Deputy Chairman and Managing Director of Schroders Ltd., Chairman of the Board of Trustees of the John F. Kennedy Center for the Performing Arts and of New York's Carnegie Hall.