Annual Meetings  Boards of Governors OCTOBER 1998
			International Monetary Fund World Bank Group WASHINGTON, D.C.

	1998 Program of Seminars Seminar Schedule
	Last updated 10/2/98

	Saturday, October 3, 1998
	9:00-10:30	East Asia: The Road to Recovery East Asia is experiencing flat or negative growth this year; sweeping reforms are under way to rebuild the foundations of long-term prosperity in what was the fastest growing region in the world. Unemployment and poverty are high and rising, and social impacts are being felt across the region. How soon will the region move out of recession, which is causing intraregional trade to shrink and external investors to hold back on new commitments? How can the region regain its former levels of growth and rising incomes? What can be done at a regional level to set up an early warning system, to avoid a future collapse, and to restore investors' confidence? What is the necessary balance between investments in the social and financial sectors to promote a sustainable recovery? Opening Remarks Michel Camdessus, Managing Director, International Monetary Fund James D. Wolfensohn, President, The World Bank Group Discussion Leaders Paul Krugman, Ford International Professor, International Economics, Massachusetts Institute of Technology, USA Duck-Woo Nam, former Prime Minister, Korea   Mr. Nam's statement Mari Pangestu, Executive Director, Centre for Strategic and International Studies, Indonesia Moderator Michael Getler, Executive Editor, International Herald Tribune, France
	10:30-11:00	Welcoming Coffee
	11:00-12:30	Bank and Corporate Restructuring under Stress Banks and corporations in most East Asian countries have been severely affected by the recent economic crises and face a protracted period of uncertainty, limited resources, and slow economic growth. In view of these problems, several East Asian countries are considering systemic bank and corporate restructuring plans, and other countries around the globe are likely to follow suit. What role do governments play in systemic restructuring? How can government measures best promote or support an increase in private capital flows to banks and corporations? Which short-run interventions are most likely to further long-term strengthening of financial systems and corporate governance? What are some of the initiatives underway in East Asia? Discussion Leaders Hernán Büchi, former Minister of Finance, Chile Wilbur L. Ross, Jr., Senior Managing Director, Rothschild Inc., and Chief Investment Officer, Rothschild Recovery Fund, USA Michael T.R. Smith, former Head of Business Finance, Bank of England, United Kingdom Tarrin Nimmanahaeminda, Minister of Finance, Thailand Moderator Robert Hormats, Vice Chairman, Goldman Sachs International, USA
	11:00-12:30	Early Warning Systems: Using Models to Predict Currency Crises The frequency of currency crises has escalated in recent years, challenging policymakers, investors, and international financial institutions to upgrade their vigilance and supplement their traditional methods of surveillance. The emerging research in the use of statistical models to predict situations of currency vulnerability presents a new approach to this challenge. What signals of distress have been observed before currency collapses? To what extent are crises alike and thus predictable by applying a common methodology? How successful and effective have various models been as a tool for policymakers, investors, and international financial institutions? Discussion Leaders Eduardo Borensztein, Chief, Developing Country Studies Division, Research Department, International Monetary Fund Rudi Dornbusch, Ford International Professor of Economics, Massachusetts Institute of Technology, USA Arminio Fraga, Managing Director, Soros Fund Management, USA Takatoshi Ito, Professor, Institute of Economic Research, Hitotsubashi University, Japan Moderator Morris Goldstein, Dennis Weatherstone Senior Fellow, Institute for International Economics, USA
	11:00-12:30	Social Dimensions of Financial Crises The East Asian situation has demonstrated the profound impact that macroeconomic shocks can have on people's lives, particularly on already vulnerable populations and on the social fabric. As private income and public social expenditures decline, the resulting increases in poverty and suffering demand action from governments and international agencies alike. What are the key consequences of financial crises on human welfare and society? What economy-wide choices do governments have to support economic recovery and protect the vulnerable? Have government responses been sufficient, and where do gaps remain? What are the lessons for the future? Discussion Leaders Martha Alter Chen, Development Advisor, Harvard Institute for International Development, USA Maria Ramos, Director General, Department of Finance, South Africa Emil Salim, Chairman of the Board of Trustees, Indonesian Biodiversity Foundation, Indonesia Moderator Shirley Williams, Member of the House of Lords, United Kingdom
	12:30-2:00	Luncheon
	2:00-3:30	Strengthening Banking Systems In the wake of financial crises in Mexico and East Asia, higher priority has been given to the need to enhance domestic banking systems. Much work has been done to strengthen those elements of banking and supervisory practice that require urgent attention. Ensuring that appropriate incentives are in place is one important element. What initiatives have been identified by the international community, and are there sufficient incentives for these initiatives to be implemented? What complementary infrastructure and institutions are needed elsewhere in the financial system, and how can governments be encouraged to establish them? How important is the role of foreign banks in terms of bringing capital and expertise to domestic markets? Is there a conflict between addressing the problems in the banking sector and ensuring support for the macroeconomy? Discussion Leaders Howard Davies, Chairman, UK Financial Services Authority, United Kingdom Stanley Fischer, First Deputy Managing Director, International Monetary Fund Pablo Guidotti, Secretary of Finance, Argentina, and Co-Chairman, G-22 Working Party on Strengthening Financial Systems Joseph E. Stiglitz, Senior Vice President & Chief Economist, World Bank Moderator Alice Rivlin, Vice Chair, Board of Governors of the Federal Reserve System, USA
	4:00-5:00	Corporate Governance in Developing Countries Corporate governance has received considerably more attention in industrial than in developing countries. A major lesson emerging from the East Asian crisis is the need to put in place measures that promote accountability and transparency in financial/economic transactions. What best practices might developing countries adopt to improve corporate governance? What institutional, market, and regulatory mechanisms are needed to support such initiatives? What are the roles and responsibilities of investors, lenders, and borrowers in monitoring corporate governance? Can industrial country approaches be applied to produce effective systems of incentives and enforcement in developing countries? Discussion Leaders Boyman Mancama, Chairman, Institute of Directors of Zimbabwe Ira M. Millstein, Senior Partner, Weil, Gotshal & Manges, USA and Chairman, Business Advisory Group on Corporate Governance, Organisation for Economic Co-Operation and Development Linda Tsao Yang, U.S. Executive Director, Asian Development Bank Moderator Victor Chu, Chairman, First Eastern Investment Group, Hong Kong SAR, China
	4:00-5:00	Ratings, Investment Information and Transparency The crisis in East Asia seemed to catch the world unaware. The sharp and unexpected downgrading of sovereign ratings by credit rating agencies has received much criticism, as has the role of other information intermediaries - such as investment analysts and the financial press. What is the future role of these intermediaries in meeting growing calls for improved transparency? Has the crisis changed investors' expectations of the quality and timeliness of information from intermediaries? What actions can emerging markets take so that intermediaries can improve the quality of information? To what extent should analysis and judgment be the responsibility of information vendors versus investors? Will competition among information vendors be sufficient to improve transparency, or is regulation, or other intervention, required? Discussion Leaders Amy Falls, Global Strategist and Director, Fixed Income Emerging Markets Research, Morgan Stanley Dean Witter, USA Stephen Fidler, US Diplomatic Editor, Financial Times, USA Clifford M. Griep, Executive Managing Director, Financial Institutions/Sovereign Department, Debt Ratings Group, Standard & Poor's Corp., USA Moderator Richard H. Frank, Managing Partner and Chief Operating Officer, Darby Overseas Investment, Ltd., USA
	4:00-5:00	Economic Policy & Equity Designing and implementing equitable policies is a challenge for policymakers. Equitable policies should not come at the expense of growth and should seek to improve the prospects of the least fortunate. How has equity been addressed in policymaking? What instruments have been used to implement equitable policies? What legal, political, administrative, and financial constraints have policymakers faced in promoting equity? How has globalization changed the appropriate mix and effectiveness of redistributive policies? Discussion Leaders Nancy Birdsall, Senior Associate, Carnegie Endowment for International Peace Katherine Hagen, Deputy Director General, International Labour Organisation Ravi Kanbur, T.H. Lee Professor of World Affairs, Cornell University, USA Emmanuel Tumusiime-Mutebile, Permanent Secretary and Secretary to the Treasury, Uganda Moderator Vito Tanzi, Director, Fiscal Affairs Department, International Monetary Fund
	5:30-6:30	Keynote: Global Integration Opening Remarks James D. Wolfensohn, President, The World Bank Group Keynote Speakers: Gordon Brown, Chancellor of the Exchequer, United Kingdom Cyril Ramaphosa, Executive Deputy Chairman, New Africa Investments Ltd., and former Secretary General, African National Congress, South Africa
	6:30-7:30	Reception

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