Is There Really No Better Way To Do International Debt Workouts? :: Past Conferences :: Events Archive :: Center for International Development at Harvard University (CID)

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Is There Really No Better Way To Do International Debt Workouts?

Friday, 16 April 2004
9:30 AM - 4:30 PM

Hosted by the Center for International Development at Harvard University

Participants | Agenda | Background Readings | Location

Participants

Laura Alfaro, Assistant Professor, Harvard Business School

Mark Allen, Acting Director, International Monetary Fund

Beatriz Armendariz, Lecturer in Economics, Harvard University

Patrick Bolton, John H. Scully �66 Professor of Finance, Professor of Economics, Princeton University

Rafael Di Tella, Professor, Graduate School of Business, Harvard University

Kristen Forbes, Member, Council of Economic Advisors

Arminio Fraga, G�vea Investimentos, formerly Governor, Central Bank of Brazil

Jeffrey Frankel, James W. Harpel Professor of Capital Formation and Growth, John F. Kennedy School of Government, Harvard University

Jeffry Frieden, Professor of Government, Faculty of Arts and Sciences, Harvard University

John Murray, Adviser, Governing Council, Bank of Canada

Arturo Porzecanski, Managing Director and Head of Emerging Markets Research, ABN AMRO Incorporated

Andrew Powell, Professor of Economics and Director, Graduate Programs in Finance, Business School, Universidad Torcuato Di Tella and Visiting Scholar, CID

Andrew Quale, Partner, Sidley Austin Brown & Wood

Kenneth Rogoff, Professor of Economics, Harvard University

Hal Scott, Professor of International Financial Systems, Harvard Law School

Anne-Marie Slaughter, Dean, Woodrow Wilson School of Public and International Affairs, Princeton University

Jeromin Zettelmeyer, Senior Economist, International Monetary Fund

Agenda

Each session will have a moderator, two lead speakers (five to seven minutes each), and short background readings

9:30 AM		Coffee
10:00-10:15 AM		Introductory Remarks Kenneth Rogoff, Director of CID
10:15-11:45 AM		Session I. IFIRM: (International Financial Institution Restructuring Mechanism) Moderator: Kristen Forbes Lead Speakers: Arturo Porzecanski and Jeromin Zettelmeyer Over the next decade, is it worth contemplating a wholesale restructuring of the International Monetary Fund? Does the World need a lender of last resort and, if so, does the IMF need more resources or less? What kind of MD does the Fund need if its role is to change? What about the other IFIs? How can the role of the World Bank be better defined, and on what basis should its accountability be determined?
11:45 AM-12:00 PM		Coffee break
12:00 � 1:00 PM		Session II. Moderator: Andrew Quale Lead Speakers: John Murray and Anne-Marie Slaughter How should the global bankruptcy process be different in 25 years than it is today? Ignoring the official jousting, have we actually figured anything out?
1:00-2:15 PM		Lunch What would be in Brazil's best interest for the future? Opening remarks: Arminio Fraga, Ex-Governor, Central Bank of Brazil
2:15 -3:30 PM		Session III. Moderator: Jeff Frieden Lead Speakers: Jeff Frankel How, if at all, will the next round of sovereign debt crises differ from previous ones. Will flexible exchange rates make a decisive difference? What about the rising role of domestic public debt. Should the world community be engaged in bailing out domestic debt as, for example, in Turkey? What lessons are we going to learn from Argentina?
3:30-3:45 PM		Coffee
3:45-4:30 PM		Wrap-up discussion
5:30 PM		Drinks and Dinner Hosts: Andrew Quale and Arturo Porzecanski Location: Harvard Faculty Club

Main Background readings:

Arturo Porzecanski "Dealing with Sovereign Debt"

Carmen Reinhart and Kenneth Rogoff, "Serial Default and Its Remedies" mimeo, Harvard University, March 2004.

Further Background reading:

Nouriel Roubini and Brad Setser, "Improving the Sovereign Debt Restructuring Process: Problems in Restructuring, Proposed Solutions, and a Roadmap for Reform" revised Sept 2003 (.pdf)

Andrew Powell and Leandro Arozamena, "Liquidity Protection versus Moral Hazard: The Role of the IMF"

Location
The discussion will take place in the Perkins Room at the Center for International Development. The Perkins Room is on the 4th floor of the One Eliot Building at the Kennedy School of Government. Please find directions here: http://www.cid.harvard.edu/visitor/

Should you wish to spend the night in Cambridge, please find a list of local accommodations here: http://www.cid.harvard.edu/visitor/

Please contact CID Events with any questions.

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