Second Annual International Banking Conference

The Asian Financial Crisis: Origins, Implications and Solutions

This conference was cosponsored by the International Monetary Fund and the Federal Reserve Bank of Chicago.


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10/08/98
5:00 PM
Welcoming Remarks
Michael H Moskow, Federal Reserve Bank of Chicago
5:00 PM
Session 1: Origins of the Asian Crisis
Moderator
Gregory F Taylor, International Monetary Fund
Speakers
Craig Burnside, Hoover Institution
Martin Eichenbaum, Northwestern University and Federal Reserve Bank of Chicago
Sergio Rebelo, Northwestern University
Michael P Dooley, University of California, Santa Cruz
Reuven Glick, Federal Reserve Bank of San Francisco
Discussants
Roberto Chang, Federal Reserve Bank of Atlanta
David D Hale, Zurich Group
5:00 PM
Roundtable 1: Causes and Implications of the Asian Crisis—The Role of the Financial Sector, Domestic Policies and Contagion
Moderator
Jack B Evans, Hall-Perrine Foundation
Panelists
Joseph R Bisignano, Bank for International Settlements
J Soedradjad Djiwandono, formerly Bank of Indonesia
William C Hunter, Federal Reserve Bank of Chicago
Desmond Lachman, Salomon Smith Barney
Flemming Larsen, International Monetary Fund
Kazuo Ueda, Bank of Japan
Chaiyawat Wilbulswasdi, formerly Bank of Thailand
5:00 PM
Dinner Program
Introduction
Robert J Darnall, Chairman, President and Chief Executive Officer, Inland Steel Industries, Inc.
Keynote
Karin Lissakers, Executive Director, International Monetary Fund
5:00 PM
Session 2: Response to the Crisis—Overview and Case Studies
Moderator
Danny Leipziger, World Bank
Overview
Bijan B Aghevli, International Monetary Fund
Korea
Stijn Claessens, World Bank
Thailand
Stijn Claessens, World Bank
Discussants
Richard J Herring, University of Pennsylvania
Yung Chul Park, Korea Institute of Finance
Robert Townsend, University of Chicago and Federal Reserve Bank of Chicago
5:00 PM
Session 3: Containing the Risks of Future Crisis—Strengthening the Regulatory Framework
Moderator
Verne G Istock, First Chicago NBD
Speakers
Allan H Meltzer, Carnegie Mellon University
Tom de Swann, ABN AMRO Bank, N.V.
Discussants
George J Benston, Emory University
Anil K Kashyap, University of Chicago and Federal Reserve Bank of Chicago
Carl-Johan Lindgren, International Monetary Fund
5:00 PM
Luncheon Program
Introduction
, Washington, Pittman and McKeever and Director, Federal Reserve Bank of Chicago
Keynote
Robert A Johnson, formerly Moore Capital Management
5:00 PM
Session 4: Early Warning Indicators, Transparency and Market Response
Moderator
Zhang Zhixiang, International Monetary Fund
Speakers
Jerome S Fons, Moody's Investors Service
Morris Goldstein, Institute for International Economics
Graciela L Kaminsky, George Washington University
John A Wing, Illinois Institute of Technology and ABN AMRO
Discussants
Martin Mayer, Brookings Institution
Catherine Pattillo, International Monetary Fund
Eric Rosengren, Federal Reserve Bank of Boston
5:00 PM
Roundtable 2: Moral Hazard and the Role of International Rescue Programs
Moderator
Norman R Bobins, LaSalle National Bank
Panelists
Charles W Calomiris, Columbia University
Charles H Dallara, Institute of International Finance
John Lipsky, Chase Manhattan Bank
Michael Mussa, International Monetary Fund
, Central Bank of Argentina—presented by José A. Costa, International Monetary Fund
Helmut Schieber, Deutsche Bundesbank
5:00 PM
Dinner Program
Introduction
Michael H Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Keynote
Stanley Fischer, First Deputy Managing Director, International Monetary Fund
5:00 PM
Session 5: The Future Role of the International Monetary Fund in International Rescue Operations
Moderator
David Marshall, Federal Reserve Bank of Chicago
Speakers
Barry Eichengreen, University of California, Berkeley
Robert Litan, Brookings Institute
Discussants
Charles A E Goodhart, London School of Economics and Bank of England
Randall S Kroszner, University of Chicago and Federal Reserve Bank of Chicago
Anna J Schwartz, National Bureau of Economic Research
5:00 PM
Roundtable 3: Lessons from the Crisis for the International Financial System
Moderator
Raghuram Rajan, University of Chicago
Panelists
Manuel Guitian, International Monetary Fund
Everardo Elizondo, Banco de México
Richard Portes, London Business School and Center for Economic Policy Research
Edwin M Truman, Board of Governors of the Federal Reserve System
Delano Villanueva, South East Asian Central Banks
Yukio Yoshimura, International Monetary Fund
5:00 PM
Conference Summary
George G Kaufman, Loyola University Chicago and Federal Reserve Bank of Chicago
Michael H Moskow, Federal Reserve Bank of Chicago

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