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Session 11 Restoring Stability, Managing Crises: The Role of the International Financial Institutions
The financial crisis that has unfolded since August 2007 continues to challenge global policymakers. This session will focus on actions that the international financial institutions are taking to stabilize national economies, in particular emerging markets, and what, if any, reforms these institutions will see in the near future.
Presentations
Speakers
Morris Goldstein
Peterson Institute for International Economics
Morris Goldstein is the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics (PIIE). Prior to joining Peterson in 1994, Dr. Goldstein spent twenty five years on the IMF staff, the last eight as Deputy Director of the IMF’s Research Department. In 1999, he was the Project Director for the Council on Foreign Relations’ blue-ribbon task force on the international financial architecture. He is a member of the Bellagio Group and of the Council on Foreign Relations. He consults widely with central banks, ministries of finance, and private financial institutions. He holds an A.B. degree in Economics from Rutgers University and a Ph.D. in Economics from New York University.
Dr. Goldstein has written extensively on financial crises in both industrial and emerging economies, on international banking standards, on reform of the international financial architecture, on currency mismatching in emerging economies, on early warning indicators of currency and banking crises, on international capital flows, on exchange rate policies, and on empirical models of international trade. His latest book for the Peterson Institute was Debating China’s Exchange Rate Policy, co-authored in April 2008 with his Peterson Institute colleague, Nicholas Lardy. He is currently at work on a new book dealing with financial regulation after the global credit crisis.
Domenico Lombardi
President of Oxonia
Domenico Lombardi is President of OXONIA, The Oxford Institute for Economic Policy. Dr. Lombardi is an Associate Faculty Member at Nuffield College, a Research Member at Exeter College, a Senior Research Associate with the Global Economic Governance Programme as well as the Department of International Development at Queen Elisabeth House (Oxford University). He is a member of leading policy fora including the Brookings Institution, the Bretton Woods Committee's International Council and Aspen Institute Italia. Dr. Lombardi is a Managing Editor of World Economics and sits on the editorial boards of various journals. He has previously advised the Executive Boards of the International Monetary Fund and the World Bank. Dr. Lombardi's academic research addresses a number of policy-related questions in macroeconomics and international economics. His recent work focuses on the reform of the international financial and monetary system, and the creation of a new aid architecture. His edited volume Finance, Development, and the IMF is forthcoming from Oxford University Press. Dr. Lombardi has an undergraduate degree in Financial Economics from Bocconi University, Milan, and he did his postgraduate studies at Harvard University, The London School of Economics and Oxford University (Nuffield College), from which he holds a Ph.D. in Economics.
Ngozi Okonjo-Iweala
World Bank and former Finance Minister of Nigeria
Dr. Ngozi Okonjo-Iweala is currently a Managing Director of the World Bank.
From September 2006 to November 2007, she was Distinguished Visiting Fellow at Brookings Institution. From June to August 2006, she was Minister of Foreign Affairs of Nigeria, overseeing Nigeria’s External Relations and from July 2003 to June 2006 she served as Minister of Finance and Economy of Nigeria and Head of Nigeria's much acclaimed Presidential Economic team. Dr. Okonjo-Iweala is a member or chair of numerous boards and advisory groups, including ONE Campaign, the World Resources Institute, the Nelson Mandela Institution, Friends of the Global Fund Africa, and the African Institutes of Science and Technology as well as the Center for Global Development (CGD). She has served as the board of the Clinton Global Initiative and as adviser to several international investment groups working in emerging markets and lectured on Africa and development all over the world. Dr. Okonjo-Iweala was the founder of the first ever indigenous opinion research organization in Nigeria (NOI-Gallup Polls) in partnership with the Gallup organization, which strives to strengthen democracy and accountability in Nigeria. She was co-founder of the Makeda Fund, a US$50 million private equity fund designed to invest in women-owned and women-influenced small and medium enterprises in Africa. She founded the Center for the Study of Economies of Africa (C-SEA), a development research think-tank based in Abuja, Nigeria. She was recently named a member of the Danish-Government led commission on Africa and a member of the World Economic Forum Global Leadership Council on Transparency and Corruption. She is also a member of the renowned Commission on World Growth led by Nobel Prize winner, Professor Michael Spence.
Dr. Okonjo-Iweala was educated at Harvard and has a PhD in Regional Economics and Development from the Massachusetts Institute of Technology. She is fluent in French, Ibo and English with working knowledge of Yoruba. She has received numerous awards, including Honorary Doctorate of Letters from University of Dublin, Trinity College, Ireland, 2007, Honorary Doctorate of Laws from Colby College, 2007 and Brown University, USA, 2006, Honorary Doctorate of Humane Letters from Northern Caribbean University, Mandeville, Jamaica, 2005, Time Magazine’s European Hero of the Year Award, 2004, for her work on economic reform in Nigeria, Euromoney Magazine Global Finance Minister of the year, 2005, Financial Times/The Banker African Finance Minister of the year 2005, This Day (one of Nigeria’s premier newspaper) Minister of the Year award 2004 and 2005. In 2006, she was named by Forbes Magazine as one of 100 most powerful women in the world. She has just been profiled in the Conde Nast International Business Intelligence Magazine called Portfolio as one of 73 “Brilliant” business influencers in the world of business and public service.