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Conference on Second Generation Reforms IMF Headquarters, Washington, D.C. IMF Institute and the Fiscal Affairs Department

This conference addresses the issue of why stabilization and structural adjustment programs of the past, while successful in jump-starting economies, have been unable to ensure the quality and sustainability of renewed growth. It is increasingly recognized that a broader set of reforms is needed to sustain high-quality growth in a globalized environment and to close the disparity between the rich and poor countries. This set of reforms, referred to collectively as "second generation reforms," formed the focus of the papers and conference discussions.

The agenda for the conference appears below, along with links to the papers delivered in the conference. Brief biographical information on each participant is also available. Please note that papers are in draft and unedited.

Agenda

9:00-9:30 - Second Generation Reforms: Reflections and New Challenges -- Opening Remarks
Michel Camdessus, Managing Director, IMF

9:30-10:15 - Keynote Address
James D. Wolfensohn, President, World Bank Group

Session 1  Institutions and Growth
Chair: Mohsin S. Khan, Director, IMF Institute

10:30-11:30 - Institutions and Economic Performance
Robert Bates, Professor of Government, Harvard University

Discussant: Anthony Lanyi, Director, Macroeconomics and Economic Policy, IRIS, University of Maryland

11:30-12:30 - Institutions For High-Quality Growth: What They Are And How To Acquire Them
Dani Rodrik, Professor of International Political Economy, Harvard University

Discussant: Saleh M. Nsouli, Deputy Director, IMF Institute

Session 2  Role of the State
Chair: Jean-Claude Milleron, Executive Director, IMF

2:00-3:00 - The Quality of the Public Sector
Vito Tanzi, Director, Fiscal Affairs Department, IMF

Discussant: Hilton Root, Senior Fellow, The Milken Institute

3:00-4:00 - What Role Do Legal Institutions Play in Development?
(Use the free Adobe Acrobat Reader to view this 303 k pdf file)
Michael Trebilcock, Professor of Law and Director of the Law and Economics Program, University of Toronto, and Kevin Davis, Professor of Law, University of Toronto

Discussant: William E. Holder, Deputy General Counsel, Legal Department, IMF Comments on What Role Do Legal Institutions Play in Development?

Chair: Mohsin S. Khan, Director, IMF Institute

4:30-5:30 - The Quality Of Growth
Vinod Thomas, Director, World Bank Institute

Discussant: Andrew Feltenstein, Professor of Economics, Virginia Polytechnic Institute, and Resident Lecturer, IMF Institute

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November 9—Day 2

9:00-10:00 - Social Capital and Civil Society
Francis Fukuyama, Professor of Public Policy, George Mason University

Discussant: Paul Collier, Director, Development Research Group, The World Bank

Session 4  Sound Regulation
Chair: Riccardo Faini, Executive Director, IMF

10:30-11:30 - The Second Generation of Regulatory Reforms
Scott Jacobs, Head of Program on Regulatory Reform, Public Management Service, OECD

Discussant: Ralph Bradburd, Professor of Political Economy, Williams College

11:30-12:30 - The Role of Financial Regulation in a World of Deregulation and Market Forces
Lawrence J. White, Professor of Economics, New York University

Discussant: Stefan Ingves, Director, Monetary and Exchange Affairs Department, IMF

Session 5  Strategies for Development
Chair: Abbas Mirakhor, Executive Director, IMF

2:00-3:00 - Culture, Democracy, and Development—the Impact of Formal and Informal Institutions on Development
Deepak Lal, Professor of Economics, UCLA

Discussant: Peter Montiel, Senior Policy Advisor, IMF Institute

3:00-4:00 - Fads and Fashion in Economic Reforms: Washington Consensus or Washington Confusion?
Moises Naim, Editor, Foreign Policy

Discussant: Ke-young Chu, Senior Advisor, Fiscal Affairs Department, IMF

4:30-6:00 - Panel
Chair: Mohsin S. Khan, Director, IMF Institute

Faris Bingaradi, Director of Economic and Technical Department,
   Arab Monetary Fund
Ricardo Hausmann, Chief Economist, Inter-American Development
   Bank
Jungsoo Lee, Chief Economist, Asian Development Bank
Ted Nkodo, Director of Central Operations, African Development Bank
Rolph van der Hoeven, Manager ILO Action Program on Structural Adjustment, Employment, and the Role of the Social Partners, International Labour Organization