Sovereign Debt Reductions
Private and Public Burden-Sharing and the Role of the IMF
About This Event

International Monetary Fund (IMF) policy has varied over time and among countries. For example, Latin American growth in the 1980s was stalled for years as countries in debt, bank creditors, and the IMF delayed various debt restructuring plans. After a decade of lost growth opportunities, the Brady Plan was put into place and creditors paid for the restructuring. In the past decade, the IMF has orchestrated partial or complete bailouts of foreign creditors in Mexico, Asia, and Argentina--yet in Ecuador the IMF stepped aside, and foreign creditors rather than the local taxpayers bore the brunt of the costs.

Panelists will evaluate and describe the role of the IMF and the various policies used in restructuring and reducing countries’ debts. They will define "bailout" (the bailout of foreign creditors by local taxpayers) and "bail-in" (the involvement of the private sector in reducing debts), as well as what constitutes a "neutral" IMF policy.

Agenda

9:45 a.m.

Registration

10:00

Introduction:

Charles W. Calomiris, AEI and Columbia University

Speakers:

Adam Lerrick, Lerrick & Co.

Walter Molano, BCP Securities

Nouriel Roubini, Stern School, New York University

Noon

Adjournment

AEI Participants

 

Charles W.
Calomiris
  • Charles W. Calomiris, who codirected AEI's Financial Deregulation Project until 2007, is concurrently the Henry Kaufman Professor of Financial Institutions at Columbia Business School. He is also a research associate at the National Bureau of Economic Research, a member of the Shadow Financial Regulatory Committee and the Financial Economists Roundtable, and the coordinator of the "Bank Performance and the Economy" program at the Center for Financial Research at the Federal Deposit Insurance Corporation. His research at AEI spans several areas, from banking and corporate finance to financial history and monetary economics. Mr. Calomiris also served on the 2000 International Financial Institution Advisory Commission. Known as the Meltzer Commission, this congressionally mandated group recommended specific reforms of the International Monetary Fund, the World Bank, the regional development banks, and the World Trade Organization to the U.S. government.
  • Phone: 2128548748
    Email: ccalomiris@aei.org

 

Adam
Lerrick
  • Adam Lerrick is the Friends of Allan H. Meltzer Professor of Economics at the Tepper School of Business at Carnegie Mellon University. He served as a senior adviser to the chairman of the International Financial Institution Advisory Commission (known as the "Meltzer Commission"), where he analyzed the workings of the World Bank and reassessed its role in the global economy. Previously, he was an investment banker with Salomon Brothers and Credit Suisse First Boston, and he originated and led the negotiation team of the Argentine Bond Restructuring Agency in the $100 billion Argentine debt restructuring.
  • Phone: 434-286-2372
    Email: alerrick@aei.org
  • Assistant Info

    Name: Chad Hill
    Phone: 202-862-5862
    Email: chad.hill@aei.org
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