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Cato Institute's 15th Annual Monetary Conference: Money and Capital Flows in a Global Economy
Cato Institute
F.A. Hayek Auditorium
Washington, D.C.
October 14, 1997
On Tuesday, October 15, 1997 the Cato Institute continued its 15 year tradition of exploring pressing and timely issues in international fiscal policy with its meeting Money and Capital Flows in a Global Economy.
Speakers including Federal Reserve Chairman, Alan Greenspan; First Deputy Managing Director of the International Monetary Fund, Stanley Fisher; and the Bank of Mexico's Vice Governor, Francisco Gil-Díaz, convened to sort through the pressing issues relevant to global capital flows that face the world economy
Tackling issues ranging from exploring possible roles for multilateral lending institutions in bringing about global financial stability to the lessons learned during the 1994 Mexican peso crisis, this meeting convened some of the world's most important and influential thinkers and policy makers in international finance.
Other issues addressed:
- The possibility of and ramification for some sort of tax on global monetary movements
- How has the growth of private capital markets affected monetary and fiscal policy?
- The influence of information technologies on international transaction and the creation of a more seamless international market.
Illustrating the ability of online publication to disseminate timely information (these papers are to be a book in about 6 months) CIAO, in partnership with the Cato Institute, brings you the exclusive comprehensive coverage of this important gathering.
Welcoming Remarks, 1997 Monetary Conference
Jim Dorn, VP for Academic Affairs, Cato Institute
Opening Remarks
Alan Greenspan, VP for Academic Affairs, Cato Institute
Globalization of Finance
Panel I: How to Avoid International Crises?
- Jerry L. Jordan
The Role of Central Banks in Avoiding Financial Crises
Stanley Fischer
How to Avoid International Financial Crises and the Role of the International Monetary Fund
Anna J. Schwartz
How to Avoid International Financial Crises
Leland B. Yeager
How to Avoid International Financial Crises
Panel II: Lessons from the Mexican Peso Crisis
- Francisco Gil-Díaz
A Hypothesis About the Origin Mexico's 1994 Financial Crisis
Roberto Salinas-León
Consistency, Conservatism and Credibility
Allan H. Meltzer
Moral Hazard, the IMF, and Mexico
A. James Meigs
Lessons for Asia from Mexico
Panel III: Policy Options in a World of Mobile Capital
Stephen Moore
Capital Flows and the Global Supply-Side Revolution
Lawrence Kudlow
Policy Options in a World of Mobile Capital
William A. Niskanen
Some Stray Grounders
Michael Prowse
Prospects for Globalization: Americanization, Swedenization or the Fall of Rome
Bert Ely
Market Forces: The Best Regulator of Global Capital Flows
Bert Ely
20 Forms of Undesirable Government Intervention in Financial Markets
Panel IV: The Future of Money in a Global Economy
- Steve H. Hanke
The Future of Money in a Global Economy
Judy Shelton
The Sanctity of Sound Money
Paul W. Boltz
(paper not included)
Kevin Dowd
Monetary Policy in the 21st Century: An Impossible Task?
Closing Remarks
Walter B. Wriston
Dumb Networks and Smart Capital