The First EMEPG Meetng on International Financial Architecture

The financial crisis in Asia in 1997-98 brought new impetus to the discussion of international financial architecture. The so-calledMeltzer Report and the Council on Foreign Relations Task Report were the two most important outcomes of such discussion. However, the views of emerging markets were not represented in those reports. So with the Ford Foundation's support, the Emerging Markets Eminent Persons Group (EMEPG) was established to produce a report on the international financial architecture from emerging markets’ perspective. Three international seminars were held in the process of writing the report.

Session I

Discussion on New International Financial Architecture

Chair

Il SaKong, Chairman & CEO, Institute for Global Economics

"The International Financial Architecture: Issues and Propositions", presented by Stephany Griffith-Jones, Deputy Director, Commonwealth Secretariat, London.

Commentators

Pakorn Vichyanond, Research Director, Thailand Development Research Institute (TDRI), Bangkok

Manuel F. Montes, Ford Foundation, New York.

Session II

Capital Account Liberalization and Its Critique

Chair

Mar'ie Muhammad, Governor, Bank of Indonesia

"Seeking for an Appropriate Exchange Rate Regime", presented by Yunjong Wang and Dooyoung Yang, KIEP, Seoul.

Commentators

Ricardo Ffrench-Davis, Naciones Unidas, Santiago

Pakorn Vichyanond, Research Director, Thailand Development Research Institute (TDRI), Bangkok

"Managing Stable Capital Flows: Capital Controls and Sequencin-g of Capital Account Liberalization", presented by Ricardo French-Davis, Naciones Unidas, Santiago

Commentators

Wonam Park, Professor, Hongik University, Seoul

Charles C. Soludo, Professor, University of Nigeria, Nsukka

"Regulatory Challenges: Restrictions on Highly Leveraged Institutions", presented by Gordon de Brouwer, Professor, Australian National University, Canberra

Commentators

Stephany Griffith-Jones, Deputy Director, Commonwealth Secretariat

Dooyoung Yang, Research Fellow, KIEP, Seoul

Special Speech

1. Fred Bergsten, Director, Institute for International Economics (IIE)

Session III

Building Infrastructure for New International Financial Architecture

Chair

Noordin Sopiee, Director-General, Institute of Strategic & International Studies (ISIS)

"International Standards and Regulations", presented by Tan Khee Gian, Professor, Nanyang Technological University, Singapore

Commentators

Stephany Griffith-Jones, Deputy Director, Commonwealth Secretariat, London

Yunjong Wang, Research Fellow, KIEP.

"Reforms on International Financial Institutions", presented by Robert A. Blecker Professor, American University, Washington, D.C.

Commentators

Gordon de Brouwer, Professor, Australian National University

Kwangwoo Jun, President, Korea Center for International Finance, Seoul

Session IV

Private Sector Involvement and Social Policies

Chair

Ruth de Krivoy, President, Síntesis Financiera

"Private Sector Involvement and Burden Sharing", presented by Won-Am Park, Professor, Hongik University.

Commentators

Tan Khee Gian, Professor, Nanyang Technological University

Jang-Yun Leeg, Research Director, Korea Institute of Finance, Seoul

"Social Policies for Poor Countries", presented by Charles C. Soludo, Professor, University of Nigeria.

Commentators

Ricardo French-Davis, Naciones Unidas

Robert A. Blecker, Professor, American University

Panel Discussion

New International Financial Architecture and Emerging Market Economies

Chair

Il SaKong, Chairman & CEO, Institute for Global Economics

Concluding Remarks

Il SaKong, Chairman & CEO, Institute for Global Economics