Conference Agenda

IMF Seminars, Conferences and Workshops

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High-Level Seminar on
Exchange Rate Regimes:
Hard Peg or Free Floating?

IMF Headquarters, Washington, D.C.
March 19–20, 2001
By invitation only

In recent years developing and transition countries have tended to move away from adjustable-peg regimes to more flexible regimes or toward hard pegs. The literature has identified this phenomenon as a "hollowing of the middle" in the spectrum of exchange rate regimes.

This seminar addresses the choice of exchange rate regime by developing and transition countries. Country experiences are used to answer a number of crucial questions: What have we learned so far? Are intermediate exchange rate regimes in fact no longer a viable or desirable option? Why do countries opt to move away from the middle? What has been the experience so far in the transition to each of the extremes? What are the specific challenges and obstacles that a country faces when moving away from the middle?

The conference program appears below.

Monday, March 19

9:00 a.m.–9:15 a.m. Opening Session Presentation by Mr. Horst Köhler, Managing Director, IMF
9:15 a.m.–11:00 a.m. Session I. Round Table: Hard Peg or Free Floating?
  Panelists: Stanley Fischer, First Deputy Managing Director, IMF; Carmen Reinhart, U. of Maryland;
Jeffrey Frankel, Harvard U.;
Robert Flood, Editor, IMF Staff Papers
  Chair: Mohsin S. Khan, Director, IMF Institute
11:30 a.m.–1:00 p.m. Session II. From Fixed to Floating: The Latin-American Experience
Speaker: Felipe Morandé, Chief Economist, Central Bank of Chile
Exchange Rate Policy in Chile: Recent Experience

Speaker: Alejandro Werner, Director, Economic Studies, Bank of Mexico
Mexico's Experience with a Floating Exchange Rate

Chair: Enzo Croce, Division Chief, IMF Institute
2:30 p.m.–4:00 p.m. Session III. From Fixed to Floating: Other Country Experiences
Speaker: Leonardo Leiderman, Managing Director, Emerging Markets Research, Deutsche Bank, New York; and Gil Bufman, Professor, Tel Aviv University
Surprises on Israel's Road to Exchange Rate Flexibility

Speaker: Ryszard Kokoszczynski, Deputy President, National Bank of Poland
From Fixed to Floating: Other Country Experiences: The Case of Poland

Chair: Eric V. Clifton, Division Chief, IMF Institute
4:30 p.m.–5:30 p.m. Session IV. From Intermediate to Floating: The Asian Experience
  The Asian Countries Before and After the Crisis
  Speaker: Peter Montiel, Williams College; and Leonardo Hernández, Senior Economist, IMF Institute
Post-Crisis Exchange Rate Policy in Five Asian Countries: Filling in the "Hollow Middle"?
Chair: Reza Vaez-Zadeh, Division Chief, IMF Institute
Tuesday, March 20

9:00 a.m.–11:00 a.m. Session V. From Fixed to Fixed: The Case of Hard Pegs
Speaker: Guillermo Escudé, Head, Research Department, Central Bank of Argentina
  Hong Kong SAR
Speaker: Priscilla Chiu, Head, Economic Research Division, Hong Kong Monetary Authority
Hong Kong's Experience in Operating the Currency Board System

Speaker: Peter Lohmus, Former Deputy Governor, Bank of Estonia
Exchange Rate Regimes: Hard Peg or Free Floating? -- the case of Estonia

Chair: Saleh M. Nsouli, Deputy Director, IMF Institute
11:30 a.m.–12:15 p.m.   Session VI. Wrap-up Session
  Speaker: Leonardo Leiderman (Deutsche Bank, New York)
Chair: Mohsin S. Khan (IMF)