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Thursday, October 21, 1999
The Cato Institute
F.A. Hayek Auditorium
1000 Massachusetts Avenue, NW
Washington, DC 20001
The distinctive characteristic of all monetary regimes today is the lack
of any real anchor for the domestic price level. All currencies are government
fiat monies whose values are determined ultimately by discretionary central
banks. Countries that have pegged their currencies to the dollar have
benefited from low U.S. inflation, but there is no guarantee of future
price stability.
At the Cato Institute’s 17th Annual Monetary Conference, leading policy-makers
and monetary experts will discuss the current global monetary order and
proposals for improving that order. Those proposals range from dollarization
to a new Bretton Woods system to private competing currencies.
Important questions will be raised about the Federal Reserve’s ability
to control the money supply in a global economy, the future of the yen
and the euro, the role of the IMF as an international lender of last resort,
whether dollarization would benefit Latin America, and whether deflation
is a threat to global financial markets.
The fundamental question, however, is whether we should rely more on
monetary rules or on discretionary central banks. Since monetary disturbances
can wreak havoc on economic decisions, the choice of monetary institutions
has important implications for long-run prosperity and freedom.
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9:00 - 11:00 a.m.
RealVideo
Archive
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Welcoming Remarks: James A. Dorn, Vice President for
Academic Affairs, Cato Institute
Keynote Address: Jerry L. Jordan, President and CEO,
Federal Reserve Bank of Cleveland
Full text of address: The Evolving Global
Monetary Order
PANEL 1: DO WE NEED A NEW BRETTON WOODS?
Moderator: Zanny Minton-Beddoes, The Economist
Stanley Fischer, First Deputy Managing Director,
International Monetary Fund
Anna J. Schwartz, Research Associate, National Bureau
of Economic Research
Pedro Schwartz, President, IDELCO, Madrid
Judy Shelton, Professor of International Finance,
DUXX Graduate School of Business Leadership, Monterrey, Mexico
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11:15 - 12:30 p.m.
RealVideo
Archive of Part I
RealVideo
Archive of Part II
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PANEL 2: IS DOLLARIZATION BENEFICIAL FOR LATIN AMERICAN COUNTRIES?
Moderator: Mary Anastasia O'Grady, Americas Column, Wall
Street Journal
Juan Andrés Fontaine, Chief Executive and Partner,
Fontaine y Paúl Consultores Asociados
José Piñera, Distinguished Senior Fellow, Cato Institute
Steve Hanke, Professor of Applied Economics, The
Johns Hopkins University
Roberto Salinas-León, Director of Policy Analysis,
TV Azteca
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12:30-3:15 p.m.
RealVideo
Archive
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LUNCHEON
David Malpass, Chief International Economist, Bear
Stearns
Full text of address: Replacing the Vacuum
in International Economic Policy
PANEL 3: MONETARY POLICY IN THE NEW GLOBAL ECONOMY
Moderator: John M. Berry, The Washington Post
Allan H. Meltzer, Professor of Economics, Carnegie
Mellon University
Ronald I. McKinnon, William D. Eberle Professor of International
Economics, Stanford University
Charles W. Calomiris, Paul M. Montrone Professor of Finance
and Economics, Columbia Business School
George Selgin, Associate Professor of Economics,
University of Georgia
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3:30 - 4:30 p.m.
RealVideo
Archive
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PANEL 4: FIXED VERSUS FLOATING EXCHANGE RATES
Moderator: William A. Niskanen, Chairman, Cato Institute
Peter B. Kenen, Walker Professor of Economics & International
Finance, Princeton University
Leland B. Yeager, Ludwig von Mises Distinguished Professor
Emeritus, Auburn University
Alan C. Stockman, Professor of Economics, University
of Rochester
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Jerry L. Jordan
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David Malpass
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Anna J. Schwartz
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José Piñera
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Ronald I. McKinnon
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Stanley Fischer
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Charles W. Calomiris
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Steve Hanke
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Peter B.
Kenen
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