Opening a Back Door to Foreign Aid: The SDR Department at the IMF (September 2004) by Adam Lerrick

An International Monetary Fund (IMF) proposal to provide hidden subsidies to a variety of countries, including some hostile to the U.S., was exposed today in a new study released by Joint Economic Committee Vice Chairman Jim Saxton. The study examining this proposal, Opening a Back Door to Foreign Aid: The SDR Department at the IMF, was authored by Adam Lerrick of the Gailliot Center for Public Policy at Carnegie Mellon University.

Funding the IMF: How Much does it Really Cost? (November 2003) by Adam Lerrick

The hidden costs incurred by the United States through its contributions to the International Monetary Fund (IMF) should appear as expenditures in the budget and be considered by Congress in the appropriations process, according to a study released today by Vice Chairman Jim Saxton. The new study, Funding the IMF: How Much Does It Really Cost?, was written by Adam Lerrick of the Gailliot Center for Public Policy at Carnegie Mellon University.

What Future for the IMF and the World Bank? (July 2003) by Allan Meltzer

Reforms are needed to ensure that the International Monetary Fund (IMF) and World Bank provide benefits in excess of their taxpayer costs, according to a new paper released today by Vice Chairman Jim Saxton. The paper, What Future for the IMF and the World Bank?, examines how the functions of the IMF and World Bank should be refocused and reformed to improve the economic well being of citizens of their client countries. The paper was authored by distinguished economist Dr. Allan H. Meltzer, who served as Chairman of the International Financial Institution Advisory Commission.

A Simple Means to Defuse Sovereign Default (June 2003) by Adam Lerrick

With the outlook for expanded donor funding dim and its own debt restructuring plan essentially dead, the International Monetary Fund (IMF) could play a constructive role by promoting collective action clauses in bonds offered by sovereign borrowers, Vice Chairman Jim Saxton said today. Saxton made his remarks in connection with the release of a study from the Gailliot Center for Public Policy of Carnegie Mellon University, A Simple Means to Defuse Sovereign Default, by Adam Lerrick.

President Proposes Alternative To Failed World Bank Practices: New Analysis Finds Millennium Challenge Account Offers Hope to World's Poorest (February 2003) by Adam Lerrick

The discredited and wasteful approach used by the World Bank in its attempts to promote economic development would be eclipsed by President Bush's Millennium Challenge Account proposal, Congressman Jim Saxton said today. Saxton's comments accompanied the release of a new analysis, Real Relief for the World's Poor: The Millennium Challenge Corporation, by Adam Lerrick of The Gailliot Center for Public Policy at Carnegie Mellon University.

Sovereign Default: The Private Sector Can Resolve Bankruptcy without a Formal Court (April 2002) by Adam Lerrick and Allan Meltzer

A new role for the International Monetary Fund (IMF) in supervising sovereign bankruptcies was rejected today by Joint Economic Committee (JEC) Chairman Jim Saxton. Saxton made his comments in releasing a new report, Sovereign Default: The Private Sector Can Resolve Bankruptcy without a Formal Court. The study, authored by Adam Lerrick and Allan Meltzer, explains how available measures could address this issue without a new centralized mission for the IMF.

Are World Bank Claims of Success Credible?: It is Time for an External Performance Audit (March 2002) by Adam Lerrick

An independent review of World Bank performance is urgently needed, according to a new analysis released today by Chairman Jim Saxton of the Joint Economic Committee (JEC). According to the new report, the World Bank's own evaluation of its improving performance lacks credibility, noting "when the auditors are captive, when the timing of judgment is premature, when the criteria are faulty and when the numbers are selectively chosen - then the conclusions are worthless." In recent years questions about the effectiveness of the World Bank have generated much controversy, including within the World Bank itself.

Grants: A Better Way To Deliver Aid (January 2002) by Adam Lerrick and Allan Meltzer

The World Bank should move toward providing international development aid in the form of performance-based grants instead of loans, according to a new analysis released today by Joint Economic Committee (JEC) Chairman Jim Saxton. The analysis, Grants: A Better Way To Deliver Aid, demonstrates that performance-based grants, "would cost the same as traditional loans, but would deliver more benefits to the global poor."

Beyond IMF Bailouts: Default Without Disruption (May 2001) by Adam Lerrick and Allan Meltzer

A new policy framework for the International Monetary Fund (IMF) to provide assistance in financial crises without bailing out private sector investors will be released May 10 by Majority Leader Dick Armey and Chairman Jim Saxton of the Joint Economic Committee (JEC). The proposal was designed by Adam Lerrick and Allan H. Meltzer, both of whom were previously associated with the Meltzer Commission.

Blueprints for a New Global Financial Architecture (October 1998) by Charles Calomiris

This paper considers current problems in what is often termed the "global financial architecture" and proposes a set of solutions to those problems. The solutions take the form of redesigning (in combination) rules governing domestic bank safety net policies, lending by the International Monetary Fund (IMF), international competition in banking, global capital flows, and government debt management policies.

Section II outlines the problems the proposal is meant to address. Section III describes the principles that should guide reform. Section IV discusses details of how to implement those principles, including specific rules governing domestic bank safety nets, IMF membership and IMF lending policy. These would replace not only the current IMF, but other lending programs including the Exchange Stabilization Fund (ESF) and ad hoc emergency lending by the World Bank the InterAmerican Development Bank. Section V discusses the political economy of the new set of rules and whether enforcement would be credible. Section VI concludes.