Stanley Fischer Trevor Manuel Biographies
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Biography: Trevor Manuel
Biography: Trevor Manuel Trevor Manuel served as a Cabinet Minister from 1994 to 2014 under the first four Presidents of democratic South Africa: Mandela, Mbeki, Motlanthe and Zuma. He was first appointed to Cabinet as Minister of Trade and Industry in May 1994, a portfolio he held for two years. In April 1996, he became the Minister of Finance, steering the South African economy for 13 years as one of the world’s longest-serving finance ministers. During his last term in office, he served as Minister in the Presidency responsible for the National Planning Commission, a position he held from May 2009 to May 2014. During his two decades as a Cabinet Minister he also served as a Member of Parliament, representing the African National Congress in a system of proportional representation. His ministerial career highlights have tracked two decades of major social and economic development in the South African economy. As Minister of Trade and Industry, he led the process of reintegrating South Africa into the global economy after decades of sanctions and disinvestment. Domestically, he introduced extensive support measures for small, medium and micro-enterprises to boost local economic development and grow business enterprise. During his lengthy tenure as Minister of Finance he stabilised the macro-economy, returning the economy to growth, significantly transformed the fiscal system in respect of taxation and public spending, reduced South Africa’s fiscal deficit and debt, and introduced an intergovernmental system to manage expenditure efficiently across the three spheres of government. He spearheaded the Financial Sector Charter, a first of its kind in the country, aimed at transforming the financial sector and providing financial services to the majority of South Africans previously excluded from the formal economy. -
CEMLA, a Key Institution in Latin America 60º Anniversary
CEMLA, A Key Institution in Latin America 60º anniversary CENTER FOR LATIN AMERICAN MONETARY STUDIES cemla: A Key Institution in Latin America, 1952-2012 CEMLA: A Key Institution in Latin America, 1952-2012 Eduardo Turrent Díaz CEMLA: A Key Institution in Latin America, 1952-2012 First edition, 2015 Centro de Estudios Monetarios Latinoamericanos (cemla) Durango 54, colonia Roma Norte, Delegación Cuauhtémoc C.P. 06700, México D. F., México <www.cemla.org> Copyright© 2015 Centro de Estudios Monetarios Latinoamericanos All rights reserved Printed in Mexico isbn 978-607-7734-64-2 Any copy or reproduction, retransmission, or re-diffusion, total or partially and through any media, of the content of this book is completely forbidden without previous written authorization form cemla. Editorial and translations coordination by the Information Services Management, cemla. Cover photography: © Dave Bredeson | dreamstime.com vi Table of Contents Preface ........................................................................................ xi Introduction ........................................................................ 1 Chapter I. Antecedents and Establishment (1952) .......... 15 1. Beginnings .......................... ....................................... 15 2. The Project ................................................................. 24 Chapter II. Takeoff (1952-1960) ........................................... 41 1. Overview .................................... ................................. 41 2. Training ....................................... -
The Bendheim Center for Finance Annual Report 2009 Princeton University
The Bendheim Center for Finance Annual Report 2009 Princeton University Contents 5 In Memoriam: Robert Austin Bendheim, 1916-2009 7 Director’s Introduction 10 Faculty 28 Visiting Faculty 30 Visiting Fellows 31 Graduating Ph.D. Students 33 Seminars 33 Civitas Foundation Finance Seminars 34 Finance Ph.D. Student Workshop 35 Conferences 35 The Princeton Lectures in Finance 35 Third Cambridge-Princeton Conference 36 Humboldt-Princeton Conference: Semiparametrics Meets Mathematical Finance 37 Conference on the Mathematics of Credit Risk 37 Rethinking Business Management: An Examination of the Foundations of Business Education 37 Second New York Fed-Princeton Liquidity Conference 38 Stochastic Analysis and Applications from Mathematical Physics to Mathematical Finance 39 CCCP Mathetical Financial Workshop 40 Undergraduate Certificate in Finance 42 Departmental Prizes, Honors, and Athletic Awards to UCF 2008 Students 43 Senior Theses and Independent Projects of the Class of 2008 46 Mini-Course on Financial Modeling, Valuation, and Analysis using Excel, VBA, and C++ 47 Master in Finance 47 Admission Requirements 48 Statistics on the Admission Process 50 Program Requirements 50 Core Courses 50 Elective Courses 52 Tracks 53 Some Course Descriptions 56 Master in Finance Placement 57 MFin Math Camp/Boot Camp 59 Advisory Council 60 Corporate Affiliates Program 60 2008–09 Partners 60 Benefits 61 Gift Opportunities 62 Acknowledgments 2008–09 In Memoriam: Robert Austin Bendheim, 1916-2009 The Bendheim Center for Finance is saddened to report that Robert A. Bendheim died on August 21 at age 93. Bob graduated from Princeton in 1937. As many of you know, Bob and his family have been great friends of the University and have had a major impact on its missions of teaching and research and in promoting a deeper understanding of the forces that shape our national and international destiny. -
1 Installation Address by Dr Max
INSTALLATION ADDRESS BY DR MAX PRICE UNIVERSITY OF CAPE TOWN AUGUST 19, 2008 The Chancellor, Mrs Gra ça Machel The Minister of Education, Ms Grace Naledi Pandor The Minister of Finance, Mr Trevor Manuel Members of the provincial cabinet Her worship Helen Zille, The Mayor of Cape Town, the city whose life and times, and indeed whose very name, means so much to us all; The Chair of Council, Archbishop Njongongkulu Ndungane and members of Council Vice Chancellors of other universities Deputy Vice-Chancellors of UCT and other universities Members of Senate Members of the Institutional Forum The president of the SRC and UCT students The president and members of Convocation, The family of the late Professor Archie Mafeje Archbishop Tutu and Rabbi Tatiana Generous donors and alumni Distinguished guests, Ladies and gentlemen. Thanks for attendance I am deeply honoured by the incredible outpouring of support I have experienced since arriving 6 weeks ago, and reflected in the attendance at tonight’s event. I especially want to acknowledge the many vice-chancellors and their nominees from universities across the country and indeed 2 from the continent; many friends from Johannesburg who have made the trip specially, and family from around the world. To the staff and students present – your attendance means a lot to me. Thank you all – I know that your presence here is primarily a tribute to this great university and its importance to the city, country and continent, but I will vicariously enjoy the honour your bestow. Honouring predecessors I want to start by paying tribute to my predecessors, two of whom, Dr Stuart Saunders and Dr Mamphele Ramphela are here tonight. -
Jacob Zuma: the Man of the Moment Or the Man for the Moment? Alex Michael & James Montagu
Research & Assessment Branch African Series Jacob Zuma: The Man of the Moment or the Man for the Moment? Alex Michael & James Montagu 09/08 Jacob Zuma: The Man of the Moment or the Man for the Moment? Alex Michael & James Montagu Key Findings • Zuma is a pragmatist, forging alliances based on necessity rather than ideology. His enlarged but inclusive cabinet, rewards key allies with significant positions, giving minor roles to the leftist SACP and COSATU. • Long-term ANC allies now hold key Justice, Police and State Security ministerial positions, reducing the likelihood of legal charges against him resurfacing. • The blurring of party and state to the detriment of public institutions, which began under Mbeki, looks set to continue under Zuma. • Zuma realises that South Africa relies too heavily on foreign investment, but no real change in economic policy could well alienate much of his populist support base and be decisive in the longer term. 09/08 Jacob Zuma: The Man of the Moment or the Man for the Moment? Alex Michael & James Montagu INTRODUCTION Jacob Zuma, the new President of the Republic of South Africa and the African National Congress (ANC), is a man who divides opinion. He has been described by different groups as the next Mandela and the next Mugabe. He is a former goatherd from what is now called KwaZulu-Natal (KZN) with no formal education and a long career in the ANC, which included a 10 year spell at Robben Island and 14 years of exile in Mozambique, Swaziland and Zambia. Like most ANC leaders, his record is not a clean one and his role in identifying and eliminating government spies within the ranks of the ANC is well documented. -
Intergovernmental Relations Policy Framework
INTERGOVERNMENTAL AND INTERNATIONAL RELATIONS 1 POLICY : INTERGOVERNMENTAL RELATIONS POLICY FRAMEWORK Item CL 285/2002 PROPOSED INTERGOVERNMENTAL RELATIONS POLICY FRAMEWORK MC 05.12.2002 RESOLVED: 1. That the report of the Strategic Executive Director: City Development Services regarding a proposed framework to ensure sound intergovernmental relations between the EMM, National and Provincial Government, neighbouring municipalities, the S A Cities Network, organised local government and bulk service providers, BE NOTED AND ACCEPTED. 2. That all Departments/Portfolios of the EMM USE the Intergovernmental Relations Policy Framework to develop and implement mechanisms, processes and procedures to ensure sound intergovernmental relations and TO SUBMIT a policy and programme in this regard to the Speaker for purposes of co-ordination and approval by the Mayoral Committee. 3. That the Director: Communications and Marketing DEVELOP a policy on how to deal with intergovernmental delegations visiting the Metro, with specific reference to intergovernmental relations and to submit same to the Mayoral Committee for consideration. 4. That intergovernmental relations BE INCORPORATED as a key activity in the lOP Business Plans of all Departments of the EMM. 5. That the Ekurhuleni Intergovernmental Multipurpose Centre Steering Committee INCORPORATE the principles contained in the Intergovernmental Relations Framework as part of the policy on multipurpose centres to be formulated as contemplated in Mayoral Committee Resolution (Item LED 21-2002) of 3 October 2002. 6. That the City Manager, in consultation with the Strategic Executive Director: City Development Services, FINALISE AND APPROVE the officials to represent the EMM at the Technical Working Groups of the S A Cities Network. 7. That the Strategic Executive Director: City Development SUBMIT a further report to the Mayoral Committee regarding the necessity of participation of the Ekurhuleni Metropolitan Municipality and its Portfolios/Departments on public bodies, institutions and organisations. -
Investment Insights
CHIEF INVESTMENT OFFICE Investment Insights AUGUST 2017 Matthew Diczok A Focus on the Fed Head of Fixed Income Strategy An Overview of the Federal Reserve System and a Look at Potential Personnel Changes SUMMARY After years of accommodative policy, the Federal Reserve (Fed) is on its path to policy normalization. The Fed forecasts another rate hike in late 2017, and three hikes in each of the next two years. The Fed also plans to taper reinvestments of Treasurys and mortgage-backed securities, gradually reducing its balance sheet. The market thinks differently. Emboldened by inflation persistently below target, it expects the Fed to move significantly more slowly, with only one to three rate hikes between now and early 2019. One way or another, this discrepancy will be reconciled, with important implications for asset prices and yields. Against this backdrop, changes in personnel at the Fed are very important, and have been underappreciated by markets. The Fed has three open board seats, and the Chair and Vice Chair are both up for reappointment in 2018. If the administration appoints a Fed Chair and Vice Chair who are not currently governors, then there will be five new, permanent voting members who determine rate moves—almost half of the 12-member committee. This would be unprecedented in the modern era. Similar to its potential influence on the Supreme Court, this administration has the ability to set the tone of monetary policy for many years into the future. Most rumored candidates share philosophical leanings at odds with the current board; they are generally hawkish relative to current policy, favor rules-based decision-making over discretionary, and are unconvinced that successive rounds of quantitative easing were beneficial. -
Interview of Stanley Fischer by Olivier Blanchard
UBRARIBS Digitized by the Internet Archive in 2011 with funding from Boston Library Consortium IVIember Libraries http://www.archive.org/details/interviewofstanlOOblan 2 DEWEY HB31 .M415 Massachusetts Institute of Technology Department of Economics Working Paper Series Interview of Stanley Fischer By Olivier Blanchard Working Paper 05-1 April 1 9, 2005 Room E52-251 50 Memorial Drive Cambridge, MA 021 42 This paper can be downloaded without charge from the Social Science Research Networl< Paper Collection at http://ssrn.com/abstract=707821 MASSACHUSETTS INSTITUTE OF TECHNOLOGY APR 2 6 2005 LIBRARIES Interview of Stanley Fischer, by Olivier Blanchard.i Abstract Stanley Fischer is a macroeconomist par excellence. After three careers, the first in academia at Chicago, and at MIT, the second at the World Bank and at the International Monetary Fund, the third in the private sector at Citigroup, he is starting a fourth, as the head of the Central Bank of Israel. This interview, to be published in Macroeconomic Dynamics, took place in April 2004, before the start of his fourth career. This interview took place long before Stan had any idea he would become Governor of the Bank of Israel, a position he took up in May 2005. We have not changed the text to reflect this latest stage. Introduction. The interview took place in April 2004 in my office at the Russell Sage Foundation in New York City, where I was spending a sabbatical year. We completed it while running together in Central Park during the following weeks. Our meeting at Russell Sage was just like the many meetings we have had over the years. -
ECONOMIC ENDEAVORS Volume 5, Issue 1 the Haverford College Economics Department Newsletter May 2012
ECONOMIC ENDEAVORS Volume 5, Issue 1 The Haverford College Economics Department Newsletter May 2012 Greetings from the Haverford Economics Department! This year our department was especially vibrant with eight full time faculty members. Shannon Mudd launched the microfinance and impact investment initiative with a new introductory course on microfinance, a microfinance speaker series with 4 practitioner/researchers visiting campus throughout the year, an extracurricular impact investing seminar, and a reopening of the microfinance In this issue: club. Student interest has been strong with high enrollments in all the courses, good turn-out at the speakers and a number of senior theses on microfinance. Professors Cichello and Banerjee have continued on staff replacing Dave Owens, who has been on junior leave, and Linda Bell, who is ~Greetings from finishing her five year term as provost. Department Chair Over fall break, Professor Banerjee took 17 students from his class, The Economics of Transition and Anne Preston~ Euro Adoption in Central and Eastern Europe, to Brussels, Belgium, and Frankfurt, Germany, to attend lectures at the EC, the European Central Bank and the Frankfurt School of Finance and Management. The trip was funded by the CPGC and the President’s Office. Traveling during an ~Alumni exciting and tumultuous time in the history of the Euro, students saw their classwork come alive. Updates!~ They had front row seats in the policy debates over how to curb the European economic crisis. This year was the inauguration of the full year senior thesis. Fall term was spent attending a speaker series, building skills not taught elsewhere in the curriculum, and developing a research question, and ~Thesis Topics by the end of the fall semester all students had written and presented their thesis research proposal. -
A Tribute to George Perry and William Brainard
10922-01_Gordon_REV.qxd 1/25/08 11:05 AM Page 1 ROBERT J. GORDON Northwestern University A Tribute to George Perry and William Brainard YOUNGER READERS OF THIS volume may not appreciate how creative was the invention of the Brookings Papers on Economic Activity, how much it changed the way applied economics is communicated, and how magic has been its appeal to economists young and old, the novices and the famous, over its many years of operation. Within ten years of its creation, it had become one of the four most circulated academic journals in economics. The Brookings Papers started at 1:30 p.m. on Thursday, April 16, 1970, with my first paper on the Phillips curve,1 which was discussed by none other than George Perry and Robert Solow. Right from the start, the Brookings Papers was the place to go to for up-to-date analysis of the macroeconomic puzzles of the day. A scorecard of frequent contributors to the Brookings Papers over the years would include many of the great and famous economists of our day: not just Alan Greenspan and Ben Bernanke, but other luminaries including Olivier Blanchard, Rudiger Dornbusch, Stanley Fischer, Paul Krugman, Jeffrey Sachs, and Lawrence Summers, not to mention the Nobel Prize contingent of George Akerlof, Franco Modigliani, Edmund Phelps, Robert Solow, and James Tobin. It is a supreme tribute to Perry and Brainard— and to Arthur Okun, the journal’s cofounder with Perry—that, when they asked, these people came, whether they were famous then or would become so only later. -
Stanley Fischer
Stanley Fischer: Monetary policy - by rule, by committee, or by both? Speech by Mr Stanley Fischer, Vice Chair of the Board of Governors of the Federal Reserve System, at the 2017 US Monetary Policy Forum, sponsored by the Initiative on Global Markets at the University of Chicago Booth School of Business, New York City, 3 March 2017. * * * In recent years, reforms in the monetary policy decisionmaking process in central banks have been in the direction of an increasing number of monetary policy committees and fewer single decisionmakers – the lone governor model.1 We are only a few months away from the 20th anniversary of the introduction of the Bank of England’s Monetary Policy Committee, just a few years after the 300th birthday of the venerable Old Lady of Threadneedle Street. The Bank of Israel moved from a single policymaker to a monetary policy committee in 2010, while I was governor there; more recently, central banks in India and New Zealand have handed over monetary policy to committees. The Federal Reserve is not part of this recent shift, however. The Federal Open Market Committee (FOMC) has been responsible for monetary policy decisions in the United States since it was established by the Banking Act of 1935, two decades after the founding of the Fed itself.2 The movement toward committees reflects the advantages of committees in aggregating a wide range of information, perspectives, and models. Despite the prevalence and importance of committees in modern central banking, the role of committees in the formulation of policy -
Robert L. Mcdonald Current Position Education Teaching and Administrative Appointments
Robert L. McDonald Finance Department Phone: 847-491-8344 Kellogg School of Management Fax: 847-971-5493 Northwestern University E-mail: [email protected] 2001 Sheridan Rd. Evanston, IL 60208 Current Position Erwin P. Nemmers Professor of Finance, Kellogg School of Management, North- western University. Education • B.A. with Highest Honors in Economics, University of North Carolina at Chapel Hill, December 1975. • Ph.D. in Economics, Massachusetts Institute of Technology, June 1982. Teaching and Administrative Appointments • Boston University School of Management, Assistant Professor, Depart- ment of Finance and Economics, September 1981-August 1984. • University of Chicago, Graduate School of Business, Visiting Associate Professor, July 1989 - June 1990. • Northwestern University, J. L. Kellogg School of Management, Finance Department. { Assistant Professor, September 1984 - August, 1987 { Associate Professor, September 1987 - August 1991 { Professor, September 1991 - present. { Finance Department Chair, September 1991 - August, 1994 { Acting Director of Kellogg Computer Services, May 1993 - Sept. 1995 { Northwestern University Program Review Council, 2002-2005 (Chair, 2005) { Co-director, Financial Markets Research Center (2006-) { Acting Director, Guthrie Center for Real Estate, 2008-2009 { Faculty senate, Finance Department representative ∗ Chair, Budget Committee (2011-2012) { Teaching: Derivatives Markets I, Derivatives Markets II, Taxation and Decision-Making, Corporate Finance, Doctoral Seminar on Con- tinuous-Time Methods