Home what's New Site Map Site Index International Monetary Fund Search About the IMF IMF at Work IMF Finances Country Info News Publications An Open letter By Kenneth Rogoff International Monetary Fund Author of Globalization and Its discontents Kenneth S Rogoff (New York: W.w. Norton Company, June 2002) The IMF Strikes Back Washington D.C., July 2, 2002 Kenneth rogo Published in Foreign Policy Magazin At the outset, I would like to stress that it has been a pleasure working closely with my World Bank colleagues-particularly my Straight talk counterpart, Chief Economist Nick Stern-during my first year at the Rethinking capital controls: When IMF. We regularly cross 19h Street to exchange ideas on research, should we keep an policy, and life. The relations between our two institutions are excellent-this is not at issue. Of course, to that effect, I think it is Developmeni also important, before I begin, for me to quash rumors about the demolition of the former PEPCO building that stood right next to the An Institution that IMF until a few days ago. No, it's absolutely not true that this was Eases Financial Pain, caused by a loose cannon planted within the World Bank. Kenneth rogoff Published in the Dear joe Financial Times September 27, 2002 Like you, I came to my position in Washington from the cloisters of a tenured position at a top-ranking American University. Like you, I Has Russia Been on came because I care. Unlike you, I am humbled by the World Bank Commentary By and IMF staff I meet each day. I meet people who are deeply Kenneth Rogoff committed to bringing growth to the developing world and to Published in alleviating poverty. I meet superb professionals who regularly work Vedomosti 80-hour weeks, who endure long separations from their families Fund staff have been shot at in Bosnia, slaved for weeks without heat Moral Hazard in IME in the brutal Tajikistan winter, and have contracted deadly tropical Loans. How biga Concern?A diseases in Africa. These people are bright, energetic, and Commentary imaginative. Their dedication humbles me, but in your speeches, Kenneth rogoff Finance your book, you feel free to carelessly slander them. 2 Joe, you may not remember this, but in the late 1980s, I once enjoyed the privilege of being in the office next to yours for a semester. We Commentaries for young economists all looked up to you in awe. One of my favorite 003200220012000 stories from that era is a lunch with you and our former colleague, 19991998 Carl Shapiro, at which the two of you started discussing whether PaulThe IMF Strikes Back by Kenneth Rogoff Published in Foreign Policy Magazine Straight Talk -- Rethinking capital controls: When should we keep an open mind? Finance & Development An Institution that Eases Financial Pain, A Commentary By Kenneth Rogoff Published in the Financial Times, September 27, 2002 Has Russia Been on the Right Path? A Commentary By Kenneth Rogoff Published in Vedomosti Moral Hazard in IMF Loans, How Big a Concern? A Commentary By Kenneth Rogoff Finance & Development Views & Commentaries for 2003 2002 2001 2000 1999 1998 Kenneth S. Rogoff An Open Letter1 By Kenneth Rogoff, Economic Counsellor and Director of Research, International Monetary Fund To Joseph Stiglitz, Author of Globalization and Its Discontents (New York: W.W. Norton & Company, June 2002) Washington D.C., July 2, 2002 At the outset, I would like to stress that it has been a pleasure working closely with my World Bank colleagues—particularly my counterpart, Chief Economist Nick Stern—during my first year at the IMF. We regularly cross 19th Street to exchange ideas on research, policy, and life. The relations between our two institutions are excellent—this is not at issue. Of course, to that effect, I think it is also important, before I begin, for me to quash rumors about the demolition of the former PEPCO building that stood right next to the IMF until a few days ago. No, it's absolutely not true that this was caused by a loose cannon planted within the World Bank. Dear Joe: Like you, I came to my position in Washington from the cloisters of a tenured position at a top-ranking American University. Like you, I came because I care. Unlike you, I am humbled by the World Bank and IMF staff I meet each day. I meet people who are deeply committed to bringing growth to the developing world and to alleviating poverty. I meet superb professionals who regularly work 80-hour weeks, who endure long separations from their families. Fund staff have been shot at in Bosnia, slaved for weeks without heat in the brutal Tajikistan winter, and have contracted deadly tropical diseases in Africa. These people are bright, energetic, and imaginative. Their dedication humbles me, but in your speeches, in your book, you feel free to carelessly slander them.2 Joe, you may not remember this, but in the late 1980s, I once enjoyed the privilege of being in the office next to yours for a semester. We young economists all looked up to you in awe. One of my favorite stories from that era is a lunch with you and our former colleague, Carl Shapiro, at which the two of you started discussing whether Paul