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DC Debt Bios


CWS Washington, D.C.: A Legacy of Debt and The Future of Global Recovery


MODERATOR: Dr. Eswar Prasad, the Tolani Senior Professor of Trade Policy at Cornell University; Senior Fellow, Brookings Institution; Research Associate, National Bureau of Economic Research 
Eswar Prasad is the Tolani Senior Professor of Trade Policy at Cornell University. He is also a Senior Fellow at the Brookings Institution, where he holds the New Century Chair in International Economics, and a Research Associate at the National Bureau of Economic Research. He was previously chief of the Financial Studies Division in the International Monetary Fund's Research Department and, before that, was the head of the IMF's China Division.

Eswar Prasad's latest book Emerging Markets: Resilience and Growth Amid Global Turmoil (with M. Ayhan Kose; Brookings Institution Press) was published in December 2010. His extensive publication record includes articles in numerous collected volumes as well as top academic journals such as the American Economic Review, American Economic Journal: Macroeconomics, Brookings Papers on Economic Activity, The Economic Journal, International Economic Review, Journal of Development Economics, Journal of Economic Perspectives, Journal of International Economics, Journal of International Money and Finance, Journal of Monetary Economics, and Review of Economics and Statistics. He has co-authored and edited numerous books and monographs, including on financial regulation and on China and India. Current research interests include the macroeconomics of financial globalization; financial regulation, monetary policy frameworks and exchange rate policies in emerging markets; and the Chinese and Indian economies.

Prasad has testified before the Senate Finance Committee, the House of Representatives Committee on Financial Services and the U.S.-China Economic and Security Review Commission, and his research on China has been cited in the U.S. Congressional Record. He was a member of the analytical team that drafted the 2008 report of the High-Level Committee on Financial Sector Reforms set up by the Government of India. He serves on an Advisory Committee to India's Finance Minister and is the Lead Academic for the DFID-LSE International Growth Center's India Growth Research Program. He is the creator of the Brookings-Financial Times world index (TIGER: Tracking Indices for the Global Economic Recovery;

Many of his research papers and quotes from his speeches have been cited extensively in prominent media outlets such as the Economist, Financial Times, Forbes, International Herald Tribune, New York Times, Newsweek, Time, Wall Street Journal, Washington Post, and USA Today. His op-ed articles have appeared in the Financial Times, International Herald Tribune, Wall Street Journal Asia, Washington Post and other newspapers. He has made frequent appearances on BBC, Bloomberg, CNBC, CNN, C-SPAN, Fox, NBC, NPR, PBS, Reuters and other radio and television channels.

Prasad is also a Research Fellow at IZA (Institute for the Study of Labor, Bonn) and an Associate at the National Bureau of Asian Research. He has served as the co-editor of the journal IMF Staff Papers, was on the editorial board of Finance & Development and was the founding editor of the quarterly IMF Research Bulletin.


Mr. Gustavo Arnavat ’84 - Executive Director, US Inter-American Development Bank

The Honorable Gustavo Arnavat was nominated by President Barack Obama and confirmed unanimously by the Senate in November 2009 to represent the United States on the Executive Board of the Inter-American Development Bank (IDB).  He also serves on the Board of Directors of the Inter-American Investment Corporation and on the Donors’ Committee of the Multilateral Investment Fund, both affiliates of the IDB.  As the US ED for the IDB, he is a senior member of the Treasury Department’s International Affairs team.

The IDB is the largest source of multilateral funding for Latin America and the Caribbean, and the US is the largest shareholder, with over 30% of the bank’s voting capital.  Since its founding in 1959, the IDB has invested over $200 billion in the region. The Board of Executive Directors is responsible for day-to-day oversight of the IDB’s management, credit decisions and operations, including the approval of all loans, grants and technical assistance programs, as well as all bank policies.  Mr. Arnavat led the negotiations within the IDB’s Board that succeeded in securing the largest capital increase in the bank’s history, resulting in a near doubling of the IDB’s annual lending capacity and adoption of fundamental operational and financial management reforms.

Mr. Arnavat has over two decades of international legal and banking experience.  Prior to joining the Obama Administration, he was a Director and Senior Legal Counsel at the Citi Private Bank in New York, where he was Legal Co-Head of the Latin America market region.  At Citi, he managed a wide range of legal, regulatory and policy issues relating to banking, investment management and brokerage services.  He began his legal career with the firm of Cleary Gottlieb Steen & Hamilton where he advised US and European banks, as well as Latin American companies and governments, on numerous international capital markets and other financial transactions.  As a an investment banker at Morgan Stanley, he focused on the origination and execution of equity and fixed income public offerings and private placements by Latin American issuers, and provided strategic advice relating to M&A transactions and joint ventures.

Prior to attending law school, Mr. Arnavat was a Presidential Management Fellow at the White House (National Security Council), the State Department and the Department of Justice. 

During the 2008 Presidential campaign, he was a member of the Obama for America National Leadership Council and advised senior campaign officials on Latin America policy.  Following the election, he served on the Obama-Biden Transition Team in Washington, D.C.    

Mr. Arnavat received a B.A., cum laude, from Cornell University, an M.P.P. degree from the Harvard Kennedy School of Government, where he was a Sloan Foundation Fellow, and a J.D. from the University Of Pennsylvania School Of Law, where he was an editor of the University of Pennsylvania Law Review.

Dr. M.G. Sri-Ram Aiyer, PhD’69 - Director Emeritus, Korea Department, East Asia and Pacific, The World Bank
Dr. M.G. Sri-Ram Aiyer has extensive experience in development banking, international economies, emerging market countries, crisis resolution and management, private sector and energy sector development during a career of over 31 years at the World Bank. He has worked at the macro and sectoral levels, across the globe in analytical and operational capacities, and at the policy and technical levels. Dr. Aiyer now serves as a Consultant on Development Policy and Strategy for a number of instituions and countries.
At the World Bank, he has served as the Director, Techinical Department, Latin America and Caribbean and the Country Director, Korea Department. As Director for Latin America and the Caribbean, he led the World Bank to assist Mexico to restructure its banking system following the 1995 “Peso” crisis, entailing recapitalization of banks and portfolio clean out, accompanied by reform of prudential regulations and supervision systems. Thereafter, Dr. Aiyer led a team to help reform Mexico’s private sector employees’ pension cum social security system from ‘pay as you go’ to a defined-contribution fully funded system.  He also advised governments of Bolivia and Jamaica at their request on steps to avert an imminent crisis in their financial sectors.  Further, Dr. Aiyer helped determine priorities for Bank work in Latin America in financial and private sector development, energy sector reform, public sector management, environment, and health sector reform. 
As Country Director for Korea, Dr. Aiyer led the strategic design and delivery of World Bank’s largest ever program ($10 billion pledged) to support reforms to address the underlying causes of the crisis in Korea’s financial, corporate and labor markets during the 1997 East Asian financial crisis. He helped design and implement a restructuring program for the whole financial sector including NBFIs, handled by the Bank, and reforms in regulation and supervision jointly with the IMF. In July 2000, he was awarded a Presidential medal, the country’s highest civilian award, given by President of Korea for assistance to the country in economic reforms, including an Anti Corruption program in government. The reforms are credited with the fastest turn around among all countries affected by the East Asian crisis--in GDP growth, regulatory and institutional reforms and foreign direct investment, and foreign exchange reserves.
From 1999 - 2000, Dr. Aiyer served as Adjunct Professor, Graduate School of International Studies, Ewha Womans University, Seoul, Korea, and from 2001 - 2007, as Adjunct Professor, School of Foreign Service, at Georgetown University in Washington DC.  He currently continues consulting with a variety of agencies and countries. Along with his PhD from Cornell, Dr. Aiyer holds a M.Sc. Tech (UMIST), Master’s Program GWU, Washington, D.C., BE Osmania U (now IIT), India, and BA Hons. Eq. Russian Studies-Fellow of the Institute of Linguists, London. 

Dr. Johannes Linn, A&S MA’71, PHD’73 - Nonresident Senior Fellow, Global Economy and Development, Brookings Institute

Johannes F. Linn is a Resident Senior Scholar at the Emerging Markets Forum in Washington, D.C., and a Non-resident Senior Fellow at the Brookings Institution. He also serves as the External Chair of the IFAD 9 Replenishment.

From 2005-2010 he served as Director of the Wolfensohn Center for Development at Brookings. Prior to joining Brookings in 2003, Mr. Linn worked for three decades at the World Bank in various capacities. After eight years of research on urban development issues, he was country economist and economic advisor in the Bank’s East Asia Region. In 1987/88, Mr. Linn was Staff Director of World Development Report 1988, and then served in various managerial functions in the Bank’s research department. In 1991, Mr. Linn became the Bank’s Vice President for Financial Policy and Resource Mobilization.  From 1996 to 2003, Mr. Linn was the Bank’s Vice President for Europe and Central Asia.

Mr. Linn has published extensively on development and global governance issues, including a book jointly edited with Colin Bradford on Global Governance Reform: Breaking the Stalemate (Brookings Press 2007). His current research interests and recent publications are in the areas of aid effectiveness (with a special focus on scaling up successful development interventions), on global governance reform, and on regional cooperation (with a special focus on Central Asia). Mr. Linn holds a Bachelors degree from Oxford University (1968) and a doctorate in economics from Cornell University (1972).


Ms. Mary Miller ’77 - Under Secretary for Domestic Finance, US Treasury
Mary John Miller has served as the Department of the Treasury's Assistant Secretary for Financial Markets since February 2010.  Assistant Secretary Miller is responsible for Treasury’s management of the public debt and advises the Secretary on broad matters of domestic finance, financial markets, federal, state and local finance, and federal government lending policies.  At the Treasury, Miller oversees the Offices of Federal Finance, Capital Markets, and Government Financial Policy.

Miller spent 26 years working for T. Rowe Price Group, Inc., most recently as the director of the Fixed Income Division.  She was a member of the firm's Management Committee and also held key investment management responsibilities on the firm's Asset Allocation Committee and as an officer of a number of fixed income mutual funds. Prior to joining T. Rowe Price, Miller was a research associate for The Urban Institute in Washington, D.C.

Miller earned a B.A. from Cornell University and an M.C.R.P. from the University of North Carolina at Chapel Hill.  Miller also has earned her Chartered Financial Analyst designation.