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"7e MI;oder;,.tors L). NN H-:1&.B\RI). Dea.>, (-follabia BusiPess Schoo4A Collrmbia LtUniverity Bank f 1'illabud P ,, N R\IARKS BEN S. BE RNANKE, Chainlnan Board of (ot'crnors of 1/ ' FTedcl Re s'erte Sys SIHI :i N I i N'C4N()MI( C EO G ,tPHY "ALoN , Shool Af io :o15ic: ~~~cho E)9 GENE M. GROSSMAN, Professoo Princeton Universio, ESTEBAN RO)SSI-FLANSBERG, Assista.t IProfrsso,n Princetron JUnivers ity Commentary: JOHN B. TAYLOR, Pro fesor 103 Stanhid Ulivenrity General Discussion 111 PIFTERNS OF INTERNATJONAL CAPITAL FLOWS AND THEIR IMPLICAT IONS FOR ECONOMIC DEVELOPMEN'T 119 ESVWAR PRASAD, Division Clhief finavncial tudies Division, International -oi/ etary FTund RAGHURAM G. RAjAN, -Eonomic unsel/oi and Direcor of Researc, International Monetary Fund ARVIND SUBRAMi.ANIAN, Assistan Diren Macrot'onomics Studics Division, Inter.afnali AlMonetavy Find Commentary: SUS AN M. COLLINS, Pwess.or 159 Georigetown Universit, and Senior Tclo: Ba,rookings nistztution General Discussion 169 THE NEW GLOBAL ECONOMIC G(EOGRAPHY Luncheon Address 177 Si ANIEY FISCHER, Gotcrnorn Bank o hlisre ..i. vi i.i i x u ^ x.iv 3}t if: iNDT,k ILCt ()NOMIC GROWTHI /ND GLOBAL piI- T' FGRJ I TON: EXPERIENCE SINCE REFORMS AN D REt i(-RE CALLFNGES 19 5 "TN. SRINIVASAN rofessor, SRAT VGIES FOR GROWTH: ( TNTR' Ld AN"D EAS' f RN L ROPE 205 JAN SVEJNAR Professor Uiiversiiy 'f1i4Chioapi I-RT : GEOGR,- HY AND GROWT H 235 PA\U C LLIER I Profssor (xfo ;d U/niversity G neral Discussion 253 INIP CTr OF G- LOBAOL,IZZAlION S)N: ý)ONE1ARY P( )LICY.'. 265 INNE I S. ROGOIT, Pr R ss'o,f Co-a-mentar: C -HARLES BEAN, Executive Director 307 (1/1 C(hiefrEconomisst, B e/l I El igland G eri al Di scssion 315 g) V -RY' FW PA\NEl ,4AkI RTN rIL DSTEIN, Preside;nt and (-ief':eczuti,e Office 325 Nftional Btureau of 1conom i Research "ARMI NO F RAA (, hif ecutive Officer and Ofwnet; 333 Iavea uvestinientos RAKESI MOHAN, Deputy Governoi; 341 eserve Bank -IndiL