Leslie Julian Lipschitz
Summary Curriculum Vitae
Work Experience
Bowdoin College
Visiting Professor, Economics
(2015 - )
Global Strategic Advisors LLC
Managing Partner
(2013 - )
Investec Asset Management
Global Strategic Advisor
(2012 – )
The International Monetary Fund
Director, IMF Institute
(2003 – September 2011)
The Institute, the IMF’s academic wing, promotes good economic governance
through post graduate training of government officials (48,000 people-days of
training a year) in Washington and on seven other campuses—in Europe, Asia,
Africa, Latin America, and the Middle East. It also trains IMF economists—6,000
people-days of training a year—and organizes seminars for high level government
officials on global or regional economic policy issues.
Responsibilities
 Chief executive officer
 Fundraising and control of $55 million budget
 Set strategic priorities for training government officials and IMF staff
 Manage research and curriculum development
 Oversight of all eight training campuses
 Teaching and seminars
Deputy Director, Policy Development and Review
(1998 - 2003)
Responsibilities
 Oversight of IMF work on the major advanced countries (the G-7)
 Oversight of crisis programs in major emerging market economies
 Leadership of strategic teams—e.g., on Surveillance, IMF Conditionality, Country
Risks and Vulnerabilities
Previous positions
(1974 – 1998)
Senior Economist/Division Chief/Assistant Director/Senior Advisor, European
Department with responsibility for (at times) Germany, the UK, Italy, Switzerland,
2
Austria, Greece, Hungary, the Czech Republic, the Slovak Republic, and (pre-breakup)Yugoslavia
Assistant Director, African Department with responsibility for South Africa
Senior Economist, Asian Department covering, inter alia, India, the Philippines, and
Korea
Academia (prior to IMF Institute)
Guest Scholar, The Brookings Institution, 1983-84
Professorial Lecturer, School of Advanced International Studies, The Johns Hopkins
University, 1983-85
Areas of Specialization
Open-Economy Macroeconomics and Finance
Political Economy, Governance, and Institutions
Financial Markets and Regulation
Vulnerabilities and Contagion
Development (institutions, stabilization policies, trade, capital flows)
Selected Boards and Committees
Joint Vienna Institute: Chairman of the Board (2006, 2009, 2011)
Singapore Training Institute: Board Member (2003 – 2011)
IMF Taskforce on Integrating Finance and Financial Sector Analysis into Surveillance:
Co-Chairman (with Professor Rajan, University of Chicago) (2006 -2007)
Business Experience
Director Tonsut Properties, Learil Enterprises, P.E. Clothing (1969-73)
Education
Bachelor of Business Science (Economics), University of Cape Town, South Africa, 1972
M.Sc. London School of Economics and Political Science, 1974
Ph.D. University of London, 1984
Personal Information
Nationality: South African (US resident)
Date of birth: February 18, 1951
Languages: English, working knowledge of German, French, and Afrikaans.
Contact Points:
Email: [email protected]
3
Selected Recent Presentations
(excluding numerous recent client presentations for Global Strategic Advisors
and Investec Asset Management)
Sovereign Investor Institute, Africa Roundtable: Emerging Market Economies, Capital
Flows, and Endemic Volatility, Cape Town (March 2013)
Abu Dhabi Investment Authority Conference: Economic Policy: An Idiosyncratic Tour
d’Horizon, Abu Dhabi (December 2012)
Austrian National Bank Conference: Monetary Policy in Central and South-Eastern Europe:
Architecture for an Earthquake Zone, Vienna (November 2010)
Algerian Central Bank Conference for African Ministers and Governors on Natural
Resources, Finance, and Development: Opening Speech and Final Panel Summing Up,
Algiers (November 2010)
Alpbach European Forum: Fiscal Policy Forum: The Deficit Dilemma—Exiting the Debt
Spiral (August 2010)
Alpbach European Forum: A Series of Lectures on The Current Crisis: Causes,
Consequences, and Implications for Economic Theory and Policy (August 2010)
IMF/BIS Meeting for Central Bank Governors and Chief Financial Regulators on The
Emerging Framework for Financial Regulation and Monetary Policy Chair, Session on
Monetary Policy, Washington (April 2010)
10th Annual Conference of the State University, Higher School of Economics, Capital
Market Linkages and the Current Global Financial Crisis, Moscow (April 2009)
State University, Higher School of Economics, Unanticipated Consequences of Global
Financial Integration, St. Petersburg (April 2009)
Swiss National Bank/JVI Seminar, Stabilization with Global Financial Markets, Vienna,
Austria, (May 2008)
ADB-IMF High-Level Seminar, African Finance for the 21st Century, Tunis, Tunisia (March
2008)
Bank of England/JVI Seminar on Finance and Regulation, Vienna, Austria (December 2007)
IMF Restricted Annual Meeting Seminar, Structured Financial Products: Market and Policy
Implications of the Crisis in Asset-Backed Commercial Paper, Washington (October 2007)
35th Economics Conference of the Oesterreichische Nationalbank, Education and Skills: Is
Europe on the Right Path? Vienna (May 2007)
IMF Board, Integrating Finance and Financial Sector Analysis into Article IV Surveillance,
Washington (April 2007)
Stellenbosch University, Destabilizing Capital Flows, Stellenbosch, South Africa (March
2007)
4
Arab Monetary Fund- IMF High-Level Seminar on Institutions and Economic Growth in the
Arab Countries, Abu Dhabi, UAE (December 2006)
Asia-Europe-Latin America Conference on Crisis Prevention in Emerging Market Countries:
What Have We Learned? Singapore (July 2007)
ADB-IMF High-Level Seminar, Profitable Investment and Sustainable Private-SectorDriven Growth in Africa, Tunis, Tunisia (February-March 2006)
National Bank of Poland-IMF High-Level Seminar on Labor and Capital Flows in Europe
Following Enlargement Warsaw, Poland (January 2006)
Writing
Internal/Confidential Reports:
As senior economist or mission chief on dozens of missions—for surveillance and program
negotiations—responsibility for the IMF’s operational work and written reports on many
countries—the UK, Germany, Italy, India, Hungary, the Czech Republic, the Slovak
Republic, Switzerland, South Africa, among others.
As Deputy Director of Policy Development and Review, principal oversight responsibility
for most of the IMF’s most important crisis programs during 1998 – 2003. Also led teams—
and had the ultimate drafting responsibility—on numerous strategic policy initiatives and
reviews.
As co-chair of an IMF taskforce, co-authored the report on Integrating Finance into
Macroeconomic Surveillance.
Selected Publications (excluding Investec client publications and IMF
Reports):
A Real Model of Transitional Growth and Competitiveness in China (with Céline Rochon
and Geneviève Verdier), Journal of Asian Economics, Vol. 22, Issue 4, 2011
Monetary Policy Challenges in the CESEE Region: Architecture for an Earthquake Zone
(with Bas Bakker), in Post-Crisis Growth and Integration in Europe (edit. Ewald Nowotny et
al, Austrian National Bank), 2011
The Dynamic Implications of Foreign Aid and Its Variability (with Cristina Arellano, Ales
Bulir, and Timothy Lane) Journal of Development Economics, 88, 2009
The Domestic Solution: Can China’s growth be sustained through good-neighbor policies?
Finance and Development, (Vol. 46, No. 1) March 2009
Wising Up about Finance, Finance and Development, (Vol. 44, No. 1) March 2007
Comments on O. Issing: Europe’s hard fix: the euro area, International Economics and
Economic Policy, Vol. 3, No. 3-4, December 2006
5
Capital Flows to Transition Economies: Master or Servant? (with Timothy Lane and Alex
Mourmouras) Czech Journal of Economics and Finance, 5-6/2006 (Also, IMF Working
Paper WP/02/11, October 2002)
The Macroeconomic Management of Foreign Aid: Opportunities and Pitfalls (edited with
Peter Isard, Alexandros Mourmouras, and Boriana Yontcheva) 2006
Real Convergence, Capital Flows, and Monetary Policy: Notes on the European Transition
Countries (with Timothy Lane and Alex Mourmouras) in Euro Adoption in Central and
Eastern Europe: Opportunities and Challenges (edit. Susan Schadler, IMF) 2005
How Capital Flows will influence the EU Accession Countries of Central and Eastern
Europe in Supervisory Systems, Fiscal Soundness and International Capital Movement:
More Challenges for New EU Members, SUERF, The European Money and Finance Forum,
SUERF Studies 2004/1, 2004
The Tosovsky Dilemma: Capital Surges in Transition Countries (with Timothy Lane and
Alex Mourmouras), Finance & Development, (Vol. 39, No. 3) September 2002
The Complementary Role of Regional Groups in A Regional Approach to Financial Crisis
Prevention (edit. Jan Joost Teunissen, FONDAD) 2002
Comment on Beyond the Chiang Mai Initiative: Rationale and Need for a Regional
Monetary Arrangement in East Asia by Yung Chul Park in A Regional Approach to
Financial Crisis Prevention (edit. Jan Joost Teunissen, FONDAD) 2002
Monetary Policy in Central and Eastern Europe: Strategies, Instruments, and Transmission
Mechanisms in Monetary Policy in Transition (edit. Aurel Schubert, Oesterreichische
Nationalbank) 1996
Exchange Rate Regimes and Transition Economies: Case Study of Czechoslovakia in
Approaches to Exchange Rate Policy Choices for Developing and Transition Economies
(edit. Barth and Wong , IMF) 1994
Real Exchange Rates and Competitiveness: A Clarification of Concepts and some
Measurements for Europe (with D. McDonald), Empirica, Vol. 19, No. 1 November 1992
Comment on The Transformation of a Socialist Economy: Lessons of German Unification by
H. Siebert, H. Schmieding, and P. Nunnenkamp in Central and Eastern Europe: Roads to
Growth (edit. G. Winckler, IMF/ Austrian National Bank) 1992
Monetary and Financial Issues in German Unification (with G.J. Schinasi and D. McDonald
in Lipschitz and McDonald op. cit.) December 1990
German Unification: Economic Issues (edited with D. McDonald) IMF Occasional Paper No.
75 December 1990
The Common Agricultural Policy of the E.C. (with S. Gupta and T. Mayer), Finance and
Development, (Vol. 26, No. 2) June 1989
The Federal Republic of Germany: Adjustment in a Surplus Country (with J. Kremers, T.
Mayer, D. McDonald), IMF Occasional Paper No. 64, January 1989
6
The Effects of the Common Agricultural Policy of the European Community: A Survey of the
Literature (with D. Demekas, K. Bartholdy, S. Gupta, and T. Mayer), Journal of Common
Market Studies, December 1988
Accepted Economic Paradigms Guide German Policies (with T. Mayer) IMF Survey,
November 1988
The Common Agricultural Policy of the European Community: Principles and Consequences
(with J. Rosenblatt, T. Mayer, K. Bartholdy, D. Demekas, and S. Gupta), IMF Occasional
Paper No. 62, November 1988
Domestic Credit and Exchange Rates in Developing Countries: Some Policy Experiments
with Korean Data, IMF, Staff Papers (Reprinted in Macroeconomic Models for Adjustment
in Developing Countries, edit. Khan, Montiel and Haque, IMF 1991), December 1984
Relative Prices, Real Wages, and Macroeconomic Policies: Some Evidence from
Manufacturing in Japan and the United Kingdom (with S.M. Schadler), IMF, Staff Papers,
June 1984
The Optimal Currency Basket in a World of Generalized Floating with Price Uncertainty
(with V. Sundararajan), in The International Monetary System: Choices for the Future (edit.
Michael Connolly, Praeger, New York), 1982
The Optimal Basket in a World of Generalized Floating (with V. Sundararajan), IMF, Staff
Papers, March 1980
Exchange Rate Policy for a Small Developing Country, and the Selection of an Appropriate
Standard, IMF, Staff Papers, September 1979
Exchange Rate Policies for Developing Countries: Some Simple Arguments for Intervention,
IMF, Staff Papers, December 1978
A Simple Model of the Private Gold Market (with I. Otani), IMF, Staff Papers, March 1977