Raghu Rajan is the dynamic, newly-appointed chief economist of the IMF. Among the distinguished economists who have held that position, he is the first from a developing country as well as the youngest. He will be presenting an innovative and controversial proposal for how the international community might assist failed, post-conflict states. He will speak on his own behalf and will not be representing the views of the IMF or its members. Mr. Rajan, 40, an Indian national, has published extensively on economic and financial matters. Prior to his present appointment at Chicago, Mr. Rajan has held professorships at MIT, Northwestern University, and the Stockholm School of Economics. He was awarded the prestigious inaugural Fisher Black Prize by the American Finance Association in January 2003 given to the person under 40 who has contributed the most to the theory and practice of finance. He is a director of the American Finance Association, an associate editor of the American Economic Review, and a program director for corporate finance at the National Bureau of Economic Research. He has also been a consultant to the Federal Reserve Board, the World Bank, the IMF and various financial institutions. John Williamson, Senior Fellow at the Institute for International Economics, will serve as discussant.