The World Economic Forum designates 100 new Global Leaders for Tomorrow: Kristin Forbes, Professor of International Management at MIT Sloan School of Management selected for Class of 2003.

Cambridge, Mass. — December 3, 2002 — World Economic Forum Founder and President Klaus Schwab, announced the annual selection of 100 young leaders for the Foundation's Global Leaders for Tomorrow (GLT) program, 2003. Boston resident Kristin Forbes, Associate Professor of International Management at the MIT Sloan School of Management has been selected as one of these 100 young leaders of 2003.

The GLT initiative began in 1993 to provide an informal, efficient framework for an ongoing exchange of opinions on strategic issues of concern. The community of GLTs represents a dynamic group of nearly 500 individuals from 100 countries. Those chosen must be younger than 37 the year nominated, have achieved a position of considerable influence and responsibility, shown a commitment to public affairs, have demonstrated leadership in issues beyond professional interest and have a commitment to principles and objectives that guide the World Economic Forum. The first gathering of the class of 2003 is scheduled during the next annual meeting of the World Economic Forum in Davos, Switzerland, January 26-28, 2003.

Forbes is a leading expert on financial contagion and currency crises. She has published widely on these topics, and is a frequent speaker for groups of investors as well as academics. Forbes spent a year at the U.S. Treasury department as a Deputy Assistant Secretary to start a new office that would provide more in-depth analysis of emerging market vulnerabilities and monitor any contagion in global financial markets. This office of “Quantitative Policy Analysis” became influential in a number of important policy issues-from the Argentine crisis to the Millennium Challenge Fund. Forbes is also an authority on Latin America, especially on the recent turmoil in Argentina, Brazil, and Uruguay. Based on her successful work on emerging markets in the US Treasury department, she also became the US Treasury's Deputy Assistant Secretary for Latin America.

Professor Forbes' research style has earned her tremendous respect in a number of different circles. She has done pioneering new research using firm-level data to provide insights on unresolved international macroeconomic issues, such as how capital controls affect companies' investment decisions and how financial crises affect businesses around the world. Forbes is known for using cutting-edge econometric techniques to perform extremely careful empirical analyses of important policy-related questions. Largely as a result of this research, she was awarded the Milken Award for distinguished economic research in 2000, as well as the Solow Prize for excellence in research and teaching at MIT in 1998.

On being selected as one of the 100 young leaders of 2003, Forbes said, “It is a tremendous honor and reflects an appreciation of the business and policy community for academics who are willing to leave the safe-haven of their ivory towers and simplified models to confront the more complex issues in the real world. Hopefully this award will help me accomplish my long-term goal of bringing insights from academic research to influence policy decisions on international and development issues, thereby helping to improve people's living standards around the world.”

Forbes is a dedicated and popular teacher at MIT's Sloan School of Management. She was named the Sloan School's Teacher of the Year” in 2001. Forbes is also involved in a number of organizations outside of MIT. She has been a Faculty Research Fellow for the National Bureau of Economic Research (NBER) since 2000 and is currently a Co-Chair of the Project on Global Linkages, a research program funded by the IMF. Forbes has recently been a visiting scholar at the Indian Council of Research on International Economic Relations, the International Monetary Fund, Minneapolis Federal Reserve, and the U.S. Federal Reserve Board.

The World Economic Forum is an independent international organization committed to improving the state of the world. The Forum provides a collaborative framework for the world's leaders to address global issues, engaging particularly its corporate members in global citizenship.

For fifty years, the MIT Sloan School of Management, based in Cambridge, Mass., has been one of the world's leading academic sources of innovation in management theory and practice. With students from more than 60 countries, it develops leaders who drive successful innovation and who advance the global economy.

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MIT Sloan founder Alfred P. Sloan, Jr. was dedicated to the innovation ethic. “Too often,” he said, “we fail to...pay tribute to the creative spirit.”

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