  We model the population characteristics of the sample of millisecond pulsars
within a distance of 1.5kpc.We find that for a braking index n=3, the birth
magnetic field distribution of the neutron stars as they switch on as radio
MSPs can be represented by a Gaussian with mean $\log B(G)= 8.1$ and
$\sigma_{\log B}=0.4$ and their birth spin period by a Gaussian with mean
$P_0=4$ ms and $\sigma_{P_0}=1.3$ ms. Our study, which takes into consideration
acceleration effects on the observed spin-down rate, shows that most MSPs are
born with periods that are close to the currently observed values and with
average characteristic ages typically larger by a factor 1.5 compared to the
true age. The Galactic birth rate of the MSPs is deduced to be $\gsimeq 3.2
\times 10^{-6}$ yr$^{-1}$ near the upper end of previous estimates and larger
than the semi-empirical birth rate $\sim 10^{-7}$ yr$^{-1}$ of the LMXBs. The
mean birth spin period deduced by us for the radio MSPs is a factor 2 higher
than the mean spin period observed for the accretion and nuclear powered X-ray
pulsars, although this discrepancy can be resolved if we use a braking index
$n=5$, the value appropriate to spin down caused by angular momentum losses by
gravitational radiation or magnetic multipolar radiation. We discuss the
arguments for and against the hypothesis that accretion induced collapse may
constitute the main route to the formation of the MSPs, pointing out that on
the AIC scenario the low magnetic fields of the MSPs may simply reflect the
field distribution in isolated magnetic white dwarfs which has recently been
shown to be bi-modal with a dominant component that is likely to peak at fields
below $10^3$ G which would scale to neutron star fields below $10^9$ G.
