Event details
Maintaining monetary sovereignty has long been a challenge for emerging markets in the Global South, because their own financial systems are deeply entangled with global capital markets. They are often capital importers and depend on access to global markets for funding sovereign as well as private debt. This session will focus on efforts to balance opening capital markets with maintaining policy autonomy in two rapidly growing countries: India and Brazil. Both countries are undergoing a transformation of their financial markets and face pressure to sustain international competitiveness while achieving domestic development goals. Moreover, the structure of their financial system is bank-centered, not market-centered, demanding different governance tools than QE and similar tools that have become de rigueur in the Global North. This session aims to understand the unique challenges facing these emerging markets as they continue to integrate into the global economy, and the extent to which their experiences are applicable to other countries in the Global South.
Speakers:
- Anush Kapadia, Ashank Desai Centre for Policy Studies, Indian Institute of Technology Bombay
- Fernando Eguren-Martin, SPX Capital,Macro research division
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