Monetary Policy Autonomy under Financial Globalization

The Spring 2025 Session Two: "Money & Finance Seminar Series: Who Governs Finance?"

In a financially globalized world, as markets continue to integrate, it becomes more difficult for states to maintain monetary policy autonomy. Furthermore, a combination of deregulation and changes in digital communications have expanded the scope of the global financial system. Against this backdrop, we have seen increasing tension between a global economy reliant on U.S. dollar liquidity, the global footprint of U.S. monetary policy, and a seeming retreat from a unipolar, U.S.-led world order. Likewise, technological changes have the potential to change the nature of money and transactions at the global level through digital currencies, fintech payment platforms, and other financial innovations outside of the traditional banking system. This session will explore these themes through an explicitly global perspective, seeking to understand how governments and central banks are grappling with these challenges to monetary sovereignty.

Speakers:

Anusha Chari
Department of Economics
University of North Carolina at Chapel Hill

Hélène Rey
Department of Economics
London Business School

Event Contact Information:
Columbia Center for Political Economy
[email protected]