Monetary policy normalization in advanced economies – in conjunction with growing trade and political tensions – are increasing emerging market risks and concerns of financial contagion. In many emerging markets, high levels of foreign-denominated debt and low foreign currency reserves threaten investor confidence and financial stability. Countries from Argentina to Brazil to Turkey are facing currency turbulence, soaring public debt and fiscal account deterioration. As global financial conditions tighten, how can emerging markets adjust to this new reality of higher debt costs and stem capital outflows? Is the IMF equipped to serve in the critical role of lender of last resort in the event of a wider emerging market financial crisis?
- Gita Gopinath, Economic Counsellor, International Monetary Fund
- Catherine Mann, Global Chief Economist, Citi
- Meg Lundsager, Public Policy Fellow, Wilson Center
This event is part of our Bretton [email protected] series of dialogues to gather forward-looking perspectives on issues impacting the Bretton Woods architecture, institutions, and Committee.