May 25-26, 2023, 9:00 PM Singapore / 8:00 AM Bogota / 3:00 PM Luxembourg
Contact: By invitation only
The ASEAN+3 Macroeconomic Research Office (AMRO), the European Stability Mechanism (ESM), and the Latin American Reserve Fund (FLAR) initiated this annual joint research seminar series in 2017. The event brings together scholars, policymakers, economists from central banks and finance ministries, as well as representatives from regional financing arrangements (RFAs), the IMF and other IFIs. It seeks to encourage discussion on issues related to RFA mandates, such as the effectiveness of providing liquidity during times of crises, early warning systems and sovereign risks, as well as on broader regional and global economic developments and challenges.
Over the past decade, public debt has risen significantly worldwide following adverse shocks – namely the global financial crisis and the pandemic – and against the backdrop of accommodative monetary policies in advanced economies that enabled governments to borrow at a low cost. However, recent interest rates hikes, coupled with ongoing high inflation, pose new challenges to debt sustainability and fiscal policy. Moreover, continued weak growth by historical standards may make it more difficult in some cases to achieve fiscal consolidation and stabilization. Meanwhile, longer-term trends such as climate change and aging populations add further pressure on budgets, including due to higher investment needs, and can negatively affect growth. This underscores the need to have balance between tax revenues and public expenditures to safeguard long-term fiscal sustainability.
This seminar addresses debt sustainability and fiscal policy issues from three viewpoints. The first session will consist of a dialogue between officials from regional institutions with a prominent academic expert on the implications of inter alia higher interest rates and inflation for debt sustainability analysis. The second session will aim at obtaining a deeper understanding of debt and fiscal challenges and policy priorities going forward, globally and across different regions. The last session will examine how the international community and regional partners can help countries navigate such challenges and advance reforms that reduce debt vulnerabilities and make economies greener, more resilient, and inclusive.
Chief Economist, FLAR
Deputy Head of the Economic Risk Analysis, ESM
Lead Economist, AMRO
Professor of Economics, The Graduate Institute, Geneva, Switzerland
Deputy Director, Fiscal Affairs Department, IMF
Vice President for Countries, Inter-American Development Bank (IDB)
Assistant to Minister of Finance for Macro Economy and International Finance, Ministry of Finance of the Republic of Indonesia
Marialuz Moreno Badia
Deputy Division Chief, IMF
Senior Policy Officer, G7 / G20
Senior Fellow, Bruegel
Director of Macroeconomic Studies, CAF
Lead Specialist, Fiscal and Municipal Management Division, IDB
Senior Economist, AMRO
Chief Economist, Finance Ministry of Mexico
Head of Economic Risk Analysis, ESM