Events of the last three years have made life difficult on many levels for millions of people around the world. And while expecting more support from social and financial institutions during hard times is nothing new, the recent rise in prices has left people angry and questioning the efficacy of the social contract between the government and its citizenry. Justin Wolfers is a Professor of Economics and Social Policy at the University of Michigan. In this podcast, he says there has never been a better time to reinvent- for the first time in decades perhaps centuries, the institutions that foster social cohesion.
The pandemic has proven in no uncertain terms that people and institutions need to adapt to change. IMF Managing Director Kristalina Georgieva was invited by the Albright Institute of Global Affairs at Wellesley College to discuss how the Fund is adapting to the current needs of the global economy and the extent to which the institution has had to rethink its strategies since it was created in 1944 to support economies of the post-war world. The conversation was moderated by Prof. Joseph Joyce, Professor of Economics, Wellesley College. Transcript
Watch the Wellesley College webcast HERE
You may also be interested in Kristalina Georgieva's talk with Badr Jafar, Founding Patron of the Centre for Strategic Philanthropy. Watch HERE
The coronavirus pandemic is having a profound impact on lives and economies around the world. In this podcast, we hear IMF Managing Director Kristalina Georgieva's statement following her call with G20 Finance Ministers and Central Bank Governors, where they discussed the extraordinary circumstances of the health crisis and the extraordinary measures it will take to mitigate its economic impact.
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The coronavirus has wreaked havoc on just about every aspect of life around the world. The limited human contact required to contain the spread of the virus is hindering economic activity and in turn, putting enormous pressure on the global economy. Martin Mühleisen heads the IMF's Strategy, Policy, and Review Department, which looks at IMF policies and advises management on strategic issues. In this podcast, Mühleisen says even if an individual country is fortunate enough to escape widespread viral contagion of the coronavirus, it's likely it will still feel the economic fallout.
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Read Mühleisen's BLOG and others on the response to the coronavirus at Blogs.IMF.org
Being diagnosed with a serious illness is a shock to the system, and treatment and recovery can mean major disruptions in a person’s life. But illness also takes millions of people out of the labor force every year and the quality of the care they receive can determine the extent to which this is a shock to the economy. IMF economist Nicola Pierri, with coauthors Anne-Line Koch Helsø and Adelina Yanyue Wang have published a research paper on The Economic Impact of Healthcare Quality. In this podcast, Pierri says low quality hospitals can wind up being very costly to both people and the economy at large.
Immigration can put extra pressure on governments to fund social programs, especially in times of slow economic growth. In this podcast, Political Scientist Charlotte Cavaille, says rising populism in some countries is fueling a debate about who should have access to government funded programs. Cavaille studies immigration and public opinion toward the welfare state, and was invited by the IMF’s Institute for Capacity Development to present her research on immigration, redistribution, and the electoral success of far-right populism.
Jamaica’s economic reform plan launched back in 2013, has shown promise. Employment is at historic highs and external borrowing costs are lower than they’ve ever been. But economic growth is still slow, and the recent depreciation of the Jamaican dollar has turned attention to a shift in the Bank of Jamaica’s foreign exchange policy. In this podcast, economist Uma Ramakrishnan, says the central bank’s renewed commitment to its flexible exchange rate regime will help stabilize prices and spark growth. Ramakrishnan heads the IMF team for Jamaica.
Uma Ramakrishnan is a Division Chief in the IMF’s Western Hemisphere Department and heads the team for Jamaica.
Populism has become a bit of a buzz word of late. It’s often at the very center of debates about politics and elections. But what about the economic implications of populism? That was the subject of a seminar at this year’s American Economic Association’s Annual Meeting. The panel was organized by the IMF’s Antonio Spilimbergo, and included economic heavyweights Dani Rodrik, Raghuram Rajan, and political scientist Cristóbal Rovira Kaltwasser. In this Podcast, Kaltwasser says populism is creeping into economic policy.
Cristóbal Rovira Kaltwasser is an Associate Professor in Political Science at Diego Portales University in Chile, and co-author of Populism: A Very Short Introduction.
The 2008 global financial crisis exposed the vulnerability of banks that do not hold enough capital. The Basel Committee on Banking Supervision has since revised capital requirements for banks. In this podcast, we ask IMF economist Lev Ratnovski, how much capital banks need to hold to avert another crisis.
Lev Ratnovski, Senior Economist in the IMF’s Research Department.
There is a strong connection between human capital and economic growth, and in this podcast, Eric Hanushek says societies that invest a lot in the cognitive skills of their people grow significantly faster. Hanushek studies the relationship between education policy and economic outcomes at Stanford University.
Eric Hanushek, Paul and Jean Hanna Senior Fellow at the Hoover Institution of Stanford University. http://hanushek.stanford.edu/
Many of the world’s bigger banks are reevaluating their relationships with banks in smaller riskier countries, making it harder for businesses and people to move money across borders. The process is commonly known as De-Risking. IMF Staff have recently published a research paper entitled The Withdrawal of Correspondent Banking Relationships. In this podcast, we speak with coauthor Yan Liu.
Yan Liu, Assistant General Counsel in the IMF’s legal Department.
While many economists would argue public investment projects in highly efficient countries have a greater impact on growth, recent research by some IMF economists shows that’s not necessarily the case. In this podcast we speak with the IMF’s Andy Berg, who suggests the impact on growth from public investment spending is similar in both high and low-efficiency countries.
Andy Berg, a Deputy Director in the IMF’s Institute for Capacity Development