As the only global institution tasked with preventing and mitigating global financial instability, the International Monetary Fund (IMF) has been called upon to play a crucial role in combatting the effects of two simultaneous crises: COVID-19 and climate change. Since the inception of the crisis, the IMF has provided strong global thought leadership in stressing […]
Since the late 1950s, the world has come to use the US dollar to an extent that justifies speaking of the dollar’s global domain. In a new journal article published in the Atlantic Economic Journal, Global Development Policy Center Non-Resident Senior Fellow Robert McCauley contends that the global role of the dollar remains large and suffers […]
In a new working paper, Global China Initiative Fellow Yunnan Chen examines the railway sector in Ethiopia and discusses the implications of local decision-making on technology, skills transfer, and Chinese contractors. Following the international surge of Chinese capital and companies in the last decade and the rise of the Belt and Road Initiative, many African […]
In a new policy brief, Kevin P. Gallagher, William N. Kring, Barbara Fritz and Laurissa Mühlich discuss the precarious state of the global financial system and introduce a new interactive database to track short-term crisis finance. The world economy has gone into a free fall due to the COVID-19 pandemic. At the same time, policy-makers […]
In a new policy brief, Kevin P. Gallagher, Director of the Global Development Policy Center, and William N. Kring, Assistant Director, together with Haihong Gao, Ulrich Volz, and José Antonio Ocampo discuss the shortcomings of the current global financial safety net. After outlining the dysfunctions of the current financial system, the authors propose a set […]
A report launched today in a public webinar calls on the G20 to move beyond the Common Framework for Debt Treatments announced last week and require public and private creditors to provide a substantial debt cut to a broad set of low- and middle-income countries, in exchange for a commitment to use the fiscal space for […]
In a new journal article published in Global Policy, Kevin P. Gallagher, William N, Kring, Haihong Gong, José Antonio Ocampo and Ulrich Volz explain how the protection of the Global Financial Safety Net (GFSN) – comprising the nations’ foreign reserves, central banks’ bilateral swap lines and financial resources of global financial institutions, particularly of the […]
Greening the Recovery in Time of Debt Distress A global debt crisis is looming. Even before COVID-19 swept the world, the International Monetary Fund deemed global public debt burden a high risk for the majority of developing countries – noting that half of the lower-income countries were ‘at high risk of or already in debt […]
Multilateral financial institutions have pledged to do whatever it takes to enable emerging market and developing countries to fill a $2.5 trillion financing gap to combat COVID-19 and subsequent economic crises. In a new journal article published in World Development, Kevin P. Gallagher, William N. Kring, Thomas Stubbs, Christina Laskaridis and Alexander Kentikelenis compile datasets […]
A new report from the Global Development Policy Center in collaboration with the Groundwork Collaborative and the Institute for Policy Studies examines U.S. trade policy and performance in the Trump and COVID-19 era. The report examines U.S. trade policy prior to the pandemic and reveals an approach heavily focused toward the interest of the financial sector […]