The COVID-19 pandemic came as an unprecedented shock to the world economy and many countries had to quickly resort to aid from the International Monetary Fund (IMF). The central banks and finance ministries of most advanced economies swiftly advanced swap lines, domestic liquidity support, and expansionary fiscal measures to shore up dollar markets and provide […]
The global system was ill-prepared for the onset of the Asian financial crisis (AFC) in 1997. The only dedicated emergency liquidity mechanism to which the crisis-hit economies could turn was the International Monetary Fund (IMF), and the IMF had neither the lendable funds nor the analytical framework to manage the crisis. In the aftermath of […]
Kevin Gallagher, Professor of Global Development Policy and Director of the Global Development Policy Center at the Frederick S. Pardee School of Global Studies at Boston University, co-authored an article in De Gruyter on the need for emergency financing in developing countries. Gallagher and co-authors José Antonio Ocampo, Professor of Professional Practice in International and Public Affairs at […]
The Global Development Policy Center at BU and the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) hosted on August 18, 2020, a webinar entitled, “Collective Action Clauses in Motion: Lessons and Challenges for Covid-19 Era Sovereign Debt Restructurings.” The event featured a panel of renowned international legal and economic experts who […]
On March 17, the Boston University Council approved a new policy for Visiting Faculty & Research Scholars, and on June 16 a related policy for Visiting Students. These policies will be applied to all new appointments starting on or after Tuesday, September 1. Policy highlights are as follows — Visiting Faculty & Research Scholars Criteria for Appointment: The […]
Kevin Gallagher, Professor of Global Development Policy and Director of the Global Development Policy Center at the Frederick S. Pardee School of Global Studies at Boston University, published a Project Syndicate op-ed discussing the global debt crisis and climate change. In the article, titled “The Need for Debt-for-Climate Swaps,” Gallagher and his co-authors – Shamshad Akhtar, Stephany Griffith-Jones, Jörg […]
The Global Development Policy Center and the G-24 will be hosting jointly a Webinar on “Collective Action Clauses in Motion: Lessons and Challenges for Covid-19 Era Sovereign Debt Restructurings” on Tuesday, August 18, 2020 at 12:00 pm to 1:15 pm EST. To register, click here: bit.ly/3iGX2gx
GEGI Working Paper 041. August 2020. by Robert N. McCauley The Federal Reserve interventions in private securities markets in the spring of 2020 extended its 2008 playbook from buying high quality short-term paper to bonds, and departed from it by buying junk bonds. In March 2020, the Fed reprised its last-resort lending to primary dealers, […]
Kevin P. Gallagher, Director of the GDP Center and Professor of Global Development Policy, recently co-wrote an article calling on international financial institutions to adopt measures to give developing countries the space to fight and recover from covid-19. Gallagher co-wrote the article with Richard Kozul-Wright, Director of the Division on Globalization and Development Strategies at the United Nations Conference […]
It is a convention to say that the Eurozone architecture is ill-constructed and deficient. However, monetary architecture is not a well-defined term in monetary theory, and there is no consensus what the Eurozone architecture is beyond being a metaphor. By combining insights from the research strand of (critical) macro-finance, a study from Steffen Murau develops […]