Session 3: The Battle for Financial Stability in the Global South

Monday, December 2, 2024

Maintaining monetary sovereignty has long been a challenge for emerging markets in the Global
South, because their own financial systems are deeply entangled with global capital markets.
They are often capital importers and depend on access to global markets for funding sovereign as
well as private debt. This session will focus on efforts to balance opening capital markets with
maintaining policy autonomy in two rapidly growing countries: India and Brazil. Both countries
are undergoing a transformation of their financial markets and face pressure to sustain
international competitiveness while achieving domestic development goals. Moreover, the
structure of their financial system is bank – and not market-centered, demanding different
governance tools than QE and similar tools that have become de rigueur in the Global North.
This session aims to understand the unique challenges facing these emerging markets as they
continue to integrate into the global economy, and the extent to which their experiences are
applicable to other countries in the Global South.

Speakers:

Anush Kapadia
Ashank Desai Centre for Policy Studies
Indian Institute of Technology Bombay

Fernando Eguren-Martin
SPX Capital
Macro research division

Link to Register