Monetary policy: effects on the Global South with Pablo Bortz
Channel: Crash Course
Date: 30/06/2020

Pablo Bortz speaks with Sara Murawski and Rodrigo Fernandez about monetary policy and the effects on the Global South in the third webinar of Crash Course series on monetary policy, central banks and ideology.

00:00:00 Introduction by Sara Murawski
00:02:04 Rodrigo Fernandez on the past sessions and introduces Pablo Bortz
0:04:50 Start of extended interview with Pablo Bortz
0:06:56 Financial integration in the global South. The hierarchy of money
0:22:45 Systemic risks of not having access to dollars + bond market vs. bank-led crisis
0:26:38 Power of asset managers
0:28:34 G20 and IMF proposal for debt standstill. Argentinian debt crisis
0:33:59 Carry trade, destruction of local economy by IMF policy
0:38:49 Concluding: Capital controls as a solution? Different alternatives, have different options important
0:41:22 Q&A: Regulation of foreign investors
0:44:22 Q&A: Monetary policy in the Global North that would not harm the South?
0:48:34 Q&A Role multinationals in the financial crisis?
00:50:54 Q&A Lowering interest rates and reserve requirements to incentivize investments
00:53:06 Q&A Failed Argentinean crisis-policy and debt market in pesos
00:57:18 Q&A Monetary financing by Central banks in Latin America
1:00:43 Wrap up by Sara Murawski

In this interview we will ask what effect the previous round of QE had on the global south? How did it inflate debt levels? What can we expect from the current crisis-led monetary policy in developed economies?

What are the policy areas and instruments we need to look at to mitigate these effects? Is there a role for central banks and monetary policy in the global south?

How should we move from inward-looking central banks in the global north to a mandate that includes global monetary policy?

Pablo G. Bortz obtained his Ph.D. at the Delft University of Technology. He is the author of Inequality, Growth, and ‘Hot’ Money (Edward Elgar). He is currently Professor of Macroeconomics at the University of San Martín, Argentina and he also teaches at the University of General Sarmiento. He worked at the Argentine Ministry of Finance, the Ministry of Foreign Affairs, and the Central Bank, and was Economic Affairs Associate at the United Nations Conference on Trade and Development (UNCTAD).

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