Credit Crunch in Mature Economies: Implications for Emerging Markets
Date: Thursday, June 8, 2023
Virtual Event
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Event Detail
Credit Crunch in Mature Economies: Implications for Emerging Markets
The combination of rising interest rates in mature economies and already high debt levels in EM economies continues to put strains on government balance sheets. According to the IIF, emerging market debt levels (government and private) rose in Q1 2023 and are now over $100 trillion, up from around $75 trillion in 2019.
Tighter financial conditions and rising borrowing costs in mature economies imply limited EM borrowers’ access to international debt markets, a potential rise in default rates, and negative spillovers into the real economies.
To help us sort out these dynamics, we turn to GIC’s College of Central Bankers Fellows Jose De Gregorio, former Governor of the Central Bank of Chile and currently the Dean of the School of Economics and Business of the Universidad de Chile, and Mustapha Nabli, former Governor of the Central Bank of Tunisia.
About the College of Central Bankers: The Global Interdependence Center’s College of Central Bankers provides a platform for former leaders of the world’s central banks and similar institutions to share their unique combination of hands on experience and continued thought leadership on important global issues facing economies and effecting the quality of life. We invite you to please click here for more information on the College and its Fellows. The College and its membership operates within the GIC umbrella and with GIC’s administrative support.
Event Location
Speakers
José De Gregorio, Ph.D.
Former President of the Central Bank of ChileJosé De Gregorio is a Full Professor and Dean of the School of Economics and Business of Universidad de Chile. He is also a nonresident senior fellow at the Peterson Institute for International Economics, member of the board and financial advisor at several private companies and consultant in international financial organizations.
Mustapha K. Nabli
Former Governor of the Central Bank of TunisiaMustapha K. Nabli is currently international consultant, President of North Africa Bureau of Economic Studies International, based in Tunis. He is a Fellow of the International Economic Association, and a Senior Fellow of the Economic Research Forum, based in Cairo.
Kathleen Stephansen
GIC Chair Emerita, Senior Economist for Haver Analytics and Trustee of EQAT Trust FundsKathleen Stephansen is GIC Chair Emerita, Senior Economist for Haver Analytics and Trustee of EQAT Trust Funds. She is the former Chief Economist of Huawei Technologies, Chief Economist of the American International Group (AIG) and AIG Asset Management’s Senior Strategist and Global Head of Sovereign Research. Prior to joining AIG in 2010, Kathleen was Chief Economist at Aladdin Capital Holdings, Credit Suisse’s Head of Global Economic Research, and Donaldson, Lufkin and Jenrette Securities Corporation’s co-head of Fixed Income economic research and Chief International Economist.
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