The Political Economy of Liquidity Seminar Series, Pt. II
Session 3 - Dollar Liquidity, Sovereign Debt, and Restructuring in Emerging Markets
The predominance of the US dollar in global finance since WWII has coincided with several emerging market debt crises, often linked to an overabundance of cheap dollars. These recurring crises have resulted in the establishment of private debt resolution arrangements, such as the Paris Club, in close collaboration with the IMF and the US Treasury. Recent changes in fixed income markets, in particular the shift from bank dominance to asset managers and hedge funds has altered how these public and private players interact with one another. Concurrently, China has become a major player in global markets and has signaled its desire to change the rules of the existing game. This session is devoted to understanding how these changes affect emerging markets in global finance.
For this session, Anna Gelpern, Jérôme Sgard, and Muyang Chen will serve as commentators.
