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Macroeconomic Policies in times of COVID-19 in Emerging Markets: Early Lessons

From

09
3:00 pm December 2020

To

09
4:00 pm December 2020

Broadcast live

The Policy Center for the New South is hosting a webinar titled “Macroeconomic Policies in times of COVID-19 in Emerging Markets: Early Lessons”, on Wednesday, December 9, at 15:00 (GMT+1/Moroccan time).

 

 

The human and economic impact of the Covid-19 pandemic remains uncertain and difficult to forecast. However, it is a given that the global economy will be in recession this year (at around -4.4%) with a slight rebound in 2021, forecasted at 5.2%. While the entire global economy has been impacted by the crisis, differences exist between advanced markets on one side and developing economies on the other. These differences pertain to the channels of transmission, the social and economic impacts in the field, the policy responses and the prospects for the short and mid-term.

When the pandemic erupted, large EMEs have seen their currencies depreciating, but following the monetary easing from monetary authorities in advanced economies, these currencies have started appreciating in nominal terms. These responses have also helped to provide the liquidity needed for a good functioning of the global economy.
 
In the developing world, monetary and fiscal responses to the impact of the pandemic have been sizable and exceptional. Quantitative (and qualitative) easing coupled with large fiscal measures have aimed at preserving household income and cashflow for businesses.
 
The objectives of this session will be:

  1. Provide an overview on the set of policy responses (fiscal and monetary) used by EMEs following the Covid-19 crisis.
  2. To what extent have the macro policy responses in advanced economies helped emerging markets to better design their monetary and fiscal response to the economic crisis?
  3. Unconventional monetary policies have most of the time been used solely by advanced central banks but in 2020 several EMEs (e.g., Poland, Chile, Hungary, India, Indonesia, Philippines, South Africa), how could one explain this policy reversal? To what extent has this been effective in providing a liquidity buffer to EMEs?
  4. What are the key reforms in a post-Covid-19 era in the entire developing world? Namely the kind of reforms to ensure progressive recovery and resilience for emerging and low-income countries.

 

 

Panel: Macroeconomic Policies in times of COVID-19 in Emerging Markets: Early Lessons

 

15:00 – 15:45

Moderator: Andrés Schipani, East and Central Africa Correspondent, Financial Times

 

Speakers:       

Célestin Monga, Professor of Public Policy, Harvard Kennedy School

Otaviano Canuto, Senior Fellow, Policy Center for the New South

Karim El Aynaoui, President, Policy Center for the New South, Dean, Faculty of Governance, Economics and Social Sciences, Mohammed VI Polytechnic University

 

15:45 – 16:15

  Debate with the audience

 

The webinar will be broadcast live on YouTube and Facebook

 

 

Speakers
Karim El Aynaoui
Executive President
Karim El Aynaoui is Executive President of the Policy Center for the New South. He is also Executive Vice-President of Mohammed VI Polytechnic University and Dean of its Humanities, Economics and Social Sciences Cluster. Karim El Aynaoui is an economist. From 2005 to 2012, he worked at the Central Bank of Morocco where he held the position of Director of Economics, Statistics, and International Relations. At the Central Bank of Morocco, he was in charge of the Research Department and equally a member of the Governor’s Cabinet. Previously, he worked for eight years at the World Bank as an Economist for its regional units of the Middle East and North Africa and Africa. Karim El Aynaoui has published books and journal articles on macroeconomic issues in developing countries. Hi ...
Otaviano Canuto
Senior Fellow
Senior Fellow at the Policy Center for the New South, principal at Center for Macroeconomics and Development and non-resident fellow at Brookings Institute. Former Vice President and Executive Director at the World Bank, Executive Director at the International Monetary Fund (IMF) and Vice President at the Inter-American Development Bank. He was also Deputy Minister for international affairs at Brazil’s Ministry of Finance, as well as professor of economics at University of São Paulo (USP) and University of Campinas (UNICAMP). ...