The economic policies that addressed the health emergency and the lockdown caused by COVID-19 have left in their wake a large increase in private and public debt. The economic recovery will likely come at a slow pace and require stimulus packages that will increase this debt further. How will such a large debt burden constrain the economy in the short run? How will it be paid for in the long run? Is more borrowing possible and at what cost?
This panel brings together three perspectives on how to finance the response to COVID-19. One perspective is that of sovereign debt and the role of international organizations in assisting countries. Another perspective is that of corporate debt and the role or bankruptcy codes. A third perspective is that of central banks and national Treasuries in managing the mix between different types of state debt and interest costs. In particular, the session will emphasise the global dimension and the issues facing emerging markets.
Professor Cynthia Balloch is the Assistant Professor in the Department of Finance of the London School of Economics. Her research focuses on the role of financial institutions in the macroeconomy, with a particular focus on macroeconomic policy, market-based alternatives to traditional banks, and sovereign and corporate lending markets. Balloch received her Ph.D. in Economics from Columbia University, and was awarded a dissertation fellowship by the Macro Financial Modeling Project of the Becker Friedman Institute at the University of Chicago. Previously she worked at JPMorgan and the International Finance Corporation, World Bank Group. She earned her Master’s degree in Public Administration in International Development from Harvard Kennedy School.
Professor Patrick Bolton is the David Zalaznick Professor of Business at the Columbia Business School. Patrick began his career at the University of California at Berkeley, then moved to Harvard University’s Economic Department. He was also Cassel Professor of Money and Banking at LSE and John H. Scully '66 Professor of Finance and Economics at Princeton University. His research and areas of interest are in contract theory and contracting issues in corporate finance and industrial organization. He is the fellow of various groups including Econometric Society, American Academy of Arts and Sciences, the British Academy and American Finance Association.
Professor Carlos Viana de Carvalho has served as the Deputy Governor for Economic Policy of the Central Bank of Brazil. Before that, he was an economist and subsequently senior economist at the Federal Reserve Bank of New York between August 2007 and May 2011. He also served as the Chief Economist and co-manager of fixed income and multi-market funds of BBA-Capital/BBA-Capital (1998-2001). Professor Carlos is also the Associate Professor of the Economics Department at the Pontifícia Universidade Católica do Rio de Janeiro from 2011. His research focuses on Macroeconomics, Monetary Economics, Finance, and International Macroeconomics and Finance. He holds an Ph.D. in Economics from Princeton University.
Professor Ricardo Reis (@R2Rsquared)is the A.W. Phillips Professor of Economics at the London School of Economics. Recent honors include the 2016 Bernacer prize for best European economist under the age of 40 working in macroeconomics and finance, and the 2017 Banque de France / Toulouse School of Economics junior prize. Professor Reis is an academic consultant at the Bank of England and the Federal Reserve system, he directs the ESRC Centre for Macroeconomics in the UK, is a recipient of an ERC grant from the EU and serves on the council or as an advisor of multiple organizations.
Jintao Zhu (@leonardozjt) is the Student Leader for this thematic session. He is currently a student of BSc Philosophy, Politics and Economics at LSE, and is Editor In Chief of the LSE Undergraduate Political Review.
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This event is part of the Maryam Forum Launch: "From Rulership to Leadership: Early Lessons from the COVID-19 Pandemic".
View the full programme here.
The Maryam Forum is a new multi-year platform aiming to encourage the shift towards evidence-informed, transparent, accountable and inclusive leadership. Introduced on the global stage in Davos during the World Economic Forum (WEF) in January 2020, Maryam Forum is a collaboration between policy makers, academics, business leaders and media that engages the LSE across departments and disciplines. Together with our students – the leaders of tomorrow – we will convene Maryam Co-Labs, leading up to our first annual Global Conference in December. From climate change, health crises and other global emergencies, to industrial policy, populism and migration, these year-round working groups will tackle the most urgent challenges of our time - providing opportunities to exchange expertise and shape solutions, and unlocking the potential for inclusive and sustainable leadership across all regions of the world.
Twitter Hashtag for this event: #LSEMaryamForum
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