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Among emerging markets, Latin America is the most financially open region in the world: there are few restrictions on international capital flows and in most countries foreign banks dominate the banking system. While countries have benefitted from capital inflows, especially foreign direct investment to finance growth-enhancing projects, the region's financial systems are also very vulnerable to unexpected large reversals of capital flows. In the context of the current deep financial crisis affecting industrial countries and a number of developing countries, dealing with the following issues is central for the stability of Latin American financial markets:
• What are the best policy options for Latin American countries to maintain stability gains achieved in their local financial systems?
• Is there a role for capital controls under current circumstances?
• How might the new industrial country proposals for increasing regulation and government intervention in financial markets affect the stability of financial systems in the region?
• What is the role of the IMF to support financial stability in Latin America?
Participants from the The Latin American Shadow Financial Regulatory Committee (LASFRC) included: Liliana Rojas-Suarez, President, LASFRC; Senior Fellow, Center for Global Development Guillermo Calvo, Former Chief Economist, Inter-American Development Bank Alberto Carrasquilla, Former Minister of Finance, Colombia Pedro Carvalho de Mello, Former Commissioner of Comissão de Valores Mobiliários, Brazil Roque Fernandez, Former Minister of Finance, Argentina Pablo Guidotti, Former Vice-Minister of Finance, Argentina Ernesto Talvi, Former Chief Economist, Central Bank of Uruguay
On the sidelines of the World Bank and IMF Spring Meetings 2019, the Center for Global Development (CGD) and the Bretton Woods Committee (BWC) will co-host this expert panel to discuss the future of the World Bank under its new president, David Malpass. What should top his agenda? What are the most important and urgent issues in the development landscape and what is the role of the World Bank in addressing these challenges? Join us to hear from this panel of global thought leaders offering recommendations for the future of the multilateral system.
How are beliefs about gender differences formed, and how do they affect children’s aspirations and academic performance? In this talk, Alex Eble will discuss recent work (co-authored with Feng Hu of the University of Science and Technology Beijing) on perceived gender gaps in mathematics in Chinese middle schools.
In a recent paper, Kate Ambler and coauthors studied the impact of one-season cash transfers for agricultural investment in Senegal and Malawi, using data from a randomized control trial (RCT) in each country. They found evidence that transfers reduced both the number of decision makers and female decision making in Senegal in the short-run, particularly for measures directly related to agriculture. However, the effects disappeared two years after the transfers. Conversely, the authors find transfers in the Malawi program led to robust transitory increases in these measures, seeing a greater impact related to the number of decision makers in the household persisting after two year period. Join us for the latest CGD Invited Research Forum to discuss these opposing findings on the effects of cash transfers on household decision making.
Indian agriculture remains vulnerable to the vagaries of weather, and the looming threat of climate change may expose this vulnerability further. Using district-level data on temperature, rainfall and crop production, Siddharth Hari’s paper first documents a long-term trend of rising temperatures, declining average precipitation and increase in extreme precipitation events. One key finding is that the impact of temperature and rainfall are felt only in the extreme: when temperatures are much higher, rainfall is significantly lower, and the number of “dry days” greater is than normal. He also finds that these impacts are significantly more adverse in unirrigated areas (and hence rainfed crops) compared to irrigated areas. Can policy makers react to the challenges of climate change and find ways to get “more crop for every drop?"