CLAAF

More from the Series

CGD NOTE

Latin America: Adapting to the New Global Financial Environment
Latin American Committee on Macroeconomic and Financial Issues (CLAAF)
December 09, 2025
Major policy shifts in trade, fiscal, and monetary domains—against a backdrop of stretched valuations and fragilities in private credit—could threaten financial stability. This is particularly concerning given that advanced economies today are constrained by fiscal weaknesses and already expanded ce...
POLICY PAPER

A Proposal for the IMF: A New Instrument of International Liquidity Provision for Emerging Markets and Developing Economies
Latin American Committee on Macroeconomic and Financial Issues (CLAAF)
October 15, 2024
This paper addresses a critical flaw in the international financial system: the failure to address the inherent asymmetry between countries that issue reserve currencies and those that do not, leaving the latter vulnerable during systemic liquidity crises. We propose an IMF-managed Emerging Market F...
CGD NOTE

Urgent: The IMF Must Reform
Laura Alfaro et al.
June 07, 2023
The Committee identifies three critical developments in the global economy with profound implications that require urgent changes at the IMF. This statement advances broad proposals to address these issues by creating an Emerging Markets Fund (EMF); modifying the G20 Common Framework to effectively ...
CGD NOTE

Defeating Inflation: Latin America’s Most Immediate Challenge
Laura Alfaro et al.
November 16, 2022
 Inflation has become a central feature of the global economy. In Latin America (aside from idiosyncratic cases such as Argentina and Venezuela, where high inflation rates have long been the norm), inflation began to rise the first half of 2021, at the same time it did in the US. The fact that risin...