Latin America: The Pandemic, Poverty, and Policy

Latin America Event Banner

Wednesday, November 17th, 2021
4:30 p.m. – 5:30 p.m. EST
via Zoom

This was a panel discussion on Wednesday, November 17th on “Latin America: The Pandemic, Poverty, and Policy.” The event featured panelists Mauricio Cárdenas (Columbia University and former Minister of Finance, Colombia), Benigno López Benítez (Inter-American Development Bank and former Minister of Finance, Paraguay), Nora Lustig (Tulane University), and William Maloney (The World Bank). Danny Leipziger (GWU) moderated the event.

This panel discussion aimed to review the issues related to the direct impact of pandemics on the poor in Latin America. The discussion focused on the urgent need to design policies to lessen the negative impact on the most vulnerable in a region most affected by recent events.

This event is co-sponsored by the Growth Dialogue, the GW Center for International Business Education and Research (GW-CIBER), the Latin American and Hemispheric Studies Program at the George Washington University, and the Institute for International Economic Policy (IIEP).

About the Panelists

Picture of Mauricio Cárdenas SantamaríaDr. Mauricio Cárdenas Santamaría is a former Minister of Finance and Public Credit of Colombia and Visiting Research Scholar at Columbia University’s School of International and Public Affairs. An economist and politician, he served as the 69th Minister of Finance and formerly as Minister of Mines and Energy of Colombia in the administration of President Juan Manuel Santos Calderón. Prior to this, he was a Senior Fellow and Director of the Latin America Initiative at the Brookings Institution.

In a long and distinguished career in the Government of Colombia, he has also served as Minister of Economic Development, as Minister of Transport, and as Director of the National Planning Department. In the private sector, he has served as Director of the Higher Education and Development Foundation (Fedesarrollo) and as the 7th President of the Latin American and Caribbean Economic Association (LACEA).

Since leaving government, Dr. Cardenas joined various academic institutions. In 2019, he became a Visiting Senior Research Scholar at the Center on Global Energy Policy of Columbia University’s School of International and Public Affairs (SIPA). Since 2020, Dr. Cardenas has been serving in the Independent Panel for Pandemic Preparedness and Response (IPPR), a group examining how the World Health Organization (WHO) and countries handled the COVID-19 pandemic. He received his doctorate in Economics from the University of California at Berkeley.

Picture of Benigno López BenítezBenigno López Benítez is Vice-President for Sectors and Knowledge at the Inter-American Development Bank since his appointment in November 2020. Prior to joining the IDB, he served as Minister of Finance of Paraguay. In that role, he led a comprehensive tax-reform initiative aimed at improving the progressive capacity of the tax system, increasing government revenue to finance health and education reforms, and incentivizing labor formalization.

Prior to his public service, Mr. Lopez served as Chairman of the Social Security Institute, Paraguay’s employer-based health insurance and pensions system. During his tenure, he aimed to restructure the institution’s debt, professionalize its administration and structure and diversify its investment portfolio. In 2013, Mr. Lopez was appointed Executive Legal Director and member of the board of Itaipú Bi-nacional, which administers the world’s largest hydroelectric dam on the Paraguay-Brazil border. From 2012-2013, Mr. Lopez served as Senior Advisor to the Executive Board of the IMF, Washington D.C. Previously, he worked for more than two decades at the Central Bank of Paraguay as Board Director from 2007 to 2012 and as head of the legal department.

Mr. Lopez holds a law degree from Paraguay’s Catholic University and a Master of Laws (LL.M) from Georgetown University.

Picture of Nora LustigDr. Nora Lustig is Samuel Z. Stone Professor of Latin American Economics and the founding Director of the Commitment to Equity Institute (CEQ) at Tulane University. She is also a Non-resident Senior Fellow at the Brookings Institution, the Center for Global Development and the Inter-American Dialogue.

Professor Lustig’s research is on economic development, inequality and social policies with emphasis on Latin America. Among her recent publications, the Commitment to Equity Handbook: Estimating the Impact of Fiscal Policy on Inequality and Poverty is a step-by-step guide to assessing the impact of taxation and social spending on inequality and poverty in developing countries.

Prof. Lustig is a founding member and President Emeritus of the Latin American and Caribbean Economic Association (LACEA) and was a co-director of the World Bank’s World Development Report 2000: Attacking Poverty. She serves on the editorial board of the Journal of Economic Inequality and is a member of the Society for the Study of Economic Inequality’s Executive Council. Prof. Lustig served on the Atkinson Commission on Poverty, the High-level Group on Measuring Economic Performance and Social Progress, and the G20 Eminent Persons Group on Global Financial Governance. She received her doctorate in Economics from the University of California at Berkeley.

Picture of William MaloneyDr. William Maloney, a U.S. national, is Chief Economist for the Latin America and Caribbean Region at the World Bank. He joined the World Bank in 1998 as Senior Economist for the Latin America and Caribbean Region. He held various positions including Lead Economist in the Office of the Chief Economist for Latin America, Lead Economist in the Development Economics Research Group, Chief Economist for Trade and Competitiveness and Global Lead on Innovation and Productivity. He was most recently Chief Economist for Equitable Growth, Finance and Institutions (EFI) Vice Presidency. From 2011 to 2014 he was Visiting Professor at the University of the Andes in Bogotá and worked closely with the Colombian government on innovation and firm upgrading issues.

Dr. Maloney received his doctorate in Economics from the University of California Berkeley (1990), his BA from Harvard University (1981), and studied at the University of the Andes in Bogota, Colombia (1982-83). His research activities and publications have focused on issues related to international trade and finance, developing country labor markets, and innovation and growth, including several flagship publications about Latin America and the Caribbean, including Informality: Exit and Inclusion and Natural Resources: Neither Curse nor Destiny. Most recently, he published The Innovation Paradox: Developing-Country Capabilities and the Unrealized Promise of Technological Catch-Up.

About the Moderator

Picture of Danny LeipzigerDr. Danny Leipziger is Professor of International Business and International Affairs at the George Washington University and Director of the Growth Dialogue. He is a faculty affiliate of the Institute for International Economic Policy. Prior to joining GW, Prof. Leipziger was Vice President for Poverty Reduction and Economic Management at the World Bank (2004-2009). Dr. Leipziger held senior management positions in the East Asia and Latin America Regions. He was the World Bank’s Director for Finance, Private Sector and Infrastructure for Latin America (1998-2004). He served previously in the U.S. Department of State and was a Member of the Secretary’s Policy Planning Staff. Dr. Leipziger was Vice Chair of the Spence Commission on Growth and Development and he served on the WEF Council on Economic Progress.

An economist with a Ph. D. from Brown University, he has published widely in development economics, finance and banking, and on East Asia and Latin America. He is the author of several books, including Lessons of East Asia (U. of Michigan Press), Stuck in the Middle (Brookings Institution), and Globalization and Growth, and more than 50 refereed and published articles in journals and other outlets.

International Monetary Fund’s Spring 2021 World Economic Outlook

Friday, April 23, 2021
1:30 pm – 3:00 pm EDT
via Zoom

Agenda

1:30 – 1:35 p.m.     Welcoming Remarks:

Jay Shambaugh, George Washington University 

1:35 – 2:05 p.m.     Chapter 1: Global Prospects and Policies 

Presenter: Malhar Nabar, International Monetary Fund

Discussant: Karen Dynan, Harvard University and Peterson Institute

2:05 – 2:30 p.m.     Chapter 2: After Effects of the COVID-19 Pandemic: Prospects for Medium-Term Economic Damage

Presenter: Sonali Das, International Monetary Fund

Discussant: Danny Leipziger, George Washington University

2:30 – 2:55 p.m.     Chapter 3: Recessions and Recoveries in Labor Markets: Patterns, Policies, and Responses to the COVID-19 Shock

Presenter: Francesca Caselli, International Monetary Fund

Discussant: Kristen Broady, Hamilton Project, Brookings and Dillard University

2:55 – 3:00 p.m.      General Q&A and Concluding Remarks

Read the full World Economic Outlook here.

Chapter 1: Global Prospects and Policies

Although the contraction of activity in 2020 was unprecedented in living memory, extraordinary policy support prevented even worse economic outcomes. Global growth is projected at 6% in 2021, moderating to 4.4% in 2022, revised up from the October 2020 WEO. The upward revision reflects additional fiscal support in a few large economies, the anticipated vaccine-powered recovery in the second half of 2021, and continued adaptation of economic activity to subdued mobility. High uncertainty surrounds this outlook, related to the pandemic’s path, the effectiveness of policies as a bridge to vaccine-powered normalization, and the evolution of financial conditions. Much remains to be done to beat back the pandemic and avoid persistent increases in inequality within countries and divergence across economies.

Chapter 1 Presenter:

Picture of Malhar NabarMalhar Nabar heads the World Economic Studies division in the IMF’s Research Department, which produces the World Economic Outlook (WEO). In previous roles in the IMF’s Asia and Pacific Department he covered China and Japan, and was mission chief for Hong Kong, SAR. Malhar’s research interests are in financial development, investment, and productivity growth. Before joining the IMF in 2009, he was an Assistant Professor of Economics at Wellesley College. He holds a Ph.D. from Brown University.

 

Chapter 1 Discussant:

Picture of Karen DynanKaren Dynan is a Professor of the Practice in the Harvard University Department of Economics and at the Harvard Kennedy School. She previously served as Assistant Secretary for Economic Policy and Chief Economist at the U.S. Department of the Treasury from 2014 to 2017. From 2009 to 2013, Dynan was vice president and co-director of the Economic Studies program at the Brookings Institution. Before that, she was on the staff of the Federal Reserve Board, leading work in macroeconomic forecasting, household finances, and the Fed’s response to the financial crisis. Dynan has also served as a senior economist at the White House Council of Economic Advisers (2003-2004) and as a visiting assistant professor at Johns Hopkins University (1998). Her current research focuses on fiscal and other types of macroeconomic policy, consumer behavior, and household finances. She is also currently a nonresident senior fellow at the Peterson Institute for International Economics. Dynan received her Ph.D. in economics from Harvard University and her A.B. from Brown University.

Chapter 2:  After-Effects of the COVID-19 Pandemic: Prospects for Medium-Term Economic Damage

This chapter examines the possible persistent damage (scarring) that may occur from the COVID-19 recession and the channels through which they may occur. Expected medium-term output losses from the pandemic are substantial, at about 3 percent lower than pre-pandemic anticipated output for the world in 2024. The degree of expected scarring varies across countries, depending on the structure of economies and the size of the policy response. To limit scarring, policymakers should continue to provide support to the most-affected sectors and workers while the pandemic is ongoing. Remedial policies for the setback to human capital accumulation, measures to lift investment, and initiatives to support reallocation will be key to address long-term GDP losses.

Chapter 2 Presenter:

Picture of Sonali DasSonali Das is a senior economist in the World Economic Studies Division in the IMF’s Research Department. Previously, she worked in the IMF’s Asia and Pacific Department, where she covered China, India, Nepal, and Fiji. Her research interests include monetary policy, investment, and financial stability. She holds a PhD in economics from Cornell University.

 

Chapter 2 Discussant:

Picture of Danny LeipzigerDr. Danny Leipziger is Professor of International Business and International Affairs at George Washington University, where he is concurrently the Managing Director of the Growth Dialogue. Professor Leipziger has been a faculty member in the highly-ranked International Business Department since 2009, where he has taught both undergraduate and graduate courses on macroeconomics, applied development, financial crises, and international economics, and he has taught in the GW/IFC/Milken Capital Markets Graduate Program for mid-career government officials since its inception. He has been advisor to the governments of South Korea, Vietnam, Ivory Coast, Uzbekistan, Argentina, and South Africa, among others.

A former Vice President for Poverty Reduction and Economic Management at the World Bank (2004-2009), he served three World Bank Presidents and held senior management positions in the East Asia and Latin America Regions. While at the World Bank, he led the team preparing the emergency financial bailout loan to Korea in 1997. He was the World Bank’s Director for Finance, Private Sector and Infrastructure for Latin America (1998-2004). He served previously in the U.S. Department of State, and was a Member of the Secretary’s Policy Planning Staff.

Dr. Leipziger was Vice Chair of the Spence Commission on Growth and Development and he served on the WEF Council on Economic Progress. An economist with a Ph. D. from Brown University, he has published widely in development economics, finance and banking, and on East Asia and Latin America. He is the author of several books, including Lessons of East Asia (U. of Michigan Press), Stuck in the Middle (Brookings Institution), and Globalization and Growth and more than 50 refereed and published articles in journals and other outlets. He is frequent contributor to VoxEU, Project Syndicate, and other media, and he has appeared on Bloomberg, BBC, an CCTV and Korean TV as expert commentator.

Chapter 3:  Recessions and Recoveries in Labor Markets: Patterns, Policies, and Responses to the COVID-19 Shock

The labor market fallout from the COVID-19 pandemic shock continues, with young and lower-skilled workers particularly hard-hit. This chapter examines the labor market consequences of the crisis, how it compares with previous shocks, and how policies can help. Preexisting employment trends favoring a shift away from jobs that are more vulnerable to automation are accelerating. Policy support for job retention is extremely powerful at reducing scarring and mitigating the unequal impacts from the acute pandemic shock. As the pandemic subsides and the recovery normalizes, a switch toward worker reallocation support measures could help reduce unemployment more quickly and ease the adjustment to the permanent effects of the COVID-19 shock on the labor market.

Chapter 3 Presenter:

Picture of Francesca CaselliFrancesca Caselli is an economist in the World Economic Studies Division of the IMF Research Department. Previously, she worked in the Systemic Issues Division of the Research Department and in the European Department, participating to Article IV missions to Slovakia and the Czech Republic. Before joining the IMF, she worked at the OECD and visited the Bank of Italy. She holds a Ph.D. in International Economics from the Graduate Institute in Geneva.

 

Chapter 3 Discussant:

Kristen Broady is a Fellow with the Brookings Metropolitan Policy Program.  She is the Barron Hilton Endowed Full Professor of Financial Economics on leave at Dillard University in New Orleans.  She previously served as Visiting Professor of Economics at Howard University, Alabama A&M University, Department Chair of Business and Economics at Fort Valley State University, Vice Provost for Graduate Studies at Kentucky State University and as a visiting faculty member at Jiangsu Normal University in Xuzhou, China. Dr. Broady served as a consultant for the Joint Center for Political and Economic Studies in Washington, D.C.; a senior research fellow for the Center for Global Policy Solutions in Washington, D.C.; a consultant for the City of East Point, Georgia and as an HBCU consultant for season two of The Quad on Black Entertainment Television (BET) in Atlanta. Her areas of research include racial wealth disparities, mortgage foreclosure risk, labor and automation, and racial health disparities. She earned a BA in criminal justice at Alcorn State University and an MBA and PhD in business administration with a major in economics at Jackson State University.

IMF October 2019 World Economic Outlook

Friday, November 1, 2019
9:30a.m. – 12:15p.m.
Lindner Family Commons (6th Floor)
Elliott School of International Affairs
1957 E Street, NW Washington, DC 20052

Schedule of Events 

9:00 a.m. – Breakfast and Registration

9:30 a.m. – Opening Remarks
                     James Foster, Director, Institute for International Economic Policy,
                    GWU

9:45 a.m. – Chapter 1:Global Prospects and Policies
                     Presenter: Gian Maria Milesi-Ferretti

10:15 a.m. – Coffee Break

10:30 a.m. – Chapter 2: Closer Together or Further Apart? Subnational Regional
                     Disparities and Adjustment in Advanced Economies

                     Presenter: Natalija Novta
                     Discussant: Ryan Nunn

Chapter 2 of the latest World Economic Outlook examines the rise in within-country regional disparities in economic performance across advanced economies.  The chapter explores how lagging regions differ from the rest, in terms of demographics, labor market outcomes, sectoral labor productivity and sectoral employment. It also explores how regions adjust to trade and technology shocks, comparing lagging to other regions.

11:15 a.m. – Coffee Break

11:30 a.m. – Chapter 3: Reigniting Growth in Emerging Market and Low-Income
                     Economies: What Role for Structural Reforms?

                     Presenter: Cian Ruane
                     Discussant: Danny Leipziger

The forthcoming IMF World Economic Outlook analytical chapter provides new evidence on the short-to-medium-term effects of reforms, based on a newly constructed database of reforms in domestic and external finance, trade, labor and product markets. The chapter discusses sources of cross-country heterogeneity in reform payoffs, including the role of governance and informality in mediating the gains from reforms, and  political economy issues related to reform implementation.

12:15 p.m. – Concluding Remarks

12:30 p.m. –  Lunch

 

Opening Up Argentina to the World: Some Strategic Observations

May 2018

Danny Leipziger

IIEP Working Paper 2018-4

Introduction: Argentina is at a decisive point with respect to economic policy, and nowhere is this more apparent than in its external outlook. Exports have never been the main economic driver for economic growth, although, at times, due to domestic issues, they have played an incredibly important role. The Macri Administration has rightly identified trade and investment policies as crucial stepping-stones in the rebuilding of the economy and the repositioning of Argentina to be a competitive international player. Major domestic reforms in the areas of tax and pensions, as well as prudent macro-policies to both gradually reduce fiscal deficits and inflation, will be prerequisites for sustained positive results. These efforts need to be complemented by microeconomic reforms to improve the productivity and efficiency of the economy. This note aims to examine how Argentina, as a late mover into the global economy and as an economy that has experienced serious prior setbacks, can now position itself in a world that that requires the utmost in efficiency and innovation, and in which distance is an increasingly less important constraint to economic activity. We take as given the fact that Argentina has been somewhat isolated from global value chains, that it has not benefited as much as it should have from regional trade agreements, and that it now faces an international economy that is both less robust in terms of commercial trade and also more open to disruptive forces. In other words, Argentina faces internal as well as external obstacles in its announced desire to better integrate into the world economy

2nd Urbanization and Poverty Reduction Research Conference

Wednesday, November 12, 2014

8:30am to 8:00pm

 

World Bank Headquarters, Washington, D.C

This conference hosted by the World Bank, George Washington University (Institute for International Economic Policy), and the Growth Dialogue brings together academics and development practitioners to present and discuss the challenges of urbanization in developing countries.

For more information about this conference, click here.

State Capitalism: Its Evolution and Contribution to Industrialization and Development

The seminar, organized by the Growth Dialogue at George Washington University School of Business,  discussed the evolving role of state capitalism in major economies and measures introduced to enhance the efficiency of state enterprises.

State capitalism exists in most countries; however, it is particularly important in the BRICS. The seminar featured three distinguished speakers who  examined the roles of state enterprises and the state more broadly in the development strategies of Brazil, China and India. We  heard how the state balances its economic objectives with the realities of the market, how it seeks to influence the direction of the economy via SOEs, and how successful these efforts have been. The Seminar featured the following guest speakers:
Aldo MUSACCHIO, Professor of Business Administration, Harvard Business School

Pieter BOTTELIER, Senior Adjunct Professor, School of Advanced International Studies (SAIS), John Hopkins University

Ajay CHHIBBER,   Former Director General, Independent Evaluation, India and     Assistant Secretary General, United Nations for Asia Pacific

Moderator: Danny Leipziger, Professor of International Business and International Affairs, George Washington School of Business; Managing Director, The Growth Dialogue.

Friday, October 31, 2014

 

George Washington University
Washington, DC 20052

 

Hosted by: Our Collaborators at the Growth Dialogue
Event Inquiry: info@growthdialogue.org