Macro-Financial Policymaking in Emerging Markets
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| Time (EST): 9:00am-5:00pm |
Format: In-person |
Tuition: $5,950* |
| Application deadline: April 21** |
Location: Columbia University |
Payment deadline: April 21 |
| Certificate of Participation: Macro-Financial Policymaking in Emerging Markets |
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*$4,760 discounted price for Columbia alumni, groups, and corporate partners
**Deadline to be considered for the tuition waiver, April 7, 2025
Overview
The Macro-Financial Policymaking in Emerging Markets program, organized in partnership with the Inter-American Development Bank (IDB), is designed for the experienced global policymaker from Emerging Market governments, as well as international financial institutions. It covers macro-financial analytical issues and provides quantitative tools such as growth vulnerability to external factors, international liquidity and vulnerability to financial crises, fiscal vulnerability to Sudden Stops, and banking stress tests. The course sessions will be led by a group of experts in the field from Columbia University; the Inter-American Development Bank; and other institutions, bringing together the appropriate focus, theory, and best-practice methods in training.
Who Should Attend
This program is designed for the experienced global policymaker from Emerging Market governments as well as international financial institutions.
Designed for the Experienced Global Policymaker
In partnership with the Inter-American Development Bank, this program has been designed for the experienced global policymaker from Emerging Market governments as well as international financial institutions.
Tuition
The program will provide tuition waivers for up to 15 policymakers from Latin American and the Caribbean countries. Tuition waivers are available for applicants who are:
- A citizen of a Latin American or Caribbean country
- A public servant in one of the main financial institutions of his/her country, such as a Ministry of Finance, Department of Debt Management, Central Bank, or Ministry of Economic Development.
- Responsible for policy-making in his/her institution, particularly in contributing to the design and/or implementation of macroeconomic and financial policies, and/or in debt and macro-financial analysis.
- In a position to potentially incorporate the knowledge acquired during the course in the execution of his/her duties.
- Strong economics background.
- The applicant should have clearance from his/her institution regarding its willingness to finance his/her related travel and accommodation expenses.
Professional Benefits
- Earn a Certificate from Columbia University
- Participate in customized education designed by expert faculty and practitioners.
- Understand the forces of a crisis that affects economic performance.
- Implement strategies for managing difficult challenges associated to financial crises.
- Improve the ability to make critical decisions under stressful conditions.
- Develop a lasting network of leaders from around the country and the world.
- Access a large collection of faculty-selected readings on key macro-financial topics.
Curriculum
Learning Objectives
Russia’s war against Ukraine, the COVID-19 pandemic, and other recent geopolitical events have impacted the global economy in myriad ways and are a stark reminder of the challenges the world’s interconnectedness poses to policymakers charged with steering the macroeconomic fortunes of their countries.
With these challenges in mind, Columbia University School of International and Public Affairs (SIPA) and the Inter-American Development Bank (IDB) have developed a course on International Financial Issues in Emerging Markets.
The goal of this executive training program is to help world practitioners design and implement macroeconomic and financial policies in a cohesive and comprehensive fashion based on state-of-the-art knowledge of emerging markets. This program is designed for the experienced global policymaker from emerging market governments as well as international financial institutions and investment bankers. It covers macro-financial analytical issues and provides quantitative tools such as growth vulnerability to external factors, international liquidity and vulnerability to financial crises, fiscal vulnerability to sudden stops and banking stress tests.
The course sessions will be led by a group of experts in the field from Columbia University, IDB, and other institutions, bringing together the appropriate focus, theory, and best-practice methods in training.
Key Topics/Areas of Concentration
- The international environment, the financial sector, and output outcomes
- External factors, international liquidity, and vulnerability to financial crises
- International shocks, monetary and exchange rate responses, and international reserve management
- Monetary policy responses to sudden stops in capital flows
- Managing international capital flows
- Global imbalances, external adjustment, and valuation effects
- New approaches to monetary economics
- Fiscal policy responses and debt sustainability analysis
- Banking crisis development and resolution
- Macroprudential regulation
- Country/regional perspectives on the US economy, China and Latin America and the Caribbean
- Crises and social protection
Program Format
Six highly integrated modules are presented in-person over one week on Columbia University’s campus.
Special Program Features
- Case Studies
- Practical applications
- Cutting-edge research
Modules
The course’s main modules are listed below. Guest lecturers will also address related trade and social sector challenges
Modules
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Before the subprime crisis, the developing world benefited from extremely favorable external conditions (with some exceptions). Many believed that the consequent bonanza was the result of the success of domestic policies. Unfortunately, the global financial crisis and the associated output slowdown have made it clear that external factors continue to play a key role in output outcomes in emerging markets. But, more importantly, it made it clear that financial sector factors play a key role, making imperative a deep analysis of financial sector vulnerabilities.
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Recent research suggests that a small set of external factors (US T-bond rates, high yield spreads, terms of trade and G-7 growth) account for a large share of Emerging Market (EM) GDP fluctuations. How do shocks to external factors affect EM GDP growth? How does that impact on public sector accounts? Considering debt maturity profiles and precarization of international financial market access conditions, what is the final effect of external factors and fiscal expenditure decisions on international liquidity and the chances of facing a financial crisis?
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Based on country experiences, recent research suggests that high foreign-exchange-denominated debt and current account deficits have been major determinants of financial crisis and output performance in emerging economies during systemic sudden stops. What are the channels involved? What indicators are available to gauge the soundness of the financial and public sectors?
Are current monetary regimes adapted to confront swift changes in the global financial environment? Can emerging countries afford expansionary monetary and fiscal policies in times of crisis? How have recently developed, hard-to-trace financial instruments impacted global financial markets? Which policies can (or cannot) buffer the impact of such instruments? Is more regulation the solution? Is there room for a strategic use of international reserves to buffer the impact of shocks? How could international financial organizations help?
The experiences of Latin America with recoveries from systemic financial crises suggest that output collapses have been followed by credit-less recoveries to precrisis output levels in a relatively short span (the so-called phoenix miracles). What are the implications of these findings for the design of the policy response?
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What have we learned from recent experiences of commodity price increases and inflation? Is inflation targeting the right regime to manage inflation? Under what conditions?
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The developing world seems to have learned the debt lessons of the 1990s. Low public debt and longer maturities have been significantly achieved in many emerging markets. But debt risks have not disappeared. What are optimal debt management policies under changing conditions in international financing terms?
Today, private debt has become a source of fiscal risk for emerging markets since in several instances the government has acted as domestic lender of last resort. What have been the channels of private sector indebtedness? What are the links between public debt and inflation expectations?
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Analytical discussions will be complemented by the following applications:
1. The impact of external factors on growth
2. A liquidity framework for the analysis of financial crisis vulnerability
3. Fiscal sustainability under Sudden Stops and under uncertainty
4. State of the art tools for public debt and external account’s sustainability analysis
5. Banking stress tests
Program Faculty and Speakers
The Macro-Financial Policymaking in Emerging Markets program is taught by world-renowned academics, researchers, and practitioners from Columbia University; the Inter-American Development Bank, Williams College, the Center for Global Development, University of Manchester and Brookings, among others, bringing together the appropriate focus, theory, and best-practice methods in training. The program offers an opportunity for participants to expand their professional networks working with leading economists from corporations, academic and government institutions, foundations, and international agencies from around the world.
Gerard Caprio, PhD., is the William Brough Professor of Economics, Emeritus, Williams College
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Eduardo Cavallo is the Principal Economic Advisor of the Infrastructure and Energy Division (INE) of the Inter-American Development Bank (IDB)
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Alejandro Izquierdo is the former Principal Technical Leader of the Research Department of the Inter-American Development Bank (IDB)
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Santiago Levy, PhD., is a Nonresident Senior Fellow in the Global Economy and Development at the Brookings Institution
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Gian Maria Milesi-Ferretti, PhD. is a Senior Fellow in Economic Studies at the The Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution
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Guillermo Mondino is an Adjunct Professor of International and Public Affairs at Columbia University
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Eric Parrado is a Chief Economist and General Manager of the Research Department at the Inter-American Development Bank
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Luiz Awazu Pereira da Silva is the former Deputy General Manager of the Bank for International Settlements (BIS)
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Liliana Rojas-Suarez is the Director of the Latin American Initiative and a senior fellow at the Center for Global Development
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Alan M. Taylor is the C. Bryan Cameron Chair in International Economics at the University of California Davis and Professor of International and Public Affairs at Columbia University
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Quotes on the Macro-Financial Policymaking in Emerging Markets program
This program has significantly accelerated my professional development and career advancement. The course has provided me with advanced frameworks and tools that have refined my ability to think strategically, allowing me to identify long-term opportunities and risks and contribute more effectively to high-level decision-making processes within my organization. Additionally, the opportunity to connect with a diverse group of professionals from various industries has broadened my perspective and opened doors to new opportunities and collaborations that have been pivotal in my career growth.
—Agustina Gallardo, Economic Analyst, Banco de Inversión y Comercio Exterior (BICE), Argentina
This was an incredible course. The topics were extremely interesting and useful for the Latin American context and for my daily work and my career in general. It was a great opportunity to hear directly from leading researchers in their fields and to learn about state-of-the-art advances in macro-financial approaches and policy instruments and for networking as well. Thanks to the IDB and Columbia.”
—Macro-Financial Policymaking in Emerging Markets program participant
The program has provided me with the analytical and quantitative skills to solve complex problems in the field of macroeconomics, which I've had the chance to implement in my professional career. This course offered me the opportunity to review my economic background, and it provided me the occasion to discover some financial issues that emerging markets are facing. Thanks to this program, I have been chosen by a multilateral institution to work as an Economist.
—Gabriel Berny Duvalsaint, Senior Economist, Ministry of Economy and Finance, Haiti
It is rather unique to have such distinguished, world-class researchers convene for a full week to discuss issues of utmost importance for policymakers in emerging economies. It was an excellent opportunity to become updated on the state of the art in macro-financial regulation. I would recommend this course to anyone seriously interested in macro-financial policy making.
—Macro-Financial Policymaking in Emerging Markets program participant
Contact
The Picker Center for Executive Education
Laura McCreedy
Manager of Executive Education
[email protected]
Columbia University | SIPA
Picker Center for Executive Education
118th Street, Room 400
New York, NY 10027
P: +1 212-854-2710