On November 18, 2019, William White made the introductory presentation for a three day conference sponsored by UNCTAD in Geneva, Switzerland. He focused on how ultra easy monetary in the advanced market economies had led to capital inflows into emerging markets (a “boom”) and increased their vulnerability to a subsequent outflow (a “bust”). Inadequate domestic policies and changes in the sources of funding (not least corporate issues of dollar denominated bonds) have increased both the likelihood of a forthcoming crisis and its possible severity. The policies needed to help prevent such a crisis, to manage such a crisis and to help resolve such a crisis (orderly restructuring and forgiveness) remain highly inadequate.
UnctadGeneva2019pdf