Newsletter: September 2024

Welcome to the Initiative for Policy Dialogue’s monthly newsletter. Founded in July 2000 by Nobel Laureate Joseph E. Stiglitz, the Initiative for Policy Dialogue (IPD) works to broaden dialogue and explore trade-offs in development policy by bringing the best ideas in development to policymakers facing globalization’s complex challenges and opportunities. We strive to contribute to a more equitably governed world by democratizing the production and use of knowledge.
IPD Newsletter Image

Past Events

Debt Sustainability Assessments and their Role in the Global Financial Architecture: A Special Seminar
September 5, 2024. International Monetary Fund, Washington D.C. Hosted by Friedrich Ebert Stiftung (FES) New York Office and Jubilee USA Network.
FES and Jubilee USA Network hosted a special seminar for the Executive Directors’ Offices of the IMF and the World Bank. During the seminar, panelists gave high-level presentations about critical issues related to Debt Sustainability Analyses. Sara Burke (FES New York) and Aldo Caliari introduced the presentations delivered by Sherillyn Raga (ODI) and Dirk Willem te Velde (ODI), Gail Hurley (UNDP), Matthew Martin (Development Finance International), and Martín Guzmán (Columbia University, IPD).
Martín Guzmán gave a presentation titled Debt Sustainability Assessments and their Role in the International Financial Architecture. This special seminar was held as there is growing international momentum to reconsider Debt Sustainability Analyses, IMF policy, and other matters related to the growing global sovereign debt crisis that has enormous consequences for citizens across the Global South.
The papers presented at the seminar can be read here.
Opportunities for International Financial Architecture Reform: A Roundtable Discussion on South Africa’s G20 Presidency
September 19, 2014. The Kimberly Hotel, New York, New York. Hosted by The Independent Commission for the Reform of International Corporate Taxation (ICRICT), the Climate Emergency Collaboration Group (CECG), and the Initiative for Policy Dialogue (IPD).
Led by experts on international taxation, debt, and development financing, this roundtable discussion focused on identifying reforms to the international financial architecture that can be pursued during the upcoming South African G20 presidency. South Africa’s leadership presents a strong opportunity to build on ongoing momentum to advocate for significant global reforms to international policy, especially those that would promote the interests of Low-Income Countries (LICs) within the G20 context. In the past, South Africa has advocated for the need for international action to curb illicit financial flows, fairer international taxation, and tackle sovereign debt crises.
Bogolo Kenewendo, former Cabinet Minister of Investment, Trade and Industry of Botswana, chaired a session on international financial institution governance reform for climate and development finance. Martín Guzmán (Columbia University, SIPA; IPD) chaired a session on advancing international debt reform. Jayati Ghosh (University of Massachusetts; ICRICT) chaired a session on identifying opportunities and challenges for international tax cooperation.

Upcoming Events

Roundtable Discussion on New York Legislation for Sovereign Debt
October 23, 2023. World Bank Main Complex. Washington, D.C. Hosted by The World Bank Research Department, the Initiative for Policy Dialogue (IPD), and the Institute of Global Politics (IGP) at Columbia University.
The IMF finds that 60 percent of low-income countries are either currently experiencing or at high risk of debt distress. Despite recent developments in contractual frameworks, the international debt architecture still has structural deficiencies that impede the resolution of debt crisis. One such deficiency is that the champerty law, which prohibited buying debt in default with intent of suing the issuer, was repealed from New York law in 2004. Since then, vulture funds have been able sue debtors, which imposes heavy costs on distressed debtors, citizens, and good-faith creditors. Meanwhile, the pre-judgment compensatory rate for debts in default under New York law—which governs more than half of percent of sovereign debt contracts—is 9%. As a result, reforming New York State law is an urgently needed step toward mitigating the global sovereign debt crisis.
A roundtable of experts, practitioners, and policymakers will meet at the World Bank Headquarters alongside the 2024 International Monetary Fund/World Bank annual meetings to discuss possible avenues for New York State legislation to establish a fair, expeditious debt restructuring framework.
Chairs of the discussion will be Chief Economist of the World Bank Indermit Gill, Joseph E. Stiglitz (Columbia University; IPD) and Martín Guzmán (Columbia University, SIPA; IPD). Attendance is by invitation only.
Rethinking Capitalism at The New Yorker Festival
October 27, 2024. 3-4 pm. New York, New York. Hosted by The New Yorker.
Joseph E. Stiglitz (Columbia University; IPD) will be in conversation with John Cassidy (The New Yorker) as part of the magazine’s annual festival. Cassidy writes a column about economics and politics for The New Yorker. Stiglitz’s most recent book, The Road to Freedom, reframes how to think about freedom and the role of the state in a twenty-first century society that has fractured by a series of crises including the financial crisis, opioid crisis, and the crisis of growing inequality. Cassidy and Stiglitz will engage in a conversation about reimagining the future of American capitalism.
Tickets are available here.
New Thinking in Industrial Policy: Perspectives from Developed and Developing Countries
November 1-2, 2024. Columbia University, New York. Hosted by IPD and
Firms & Industrial Policy Idea Lab of the Center for Political Economy (CDEP) at Columbia University.
Industrial policy is back on policy agendas in the U.S., Europe, and many developing countries. IPD and CDEP at Columbia University will host a conference, “New Thinking on Industrial Policy: Perspectives from Developed and Developing Countries,” during which participants will discuss papers on the broad theme of industrial policy. Discussions will include both theoretical and empirical studies. We expect to announce the full program by October 1, 2024.
The academic committee for the event is: Bilge Erten (Northeastern University), Martín Guzmán (Columbia University), Reka Juhasz (University of British Columbia), Nathan Lane (Oxford University), Felipe Lobel (Columbia University), Juan Montecino (American University), Andrew Schrank (Brown University), Joseph E. Stiglitz (Columbia University), Eric Verhoogen (Columbia University), and Josh Whitford (Columbia University).
You can find more information here and register here.
If you have questions, please contact Olena Jennings of CDEP at omj2101@columbia.edu.

Selected Media Appearances

Recent media about IPD team members and partners.

Recent Publications, Op-Eds and Papers

Recent publications by IPD team members and partners.

The IMF Must End Its Destructive Surcharges by Joseph E. Stiglitz, Kevin Gallagher, Martin Guzmán, and Marilou Yu for Project Syndicate
The Climate Stakes of the US Election by Joseph E. Stiglitz for Project Syndicate
Reforming the IMF Surcharge Rate Policy to Avoid Procyclical Lending by Kevin Gallagher, Martin Guzmán, Joseph E. Stiglitz, and Marilou Uy for T20
Play by the Rules by Joseph E. Stiglitz for Foreign Policy
Could a tech tax make Google and Meta pay for news they profit from? by Anya Schiffrin for Canberra Times
The Practice of Debt Sustainability Analysis by Martín Guzmán and Joseph E. Stiglitz for FES and Jubilee USA

The Journal of Globalization and Development (JGD)

The Journal of Globalization and Development (JGD) publishes academic research and policy analysis on globalization, development, and in particular the complex interactions between them.
Editors: Kevin Gallagher, Professor, Boston University Pardee School of Global Studies; Director, Boston University Global Development Policy Center and Jeronim Capaldo, Senior Economist, United Nations Conference on Trade and Development (UNCTAD); Senior Scholar, Global Development Policy Center, Boston University (BU).
Managing Editor: Gabriela Plump, Director, Initiative for Policy Dialogue (IPD), Columbia University.
The Journal of Globalization and Development’s Special Issue on the Gendered Effects of Globalization
With Guest Editors Jessica Leight, Research Fellow, International Food Policy Research Institute (IFPRI) and Bilge Erten, Associate Professor of Economics and International Affairs, Northeastern University; Co-editor, Review of Economics of the Household; Associate Editor, Feminist Economics.
Volume 14 Issue 2
For more information or to submit a paper to JGD, click here.
Debt Sustainability Assessments and their Role in the Global Financial Architecture: A Special Seminar
September 5, 2024. International Monetary Fund, Washington D.C. Hosted by Friedrich Ebert Stiftung (FES) New York Office and Jubilee USA Network.
FES and Jubilee USA Network hosted a special seminar for the Executive Directors’ Offices of the IMF and the World Bank. During the seminar, panelists gave high-level presentations about critical issues related to Debt Sustainability Analyses. Sara Burke (FES New York) and Aldo Caliari introduced the presentations delivered by Sherillyn Raga (ODI) and Dirk Willem te Velde (ODI), Gail Hurley (UNDP), Matthew Martin (Development Finance International), and Martín Guzmán (Columbia University, IPD).
Martín Guzmán gave a presentation titled Debt Sustainability Assessments and their Role in the International Financial Architecture. This special seminar was held as there is growing international momentum to reconsider Debt Sustainability Analyses, IMF policy, and other matters related to the growing global sovereign debt crisis that has enormous consequences for citizens across the Global South.
The papers presented at the seminar can be read here.
Opportunities for International Financial Architecture Reform: A Roundtable Discussion on South Africa’s G20 Presidency
September 19, 2014. The Kimberly Hotel, New York, New York. Hosted by The Independent Commission for the Reform of International Corporate Taxation (ICRICT), the Climate Emergency Collaboration Group (CECG), and the Initiative for Policy Dialogue (IPD).
Led by experts on international taxation, debt, and development financing, this roundtable discussion focused on identifying reforms to the international financial architecture that can be pursued during the upcoming South African G20 presidency. South Africa’s leadership presents a strong opportunity to build on ongoing momentum to advocate for significant global reforms to international policy, especially those that would promote the interests of Low-Income Countries (LICs) within the G20 context. In the past, South Africa has advocated for the need for international action to curb illicit financial flows, fairer international taxation, and tackle sovereign debt crises.
Bogolo Kenewendo, former Cabinet Minister of Investment, Trade and Industry of Botswana, chaired a session on international financial institution governance reform for climate and development finance. Martín Guzmán (Columbia University, SIPA; IPD) chaired a session on advancing international debt reform. Jayati Ghosh (University of Massachusetts; ICRICT) chaired a session on identifying opportunities and challenges for international tax cooperation.

Upcoming Events

Roundtable Discussion on New York Legislation for Sovereign Debt
October 23, 2023. World Bank Main Complex. Washington, D.C. Hosted by The World Bank Research Department, the Initiative for Policy Dialogue (IPD), and the Institute of Global Politics (IGP) at Columbia University.
The IMF finds that 60 percent of low-income countries are either currently experiencing or at high risk of debt distress. Despite recent developments in contractual frameworks, the international debt architecture still has structural deficiencies that impede the resolution of debt crisis. One such deficiency is that the champerty law, which prohibited buying debt in default with intent of suing the issuer, was repealed from New York law in 2004. Since then, vulture funds have been able sue debtors, which imposes heavy costs on distressed debtors, citizens, and good-faith creditors. Meanwhile, the pre-judgment compensatory rate for debts in default under New York law—which governs more than half of percent of sovereign debt contracts—is 9%. As a result, reforming New York State law is an urgently needed step toward mitigating the global sovereign debt crisis.
A roundtable of experts, practitioners, and policymakers will meet at the World Bank Headquarters alongside the 2024 International Monetary Fund/World Bank annual meetings to discuss possible avenues for New York State legislation to establish a fair, expeditious debt restructuring framework.
Chairs of the discussion will be Chief Economist of the World Bank Indermit Gill, Joseph E. Stiglitz (Columbia University; IPD) and Martín Guzmán (Columbia University, SIPA; IPD). Attendance is by invitation only.
Rethinking Capitalism at The New Yorker Festival
October 27, 2024. 3-4 pm. New York, New York. Hosted by The New Yorker.
Joseph E. Stiglitz (Columbia University; IPD) will be in conversation with John Cassidy (The New Yorker) as part of the magazine’s annual festival. Cassidy writes a column about economics and politics for The New Yorker. Stiglitz’s most recent book, The Road to Freedom, reframes how to think about freedom and the role of the state in a twenty-first century society that has fractured by a series of crises including the financial crisis, opioid crisis, and the crisis of growing inequality. Cassidy and Stiglitz will engage in a conversation about reimagining the future of American capitalism.
Tickets are available here.
New Thinking in Industrial Policy: Perspectives from Developed and Developing Countries
November 1-2, 2024. Columbia University, New York. Hosted by IPD and
Firms & Industrial Policy Idea Lab of the Center for Political Economy (CDEP) at Columbia University.
Industrial policy is back on policy agendas in the U.S., Europe, and many developing countries. IPD and CDEP at Columbia University will host a conference, “New Thinking on Industrial Policy: Perspectives from Developed and Developing Countries,” during which participants will discuss papers on the broad theme of industrial policy. Discussions will include both theoretical and empirical studies. We expect to announce the full program by October 1, 2024.
The academic committee for the event is: Bilge Erten (Northeastern University), Martín Guzmán (Columbia University), Reka Juhasz (University of British Columbia), Nathan Lane (Oxford University), Felipe Lobel (Columbia University), Juan Montecino (American University), Andrew Schrank (Brown University), Joseph E. Stiglitz (Columbia University), Eric Verhoogen (Columbia University), and Josh Whitford (Columbia University).
You can find more information here and register here.
If you have questions, please contact Olena Jennings of CDEP at omj2101@columbia.edu.

Selected Media Appearances

Recent media about IPD team members and partners.

Recent Publications, Op-Eds and Papers

Recent publications by IPD team members and partners.

The IMF Must End Its Destructive Surcharges by Joseph E. Stiglitz, Kevin Gallagher, Martin Guzmán, and Marilou Yu for Project Syndicate
The Climate Stakes of the US Election by Joseph E. Stiglitz for Project Syndicate
Reforming the IMF Surcharge Rate Policy to Avoid Procyclical Lending by Kevin Gallagher, Martin Guzmán, Joseph E. Stiglitz, and Marilou Uy for T20
Play by the Rules by Joseph E. Stiglitz for Foreign Policy
Could a tech tax make Google and Meta pay for news they profit from? by Anya Schiffrin for Canberra Times
The Practice of Debt Sustainability Analysis by Martín Guzmán and Joseph E. Stiglitz for FES and Jubilee USA

The Journal of Globalization and Development (JGD)

The Journal of Globalization and Development (JGD) publishes academic research and policy analysis on globalization, development, and in particular the complex interactions between them.
Editors: Kevin Gallagher, Professor, Boston University Pardee School of Global Studies; Director, Boston University Global Development Policy Center and Jeronim Capaldo, Senior Economist, United Nations Conference on Trade and Development (UNCTAD); Senior Scholar, Global Development Policy Center, Boston University (BU).
Managing Editor: Gabriela Plump, Director, Initiative for Policy Dialogue (IPD), Columbia University.
The Journal of Globalization and Development’s Special Issue on the Gendered Effects of Globalization
With Guest Editors Jessica Leight, Research Fellow, International Food Policy Research Institute (IFPRI) and Bilge Erten, Associate Professor of Economics and International Affairs, Northeastern University; Co-editor, Review of Economics of the Household; Associate Editor, Feminist Economics.
Volume 14 Issue 2
For more information or to submit a paper to JGD, click here.
Translate Website »