Dr. Ilan Goldfajn, former Governor of the Central Bank of Brazil (2016-19) and presently Chairman of the Board, Credit Suisse Brazil, joins Kopi Time to share his deep expertise on economic policy making and financial markets. We begin by talking about the policy space available in EM and DM to deal with the soaring cost of the pandemic. Ilan then shares his view on the social, political, and institutional dimensions of the cycle in Latin America. He proceeds to offer his views on the global inflation situation, and how temporary and permanent inflation outcomes can weigh on policy credibility, exchange rates, and markets. We discuss the US in depth, especially with regard to the merits and pitfalls of average inflation targeting and the limits of fiscal policy. Ilan will take over the IMF’s Western Hemisphere Department in January of 2022; it will be a fitting return to a place where he worked more than two decades ago.

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