Past Event

Fostering Fiscal Sustainability Conference

The conference aims to share crucial international experiences in maintaining long-term fiscal sustainability, focusing on fiscal rules and institutions, consolidation, and decentralization. The conference brings together economists from developing and developed country governments, experts from international organizations and think tanks, and Development Partners, providing a unique platform for knowledge exchange, networking, and the opportunity to contribute to the global discourse on fiscal sustainability.

The conference aims to share crucial international experiences in maintaining long-term fiscal sustainability, focusing on fiscal rules and institutions, consolidation, and decentralization. The conference brings together economists from developing and developed country governments, experts from international organizations and think tanks, and Development Partners, providing a unique platform for knowledge exchange, networking, and the opportunity to contribute to the global discourse on fiscal sustainability. The conference is organized jointly by the World Bank, Korean Ministry of Economy and Finance, and the KDI School of Public Policy and Management.

Experts from the following institutions will present:

  • Brookings Institution
  • European Commission
  • Georgia State University 
  • Harvard University
  • Inha University (South Korea)
  • International Monetary Fund (IMF)
  • KDI School of Public Policy and Management
  • Latin American Center for Economic and Social Policies
  • Ministry of Economy and Finance (Korean) 
  • ODI (Overseas Development Institute)
  • OECD
  • Vienna University
  • The World Bank Group

Day 1 Agenda | Wednesday, 12 June 2024

08:15    Registration and Breakfast

09:00  🎥 Opening Remarks

  • Manuela Francisco, Global Director, Macroeconomics, Trade and Investment, World Bank
  • Jong-Il You, Dean, KDI School of Public Policy and Management

09:20  🎥 Congratulatory Remarks

  • Junho Park, Deputy General Director, Ministry of Economy and Finance, Korea

09:30  🎥 Keynote Speeches

  • Jason Furman, Aetna Professor of the Practice of Economic Policy, Harvard, and former Chairman of the Council of Economic Advisers. 📑 Download presentation

10:45 Break

11:00 🎥 Designing a New Generation of Fiscal Rules

Fiscal rules and fiscal councils have proliferated, especially since the 2008–09 economic and financial crisis. They can be a vital part of successfully navigating the future of fiscal policy after the multiple crises of the last five years. Fiscal rules are long-lasting numerical constraints on government’s spending and debt choices to promote prudent fiscal policies and ensure sustainability. A well-designed fiscal rule often includes long term anchors with implementable operational rules in the short run to strike a balance between flexibility, simplicity, and enforceability.  This session will answer the following questions:

  • Why do fiscal rules fail in some countries and succeed in others?
  • How can fiscal rules work during times of prosperity and crisis?
  • What is the role of fiscal councils and incentives in promoting prudent macro-fiscal policies?

Presenters

  • Fernando Blanco, Lead Economist, Fiscal Policy and Sustainable Growth, World Bank (Chair)
  • Jaehyoung Park, Director, Fiscal Policy Bureau, Ministry of Economy and Finance. 📑 Download presentation
  • Lucia Piana, Deputy Head of Unit, Fiscal Policy and Surveillance, European Commission. 📑 Download presentation
  • Francesca Caselli, Economist, IMF European Department. 📑 Download presentation
  • Hermann Gonzalez, Alternate Deputy Director of the Latin American Center for Economic and Social Policies (CLAPES UC) and Vice President of the Autonomous Fiscal Council of Chile. 📑 Download presentation
  • Martin Ardanaz, Senior Public Sector Specialist, IADB. 📑 Download presentation

13:00 Lunch

14:15 🎥 The Role of Fiscal Policy in Climate and Economic Resilience

The current and future consequences of climate change are existential. Approximately 3.3 to 3.6 billion people are highly vulnerable to climate change. Fiscal policy has a vital role to play in mitigating and adapting to these consequences. While much work has focused on adaptation, there has been limited focus on the risk and macroeconomic modeling frameworks that inform fiscal policymakers about how to respond to climate change. This focus is particularly important as climate change is intensifying. There are potential non-linear impacts of climate shocks (“threshold risks”) and the potential to reinforce other economic shocks (“cascading risks”). This session will answer the following questions:

  • What is fiscal policy’s role in economic resilience to climate shocks?
  • How should policymakers think about risks from climate change?
  • What is the role of fiscal policy in enabling climate adaptation by households and firms?

Presenters

  • Franz Ulrich Ruch, Senior Economist, Fiscal Policy and Sustainable Growth, World Bank (Chair)
  • Yonghee Chang, Director, Fiscal Policy Bureau, Ministry of Economy and Finance. 📑 Download presentation
  • Nicholas P. Simpson, Senior Research Fellow, ODI. 📑 Download presentation
  • Kevin Carey, Practice Manager, Climate Economics, MTI, World Bank. 📑 Download presentation
  • Armon Rezai, Professor, Vienna University of Economics and Business and CEPR. 📑 Download presentation

16:00 Coffee Break

16:15 Fiscal Impacts of Ageing Populations

One in five people will be 60 and over by middle of this century, rising from 900 million in 2015 to 2.1 billion in 2050. Population ageing has become a key development challenge affecting not only developed economies, but also increasingly the developing world. The demographic transition is already having an impact on economic growth, and health care and pension systems, which in turn have significant implications for medium- to long-term fiscal sustainability. While challenges related to ageing are well known, there are also opportunities that may come with the end of the world's demographic transition.  With their growing numbers, older adults represent a dynamic consumer and human capital resource. The global spending power of those aged 60-plus has been estimated at US$15 trillion in 2020. This session will answer the following questions:

  • What are the effects of demographic changes on fiscal positions, labor markets and productivity?
  • How can the experience, knowledge and consumption power of the ageing population be harnessed?
  • What is the scope for economic policies to help reverse fertility trends?

Presenters

18:00 End

Day 2 Agenda | Thursday, 13 June 2024

08:15 Breakfast

09:00 🎥 Challenges and Opportunities in Current Macro & Trade Policymaking

In recent years, macroeconomic and trade policies have confronted new and complex challenges. Political pressures on central banks have surged globally, fueled by mounting inflationary concerns. Inflation uncertainty within a country can spillover to other related countries through various transmission channels. Also, the interplay between growth shocks and financial shocks generates movements in uncertainty and risk in the presence of nonlinearities. On the international front, climate change and energy subsidies have emerged as significant factors shaping trade policies. Additionally, there are ongoing debates regarding the impact of large foreign firms’ entry on productivity within emerging markets.

  • What is the impact of political pressure on monetary policymaking?
  • What are the drivers of uncertainty and tail risks about economic and financial conditions?
  • Do international trade rules adequality address energy subsidies to promote environmental sustainability?

Presenters

  • Sebastien Dessus, Global Practice Manager, Global Trade and Regional Integration Unit, World Bank (Chair)
  • Seohyun Lee, Assistant Professor, KDI School of Public Policy and Management, Measuring Interdependence of Inflation Uncertainty. 📑 Download presentation
  • Sherzod Shadikhodjaev, Professor, KDI School of Public Policy and Management, Energy Subsidies and the International Trade Regime. 📑 Download presentation
  • Thi Kim Dung Dang, KDI School of Public Policy and Management, Mega Foreign Firm's Entry and Productivity Spillovers: Evidence from Samsung in Vietnam. 📑 Download presentation
  • Dario Caldara, Assistant Director, Board of Governors of the Federal Reserve System, Macroeconomic and Financial Risks: A Tale of Volatility. 📑 Download presentation
  • Thomas Drechsel, Assistant Professor of Economics, University of Maryland, Estimating the Economic Effects of Political Pressure on the Fed: A Narrative Approach with New Data. 📑 Download presentation

11:30 Break

12:00 Lunch

13:30 🎥 Fiscal Policy, Debt and Growth

The global economy has faced unprecedented challenges in recent years, including a pandemic, wars, rising geopolitical tensions, and a return of trade barriers. Uncertainty has likely never been so high, and the role of fiscal policy has never been more critical. Facing increasing fiscal pressures and lower structural growth rates in many EMDEs, key topics for policy makers include finding the balance between preserving fiscal space and providing stimulus; avoiding debt distress; and building resilience of the debt portfolio to climate change. The purpose of this panel is to explore the impact of fiscal policy on economic stability and growth, particularly in the context of recent global events that have tested the resilience of economies worldwide. This session will discuss avoiding debt distress; and building resilience of the debt portfolio to climate change. The purpose of this panel is to explore the impact of fiscal policy on economic stability and growth, particularly in the context of recent global events that have tested the resilience of economies worldwide. This session will discuss:

  • What policies have contributed the most to the fiscal trajectory of the United States and what are the possible scenarios going forward? 
  • How to predict the risk of debt distress in Low-Income Countries?
  • How do natural disasters impact public debt levels and what can countries do to build resilience and sustain growth?

Presenters

  • Frederico Gil Sander, Global Practice Manager, Global Macro and Debt, World Bank (Chair)
  • Wendy Edelberg, Director, The Hamilton Project, Brookings Institute. 📑 Download presentation
  • Aart Kraay, Chief Economist, Equitable Growth, Institutions and Finance, World Bank. 📑 Download presentation
  • Lazar Milivojevic, Economist, Global Macro and Debt, World Bank. 📑 Download presentation

15:30 Break

16:00 🎥 Improving Fiscal Decentralization

The trend in increasing fiscal decentralization—shifting spending and finance decisions from central to local government—has continued worldwide. Moreover, practices in various countries show that fiscal decentralization arrangements need to evolve as new challenges have emerged. Key challenges for SNGs include not only managing increasing expenditure needs combined with hard fiscal constraints and restricted financial support from national governments, but also the ability to absorb shocks related to a macroeconomic environment that is likely to become more volatile and climate change. This session will discuss:

  • How does fiscal decentralization affect the quality and composition of spending in subnational governments?
  • What changes to fiscal decentralization frameworks are required to address rising expenditure pressures related to healthcare, climate change, and other priorities?
  • What are options for fostering multi-level risk sharing for addressing macroeconomic volatility and climate change?

Presenters:

  • Emilia Skrok, Global Practice Manager, Fiscal Policy and Sustainable Growth, MTI, World Bank (Chair)
  • Roy Bahl, Regents Professor Emeritus and Dean Emeritus, Georgia State University. 📑 Download presentation
  • Jinsol Park, Professor, Department of Public Administration, Inha University. 📑 Download presentation
  • Teresa Ter-Minassian, Senior Consultant, Former Director, Fiscal Affairs Department, IMF. 📑 Download presentation

17:30 Wrap-Up

Aart-Kraay

Aart Kraay

Chief Economist of the Equitable Growth, Finance, and Institutions Practice Group at the World Bank

Aart Kraay is the Chief Economist of the Equitable Growth, Finance, and Institutions Practice Group at the World Bank. His research focuses on macroeconomics in developing countries, international capital movements, growth, poverty, inequality, institutions, governance, and applied econometrics. He has published extensively in scholarly journals and has had editorial roles in prominent publications including the World Bank Economic Review, the World Bank Research Observer, and the Journal of Development Economics.

Andrew-Aitken

Andrew Aitken

Economist, Ageing and Employment, Directorate of Employment, Labour and Social Affairs, OECD

Andrew Aitken has been an Economist in the Ageing and Employment team in the Directorate of Employment, Labour and Social Affairs (ELS) at the OECD since early 2022. At the OECD, his work addresses critical issues such as the impact of ageing populations on labour markets and the effectiveness of policies aimed at improving career mobility, the retention of older workers, and the promotion of age-inclusive workplaces. Prior to joining the OECD, he worked at the National Institute of Economic and Social Research (NIESR) in London.

Armon-Rezai

Armon Rezai

Armon Rezai, Professor, Vienna University of Economics and Business and CEPR

Armon Rezai is full professor at WU Wien (Vienna University of Economics and Business) and senior researcher at IIASA (International Institute for Applied Systems Analysis). He has published widely in top field and general interest journals at the intersection of macroeconomics (e.g. economic growth, distribution of income and wealth, or unemployment) and its environmental problems, most importantly climate change. He is a senior visiting fellow at LSE’s Grantham Research Institute on Climate Change and the Environment and a research fellow at CEPR’s Climate Change and the Environment program.

Ayhan-Kose

M. Ayhan Kose

Deputy Chief Economist of the World Bank Group and Director of the Prospects Group, Development Economics

Ayhan Kose is the Deputy Chief Economist of the World Bank Group and Director of the Prospects Group. He is a member of the Chief Economist’s leadership team overseeing the Bank’s analytical work, and policy and operational advice. He also leads the Bank’s work on the global macroeconomic outlook, financial flows, and commodity markets. Under his management, the Prospects Group produces the Bank’s flagship reports Global Economic Prospects and Commodity Markets Outlook, in addition to other policy and analytical publications.

Charles-Dalton

Charles Dalton

Global Sector Specialist Health, International Finance Corporation, The World Bank Group

Charles has over 30 years of operational and strategic management experience in public, private and health insurance settings.  He has market knowledge from 50+ countries through IFC investments in the private health sector. Since joining the International Finance Corporation in 2013, Charles is responsible for providing global health industry and best practice advice to inform and shape the IFC health investment strategy and program.  He works globally with IFC offices and clients in the initial screening of potential investment opportunities and thereafter completes comprehensive due diligence evaluation of health sector investments.

Dario Caldara

Dario Caldara

Assistant Director, Division of the International Finance of the Board of Governors of the Federal Reserve System

Dario Caldara is an assistant director in the Division of the International Finance of the Board of Governors of the Federal Reserve System, where he oversees the work of the Global Modeling and the Trade and Financial Studies section. His research interests are in macroeconomics, international finance, and geopolitics. His work has been published in general interests and field journals, including the American Economic Review, the Review of Economic Studies, the Journal of Monetary Economics, and the AEJ Macro. He holds a PhD from the Institute for International Economic Studies at Stockholm University, Sweden.

Francesca Caselli

Francesca Caselli

Economist, IMF European Department

Francesca Caselli is an economist currently working in the IMF European Department. Previously, she worked in the Fiscal Affairs Department in the Fiscal Monitor team and in the Research Department in the World Economic Outlook and Systemic Issues divisions contributing to several WEO analytical chapters and working on fiscal rules effectiveness. She also worked on Niger, Senegal, the Czech Republic and Slovakia. Her research interests include applied econometrics, international economics, the credibility of monetary policy, and fiscal rules.

Hagsoo Kim 2

Hagsoo Kim

Senior Fellow, the Department of Public Finance and Social Policy, Korea Development Institute

Hag Soo Kim is a senior fellow in the Department of Public Finance and Social Policy at the Korea Development Institute. Since completing his Ph.D. in Economics from The Ohio State University in 2000, he has been conducting research on the evaluation of tax and fiscal policies, as well as fiscal projections. His recent research mainly focuses on long-term fiscal projections and their sustainability, fundamental reforms in the primary and secondary education funding system in Korea, corporate taxation, and tax expenditure performance evaluation. He has also served as a member of various government committees, including the Presidential Commission on Policy Planning, the Ministry of Economy and Finance, the Ministry of Science and ICT, the National Tax Service, and the Ministry of Health and Welfare.

Heinz P. Rudolph

Heinz P. Rudolph

Senior Evaluation Officer, IEG, The World Bank Group

Heinz is a Senior Evaluation Officer at the Independent Evaluation Group (IEG) of the World Bank Group (WBG). He has been with IEG since 2022. Between 2005 and 2022, he worked as a financial sector economist at the Finance and Markets Practice of the WBG. His main work and policy research areas include long-term finance, funded pension systems, and development bank institutions. He has advised more than 25 countries across Latin America, Europe and Asia. Previously, he worked as a Director of Financial Policy at the Ministry of Finance of Chile.

Hermann-Gonz-lez

Hermann González

Economist, Alternate Deputy Director at the Latin American Center for Economic and Social Policies

Hermann González is an economist and holds a master’s degree in economics from the Pontificia Universidad Católica de Chile. With two decades of experience gained in the public, private and academic sectors, he served two terms with the Chilean Ministry of Finance in the roles of Chief Economic Advisor to the Minister of Finance and Macroeconomic Research Coordinator of the Budget Office. He is currently the Alternate Deputy Director at the Latin American Center for Economic and Social Policies (Clapes UC), Vice president of the Autonomous Fiscal Council of Chile, partner at Valtin Consulting and professor of economics at the University of Chile.

Jaehyoung Park

Jaehyoung Park

Director, Fiscal Policy Division of the Ministry of Economy and Finance in Korea

Dr. Jaehyoung Park is a Director in the Fiscal Policy Division of the Ministry of Economy and Finance in Korea (MOEF) with a Ph.D. in Social Policy from the London School of Economics and Political Science (LSE). He holds an MSc (with a Richard Titmuss Prize) in Social Policy from the LSE and an MSc and a BA in Economics from Seoul National University (SNU). His PhD thesis investigates the effectiveness and determinants of social investment policies such as active labour market policies (ALMPs) and work-family policies (WFPs) across the OECD countries by employing qualitative as well as quantitative methods. It has been published in the Journal of Contemporary Asia, the European Social Policy (upcoming) and book chapters.

Jason Furman

Jason Furman

Aetna Professor of the Practice of Economic Policy jointly at Harvard Kennedy School, and the Department of Economics at Harvard University

Jason Furman is the Aetna Professor of the Practice of Economic Policy jointly at Harvard Kennedy School (HKS) and the Department of Economics at Harvard University. He is also nonresident senior fellow at the Peterson Institute for International Economics. Furman engages in public policy through research, writing and teaching in a wide range of areas including U.S. and international macroeconomics, fiscal policy, labor markets and competition policy.

Jinsol Park

Jinsol Park

Assistant professor in the Department of Public Administration at Inha University in South Korea

Dr. Jinsol Park is an assistant professor in the Department of Public Administration at Inha University in South Korea. She holds a Ph.D. from the Martin School of Public Policy and Administration at the University of Kentucky, an M.P.A. from Syracuse University, and a Bachelor’s degree in Public Administration from Yonsei University in South Korea. Her current research areas include future government, governance, local government administration, and public budgeting and finance.

Kevin Carey

Kevin Carey

Practice Manager, Climate Economics, MTI, World Bank

Kevin Carey is Climate Economics Program Manager in the World Bank’s Equitable Growth, Finance, and Institutions Practice Group. Prior to this role, he was an adviser on global and regional macroeconomic issues, covering debt sustainability globally and macroeconomic challenges of various countries in the Middle East and North Africa (MENA) region. Previously, he was a Practice Manager for Macroeconomics in the MENA region. In these roles, he has managed strategic financing operations (e.g. Egypt, Tunisia, Jordan, Palestinian territories); diagnostic studies and reports across the region, technical assistance to GCC countries; monitoring of macroeconomics conditions, and coordination with WB Regional management and IMF. 

Joana Silva

Joana Silva

Senior Research Economist at the World Bank

Joana Silva is a Senior Research Economist at the World Bank and an Associate Professor at Católica Lisbon School of Business & Economics. Joana Silva is Research Fellow in CEPR. She has expertise in applied economics, with particular focus on human development, labor markets, international trade, firm dynamics, and policy evaluation. Joana has over fifteen years of experience in empirical work on policy-relevant questions. Her research agenda focuses on (i) the impact of economic policies on employment fluctuations, welfare, and long-term growth; (ii) international trade and firm performance; and (iii) adjustment to economic slowdowns and crises.

Lazar Milivojevic is an economist at the Growth Team of the World Bank’s Global Macro and Debt Unit

Lazar Milivojevic

Economist, Global Macro and Debt, World Bank

Lazar Milivojevic is an economist at the Growth Team of the World Bank’s Global Macro and Debt Unit (MTI Global Practice). He received his Ph.D. in economics from Goethe University Frankfurt and previously worked at the World Bank’s Chief Economist Office for South Asia. Lazar’s research interests are in the area of macroeconometrics and DSGE modeling applications on international macroeconomics, fiscal policy, and economic growth.

Lucia Piana

Lucia Piana

Deputy Head of the Fiscal Policy and Surveillance Unit, Directorate General for Economic and Financial Affairs, European Commission

Lucia Piana serves as deputy head of the “fiscal policy and surveillance” unit in the Directorate General for Economic and Financial Affairs of the European Commission. The unit contributes to the policy decision-making process at the EU level with a view to achieving and maintaining sound and sustainable public finances in the euro area and the EU. Formerly, Lucia was deputy head of the “national budgetary framework” unit, aiming to improve fiscal policy conduct in the EU Member States through robust national fiscal frameworks and institutions.

Manuela Francisco

Manuela Francisco

Global Director, Macroeconomics, Trade and Investment, World Bank

Manuela Francisco is the Global Director for the Macroeconomics, Trade and Investment (MTI) Global Practice in the Equitable Growth, Finance, and Institutions Practice Group (GGEVP), a position she started on 1 January 2023. Ms. Francisco, a Portuguese national, joined the World Bank in 2005 as Country Economist in the Africa Department. She has since held various positions of responsibility in the Bank. Prior to her current position, she was the Director of Credit Risk, in the Chief Risk Officer Vice Presidency, and before that, she was the Practice Manager for MTI in the South Asia Region.

Martín Ardanaz

Martín Ardanaz

Senior Fiscal Specialist at the Fiscal Management Division of the Inter-American Development Bank

Martín Ardanaz is Senior Fiscal Specialist at the Fiscal Management Division of the Inter-American Development Bank. At the IDB he currently leads the design and execution of fiscal strengthening reform projects in Central America. His research interests are in public economics and political economy with a focus on the working of fiscal policy in developing countries. His research has been published in journals such as World Development, Journal of International Money and Finance, and Journal of Comparative Economics.

Nicholas P. Simpson

Nicholas P. Simpson

Senior Research Fellow in the Climate and Sustainability programme at ODI

Dr. Nick Simpson is a Senior Research Fellow in the Climate and Sustainability programme at ODI. His research focuses on how we can best respond to climate change with special interest in climate-resilient development pathways for Africa. His work on complex climate change risk revised the new the IPCC risk framework and has advanced our understanding of compound and cascading climate risk, including adaptation, maladaptation, and mitigation response risk.

Roy-Bahl

Roy Bahl

Regents Professor Emeritus and Founding Dean of the Andrew Young school at Georgia State University

Roy Bahl is Regents Professor Emeritus and Founding Dean of the Andrew Young school at Georgia State University. Previously he held positions at the IMF and the Maxwell School at Syracuse University.  He has published widely in the field of public finance and has served as an advisor to international agencies and countries all over the world.  His publications include Property taxes in Asia (with Riel Franzsen and William McCluskey) and Fiscal Decentralization and Local Finance in Developing Countries (with Richard Bird).

Seohyun Lee

Seohyun Lee

Assistant Professor in KDI School of Public Policy and Management

Dr. Seohyun Lee is an Assistant Professor at KDI School of Public Policy and Management with a Ph.D. in Economics from University College London (UCL). She holds a master’s degree from London School of Economics and Political Science (LSE) and a BA in Economics from Seoul National University with summa cum laude. Her research interests include the application of various time series and panel data as well as unstructured non-traditional data to econometrics and machine learning models to understand a broad range of macroeconomic and financial issues. 

Sherzod Shadikhodjaev

Sherzod Shadikhodjaev

Professor, KDI School of Public Policy and Management

Sherzod Shadikhodjaev is a professor and the program chair for the Master of Public Policy (MPP) program at the KDI School of Public Policy and Management. He earned his LLB (with honors) from the University of World Economy and Diplomacy (Uzbekistan) and subsequently an LLM and PhD in Law from Korea University. His research and teaching areas include legal and policy issues in the fields of international law, trade (WTO and regional trade agreements), investment, energy, and the environment. He is the author of several books, including ‘Energy and the Environment: Exploring the Nexus under International Economic Law’ (Cambridge University Press, 2024), ‘Industrial Policy and the World Trade Organization: Between Legal Constraints and Flexibilities’ (Cambridge University Press, 2018), and ‘Retaliation in the WTO Dispute Settlement System’ (Kluwer Law International, 2009).

Teresa Ter-Minassian

Teresa Ter-Minassian

International Economic Consultant

Teresa Ter-Minassian holds degrees in Law from the University of Rome (Italy) and in Economics from Harvard University. She joined the IMF in 1972, working in the European (EUR), Western Hemisphere (WHD) and Fiscal Affairs (FAD) Departments, where she led missions to, among others, Italy, Spain and Greece, and program negotiations with Argentina, Brazil and Portugal. She was the director of the IMF’s Fiscal Affairs Department from 2001 to 2008. Following her retirement from the Fund, she is currently an international economic consultant, working in particular on fiscal issues.

Thi Kim Dung Dang

Thi Kim Dung Dang

Ph.D. student, KDI School of Public Policy and Management

Dang Thi Kim Dung is a PhD student at the KDI School of Public Policy and Management. With nearly a decade of experience as a lecturer at the Academy of Policy and Development under the Ministry of Planning and Investment in Vietnam, Dang Thi Kim Dung has developed a strong foundation in economic theory and practice. Her research interests focus on International Economics, Firm Dynamics, and Economic Development, reflecting her commitment to understanding and improving economic policies and practices on a global scale.

Thomas Drechsel

Thomas Drechsel

Assistant Professor of Economics, University of Maryland

Thomas Drechsel is a macroeconomist, Assistant Professor at the Economics Department of the University of Maryland and Faculty Research Fellow at the NBER. His research focuses on various aspects of monetary policy, credit frictions in business cycles, the role of commodities for emerging market economies, as well as real-time monitoring of macroeconomic activity. His work has been published in leading journals, such as the Review of Economic Studies, American Economic Journal: Macroeconomics, Journal of Monetary Economics and the Journal of Finance. 

Wendy Edelberg

Wendy Edelberg

Director of The Hamilton Project and a senior fellow in Economic Studies at the Brookings Institution

Wendy Edelberg is the director of The Hamilton Project and a senior fellow in Economic Studies at the Brookings Institution. Edelberg joined Brookings in 2020, after more than fifteen years in the public sector. She is also a Principal at WestExec Advisors. Most recently, she was Chief Economist at the Congressional Budget Office. Prior to working at CBO, Edelberg was the executive director of the Financial Crisis Inquiry Commission, which released its report on the causes of the financial crisis in January 2011. Previously, she worked on issues related to macroeconomics, housing, and consumer spending at the President’s Council of Economic Advisers during two administrations.

Yonghee Chang

Yonghee Chang

Director in Fiscal Policy Cooperation Division of the Ministry of Economy and Finance in Korea

Yonghee Chang is currently a Director of the Fiscal Policy Cooperation Division of Ministry of Economy and Finance in Korea. He coordinates with multiple government departments in preparing the agenda for the budget allocation and the mid-term framework. As a liaison for fiscal policy communication with various actors, he conducts field inspections with Vice minister on a regular basis to check the efficacy of financial inputs into main projects. He also operates a citizen participatory budget scheme in order to reflect citizen’s voice in budget decision-making process. He has over fifteen years of experience in budget management and economic policy, and holds MSc in Economics from Cass Business School of London, MBA from KAIST College of Business of Korea, and MSc in Public Administration from Graduate School of Public Policy of Seoul National University.

CHAIRS

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Emilia Skrok

Global Practice Manager, Fiscal Policy and Sustainable Growth, MTI, World Bank

Fernando Blanco

Fernando Blanco

Lead Economist, Fiscal Policy and Sustainable Growth, World Bank

F. Ruch

Franz Ulrich Ruch

Senior Economist, Fiscal Policy and Sustainable Growth, World Bank

Frederico Gil Sander

Frederico Gil Sander

Practice Manager, World Bank’s Macroeconomics and Debt Unit

Sebastien Dessus

Sebastien Dessus

Global Practice Manager, Global Trade and Regional Integration Unit, World Bank

Date: June 12 - 13, 2024

Location: Washington, DC and Online