Emerging Markets: Capital Flows, Debt Overhang, Inflation, and Growth

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CfP Deadline:

February 8, 2024

Conference Event:

May 20-21, 2024

Event Location:

Lima, Peru


National Bureau of Economic Research (NBER)
Banco Central de Reserva del Peru
Fondo Latinoamericano de Reservas 


Emerging markets have been fighting the recent rise of inflation under tough global financial conditions and with central banks that risk credibility. During the last two decades, they have received substantial capital inflows and accumulated debts; the challenges posed by these developments have been exacerbated by the COVID-19 crisis and its aftermath.  Climate change is also imposing growing costs on emerging markets that have limited fiscal space to build resilience.  Similar vulnerabilities, combined with weak banks, budget deficits, corruption, political constraints, and domestic and external misalignments, preceded many past financial crises in emerging economies. 

To promote research on growth dynamics, capital flows, monetary policy, and the risks to both financial markets and economic growth in emerging and frontier markets, the National Bureau of Economic Research (NBER), the Banco Central de Reserva del Peru, and the Fondo Latinoamericano de Reservas, will convene a conference in Lima, Peru on May 20- 21, 2024.  The program will be selected by Cristina Arellano (Federal Reserve Bank of Minneapolis), Saki Bigio (University California, Los Angeles and NBER), and Paulina Restrepo-Echavarria (Federal Reserve Bank of St. Louis).

The conference will include eight research papers and a panel discussion on policy issues facing emerging and frontier markets.  Submissions of papers on topics including, but not limited to, the following are welcome:

  • The relation between foreign currency debt, investment, and productivity
  • The role of capital flows and global financial cycle in boom-bust cycles
  • Sovereign, bank, and corporate debt crises
  • Growth-volatility-capital flow nexus
  • The implications of the growing importance of emerging markets in the world economy
  • Inflation cycles, monetary policy, and capital flows
  • Exchange rate regimes and dollarization
  • Sovereign debt overhang and debt resolution


To submit a paper for potential presentation, please upload a PDF file no later than 11:59pm ET on Thursday, February 8, 2024.


NBER: Emerging Markets: Capital Flows, Debt Overhang, Inflation, and Growth