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Reciprocity also helps address the old problem of asymmetric adjustment of global imbalances. Suppose a deficit country wishes to contain the supply … - Minouche Shafik
" "Reciprocity also helps address the old problem of asymmetric adjustment of global imbalances. Suppose a deficit country wishes to contain the supply of credit and build resilience in its financial system by raising the buffer. If a surplus country whose banks are lending to the deficit country reciprocates, its banks should be incentivised to lend less to the deficit economy, and more to their domestic economy. That should increase domestic demand in the surplus country, and hence demand for deficit country exports, reducing the overall level of imbalances.
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About Minouche Shafik
Nemat Talaat Shafik, Baroness Shafik, (Arabic: نعمت طلعت شفيق) (born 13 August 1962) commonly known as Minouche Shafik (Arabic: مينوش شفيق), is a British-American academic and economist. She served as the 20th president of Columbia University from July 2023 to August 2024. She previously served as president and vice chancellor of the London School of Economics from 2017 to 2023. From 2014 to 2017, Shafik served as deputy governor of the Bank of England and also previously as permanent secretary of the United Kingdom Department for International Development from 2008 to 2011. She has also served as a vice president at the World Bank and as deputy managing director of the International Monetary Fund.
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Alternative Names:
Nemat Shafik
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Nemat Talaat Shafik, Baroness Shafik
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Nemat Shafik, Baroness Shafik
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Additional quotes by Minouche Shafik
But before doing that, let me start with a story from the past. Over 3000 years ago a different kind of climate change caused by volcanic eruptions and changing weather patterns resulted in persistent droughts that caused famines and political unrest in ancient Egypt. The pharaohs of the Ptolemaic dynasty such as Cleopatra went to great lengths to adapt – transferring grain from productive regions to drought plagued areas, opening up grain stores, crossbreeding cattle to develop more heat resistant animals, and providing tax relief. These foresighted efforts managed to prolong the Egyptian empire for a half century longer but ultimately one of the greatest empires the world has ever known collapsed because of the effects of climate change. The difference between then and now is that we are the cause of today’s climate change, and we have the means to stop it by changing our economy.
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The benefits of open capital markets are clear. They facilitate the flow of finance to where it would be most productive and help ensure global resources are allocated most efficiently. They allow savers and investors to diversify portfolios beyond national borders, and they provide a greater range of funding sources to fast growing economies and businesses
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