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Meeting No: 2517 731 8571
Password: g20fiscal

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Abstract

Global fiscal coordination is the process of managing fiscal policies across different countries to achieve common economic goals. Taxation and debt management are two important aspects of global fiscal coordination.

Taxation is a critical tool for generating government revenue, and it can be used to regulate economic activity, reduce income inequality, and address other social goals. However, tax policies can have unintended consequences, such as distorting incentives, creating economic inefficiencies, or reducing economic growth. In the context of global fiscal coordination, countries can work together to harmonize their tax policies and reduce tax competition.

Debt management is another important aspect of global fiscal coordination. Governments issue debt to finance their expenditures, and they must manage this debt to ensure that it remains sustainable over time. Unsustainable debt can lead to financial crises, as we have seen in many countries around the world. In the context of global fiscal coordination, countries can work together to coordinate their debt management policies, share information, and provide support to countries that are facing debt crises. The discussion will revolve around the above aspects and how IMF and World Bank play an important role in global fiscal coordination.

About the Speakers

Dr. Arvind Virmani

Arvind Virmani is member of NIti Aayog. He was Chairman of the Foundation for Economic Growth and Welfare (EGROW) and President of the Forum For Strategic Initiatives (FSI, Delhi). He has been a Mentor (economic policy) to FICCI & a member of RBI Technical Advisory Committee on Monetary policy He was earlier Executive Director, IMF and Chief Economic Advisor, Ministry of Finance and Principal Advisor, Planning Commission. During his tenure he advised on a host of economic policy reforms, through 100s of policy papers, notes and committees. He has served as Member, Telecom Regulatory Authority of India (TRAI) and as Director & Chief executive of the Indian Council for Research on International Economic Relations (ICRIER). He has published 35 journal articles and 20 book chapters and written over 50 other working papers in the areas of Macroeconomics, growth and finance, tax reform, International trade & Tariffs, International relations, and national security strategy.

Barry Eichengreen

Barry Eichengreen is George C. Pardee & Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science at the University of California, Berkeley, where he has taught since 1987. He is a Research Associate of the National Bureau of Economic Research (Cambridge, Massachusetts) and Research Fellow of the Centre for Economic Policy Research (London, England). In 1997-98 he was Senior Policy Advisor at the International Monetary Fund. He is a fellow of the American Academy of Arts and Sciences (class of 1997). Professor Eichengreen is the convener of the Bellagio Group of academics and economic officials and chair of the Academic Advisory Committee of the Peterson Institute of International Economics. He has held Guggenheim and Fulbright Fellowships and has been a fellow of the Center for Advanced Study in the Behavioral Sciences (Palo Alto) and the Institute for Advanced Study (Berlin). He is a regular monthly columnist for Project Syndicate. His books include The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era (2018), How Global Currencies Work: Past, Present, and Future, with Livia Chitu and Arnaud Mehl, (2017), The Korean Economy: From a Miraculous Past to a Sustainable Future (Harvard East Asian Monographs) with Wonhyuk Lim, Yung Chul Park and Dwight H. Perkins, (2015), Renminbi Internationalization: Achievements, Prospects, and Challenges, co-edited with Masahiro Kawai, (2015), Hall of Mirrors: The Great Depression, The Great Recession, and the Uses-and Misuses-of History, (2015). He was awarded the Economic History Association's Jonathan R.T. Hughes Prize for Excellence in Teaching in 2002 and the University of California at Berkeley Social Science Division's Distinguished Teaching Award in 2004. He is also the recipient of a doctor honoris causa from the American University in Paris.

M.Govinda Rao

Dr. M. Govinda Rao is the Director, National Institute of Public Finance and Policy. His past positions include Director, Institute for Social and Economic Change, (1998-2002) Bangalore (1998-2002) and Fellow, Research School of Pacific and Asian Studies, Australian National University, Canberra, Australia (1995-1998) and Professor, National Institute of Public Finance and Policy (1985-1995).

Dr. Rao has a number of advisory roles. He is a Member of the Economic Advisory Council to the Prime Minister of India with the rank of Minister of State, Government of India. He is a Member of Financial Sector Legislative Reforms Commission (FSLRC) and High Level Expert Committee on Universalising Healthcare, Member, High Level Expert Committee on Efficient Management of Public Expenditure and Member, Advisory Group of Eminent Persons to advise the Finance Minister on G-20 matters. His past advisory roles include Chairman of the Committee for the Implementation of Value Added Tax and Chairman, Expert Group on Taxation of Services. He is a Member, Board of Governors in Institute of Economic Growth, Institute for Social and Economic Change and Madras School of Economics.

Dr. Rao’s research interests include fiscal decentralization and federalism, state and local finances, tax policy and reforms, public expenditure management.

Ashima Goyal

Ashima Goyal is widely published in institutional and open economy macroeconomics, international finance and governance, with more than a hundred articles in national and international journals. She has also authored and edited a number of books including Macroeconomics and Markets in Developing and Emerging Economies (Routledge: UK. 2017) and A Concise Handbook of the Indian Economy in the 21st Century (OUP: India, 2019). She edits the Routledge journal Macroeconomics and Finance in Emerging Market Economies; has provided consultancy to ADB, DEA, GDN, UNDP, RBI, UN ESCAP and WB; is active in the Indian policy debate; and has served on several government committees, including the Economic Advisory Council Prime Minister and the RBI technical advisory committee for monetary policy, and boards of educational and of financial institutions. Currently she is a Member of RBI's Monetary Policy Committee, an independent director at Edelweiss Financial Services and SBI General Insurance. She edits a Routledge journal in macroeconomics and finance and contributes a monthly column to the Hindu Business Line. She was a visiting fellow at the Economic Growth Centre, Yale University, USA, and a Fulbright Senior Research Fellow at Claremont Graduate University, USA. Her research has received national and international awards. She won two best research awards at GDN meetings at Tokyo (2000) and Rio de Janeiro (2001), was selected as one of the four most powerful women in economics, a thought leader, by Business Today (2008); was the first Professor P.R. Brahmananda Memorial Research Grant Awardee for a study on History of Monetary Policy in India since Independence (2011), which was published by Springer in 2014; received the SKOCH Challenger Award for Economic Policy (2017); Hindu College OSA Distinguished Alumni Award and 20th FLO FICCI GR8 Beti Award for Excellence in Economics (2018).

Rathin Roy

Rathin Roy is a Senior Visiting Fellow at CPR. He is Managing Director (Research and Policy) at the Overseas Development Institute (ODI). His policy interests and research has mainly focused on fiscal and macroeconomic issues pertinent to human development in developing and emerging economies.

Rathin was formerly the Director and CEO of the National Institute of Public Finance and Policy (NIPFP) in New Delhi. He has previously worked as an Economic Diplomat and Policy Advisor at the United Nations Development Programme (UNDP), with postings in London, New York, Kathmandu and Brasilia. He has also served as an Economic Adviser with the Thirteenth Finance Commission, New Delhi, in the rank of Joint Secretary to the Government of India.

Rathin Roy holds a Ph.D and an M.Phil in Economics from the University of Cambridge, an MA in Economics from the Jawaharlal Nehru University and BA (Hons) in Economics from St. Stephen’s College, University of Delhi. He has taught at the Universities of Manchester and London.