On Public Debt Sustainability
Economic Overview Series
Both, the 2009 financial crisis and the COVID-19 pandemic have created a significant increase in major economies' public debt. Exceptionally large fiscal support programs have been launched and they are being coupled with large purchases of sovereign bonds by central banks. These developments have raised fears of debt default and/or major inflation episodes.
In this session we will discuss the implications of these policies for global stability, and what are the potential exit strategies for the debt-overhang.
Prof. Jordi Gual, Economics, IESE
Prof. Pedro Videla, Economics, IESE
Jordi Gual is Professor of Economics at the IESE Business School and former Chairman of Caixabank.
He holds a PhD in Economics (1987) from the University of California at Berkeley and is a Research Fellow at the Centre for Economic Policy Research (CEPR) in London.
He currently sits on the board of directors of Telefónica and on the Supervisory Board of Erste Group Bank. He is also, Vice President of Círculo de Economía and the Cotec Foundation for Innovation, and he serves on the boards of CEDE Foundation, Real Instituto Elcano and Barcelona Mobile World Capital Foundation.
Prior to his appointment as Chairman of CaixaBank, he was Chief Economist and Head of Strategic Planning and Research at CaixaBank and Director-General of Planning and Strategic Development at CriteriaCaixa. Jordi Gual joined the "la Caixa" Group in 2005. He has been a member of the Board of Directors of Repsol, also of the Advisory Council of Oxera; and served as an Economic Advisor for the European Commission?s Directorate-General for Economic and Financial Affairs in Brussels. He was member of the International Advisory Council of ?la Caixa? Group, the Advisory Committee for Economic Recovery and Growth (CAREC) of the Generalitat de Catalunya and visiting professor at the University of California, Berkeley, the Université Libre de Bruxelles and the Barcelona Graduate School of Economics.
His work on banking, European integration, regulation and competition policy has been widely published.
In 2019 he was awarded with the gold badge of Spanish Institute of Financial Analysts (IEAF). In 1999 he was awarded the Research Prize of the European Investment Bank and in 1979 the Extraordinary Award for his degree in Economics and Business. He has also been a Fulbright Scholar (1982-84).
Pedro Videla is professor in the Economics Department and the holder of IESE's Banco Sabadell Chair of Emerging Markets. He holds a Ph.D. and an MA in economics, both from the University of Chicago, and a commercial engineering degree in economics from the Universidad Católica de Chile.
His areas of specialization include macroeconomics, international economies and emerging economies.
As a consultant Prof. Videla has been involved in projects with institutions such as the World Bank, IMF, EU, the Inter American Development Bank, and the USAID.
He has been a guest professor at many universities worldwide, including Reykjavik University (Iceland), Nile University (Egypt), Lagos Business School (Nigeria), CEIBS (China), Universidad de los Andes, (Chile) and Wharton School (USA).