{"id":602945,"date":"2019-04-10T04:14:38","date_gmt":"2019-04-10T04:14:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/10\/can-modern-monetary-theory-help-emerging-markets\/"},"modified":"2019-04-10T04:14:38","modified_gmt":"2019-04-10T04:14:38","slug":"can-modern-monetary-theory-help-emerging-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/10\/can-modern-monetary-theory-help-emerging-markets\/","title":{"rendered":"Can modern monetary theory help emerging markets?"},"content":{"rendered":"

<\/a> Can modern monetary theory help emerging markets?<\/b> In yesterday\u2019s issue we gave a short explainer<\/a> for modern monetary theory (MMT) \u2014 an alternative approach to monetary policy that is growing in popularity in the US. How applicable is it to emerging markets though? Its detractors would say that, even if developed countries with full control of their currencies were able to disregard their budget deficits, there is no way it would ever work in emerging markets where governments don\u2019t have the same fiscal capacity. Wrong, says Fadhel Khaboub, associate professor of economics at Denison University, who explains in this Bloomberg podcast (runtime: 38:44)<\/a> how the MMT perspective could benefit emerging markets. Here are the key takeaways:<\/p>\n

Most developing economies lack monetary sovereignty<\/b> because they issue debt denominated in foreign currencies and\/or they peg their national currencies to foreign currencies.<\/p>\n

What causes this?<\/b> Reliance on food and fuel imports, as well as exporting high value-added content and importing low value-added content.<\/p>\n

How can countries regain control over their currencies?<\/b> By reducing fuel and food subsidies, and replacing them with domestic renewable energy and locally-produced food. Countries need a clear industrial investment strategy to develop a high value-added manufacturing base.<\/p>\n

International trade between advanced and developing economies is unfairly weighted:<\/b> Emerging markets will develop faster if they focused their efforts on building trade with other countries with similar-sized economies.<\/p>\n

MMTers are not members of the IMF fanclub:<\/b> Emergency IMF loans are akin to a \u201cbandaid\u201d which result in higher external debt levels and lower degrees of monetary sovereignty, Khaboub says.<\/p>\n","protected":false},"excerpt":{"rendered":"

Can modern monetary theory help emerging markets? In yesterday\u2019s issue we gave a short explainer for modern monetary theory (MMT) \u2014 an alternative approach to monetary policy that is growing in popularity in the US. How applicable is it to emerging markets though? Its detractors would say that, even if developed countries with full control […]<\/p>\n","protected":false},"author":1,"featured_media":602946,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9303],"tags":[115,72,9302],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-602945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-listening","tag-emerging-markets","tag-enterpriseam","tag-worth-listening","wpautop","entry"],"acf":{"mongo_id":"2fcdcef8-94ef-4819-a184-9af944dc67e0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/2\/EM-currencies-web.jpg","photo_position":"above","related_issue":[602917],"teaser":"","voice_url":""},"yoast_head":"\nCan modern monetary theory help emerging markets? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/10\/can-modern-monetary-theory-help-emerging-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can modern monetary theory help emerging markets?\" \/>\n<meta property=\"og:description\" content=\"Can modern monetary theory help emerging markets? In yesterday\u2019s issue we gave a short explainer for modern monetary theory (MMT) \u2014 an alternative approach to monetary policy that is growing in popularity in the US. How applicable is it to emerging markets though? 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After all the gloom of last year\u2019s emerging market zombie apocalypse, this Goldman Sachs podcast offers a rosier outlook for the months ahead (listen, runtime: 18:35). The challenges of 2018 came on the back of four main issues, GS says: Tightening global\u2026","rel":"","context":"In "WORTH A LISTEN"","block_context":{"text":"WORTH A LISTEN","link":"https:\/\/enterpriseam.com\/egypt\/category\/worth-a-listen\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/5\/606.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588918,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/19\/hsbc-senior-economic-adviser-stephen-king-on-inflation-and-emerging-markets\/","url_meta":{"origin":602945,"position":3},"title":"HSBC senior economic adviser Stephen King on inflation and emerging markets","author":"enterpriseam admin","date":"19 June 2023","format":false,"excerpt":"Following his recent visit to the Middle East, HSBC spoke to its senior economic advisor and author Stephen King for his thoughts on the global and regional economic outlook.How is inflation in developed markets impacting on emerging markets?Inflationary pressures on emerging markets depend on the causes of the inflation in\u2026","rel":"","context":"In "A MESSAGE FROM HSBC"","block_context":{"text":"A MESSAGE FROM HSBC","link":"https:\/\/enterpriseam.com\/egypt\/category\/a-message-from-hsbc\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/884.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606386,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/14\/deficits-and-debts-decoded-by-economist-stephanie-kelton\/","url_meta":{"origin":602945,"position":4},"title":"Deficits and debts, decoded by economist Stephanie Kelton","author":"enterpriseam admin","date":"14 September 2023","format":false,"excerpt":"? UNDER THE LAMPLIGHT- Forget everything you thought you knew about Modern Monetary Theory (MMT). The Deficit Myth by economist Stephanie Kelton challenges conventional wisdom when it comes to government deficits and debt, exploring how MMT impacts the economy, the ins and outs of fiscal policy, and the role of\u2026","rel":"","context":"In "ENTERPRISE RECOMMENDS"","block_context":{"text":"ENTERPRISE RECOMMENDS","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-recommends-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595501,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/29\/ems-need-not-worry-too-much-about-slower-world-growth-analyst-says\/","url_meta":{"origin":602945,"position":5},"title":"EMs need not worry too much about slower world growth, analyst says","author":"enterpriseam admin","date":"29 September 2019","format":false,"excerpt":"Are EMs in a better position than developed markets to withstand slower world growth? 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