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Beyond the dollar: exploring financing alternatives for sustainable development - Café & Pesquisa

In this lecture, presented by Professors Gary Dminsky and Bianca Orsi from the University of Leeds, UK, on April 10, 2024, as part of the "Café e Pesquisa" seminar series organized by the research committee of IE Unicamp, the focus is on the global monetary system's dependency on the US dollar and the exploration of initiatives towards a more multipolar financial landscape. The lecture begins with the recognition of the research on non-dollar transactions by Bianca and Nina Culton Bruner, which was awarded by the University of Leeds. The discussion covers theoretical frameworks related to currency internationalization and the dominance of the dollar. It includes case studies and findings from discussions with central bankers in Mercosur and Brazil, with a particular emphasis on the Local Currency Payment System (SML) between Brazil and Argentina, its capabilities, and its limitations in avoiding the use of the dollar for local transactions. The lecture also examines the challenges in financing global development, specifically the mobilization of resources for the United Nations' Sustainable Development Goals (SDGs). It evaluates the concept of Blended Finance as a strategy for using private capital to support public goals and critically assesses its effectiveness and implications for the Global South, faced with debt and sustainability challenges. The presentation concludes with a discussion on the need for innovative financial solutions to address the contradictions within the current global financial system, especially in relation to climate change and sustainable development. The lecture invites academics, policymakers, and others interested in global finance and sustainable development to consider these issues.