“Is this time different?”  In the U.S. and other advanced countries, stock, bond, and housing prices are at or near record highs, much like the eve of the 2008 Global Financial Crisis. At the same time, U.S. government debt has risen, and inflation is the highest in decades.  Is this sustainable?  What options does the U.S. have for bringing down its debt/GDP ratio over time?  Meanwhile, in emerging markets, many countries have also managed to borrow to finance spending in the face of shocks, most notably the 2020 pandemic.  But will investors tolerate the debt levels that have resulted, especially if U.S. rates move higher?   Or are we in for an emerging market crisis reminiscent of the Latin American debt crisis of the 1980s or the East Asian currency crises of 1997-98?  Research regarding the past can help answer these questions regarding the future.

Join us in the JFK Jr. Forum on November 10 for the 2021 Gordon Lecture featuring Harvard alumnus and Senior Vice President and World Bank Group Chief Economist Carmen Reinhart AM 2012. The Albert H. Gordon Lecture was established in 1985 to sponsor a series in finance and public policy, with special attention to the internationalization of finance. Gordon was a longtime friend and alumnus of Harvard, graduating with his AB in 1923 and his MBA in 1925. Harvard Kennedy School James W. Harpel Professor of Capital Formation and Growth Jeffrey Frankel will serve as moderator.

You must register using our RSVP link if you’d like the possibility of attending in person. We will notify you via email if you will be joining us in person or online.