The Global Development Policy Podcast

Global economic imbalances are often blamed on countries saving too much or too little, but the deeper problem may lie in the structure of the international monetary and financial system. The dollar-centric order allows the United States to sustain enormous trade deficits while developing countries accumulate costly foreign exchange reserves to protect themselves against financial crises.

Developing economies bear a disproportionate burden, locking away billions of dollars in low-yielding U.S. assets rather than investing in infrastructure, technology, healthcare and job creation. Reform proposals include strengthening global financial safety nets, managing volatile capital flows and establishing a genuine international reserve currency that distributes the burden of adjustment more fairly.

Yan Liang, a non-resident senior fellow with the Global China Initiative at Boston University's Global Development Policy Center and professor of economics at Willamette University, joins us to discuss the structural flaws in the global financial system, the costs of reserve accumulation for developing countries, and the prospects for reforming the dollar-dominated international monetary order.

Show Notes:

• Global Development Policy Center - Global Imbalances Reconsidered: The Role of the International Monetary and Financial System by Yan Liang and Kevin Gallagher

About the Podcast

The Global Development Policy Podcast is a co-production of the Boston University Global Development Policy Center and the China Global South Project. Every month, Eric Olander and Cobus van Staden speak with leading scholars about the research, ideas and policy debates shaping global development. Drawing on original research from GDPC, the series explores issues including development finance, trade, industrial policy, climate, energy, sovereign debt, global governance and the changing international economy.

The next generation of development and climate solutions is increasingly coming from the Global South, where governments are confronting the costs of climate change and the limits of existing institutions. From African mineral policy to Brazil's Tropical Forest Forever facility, countries are advancing new approaches rather than waiting for leadership from the G7.

Yet turning these ideas into action faces major obstacles. Multilateral development banks remain too small to meet the scale of financing required, while weak coordination, sovereign debt distress, and shifting priorities are limiting investment. At the same time, the energy transition is advancing through trade and consumer demand, often without governments providing the coordination needed to maximize its impact.

Marina Zucker-Marques, Senior Academic Researcher at the Global Economic Governance Initiative, and Rebecca Ray, Senior Academic Researcher at Boston University's Global Development Policy Center, join Eric and Cobus to discuss the changing role of the Global South in development and climate policy, including climate finance, multilateral institutions, and the financing and coordination gaps facing the energy transition.

About the Podcast

The Global Development Policy Podcast is a co-production of the Boston University Global Development Policy Center and the China Global South Project.

Every two weeks, Eric Olander and Cobus van Staden speak with leading scholars about the research, ideas and policy debates shaping global development. Drawing on original research from GDPC, the series explores issues including development finance, trade, industrial policy, climate, energy, sovereign debt, global governance and the changing international economy.

Global development is facing complex challenges, from financial instability and climate change to international trade, inequality, and the future of development finance. Understanding these issues requires rigorous research and informed policy debates that connect economic evidence with the realities facing countries and communities around the world.

Bridging the gap between academic research and policymaking is essential to turning ideas into practical solutions. By bringing together researchers, policymakers, and practitioners, the Global Development Policy Podcast aims to broaden the conversation on the forces shaping development and the policies needed to deliver more sustainable, inclusive, and resilient outcomes.

Kevin Gallagher, Director of Boston University's Global Development Policy Center, joins Eric to introduce the new podcast, including its research priorities, the Center's approach to policy engagement, and the global network of scholars and policymakers informing its work.

About the Podcast

The Global Development Policy Podcast brings together leading researchers from Boston University's Global Development Policy Center to explore the ideas, evidence and policy debates shaping today's world.

Hosted by Eric Olander and Cobus van Staden, each episode examines topics ranging from development finance and industrial policy to climate, energy, trade, sovereign debt and international institutions.

Whether you're a policymaker, researcher, journalist or simply interested in the future of the global economy, this podcast offers accessible conversations grounded in rigorous research.