Current Account with Clay Lowery: Recent Episodes
Institute of International Finance
Each week, Clay Lowery at the Institute of International Finance highlights current issues in international finance and economics through the lens of U.S. policy and politics. Clay and his guests explain what to watch in the coming week, and deep-dive into some of the most important topics facing the financial industry, and our world.
In this episode of Current Account, Clay is joined by Rebecca Patterson, a globally recognized investor and economic researcher and former chief investment strategist with over 25 years of studying the intersections of politics and policy with financial markets, to discuss a variety of currency; namely the Yen, the Dollar and the Yuan. The discussion includes what developments the Japanese government has made around monetary policy, reason and impact of the Dollar's recent rise, the decline of the Yuan and what the ripple effects are, the impact of the upcoming U.S. Presidental Elections and much more.
In this episode of Current Account, Clay is joined by IIF's Managing Director of Digital Finance, Jessica Renier, to discuss developments in artificial intelligence and the implications for the financial sector. Clay and Jessica discuss key takeaways from expert discussions during the recent IMF/World Bank Spring meetings, implementation strategy for A.I. in the financial industry, how the relationship between A.I. and data may alter internal strategy, current and upcoming challenges, how the rapidly-changing field may develop in the future and more.
In this episode of Current Account, Clay gives an update on the economic state of China. Topics include China's better-than-expected growth to begin 2024, adapting a new growth model and its implications, the economic impact of advancements in the energy industry, international ripple effects of China's monetary decisions, the potential path forward and more.
In this episode of Current Account, Clay is joined by IIF President and CEO Tim Adams to preview the 2024 IMF/World Bank Springs in Washington. Tim and Clay discuss the unique aspects of this iteration of the meetings, key themes and talking points, how crucial industry topics such as Artificial Intelligence, Sustainable Finance and Geopolitics will influence discussion, high-level speakers in Washington and more.
In this episode of Current Account, Clay is joined by IIF's Sonja Gibbs, Managing Director and Head of Sustainability, to discuss recent legislative actions in the New York State Senate around a proposed bill on sovereign debt. Sonja and Clay discuss the contents of the bill, titled the "Sovereign Debt Sustainability Act," the overall impact of the bill should it be passed, industry reaction to the proposition, potential beneficial next steps and more.
In this episode of Current Account, Clay revisits the banking turmoil of March 2023 and its lessons learned. The episode incudes a breakdown of how the turmoil began, including the incidents involving firms such as SVB and Credit Suisse, what the landscape looks like one year later, what impact these specific situations may have analyzing risk and supervision, future implications of the turmoil and more.
In this episode of Current Account, Clay is joined by IIF's Martin Castellano, Head of Latin America Research, to discuss the present economic state of Mexico and the upcoming Mexican Presidential Elections after recently returning from an investor trip to the country. The discussion includes overall trends in Mexico, explaining the situation around offshoring and its implications, what the outlook for the upcoming elections might be, the role of Mexico in relations between the U.S. and China, and more.
In this episode of Current Account, Clay is joined by IIF's Director of Sustainability Research, Emre Tiftik, to give an update on the current state of global debt. The podcast includes discussion on predominant trends on the current tally of over $310 trillion of global debt, outlook for the debt landscape in 2024, impact of geopolitics on debt, the concept of the United States being "the world's largest emerging market," funding strategy for climate finance, debt restructuring approaches and more.
In this episode of Current Account, Clay is joined by IIF's Ugras Ulku, Head of Emerging Market Europe Research, and Elina Ribakova, Nonresident Senior Fellow, Peterson Institute for International Economics, to give a detailed update of the economic impact of the Russia-Ukraine conflict on a global level. The discussion includes topics such as detailing Ukraine's necessity of foreign aid, how the Russian economy has responded to the international sanctions regime, what future sanctions may look like, what impacts a continued conflict may have on Ukraine and the global economy, and the unique approach to the Russia's reserve assets.
In this episode of Current Account, Clay is joined again by IIF's Garbis Iradian, Chief Economist, Middle East & North Africa, and Ivan Burgara, Economist, to revisit the economic impact of the conflict in the Middle East. The trio discuss the likelihood and impact of two proposed scenarios: One in which the conflict is contained to the region and one where the conflict escalates beyond the region. Both scenarios are analyzed on a regional and global impact level.
In this episode of Current Account, Clay looks at the economic impact of what a second Donald Trump presidential term may be. Joining Clay is Yuka Hayashi, a journalist specializing on trade and economic security matters with over three decades of experience, including stints at the Dow Jones Newswires and Wall Street Journal. Clay and Yuka discuss what Trump's main priorities are, the feasibility and impact of his highly discussed universal tariff policy, how a Trump return to office may impact trade relations, how personnel selection will influence policy and much more.
In this episode of Current Account, Clay is joined by David Sacks, Fellow, Asia Studies at the Council on Foreign Relations to talk about the recent elections in Taiwan. The topics include an analysis on the election's proceedings and process, how the election impacts the relationships between the United States and China, the United States and Taiwan, and Taiwan and China, and how the 2024 United States Presidential Election may influence the upcoming term.
In this episode of Current Account, Clay reviews the outlook of 2024 through the lens of geopolitical risk. He breaks down the analysis into three sections - or buckets: The ongoing conflicts across the world, the status of the US-China relationship and the pending worldwide elections. The podcast includes discussion on how these topics will impact the economy in their respective regions and globally.
In the first Current Account episode of 2024, Clay is joined by IIF's Sonja Gibbs, Managing Director, Global Policy Initiatives and Head of Sustainable Finance, to discuss the recent COP28 Summit in Dubai, United Arab Emirates. The discussion includes reviewing key topics discussed at the conference, the state of sustainability in the present day, how carbon markets look to develop in the coming year, what the short and long-term future looks like for sustainable finance and more.
In this episode of Current Account, Clay is joined by IIF's President and CEO Tim Adams to recap key events in the financial industry throughout 2023 and projecting areas of focus for 2024. Topics include the development of artificial intelligence technology, industry reactions to turmoil, growth projections, topics in sustainable finance and more.
In this episode of Current Account, Clay revisits the economic impact of the war between Russia and Ukraine. The episode includes an analysis of the sanctions regime's impact thus far, examining how Russia has altered its trade strategy and the overall impact on the Russian and Ukranian economies.
In this episode of Current Account, Clay is joined by A.B. Stoddard, Columnist at The Bulwark, to discuss the upcoming U.S. Presidential Elections in November 2024. The episode includes analyzing the likely candidates, current President Joe Biden (Democrat) and former President Donald Trump (Republican), how each candidate will likely look to win more voters over, previewing their potential roadblocks, explaining the United States Primary Election process and more.
In this episode of Current Account, Clay is joined by IIF's Garbis Iradian, Chief Economist for the Middle East and North Africa Region, and Ivan Burgara, Senior Research Analyst, to discuss the economic implications the current conflict in Israel may have. The discussion involves outlining two scenarios: One in which the conflict is contained to within Israel, and one where the conflict expands to a greater regional matter. The analysis includes potential ripple effects in markets of oil, commodities, food and more.
In this episode of Current Account, Clay is joined by Kezia McKeague, the Regional Director for Latin America at McLarty Associates, to discuss the current cycle of elections in Argentina and Latin America. The discussion includes identifying the two Argentine candidates facing off in a run-off election on November 19th, Sergio Massa and Javier Milei, forecasting each candidate's outlook in a hypothetical second round victory, detailing what the potential outcomes may be for an Argentina-US relationship and highlighting other recent and upcoming elections across Latin America.
For more information on the Argentine Elections, watch the recent IIF Event on the elections featuring Clay, Kezia and IIF's Head of Latin America Research Martin Castellano.
In this episode of Current Account, Clay is joined by IIF's Managing Director of Regulatory Affairs, Andrés Portilla, and Director of Prudential Policy, Richard Gray, to talk about the Basel III Endgame. The discussion centers around describing Basel III, what the "endgame" means, what the next steps are across jurisdictions and more.
In this episode of Current Account, Clay records live from the IIF's Annual Membership Meetings in Marrakech, Morocco. He is accompanied by colleagues to cover a variety of key issues talked about both at the IIF and IMF/World Bank meetings. Martin Boer, Senior Director of Regulatory Affairs, joins to talk about key regulatory issues, Jeremy McDaniels, Deputy Director of Sustainable Finance, talks about a number of topics in the realm of sustainable finance, and Jessica Renier, Managing Director of Digital Finance, covers Data Policy, Digital Payments, Artificial Intelligence and more.
In this Episode of Current Account, Clay is joined by IIF's Managing Director and Chief Economist Robin Brooks to take a look ahead at various global economic issues ahead of the Annual Meetings of the IMF, IIF and World Bank.
In this episode of Current Account, Clay breaks down a recent Executive Order from the Biden Administration focused on Outward Bound Investments. The episode features what the order details, what the impacts and implications it may have on the US-China relationship, Congressional reation within the United States and what the following steps may be.
In this episode of Current Account, Clay recaps the recent G20 meetings in India, focusing on the topic of Multilateral Development Bank (MDB) reform. The discussion covers the US approach, what impacts MDB reform may have and how the upcoming IMF/World Bank meetings will discuss this topic.
Clay is joined by Rhodium's Logan Wright to talk about China and its economy since its post-pandemic reopening.
In this episode of Current Account, Clay is joined by two IIF colleagues, Jeremy McDaniels, Deputy Director of Sustainable Finance and Katie Rismanchi, Deputy Director of Regulatory Affairs, to help explain the recent developments in the standards set by the International Sustainability Standards Board (ISSB.) The discussion includes an explanation of the ISSB and its standards, international reaction to the standards, differences in approach in Europe and the US, and prognosticating the implementation of these standards. This will be the final episode of Current Account until September, make sure to look out for new episodes after our summer break.
In this episode of Current Account, Clay takes a look at the current state of India. Topics broadly cover India's role as this year's G20 chair, what the upcoming Central Bank Governor and Finance Minister meetings may look like, reviewing Indian Prime Minister Narendra Modi's recent visit to the United States and India's relationships with China and Russia.
In this episode of Current Account, Clay is joined by Nathan Sheets, Global Chief Economist at Citi, to talk about Japan. The discussion centers on a recent history of Japanese economy, what a transition from Gov. Kuroda to Gov. Ueda is looking like, explaining the policy of Yield Curve Control and its pros and cons and what the future may look like for Japan.
In this episode of Current Account, Clay takes a look at the upcoming meetings in Paris. The Summit for a New Global Financing Pact takes place on June 22-23, and Clay talks about many of its key points, but focuses mainly on Special Drawing Rights (SDRs). Other topics include Multilateral Development Bank (MDB) reform, taxes and innovative financing, and global debt.
In this week's episode of Current Account, Clay dives into a topic at the forefront of the minds of many - digital asset regulation in the United States. He begins by explaining what the recent developments have been, lawsuits filed by the Security and Exchange Commission (SEC) and a recent draft bill in Congress to establish a regulatory framework for digital assets with the SEC and Commodity Future Trading Commission (CFTC), before discussing what the impacts of these events might have immediately and what the process might look like as the US works its way to establishing a framework.
In this episode of Current Account, Clay touches on a variety of topics. First, he revisits the US Debt Ceiling and the Turkish Elections, highlights Banking Regulation security, Artificial Intelligence and China as the three major points of discussion in 2023 thus far and recaps recent IIF trips to Asia and Europe.
Welcome to Current Account with Clay Lowery, the Executive Vice President of the Institute of International Finance, the global association of the financial industry. On Current Account, Clay talks about a variety of impactful topics in international finance, while integrating his background in US Politics and Policy where applicable.
Topics on Current Account vary from those domestically, such as the US Debt Ceiling and wide-reaching impact of the US Midterm and Presidential Elections, to those on a global scale, including ongoing development of financial technologies like Central Bank Digital Currencies and overviews of topics such as Blended Finance. There are also some recurring topics, such as the Russian invasion of Ukraine, the relationship between China and the United States and Global Policy Implications, as seen in the Russian oil price cap.
Given the breadth of topics covered, Clay is always looking for fresh perspectives and expert opinions. Many episodes of Current Account feature guest speakers, primarily industry experts and specialists both within and outside of the IIF.
Join Monday morning for new episodes of Current Account, which can be found on Spotify, Apple Podcasts or wherever you get your podcasts.
In this episode of Current Account, Clay revisits the timely topic of the United States Debt Ceiling. He outlines what the "X date" is and why it is important, analyzes what each political party will be negotiating for, gives a variety of scenarios as to how the issue may be resolved and lays out the potential impact these outcomes may have at a global scale.
Clay's initial explanation on the debt ceiling can be found in Episode 31: Dancing on the Ceiling: The Upside-Down World of the Debt Ceiling Debate.
In this episode of Current Account, Clay is joined by IIF's Head of EM Europe Research, Ugras Ulku, to discuss the upcoming Turkish Presidential Election on May 14th. The conversation includes an analysis of where Turkey is presently, what each candidate, President Recep Tayyip Erdoğan and challenger Kemal Kilicdaroglu, bring to the table, what may happen in each potential outcome and the impact either result will have in the US and other regions.
In this episode of Current Account, Clay revisits China, this time to analyze the processes of decoupling and de-risking China. This includes how the economic outlook of China has changed in the recent months, how Europe and the US differ in their approaches to this process and the different states of the United States's and Europe's respective relationships with China.
In this episode of Current Account, Clay gives an explanation on the topic of sovereign debt. Mainly, he details the current landscape in the sovereign debt realm and how sovereign debt is handled, while providing an outlook as to what may happen in the future and what the direct implications may be.
In this episode of Current Account, Clay is joined by Jay Collins, Vice Chairman of Banking, Capital Markets and Advisory at Citigroup to recap the recent Spring Meetings Week of the IMF and World Bank. They touch on key topics and takeaways from the busy week in Washington, including Multilateral Development Bank (MDB) reform, the Common Framework for sovereign debt restructuring and potential changes on the restructuring process going forward.
In this episode of Current Account, Clay gives an overview of the current market volatility in the banking sector, including the failure of Silicon Valley Bank (SVB) and the sale of Credit Suisse. He explains recent developments and discusses what’s next, including U.S. Congressional hearings this week.
In this episode of Current Account, Clay covers the broad topic of Artificial Intelligence, better known as AI. The discussion includes defining AI and its common applications, what potential uses of AI may look like in the future, the risks and unknowns surrounding AI use and the current landscape in AI policy making and regulation.
In this episode of Current Account, Clay is joined by Mvemba Phezo Dizolele, Senior Fellow and Director of the Africa Program at the Center for Strategic and International Studies (CSIS). They discuss topics relating to the Nigerian Presidential Election that took place on February 25th, including the main candidates and their platforms, possible irregularities within the election process, what an assumed Bola Tinubu regime will look to complete over its four-year term and how the election may affect US-Nigerian relations.
In this episode of Current Account, Clay reflects upon his time testifying in front of the Senate Banking Committee. His testimony revolves around three topics: The sanctions imposed on Russia, what a similar sanctions regime may look like against China and lessons learned from the Committee on Foreign Investment in the United States (CFIUS) and what a "Reverse-CFIUS" may entail.
In this episode of Current Account, Clay analyzes the present state of Eastern Europe as a whole, including the subjects of the outstanding impact in the region of the Russia-Ukraine conflict, the unlikely optimism throughout Eastern and Central Europe and how the negotiations with the IMF may shape Ukraine's outlook.
In this episode of Current Account, Clay is joined by IIF's Chief Economist for the Middle East and North Africa Region, Garbis Iradian. The discussion hits on topics such as the current state of Egypt and its economy, details about the financial crisis in Lebanon and what the current outlook is for oil markets.
In this episode of Current Account, Clay is joined by IIF's Managing Director of Digital Finance, Jessica Renier, to discuss the topic of Central Bank Digitial Currencies (CBDCs). Topics include defining what a CBDC is, what the primary pros and cons are, the current state of development in Europe and where the US is in the process.
In this episode of Current Account, Clay looks deeper into the issue of the debt ceiling in the United States. The discussion revolves around analyzing what a 'debt ceiling' is, what are the normal measures used to combat it are and the lingering uncertainties are for the upcoming months.
This week, Clay takes a closer look at China, specifically what impacts the waning of the "Zero Covid" policy and other uncertain variables will have on the economy throughout the upcoming year.
This week, Clay is joined by IIF's Chief Economist and Managing Director of Economic Research, Robin Brooks, to help analyze the economic outlook for 2023 across the world, including impacts in China, the US and emerging markets.
This week, Clay analyzes what the newly-sworn in Congress may look to accomplish in the coming calendar year, including Crypto regulation and US-China relations.
This week, Clay looks back on some of the most important moments of 2022, their potential pivot points and what is to come in 2023.
This week, Clay is joined by IIF's Managing Director and Head of Sustainable Finance, Sonja Gibbs, to help explain the concept of Blended Finance and its impact worldwide.
This week, Clay gives a summary of the implementation process leading to the price cap on Russia's oil exports, set to go into effect shortly.
This week, Clay gives an overview of the known outcomes from the US Midterm Elections and their impacts domestically and globally.
This week, Clay is joined by IIF's Head of LATAM Research, Martín Castellano, to discuss the recent Brazilian Presidential Election.
This week, Clay gives an overview of the recent changes in the United Kingdom's leadership, centered around new Prime Minister Rishi Sunak.
This week, Clay is joined by IIF President and CEO Tim Adams as they discuss a variety of issues surrounding Global Policy.
This week, Clay discusses US-China relations and US President Biden’s recent call with China’s President Xi.
This week, Clay is joined by Sergi Lanau, Deputy Chief Economist at the IIF, to discuss capital flows and growing recession risk fears.
This week, Clay discusses the fall of the yen and gives an overview of Japan’s monetary policy.Fall of the Yen and Japan’s Monetary Policy
This week, Clay discusses the 2022 G7 Summit and the anticipated topics for discussion at this year’s meeting.
This week, Clay discusses the current food crisis and how world leaders are looking at trade negotiations as a possible solution to ease global food insecurity.
This week, Clay interviews Shannon O’Neil, Vice President of Studies, Nelson and David Rockefeller Senior Fellow for Latin America Studies, Council on Foreign Relations, about the Summit of the Americas, as well as the Colombian and Brazilian elections.
This week, Clay discusses US President Biden’s recent trip to Asia and the White House’s push to foster stronger ties with the region.
This week, Clay interviews Dr. Charles Edel, Australia Chair and a senior adviser at the Center for Strategic and International Studies, about the Australian elections.
This week, Clay is joined by Elina Ribakova, Deputy Chief Economist at the IIF, to discuss Russian sanctions.
This week, Clay gives his insights on key issues in Europe right now: the Russia-Ukraine war, the economic recovery, and the European green agenda.
This week, Clay gives an overview of digital assets, their potential risks and opportunities, and what policymakers are doing in regard to this evolving topic.
This week, Clay interviews Gene Ma, Head of China Research at the IIF, about China’s economy and forecasts for China’s economic growth.
This week, Clay discusses some major themes we’re expected to see during the Spring IMF/World Bank meetings, which start on April 18, 2022.
This week, Clay interviews Guillaume de Calignon, economic journalist for Les Echos, about the upcoming French elections.
This week, Clay tries to answer some of the key questions that have arisen regarding the financial sanctions that the international community has imposed on Russia for its invasion of Ukraine.
This week, Clay tries to answer some of the key questions that have arisen regarding the financial sanctions that the international community has imposed on Russia for its invasion of Ukraine.
This week, Clay interviews IIF Chief Economist Robin Brooks on his thoughts on this week’s Federal Reserve meeting where it is expected that the Fed will tighten monetary policy given the context of rising and more persistent inflation. The big question is whether the Russia/Ukraine situation changes the Fed’s trajectory.
This week, Clay discusses what to watch for on the sustainable finance front, and gives a short update on the Russia-Ukraine conflict and its economic implications.