Skip to main content

Posts

Showing posts from October, 2024

IMF/WBG 연차총회 2024. 박유진, 인천대학교

세계은행 그룹(WBG)은 전 세계 시민들과 협력하여 빈곤 감소, 국제 경제 개발, 금융, 인적 자원 구축, 그리고 회복력 강화를 통해 극심한 빈곤을 종식시키고 공동 번영을 증진하는 글로벌 노력에 중요한 역할을 하고 있습니다. 이러한 중요한 이슈에 대한 인식 제고와 의제 진전의 주요 수단은 매년 있는 Spring Meeting 과 Annual Meeting 입니다. 이 회의에는 이사회 회의 외에도 개발 위원회와 국제통화금융위원회(IMFC)가 글로벌 경제 전망, 빈곤 퇴치, 경제 개발, 원조의 효율성 등과 같은 글로벌 이슈에 대해 조언하기 위해 소집됩니다. 올해 한국에서는 한국은행, 한국수출입은행, 한국금융연구원을 비롯한 많은 주요 경제 기관들이 이 행사에 참석했습니다. 2024년 국제통화기금(IMF)과 세계은행(WBG) 연차총회는 10월 21일 월요일부터 10월 26일 토요일까지 개최되었습니다.  Creative Investment Research에서 인턴으로 일하면서 국제통화기금(IMF)과 세계은행(WB) 연차총회에 참여할 기회를 가졌습니다. 저는 경제학을 전공하는 한국인 여학생입니다. 이 이벤트가 진행되는 일주일간 총 10개의 세션에 참석할 수 있었습니다. 중앙은행 디지털 화폐(CBDC), 인공지능(AI), 불평등, 지구 온난화, 세계 경제 성장과 같은 주제를 다루는 이벤트에 참여하며 이러한 이슈들이 글로벌 관점에서 어떻게 다뤄지는지 배우는 시간을 가졌습니다. 이를 통해 저는 다양한 관점에서 글로벌 경제 이슈를 분석하고 이해할 수 있었습니다. 주로 한국 경제에 초점을 맞췄던 저에게 이번 행사는 세계가 직면한 문제들을 어떻게 해결할 수 있는지에 대한 인사이트를 얻을 수 있는 시간이었습니다.    특별히 더 관심 있게 들었던 세션은 "Asia's Revenue Challenge"로, 아시아-태평양 지역의 국가들이 직면한 개발 과제를 해결하는 데 어떻게 기여할 수 있는지에 중점을 둔 이벤트였습니다. 아시아 각국의 공공 부채는 여러...

International Monetary Fund (IMF)/World Bank (WBG) Annual Meeting 2024. Yujin Park, Incheon National University

The World Bank Group (WBG) plays a key role in the global effort to end extreme poverty and boost shared prosperity by engaging citizens worldwide in collaboration on poverty reduction, international economic development, finance, human capital building, and resilience strengthening. A primary avenue for raising awareness and advancing key issues is through the Spring and Annual Meetings. In addition to the meetings of the Boards of Governors, the Development Committee and the International Monetary and Financial Committee (IMFC) convene to advise on global issues such as the world economic outlook, poverty eradication, economic development, and aid effectiveness. This year, Bank of Korea, The Export Import Bank of Korea, Korea Institute of Finance and many pivotal economic institutions attended this event. The 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) are scheduled from Monday, October 21, to Saturday, October 26. I had the opportunit...

Global Aerospace Summit24: Things that None Would Have Imagined. Yujin Park, Incheon National University

The U.S. Chamber of Commerce is the world’s largest business organization, representing the interests of businesses of all sizes, from small local companies to large multinational corporations. Its primary goals are to advocate for, connect, inform, and fight for business growth and America's success. From September 10 to September 11, the U.S. Chamber of Commerce organized its annual summit on global aerospace. This leading event in the space and aviation sectors gathered government leaders and industry experts from around the world. For over 20 years, the summit has hosted discussions on key developments, trends, challenges, and opportunities in aviation and space. On day 1, most of the sessions focused on aviation technology and the industrial future. Guillaume Faury, CEO of Airbus, pointed out that sustainable aviation requires collaboration between industry and government, as it is still in its early stages. Moreover, there is excitement about the future of aviation innovation...

Empowering Black Entrepreneurship

In a signal development, the NAACP announced a $200 million initiative aimed at empowering Black businesses through strategic investment via a dedicated financial vehicle. This action may herald a pivotal shift in how Black entrepreneurs and business owners access capital, a key factor in overcoming historic and structural barriers that have long stifled economic equity in the United States. The creation of NAACP Capital represents more than just a financial infusion; it’s a strategic investment in the future of Black business. For far too long, Black entrepreneurs have faced insurmountable challenges in securing funding . The racial wealth gap, exacerbated by systemic discrimination in lending practices and Black business investment, has made capital access for Black-owned businesses not just difficult, but nearly impossible. While various support mechanisms, like the Department of Commerce Minority Business Development Agency, exist, they often fall short in creating the type of lar...

Combating Redlining and Mortgage Discrimination – The Fight Continues

The U.S. Department of Justice (DOJ) recently announced legal actions aimed at addressing discriminatory lending practices, documenting systemic racism in the financial services industry. The cases highlight DOJ’s efforts: a $6.5 million settlement with Citadel Federal Credit Union for redlining Black and Hispanic communities, and a lawsuit against Rocket Mortgage , an appraisal management company, and an appraiser for racial discrimination in a mortgage refinance application. These cases underline a painful truth: redlining and racial discrimination in housing and mortgage lending persist, reinforcing racial wealth disparities and undermining the economic potential of minority communities. The Citadel Federal Credit Union Case In the first case, the settlement with Citadel Federal Credit Union reveals a stark reality. Despite decades of laws intended to prevent it, redlining—a practice in which lenders systematically deny or limit financial services to communities of color—remains ...

Implications for Minority-owned Businesses of the September 2024 Producer Price Index (PPI).

The September 2024 Producer Price Index (PPI) showed a mixed impact on goods and services, which can have significant implications for minority-owned businesses. The overall PPI for final demand remained flat (0.0%), but there were notable changes in specific areas: 1. Energy Prices: A sharp drop in energy prices, particularly a 5.6% decline in gasoline and a 2.7% decrease in overall energy, will reduce operational costs for minority businesses, especially those in industries heavily reliant on transportation and logistics. However, sectors like renewable energy or those invested in energy-sensitive services may feel adverse effects from this price drop. 2. Food Prices: The 1.0% increase in final demand food prices, including an 8.8% rise in processed poultry prices, could pressure minority-owned businesses in the food industry. Higher input costs may challenge margins for restaurants and food distributors, potentially leading to price increases for consumers. 3. Services: The 0.2% ris...

Optimizing Taxpayer Experience and Fraud Prevention: Notes from the Nvidia AI Summit. Emeric Vuattier, ESC AMIENS, Amiens, France.

The IRS is on a mission to modernize how it operates, aiming to make the tax experience smoother and more efficient for everyone. They’re focusing on bringing in digital tools, cracking down on fraud, and ensuring everything stays above board in terms of compliance. With a team of over 8,000 dedicated people, the IRS is trying to strike the right balance between pushing forward with innovative ideas and managing the risks that come with them. They’ve laid out a game plan that dives into their goals, the hurdles they’re facing, and how they’re planning to evolve their systems with AI and other digital solutions to better serve taxpayers. Strategic Goals Fraud prevention is right at the top of the IRS's to-do list. They're tapping into AI and data analytics to spot suspicious activity early on and keep taxpayer information safe. But it's not just about security—the IRS also wants to make the tax experience more user-friendly. They're working on digital solutions that ...

Impact of September CPI Index on Minority Businesses.

The September 2024 Consumer Price Index (CPI) shows a year-over-year increase of 2.4%, with core inflation, excluding food and energy, rising by 3.3%.  This slower pace of inflation cooling presents mixed impacts for minority-owned businesses. While reduced energy costs (down 1.9% for the month) could ease operational expenses, rising food prices (+0.4%) and core inflation might continue to strain consumer demand and profitability, particularly for businesses in food services or retail. The inflationary pressures are also likely to affect pricing strategies and cost management as these businesses navigate a still-challenging economic landscape.

Sept. 2024 Employment Data: Improvement for Black Workers, Positive Change Elsewhere

September, 2024 Unemployment: Key Findings White unemployment stands at 3.6% , relatively stable compared to earlier months. Black unemployment  at 5.7% , a significant decrease from its peak of 6.4% in March 2024. Asian unemployment remains low at 4.1% , showing little fluctuation. Hispanic or Latino unemployment  at 5.1% , consistent with previous months. Analysis: Total nonfarm payroll employment increased by 254,000 in September, and the unemployment rate fell from 4.2 to 4.1 percent. The higher unemployment rates among Black individuals continue to signify systemic employment challenges. Asian individuals have maintained a lower unemployment rate, while Hispanic or Latino populations also face notable but slightly elevated rates compared to Asians. While the decline in Black unemployment suggests some improvement, it remains significantly higher than other groups. Conclusion: The September, 2024 unemployment data highlights ongoing disparities in employment across raci...