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Goldfajn: buffers save emerging economies
Spotlight on Brazil again, but from a different perspective. Specifically, Ilan Goldfajn’s. He is the Governor of the country’s Central Bank, and his is inevitably a monetarist approach, which he extends to all emerging economies (EMEs). His presentation for the SDA Bocconi MBA course on “Economic Scenarios” made his focal point immediately clear. Being a central banker in an EME is a more “jumpy-bumpy” task than it would be in an advanced economy: having to constantly ensure the credibility of institutions and markets, it is sometimes necessary to tackle problems in a “heterodox” way.
Of course, Goldfajn remains true to his institutional role of being the “guardian” of inflation. But he goes further: “EMEs can diligently do all of their ‘homework’: implementing structural reforms, improving fundamentals, and increasing resilience. But it is essential for them to have buffers – currency reserves, floating exchange rates, trade surplus, and so on – which help smooth the adjustment path”.
SDA Bocconi School of Management
25 June 2025
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