On Campus: Chile’s Felipe Larraín and Columbia’s Joseph Stiglitz discussed Challenges of Globalization

April 26, 2019

Felipe Larraín, Minister of Finance of the Government of Chile, held a fireside chat mid-April at Columbia University regarding the challenges of globalization for emerging economies.

The event, moderated by Joseph E. Stiglitz, Professor at Columbia University and Nobel Laureate in Economic Sciences, was part of the Chile Day 2019 celebration in New York City.

Larraín and Stiglitz agreed that climate change is one of today’s most significant global challenges. In this regard, Larraín - who leads the Coalition of Finance Ministers for Climate Action - pointed out that one of the problems to be addressed is that more than US$ 500 billion in fossil fuel subsidies are spent worldwide.

In terms of national issues, the government authority said that he expected Chile to boast the highest investment growth in Latin America, with this investment remaining strong for two consecutive years, driven by non-mining sectors. He also committed to continue reducing the fiscal deficit.

In the context of Chile Day 2019, Larraín also met with market analysts, global fund administrators and international law firms. The minister called for all to work together in bringing Chile to economic development as soon as possible.