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  • Writer's pictureCambridge Society For Economic Pluralism

Panel: Understanding the Global Payments System

Panel: Understanding the Global Payments System with Peter Stella and Joseph Wang

Date and time

Mon, 6 February 2023, 16:00 – 17:30 GMT



A recognized world authority on central banking issues, Dr. Stella is a 25 year veteran of the International Monetary Fund where his positions included Head of the Central Banking and Monetary and Foreign Exchange Operations Divisions. He has provided macroeconomic policy advice to governments in Asia, Europe, the Middle East and Latin America. He resided in Sofia, Bulgaria during 1997-2001 while he was the IMF’s Resident Representative. During that time Bulgaria recovered from a devastating hyperinflation and began preparing for its successful entry into the European Union. Dr. Stella received his PhD in Economics from Stanford University in 1985. His dissertation was entitled Credibility and the Effectiveness of Macroeconomic Policy. He has undertaken extensive research on fiscal and monetary policy interactions with a particular focus on restructuring efficiently the sovereign balance sheet. He was one of the first economists to analyze the relevance of central bank capital for monetary policy and coined the term “policy solvency” in that context. He curates the website:

Joseph is the CIO of Monetary Macro LLC, author of Central Banking 101, and operator of Earlier in his career he was a senior trader on the Federal Reserve’s Open Markets Desk, a credit analyst at S&P ratings, and an attorney in New York. Through his career he has had the opportunity to study the financial system from the outside as a market participant, but also from its very centre on the Desk. His work aims to shed light on what often appears to be an opaque system, and to bridge the gap between academia and practise when it comes to financial markets. Joseph holds a B.A. in Economics from Northwestern University, a J.D.from Columbia Law School, and an Msc. in Financial Economics from Oxford University.

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