1,721,106 research outputs found
The Financial Crisis and Its Impact on Developing Countries
Full text linkThis working paper has been commissioned by the Poverty Group, Bureau for Development Policy at UNDP, to identify the transmission mechanisms of the financial crisis from developed to developing countries and to provide broad policy recommendations at the national, global and regional level. The paper identifies three mechanisms that play a key role in spreading the consequences of the financial crisis to the developing world: remittances, capital flows and trade. The policy responses take MDG achievement and poverty reduction as the central policy concern. The paper indicates that a fair number of countries have policy space to protect vulnerable groups in the short run as well as to undertake investments to build resilience and reach these goals in the longer term. Other countries will need additional development assistance to protect development achievements. The authors point to a number of factors that need to be taken into account in determining what mix of policies to deploy including the macroeconomic, fiscal and policy stance of countries and their dynamics. The paper also proposes far-reaching reforms to address the global financial crisis, which would help to put the global macroeconomic, fiscal and financial coordination mechanisms on a firmer footing.The Financial Crisis and Its Impact on Developing Countries
Financial Crisis Management and Democracy
Full text linkThis open access book discusses financial crisis management and policy in Europe and Latin America, with a special focus on equity and democracy. Based on a three-year research project by the Jean Monnet Network, this volume takes an interdisciplinary, comparative approach, analyzing both the role and impact of the EU and regional organizations in Latin America on crisis management as well as the consequences of crisis on the process of European integration and on Latin America’s regionalism. The book begins with a theoretical introduction, exploring the effects of the paradigm change on economic policies in Europe and in Latin America and analyzing key systemic aspects of the unsustainability of the present economic system explaining the global crises and their interconnections. The following chapters are divided into sections. The second section explores aspects of regional governance and how the economic and financial crises were managed on a macro level in Europe and Latin America. The third and fourth sections use case studies to drill down to the impact of the crises at the national and regional levels, including the emergence of political polarization and rise in populism in both areas. The last section presents proposals for reform, including the transition from finance capitalism to a sustainable real capitalism in both regions and at the inter-regional level of EU-LAC relations. Written by an international network of academics, practitioners and policy advisors, this volume will be of interest to researchers and students interested in macroeconomics, comparative regionalism, democracy, and financial crisis management as well as politicians, policy advisors, and members of national and regional organizations in the EU and Latin America
The future of national development banks
Full text linkFil: Griffith-Jones, Stephany. Financial Markets Program Director Initiative for Policy Dialogue; United States.Fil: Ocampo, José Antonio. Co-President Initiative for Policy Dialogue; United States.Fil: Rezende, Felipe. Hobart and William Smith College; United States.Fil: Schclarek Curutchet, Alfredo. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.Fil: Brei, Michael. University Paris Ouest; France.In the wake of the global financial crisis, there is growing consensus that national development banks play a valuable role in development finance, at multilateral, regional and national level. This paper looks first at the theoretical background justifying a mixed economy approach to development finance, including due to major and pervasive market failures in private financial markets, and the need to help fund new sectors and activities, as part of the process of structural transformation, essential for dynamic, sustainable and inclusive growth. The paper then describes empirically and analyses the key features of national development banks world- wide, based both on secondary sources, as well as original primary research; key features include the long-term maturity at which these banks lend, as well as the high proportion of their assets, which are dedicated to fund productive activities.The paper then analyzes in depth the main functions which national development banks perform. National development banks play at least five crucial roles in the development process: (i) counteracting the pro-cyclical behavior of private financing, by providing counter-cyclical lending; (ii) promoting innovation and structural transformation, which often implies uncertainty, which inhibits private finance, on its own, funding at sufficient scale; (iii) enhancing financial inclusion, especially-but not only in the agriculture sector; (iv) supporting infrastructure investment; and (v) supporting the provision of public goods, and particularly combatting climate change. There are other roles that NDBs could or should play. These include helping develop and deepen financial markets, promote entrepreneurship, and promote internationalization of national firms.Fil: Griffith-Jones, Stephany. Financial Markets Program Director Initiative for Policy Dialogue; United States.Fil: Ocampo, José Antonio. Co-President Initiative for Policy Dialogue; United States.Fil: Rezende, Felipe. Hobart and William Smith College; United States.Fil: Schclarek Curutchet, Alfredo. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.Fil: Brei, Michael. University Paris Ouest; France.Economía, Econometrí
Financing global Development: The BRICS New Development Bank
No full textThe UN Conference on Financing for Development in Addis Ababa in July 2015 will pave the way for the implementation of the post-2015 development agenda. The Briefing Paper series “Financing Global Development“ analyses key financial and non-financial means of implementation for the new Sustainable Development Goals (SDGs) and discusses building blocks of a new framework for development finance. The BRICS New Development Bank (NDB) was created in mid-2014 by the governments of Brazil, Russia, India, China and South Africa. It will have a fairly large capital contribution – initially of US100 billion with contributions from other countries. It will fund in-vestment in infrastructure and sustainable development on a significant scale. The NDB will provide valuable resources to help fill the massive gap in investment in infrastructure and sustainable development resources in emerging and developing economies, which has been estimated to reach at least US$ 1 trillion annually. It will also give emerging and developing countries a greater voice in the development finance architecture. Other emerging economies are also creating institutions. Thus, BRICS leaders have also created new institutions, such as the Contingency Reserve Arrangements (CRA), in BRICS countries to provide official liquidity in times when balance of payments adjustments are needed. Furthermore, with China’s initiative, the Asian Infrastructure Investment Bank (AIIB) is being created. It will have 57 potential member countries, including all major European economies (such as Germany, the United Kingdom and France), with the largest share of the capital being contributed by China. China also announced the creation of the New Silk Road Bank to fund investment in infrastructure connections within Asia as well as those linking to Europe and Africa. The creation of these new institutions contributes in a valuable way to the aims of financing sustainable development, as will be discussed in the Financing for Development conference in Addis Ababa on 12–16 July 2015
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