International Finance and Development
Published on 15. April 2007
Book
Paperback/Softback
224 pages
978-1-84277-862-3 (ISBN)
Description
International Finance and Development offers a comprehensive survey of the major financing issues influencing economic development since the historic Monterrey Consensus of the International Conference on Financing for Development in 2002.
As most recent international private capital flows have been unlikely to significantly enhance new productive investments in the developing countries, it is necessary to design appropriate mechanisms to ensure they contribute to development. However, recent trends in official development financing offer some grounds for optimism, although much more needs to be done. External debt problems of many developing countries, especially the least developed countries, seem likely to continue to constrain their prospects for development.
The final part on systemic issues highlights new concerns and the modest progress in ensuring that the international monetary and financial system better serves economic growth and development throughout the world, especially in the developing countries.
As most recent international private capital flows have been unlikely to significantly enhance new productive investments in the developing countries, it is necessary to design appropriate mechanisms to ensure they contribute to development. However, recent trends in official development financing offer some grounds for optimism, although much more needs to be done. External debt problems of many developing countries, especially the least developed countries, seem likely to continue to constrain their prospects for development.
The final part on systemic issues highlights new concerns and the modest progress in ensuring that the international monetary and financial system better serves economic growth and development throughout the world, especially in the developing countries.
Reviews / Votes
'Tackles highly relevant topics...The problems of funding and development are discussed in depth.'Development and Cooperation
More details
Language
English
Place of publication
United Kingdom
Publishing group
Bloomsbury Publishing PLC
Target group
Professional and scholarly
ISBN-13
978-1-84277-862-3 (9781842778623)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Persons
Jose Antonio Ocampo is Under-Secretary General for the Department for Economic and Social Affairs (DESA).
Jan Kregel was Chief of the Policy Analysis and Development Branch of the Financing for Development Office in DESA, United Nations, until August 2006.
Stephany Griffith-Jones is Professorial Fellow at the Institute of Development Studies at the University of Sussex, and was a visitor to DESA in 2005.
Jan Kregel was Chief of the Policy Analysis and Development Branch of the Financing for Development Office in DESA, United Nations, until August 2006.
Stephany Griffith-Jones is Professorial Fellow at the Institute of Development Studies at the University of Sussex, and was a visitor to DESA in 2005.
Content
Overview
International Private Capital Flows
Official Development Financing
External Debt
Systemic Issues
Part I
International Private Capital Flows
Main Features of Private Flows to Developing Countries
Foreign Direct Investment
Trends and composition of foreign direct investment
How stable is FDI?
Particular benefits of FDI
Financial Flows
Bank credit
Portfolio flows
Impact of derivatives
Measures to Counter Pro-cyclicality of Private Capital Flows
Counter-cyclical financing instruments
Prudential capital account regulations
Counter-cyclical prudential regulation
Basel II and developing countries
A Greater Challenge: Encouraging Private Flows to Lower-Income Developing Countries
Part II
Official Development Financing
Official Development Assistance
The origins and weakening of the commitment to ODA
The resurgence of ODA
ODA and the Millennium Development Goals
Volatility and conditionality of aid flows
Selectivity of aid flows
Aid effectiveness
Donor efforts to increase aid effectiveness
The Multilateral Development Banks
The role of multilateral development banks
Structure and trends
The debate around the multilateral development banks
The way forward
South-South Cooperation
Innovative Sources of Financing
Major mechanisms in the short run
Major mechanisms in the longer run
Part III
External debt
Debt and development
The post-war approach to lending to developing countries
Rapid external borrowing and debt rescheduling in the 1960s and 1970s
Debt resolution in the 1980s
Debt relief
The Heavily Indebted Poor Countries (HIPC) Initiative
The Multilateral Debt Relief Initiative
New measures for official debt relief for middle-income countries (Evian approach)
Debt sustainability
Debt sustainability analysis for low-income countries
An assessment of debt sustainability analyses
Debt resolution and debt relief involving private creditors
New approaches and initiatives
Part IV
Systemic issues
Global macroeconomic imbalances and the international reserve system
Changes in the structure of global financial markets
Risk implications of changes in global financial markets
Implications for prudential regulation and supervision
Crisis prevention and resolution
Domestic macroeconomic policies
Surveillance of national macroeconomic policies
The role of emergency financing and precautionary financial arrangements
Strengthening IMF financing of poor countries
Conditionality of IMF lending
The role of SDRs in the international financial system
The role of regional financial arrangements
Enhancing the voice and participation of developing countries in international financial decision-making
Bibliography
Index
International Private Capital Flows
Official Development Financing
External Debt
Systemic Issues
Part I
International Private Capital Flows
Main Features of Private Flows to Developing Countries
Foreign Direct Investment
Trends and composition of foreign direct investment
How stable is FDI?
Particular benefits of FDI
Financial Flows
Bank credit
Portfolio flows
Impact of derivatives
Measures to Counter Pro-cyclicality of Private Capital Flows
Counter-cyclical financing instruments
Prudential capital account regulations
Counter-cyclical prudential regulation
Basel II and developing countries
A Greater Challenge: Encouraging Private Flows to Lower-Income Developing Countries
Part II
Official Development Financing
Official Development Assistance
The origins and weakening of the commitment to ODA
The resurgence of ODA
ODA and the Millennium Development Goals
Volatility and conditionality of aid flows
Selectivity of aid flows
Aid effectiveness
Donor efforts to increase aid effectiveness
The Multilateral Development Banks
The role of multilateral development banks
Structure and trends
The debate around the multilateral development banks
The way forward
South-South Cooperation
Innovative Sources of Financing
Major mechanisms in the short run
Major mechanisms in the longer run
Part III
External debt
Debt and development
The post-war approach to lending to developing countries
Rapid external borrowing and debt rescheduling in the 1960s and 1970s
Debt resolution in the 1980s
Debt relief
The Heavily Indebted Poor Countries (HIPC) Initiative
The Multilateral Debt Relief Initiative
New measures for official debt relief for middle-income countries (Evian approach)
Debt sustainability
Debt sustainability analysis for low-income countries
An assessment of debt sustainability analyses
Debt resolution and debt relief involving private creditors
New approaches and initiatives
Part IV
Systemic issues
Global macroeconomic imbalances and the international reserve system
Changes in the structure of global financial markets
Risk implications of changes in global financial markets
Implications for prudential regulation and supervision
Crisis prevention and resolution
Domestic macroeconomic policies
Surveillance of national macroeconomic policies
The role of emergency financing and precautionary financial arrangements
Strengthening IMF financing of poor countries
Conditionality of IMF lending
The role of SDRs in the international financial system
The role of regional financial arrangements
Enhancing the voice and participation of developing countries in international financial decision-making
Bibliography
Index